I won this 1966 Cobra and don't know what to do with it????
 

i have recently won this car at a convention and don't know what to do with it. I am at a lst to begin with about the winning of this car. I don't realy know much about the car in the way of value and was tole by the owner who gave it away that it was worth about $ 60,000.00. That sounds high to me but, what do I know sho I figured I would ask the famliy of Cobra owners and get their input. The car is a replica with a true 427 side oiler in it. It is blue with twin white stripes and is in great shape. I will do some research with the car and get more details for the next entry on what all is on it. I do know that it is titled as a 1966 Shelby Cobra and the original owner says that is worth alot for the value of the car along with the true 427 engine. I would greatly appreciate any assistance or suggestions on how to deal with this blessing of this treausre.

uh.......drive it.

It's probably not worth too much but I'd give you $2,000 to take it off of your hands. Unless it's the real thing it has very little value. Trust me, the best thing to do is unload it now. $2,000 is a lot of money but I'd be willing to help you out.

Art, $2000? But that's if he pays shipping to Jersey, right?

Let me begin by stating EMPHATICALLY that I am NOT qualified to give ANY advice of ANY kind!!

Having said that, I assume you are aware that you will have to pay federal income tax on the VALUE of your winnings (i.e., the Cobra). Since it is already approaching the end of October, you may want to consult your accountant / tax advisor on how the IRS will determine the value of your windfall. Since the IRS WILL want their money before April 16, 2004, you may want to begin factoring in the amount that you WILL have to pay them! If the donor stated that the Cobra was WORTH $60,000 YOU may HAVE TO ARGUE THAT THE CAR IS NOT WORTH THAT AND THEREFORE ARE NOT OBLIGATED TO PAY TAX ON $60,000!

You may want to look around your area for companies that can give you an honest appraisal of what your Cobra is worth. You will then be in a better position to know how much tax you will have to pay. You will also be in a position to sell the Cobra should that be an option you prefer. (Since it's listed here, I asssume you're leaning in that direction).

I congratulate you on your good fortune and hope that you take at least one test drive so you know what it's like to drive a very, very nice performance automobile! (You could also decide to donate it yourself if you don't need the money. Feed The Children is an excellent charity that provides a lot of great assistance to children.)

Just my $.02

Is that SPF #1477?

What to do with it?
 

Send it to me and I'll take it off your hands- I'll even take care of the taxes- because that's the kind of guy I am:)

Ron- How do you know these things?

DOWNTOWN
 

GO TO THE CLUB FORUM SECTION AND THEN TO TEXAS COBRA CLUB. POST THAT THERE. WE HAVE ONE OR TWO MEMBERS IN WIMBERLY THAT CAN GIVE YOU SOME IDEAS. ALSO I DO APPRAISELS ON COBRAS FOR AN INSURANCE COMPANY. I WOULD BE HAPPY TO RUN DOWN AND TAKE A LOOK AT IT FOR YOU.

JAY

DownTown: Taxes on 60K can will be pretty steep..........you're better off letting me take it off your hands! ;-)
Seriously, you should check with a tax advisor on what you need to do. I'll warn you now, though, ....if you DRIVE it, you'll want to keep it!
If you aren't really into cars, and you just want to make some money off it; check around and figure out what they're going for, or have it appraised by someone that knows what they're looking at (Jay). 60K sounds a little steep to me - unless it's brand new and the engine was built by a reputable builder. Perhaps the owner said 60K because that's what he wanted to be able to write off on his taxes! Look around on Cobra Country or Hemmings and get some ideas on what they're selling for.
What number SPF is it, and how many miles?? Post some pic's if you can!!! Heck, I'll come see it if the price is right!:D

SOME PEOPLE HAVE ALL THE #@$%*@%!$@!~ LUCK... :CRY: :CRY: :CRY: :CRY: :CRY: :CRY: :CRY: :CRY: :CRY:


i've only been looking at Superformance Cobras for seven friggin' years... I'd know what to *DO* with it.

Sounds unbelievable
 

What are the chances of some guy, winning a Cobra and posting his winnings on this site.

I don't believe it. Additionally, who would win a cobra, and not drive it.

AAAAAAAAAAAAAHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!! !

Hey DownTown, want to buy me some lottery tickets? :LOL: :LOL: :LOL:

Best wishes!

:3DSMILE:

Ok, all of the kidding above a side. The first thing you need to do is find out what the chassis ID is, this will tell you whether or not this is an early or a late SPF. After that, figuring out what the actual "real world" market value is may be difficult, as I have seen them advertised from $35,000-$65,000. Your best bet is to get as much details as you can, and post it here. After that, it's comparing apples to apples. Finding a similar car that recently sold (not asking price, but actual selling price). Ebay is a good place to look as well, as there have been several SPF's that have been up on the auction site recently. have any specific questions, feel free to ask, and most of us will be happy to help you with a serious answer...........


Sincerely,

Bill S.

Can you say T-R-O-L-L....?

Yeah, I thought ya could...:rolleyes:

Guys ... can we lay off the speculation until a response to the questions is posted.

Last time I checked, there still was a Welcome mat at our door.

Thanks
Ron
ClubCobra Moderator

Ron...
 

Yep, there is and should be a welcome mat...

But several folks are standing just inside the door with large clubs just in case trolls slip in :JEKYLHYDE :LOL:

Actually Burger Street gave away a CSX4000 about 4 or 5 years ago when they first came out...A kid won it and couldn't pay the taxes so he sold it.

The problem you may have is if the group that gave away the car received it as a donation and the donation had a value set to it so the person could get a tax write off. Then you may not have a choice as to what you pay....

Oh and being a prize doesn't he have to pay the tax on the gift as well as the tax to register the monster?

Matt

Maybe......
 

This is a long lost car that was found in a barn......

David **)

Sorry....
 

There is indeed a Welcome Mat out....no doubt.

But, at the same time....anyone remember the kid who 'found' the Cobra in his Uncle's (or was it his GrandPa's) garage last year? Guess I've just become too jaded when someone comes over here and says on his first post what a fantastic deal he's just won, found, whatever. If this guy's really WON an SPF car, then someone on the SCOF forum will know about it...trust me. There's too many owners and dealers over there who know everything that goes on concerning SPF cars and, trust me when I say, one of them is bound to know about this car. If this guys legit, then I'll be the first one to apologize to him and members of CC....no prob.

But, until then, I reserve the right to think of this outrageous story what I might, and right now, I think this is nothing but another troll!

Tell you what....
 

There's a whole lot of us Superformance owners watching this thread...we'd like to believe this fella's won an SPF, but we're still a little doubtful. So maybe he'll help dispel our suspicions.

Let us know what convention you were at when you won this prize, so we can do some verification on our own.

And...post a picture of the VIN number, located on the passenger side firewall, right near the starter solenoid. You shouldn't have any problem finding it...it's a big thick aluminum plate riveted to the firewall with Superformance's name and logo cast in to it. There will be a number engraved on that placard. Get that number and post it here...or, better still, snap a digital photo of the plate and post it here.

...and if you can, then I'll get down on my knees and offer my apology. And, I'll post a picture of me doing it! :3DSMILE:

Congratulations on winning a great prize, your one lucky person. You've now part of a group of some of the finest people you will ever meet. Enjoy your new toy and new friends.
Bob Faust