Published on May 1st, 2014 | by Jake Richardson8
Tesla Model S Giveaway On eBay
May 1st, 2014 by Jake Richardson
eBay Garage is running a sweepstakes to give away a 2014 Tesla Model S. You just have to be a resident of the US, 18 years of age or older, and a registered member of eBay to participate. The contest runs until May 16 of this year. No purchase is required to enter and making a purchase will not increase the chances of winning. You enter by creating an eBay Garage profile. A random drawing will be conducted on May 27, 2014 to determine the winners.
The approximate retail value of the Model S is $102,170. The other prizes are not quite as plush: eBay gift cards valued at $100. (You can’t blame them for skimping on the lesser awards with such a large grand prize.) The Tesla winner must have a valid driver’s license and valid insurance to receive the vehicle. Also, any fees such as registration will be paid by the winner, as well as taxes.
According to About, sweepstakes winnings are taxed as other income and could bump the winner up a tax bracket. Generally speaking, if the tax rate was about 33%, then the tax payment would be somewhere around +$30,000. This is not a trivial amount and its size begs the question: how many people who won the grand prize could afford the tax payment? Whomever wins it might have to sell it in order to pay taxes. (This statement is not meant to be a downer, but it must be said.) Even with a sale, however, the profit might be over $60,000-70,000, so such a win would be extremely welcome to most people.
One potential scenario if a sale transpired would be to invest the profit until the Tesla compact EV comes out and then buy one of those and have $20,000 or so left over.
The most favorable outcome would be that the vehicle goes to a Tesla or EV enthusiast who can afford it and gets to drive a zero-emissions, state-of-the art head turning, enjoyable car. eBay’s marketing team deserves a pat on the back for choosing the Model S — they could have selected a gas-guzzling mega-SUV with spinner wheels.
If you have any questions about EVs, check out CleanTechnica’s electric cars page.