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If you win the raffle you get a 1099G statement from the BMW CCA for the MSRP of the car and have to report it to the IRS as if it was income. Add excise tax, sales tax, insurance, etc. to the state and federal income tax and most people can't afford to keep the prize.
I won the BMW CCA Raffle in 1992. There was no Grand Prize. There were several prizes that year which were a base E36 325i. I could have taken cash instead of a car. My 1987 325iS was getting tired and I really wanted a new car. I added and paid for options that I wanted to add to the E36. I traded in the E30 to cover sales tax. In the end the E36 was about 1/2 price which was a great deal for me.
I really wish they would drop the Grand Prize and go back to having a bunch of prizes that winners could afford to keep.
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'09 128i - Black Sapphire Metallic\Coral Red\Glacier Silver\N51 DISA\6MT\Navigation\Premium\M-Sport\Heated seats\Xenon\Headlights\iPod\Smartphone\Euro Delivery
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