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I seem to remember reading the fine print and while the drawing was in July, they wouldn’t award the boat until October or November. I don’t think I’m making that up.
The sweepstakes setup was definitely interesting. It wasn't a brand new boat, but the year was a little unclear. It was valued for taxes at $180k, which seemed high, so most likely you were paying over $60k in taxes on it. This meant generally you had to have $60k in cash available to pay said taxes and my feeling is if you have $60k in cash to spend on taxes on a boat that qualifies as income, you probably have at least that much if not more to put towards something new. And of course more if you didn't want to have a gigantic Billabong on the side of your boat.
Or you could take $10k in cash... $7k after taxes.
They definitely did their best to financially discourage you from taking the boat.
What an absolute rip off. I guess I wasn't to far off. So I guess the take away from this is don't do business with Buckle.If they'll pull this on a contest can you imagine what they do to their customers.
I guess in theory, you could upgrade by selling your (a) current boat and whatever the difference is would go towards reducing the tax burden. As a thought exercise, I considered what I personally would do if I won. I figured I could sell my boat, roughly cover the taxes, but then I'd still be out the amount to remove the lettering, and upgrade the dock to handle a G. All in all, it would still be cheaper than trading up to a G23, but I wouldn't exactly say it is a big win. The cash value of $7k after taxes buys a lot of gas and some nice boards.
I also wonder if it stipulates that you must keep the advertisement on the side? Between a 210 in colors I love or a G23 with "Billabong" remaining on the side, I'll stick with my 210.
But hey, if the person who won it has no problem with the color and the taxes, and get some great use and good memories out of it... all the better.
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