Thread: I Won This 32 Ford Composite Body 3 Window Coupe

Tweet

Originally Posted by Bob Parmenter

VERY good for you! Having picked the color for outside and in, and checking with a shop for parts means you've already decided on the theme for the car styling? Hope so, because that will make your parts needed acquisition better, and reduce the chance of buying the wrong parts. You don't say exactly how much experience you have with building a car from the ground up. Certainly getting a moderately complete package like this gives you a leg up, but there'll be lots of "little" things you've never imagined if you haven't done this before. Not saying this to demoralize you, just prepare you.

In the same vein just a couple practicle matters. You most likely know that you will owe Federal tax on the valuation the awarding group assigned to the prize. My guess is you've got something around $30k US there, give or take. Perhaps your province will want an income tax cut from you too. You've likely dealt with import duties already.

Looking at the picture only briefly there are two things you may consider changing regardless of the theme you've chosen. As always, opinions vary, but many have found a fiberglass hood top less than satisfactory on a car like this. Depending on your personal standards, your objectives for the car, and your wallet a steel or aluminum hood will most likely be more stable, especially when the temp is up. Also, unless you're going with a mid-70's theme, you're going to want to get some different rear wheels, maybe tires, and/or narrow the rear end some more. Tires sticking out a couple or so inches might work on Hot Wheels, but are less appealing on full size cars.

In the final analysis it's easy for us to give advice......my "favorite" is when someone says "it's yours, build it the way you want it". On sites like this bum advice costs the same as good advice............and only you pay any potential penalty. But man.........you have a terrific opportunity here!!!

First of all, I appreciate your feedback.
The coupe is valued at over $40000 CDN with what you see. I live on the Canadian east coast, and since it was won as a prize, no taxes are due. The rear fenders are going to be widened about 3" to cover the tires and give a wedge look from front to back. The drivers side fenders and running board were removed during the carshow to show all the chrome. I'm also keeping the fiberglass hood as a momento, and looking at possibly a steel hood with open sides. There were a total of 1601 registered cars at the car show, and the grand prize was drawn at random.

Sure beats the goodie bags they give at our shows !!


Don

Originally Posted by EricM

I live on the Canadian east coast, and since it was won as a prize, no taxes are due.

Man what a benefit! In the states it would be added for tax calc as ordinary income. Sounds like you're well down the path on planning already.

Eric, congratulations on your terrific win. Actually you got two prizes, first the car and second the no tax rule. If I had won I would have to pony up at least $2400 in state sales taxes and another $16,000 in State and Federal income taxes. That's more money than my first streetrod cost!

I, like many others, am lucky to get a $2 win in the lottery. Now that you have something really nice with a lot of potential, make sure you stick to your plans and make it even nicer. Me, personally, I like the green color and probably would check out some really nice paint in the same hue. Seen a few like that and they have been really sharp looking.

Welcome aboard.

This probably don't mean much to you rappers and hip hop guys, but on the subject of cars and lottery, I recently saw where Alan Jackson has donated his 2005 Ford GT valued at over $200k, to a charity raffle. Tickets are $20 each and Jackson will autograph the car for the winner. Unlikely I will ever buy a Ford GT so this may be as close as I will get. I figure if I am lucky I will get to drive for a little while before having to sell it to pay the taxes. Winning ticket to be pulled September 1, 2006.

Any suggestions for interior for a fiberglass coupe. I've looked at RodDoors.com for a 3 piece abs headliner, as well as universal door panels. Bench seat is quite costly, but bucket seats may do just fine. A Walker radiator complete with condensor for this is about $992.00 CDN.

Hey EricM,
Did you finish the deuce?

Very cool!!

The only thing that I have ever won, was some glass cleaner at a rod run.

Looks like we'll never know what happened to Eric and his prize............he hasn't been around for three years. He did this little initial post then went off into the night.

Don

Originally Posted by EricM

First of all, I appreciate your feedback.
The coupe is valued at over $40000 CDN with what you see. I live on the Canadian east coast, and since it was won as a prize, no taxes are due.

How luck you are!
I won the duece roadster give away car at the Shades of the Past/Pigeon Forge in September. Built by Bobby Alloway, it has the best of everything with 350 crate motor & TCI 350 tranny, Steve Holcomb leather interior, Pete & Jakes parts - etc, etc.
With a value of over $64K US I have to pay federal as well as state tax, plus I had to pay the sales tax to get the title transfered.
Being on a fixed income of social security and a small pension, I have to sell the car just to pay the taxes! The first couple days we were on cloud nine then reality set in. It's been more of a nightmare rather than a dream. Now I know why they draw so many numbers at the NSRA Nationals before someone steps forward for the giveaway car.
There is no such thing as a free lunch! At least in the USA.
Good luck with yours and I hope you have many many enjoyable miles.
mike
Excuse the mess in the garage. When the pic was taken I had just torn down my utility shed and hadn't found room for all the stuff.