My Father in Law decided to take the buyout, wants to sell me his car voucher

[GG54172]

My father in law has been a machine operator for GM for 37 years. He decided to take the retirement package. Part of the package is a $25,000 voucher towards any new GM vehicle. His employee discounts still apply. He isn't really interested in a new vehicle, and offered to sell me the voucher for $20,000. I would have 18 months to use it (from Mar 1st) Looking at the 2010 Camero SS, base MSR price $32,000. Employee discount would be about 1,000.

 

What do ya think? What car would you buy?

[Squeeze]

Charger SRT-8, but that's just me.

 

I like the "stealth" Sedan Look and most of what's underneath the Hood. Or a Viper SRT-10.

[GG54172]

Charger SRT-8, but that's just me.

 

I like the "stealth" Sedan Look and most of what's underneath the Hood. Or a Viper SRT-10.

 

 

Did I forget to mention he was a GM employee? Pretty sure GM is not handing out vouchers for Dodge Bros. products.

[jlh3rd]

if your looking for "inexpensive" gm performance, new.....the camaro is about it.....the ss will be an awsome car....i have an 02 ss, and it's not bad itself......if you can wait until next year, the convertible is supposed to be out.....

[Squeeze]

Did I forget to mention he was a GM employee? Pretty sure GM is not handing out vouchers for Dodge Bros. products.

 

 

Oh sorry, i messed this up. Dodge is a Chrysler Brand, not a GM ... but i'd buy a Charger anyway i'd afford one.

[GG54172]

 

http://i5.photobucket.com/albums/y191/Ggerg1186/Chevy20Camaro20AQUA20BLUE.jpg

[IH Truck Guy]

I'd wait to see if the new Z-28 makes it into production...

[GG54172]

I just want a 400+ Hp V8 and a 6 speed manual.

 

Turn off traction control and see what she can do!

[Tombo]

Being partial to Pontiacs I would go shopping for a G8. That thing will run!

[Ndiaz]

Three months ago my wife and I bought a 2009 Chevy Cobalt XFE, with 5-speed transmission and few amenities. Simple, basic transportation, this is our "four-hour car." We're very happy with the Cobalt -- a very good value for the money. $14,500 out the door.

 

Of course, this doesn't go anywhere near the amount allotted to you. Have fun deciding.

[GG54172]

Being partial to Pontiacs I would go shopping for a G8. That thing will run!

 

I saw that. Basically a 4 door GTO. We do have two kids...

 

I was a bit surprised that it was more expensive than the camaro though. You have to get the GXP model in order to get the manual. and Base MSRP for the GXP is $37,000

 

I was talking to my FIL today, he will have to pay taxes on the voucher somehwere to the tune of 40%. That means he has to sell the voucher for 15,000 just to break even. Then, if the IRS really wanted to be a jerk about it, wouldn't he have to pay taxes on the sale of the voucher?

Edited March 22, 2009 by Gregory Gill

[RedRider]

I saw that. Basically a 4 door GTO. We do have two kids...

 

I was a bit surprised that it was more expensive than the camaro though. You have to get the GXP model in order to get the manual. and Base MSRP for the GXP is $37,000

 

I was talking to my FIL today, he will have to pay taxes on the voucher somehwere to the tune of 40%. That means he has to sell the voucher for 15,000 just to break even. Then, if the IRS really wanted to be a jerk about it, wouldn't he have to pay taxes on the sale of the voucher?

 

 

He can 'gift' it to you this year. As it is a little over the annual limit, he will need to gift it from him and his wife to you and your wife.

 

Next year, you can 'gift' him the payment in the same manner.

 

I am not an IRS agent, but I did stay at a Holiday Inn Express last night.

 

RR

[Yammer Dan]

You need a 1st Gen!!

[KiteSquid]

can you get a ZR1 or at least a Z06?????????

[davecb]

You can only gift $12,000. Anything over that and your paying taxes....

[KiteSquid]

the way I understand gifting is you can do $12k per person per person.

 

CHECK the tax law, but I understand that your father in-law can gift you $12k and your wife $12k per year, AND your mother in-law can gift you $12k and your wife $12k per year, for a total of $48k per year.... but please CHECK the tax law!!!!!!!!!

 

 

So, what about the ZR1 or Z06??????

 

I think GM part number 101.69.0012 would be nice too.

Edited March 23, 2009 by KiteSquid

[timgray]

Being partial to Pontiacs I would go shopping for a G8. That thing will run!

 

 

The G8's also have a huge aftermarket for them. You can buy a supercharger kit that will add another 225hp to the engine.

 

Too bad they made the car look like every other sedan on the road. They are unremarkable in looks, but can be made to scream like a crazy banshee.

[RedRider]

the way I understand gifting is you can do $12k per person per person.

 

CHECK the tax law, but I understand that your father in-law can gift you $12k and your wife $12k per year, AND your mother in-law can gift you $12k and your wife $12k per year, for a total of $48k per year.... but please CHECK the tax law!!!!!!!!!

 

 

Yup, that is correct.

 

RR

[GG54172]

The G8's also have a huge aftermarket for them. You can buy a supercharger kit that will add another 225hp to the engine.

 

Too bad they made the car look like every other sedan on the road. They are unremarkable in looks, but can be made to scream like a crazy banshee.

 

Being that it is my Father in Law selling the voucher, this will end up being my wife's car.

 

I don't think I am comfortable handing the keys of a 600hp car to the mother of my children....

 

Let me double check her life insurance policy and I will get back to you

[GG54172]

 

So, what about the ZR1 or Z06??????

 

 

 

Uhhh, that's an $90,000+ car. My FIL is not giving me the money. I have to pay him back.

 

My house cost less than that.

[Guest tx2sturgis]

Car?

 

Geeze. Let him sell the voucher to some OTHER cager. Take your 20 grand and buy a scoot or two. How does that even get on the table for discussion? Screw the 'car' idea.

I dont even OWN a car. I do own a 15 year old pickup for the times when I need to haul something, or drive on icy roads. But to buy a car on purpose? Especially a new GM? HELLO ONSTAR!!!

 

Dang. Thought yall knew better.

[GG54172]

Car?

 

Geeze. Let him sell the voucher to some OTHER cager. Take your 20 grand and buy a scoot or two. How does that even get on the table for discussion? Screw the 'car' idea.

I dont even OWN a car. I do own a 15 year old pickup for the times when I need to haul something, or drive on icy roads. But to buy a car on purpose? Especially a new GM? HELLO ONSTAR!!!

 

Dang. Thought yall knew better.

 

 

I really think I should clarify. My FIL is not giving me 20 grand. He is selling me a 25k voucher for $20,000.

 

I have several dirtbikes, a nighthawk, a rsv, fourwheeler, threewheeler, and the crf50. Sure there is more bikes I want, but I think I could make use of a new car.

 

Especially a 400hp six speed camaro.

[Guest tx2sturgis]

I really think I should clarify. My FIL is not giving me 20 grand. He is selling me a 25k voucher for $20,000.

 

 

Yeah I GOT that....thats why I said, take your 20 grand and buy something with 2 or maybe three wheels!! But OK...if you MUST buy a car, and leave the bike sitting in the garage, and go out and do the cager thing....well....

 

I'll TRY not to be judgmental...but its not easy!

 

[dynodon]

Get the G8 if you want something more practical.

 

But don't overlook the V6 version of the new Camaro. 300 hp, manual tranny, lighter weight and better mpg. Same looks. Less money is yet another reason to drive both versions before making the choice.

[Ndiaz]

 

I have several dirtbikes, a nighthawk, a rsv, fourwheeler, threewheeler, and the crf50. Sure there is more bikes I want, but I think I could make use of a new car.

 

Especially a 400hp six speed camaro.

 

I say, Gregory Gill, ignore what tx2sturgis tells you and get the GM car you want. Contrary to popular belief, GM does make some good vehicles. I just bought one 4 months ago, and am happy with it.

 

Nick Diaz

Middletown, MD