Posted: 12 March 2018
Have you ever dreamed of winning a free car?
It’s possible to win a car without having to be in the audience for a taping of Oprah.
There are sweepstakes for virtually anything you can think of, even winning cars. The odds may be long to win, but that doesn’t mean you shouldn’t try.
Keep reading to learn how you can win a free car by entering sweepstakes.
What to Look for in Sweepstakes
There are many sweepstakes out there to win a car. However, there are many more sweepstakes that are scams.
The first thing to look for is whether or not you have to pay a fee to enter or receive your prize. That’s also true if you’re being asked to provide banking information.
Those are signs of a potential scam.
You’ll also want to check the email where the notification was sent from. If it came from a public email address such as Gmail or Hotmail, it may be a scam.
When you’re researching contests to enter, your best bet is to use legitimate sweepstakes aggregators such as Blog Giveaway Directory. These aggregators take the pain out of researching sweepstakes and post only the legitimate ones.
Before you enter, you’ll want to create an email address just for entering sweepstakes. It’s a good idea to invest in antivirus software just in case you accidentally click on a malicious link.
What Are Good Sweepstakes to Enter?
There are a number of opportunities to win your dream car. It takes some research, and then you need to make sure the contest is legitimate.
Ford Event Sweepstakes: You have one entry to win a $30,000 voucher towards a new Ford vehicle or you can walk away with $500 cash. You must enter to win by January 4, 2019.
Valvoline Drives: When you win your car, you’re going to have to change the oil at some point. This sweepstakes offers oil changes, and Valvoline branded products like blankets. You can enter daily until December 31, 2018.
Arnott Harley Davidson Giveaway: If you’re a motorcycle type, you can win a 2015 touring bike. You have one entry and need to enter before October 21, 2018.
How to Increase Your Odds of Winning
Winning a free car can be simple, but you have to have a system in place to keep track of your entries. This can be a simple spreadsheet where you track your contests, website addresses, dates entered and deadline to enter.
Winning a free car can be a numbers game. That means that the more sweepstakes you enter, the better chances you have to win.
You also have to have the winning mindset. When you’re trying to win a free car, you must believe that you can win. If you enter and think that you have no chance, then don’t waste your time.
Take a few minutes each day to visualize yourself driving the new car and feeling the steering wheel. Feel the rush of emotions surge when you’re driving. You want to put yourself in that experience before you enter sweepstakes.
Tax Implications of Winning a Free Car
The dream of winning a free car can be a financial nightmare if you’re not prepared to pay taxes. The Internal Revenue Service considers sweepstakes prizes as income, so the fair market value of the car will count towards income.
If you win a $40,000 car, the IRS treats that the same as receiving a $40,000 bonus from your work. Even if you win car accessories, valued under $600, you still have to report those winnings as income.
The sweepstakes sponsors will be required to file a 1099 form to the IRS for anything over $600. Just because a 1099 isn’t filed, it doesn’t mean that you shouldn’t report your winnings as income.
Typically, you can expect to pay about a third of the car’s value in taxes.
That shouldn’t deter you from declining your free car. You have time to plan for it. The first thing you should do as soon as you get your winner’s notification is to contact a CPA. They can advise you on how to prepare for taxes and help you plan ahead.
It also helps to know that you will pay taxes on the car in the year you took possession of the vehicle, not when you received your winner’s notification.
For example, if you found out you won in November 2017 and it takes six months for the results to be verified and to receive the car, you’ll pay tax for the vehicle in April of 2019. The car will be reported on your 2018 taxes, not 2017 taxes.
Other options include selling your old car to pay taxes, manage your finances to minimize your tax burden and set aside money each month.
What to Do When You Win Your Car
Winning a free car means that you have the freedom to plan that family road trip you’ve always wanted to take.
You should also get the best safety accessories for your car. These items will ensure you’re prepared in case you get stuck on the side of the road or have a flat tire.
Items like flashlights, portable chargers, emergency triangle sets, emergency blankets, and first aid kits are must-have items.
Another item to pick up for safety is the Tool Nerds portable car jump starter. With a portable jump starter, you don’t need to flag anyone down to give you a jump. This also eliminates the need to have jumper cables on hand.
It also takes the stress out of remembering which color cables go on which part of the battery. Jumpstarting the car the wrong way could lead to two dead batteries and could damage both vehicles.
Portable jump starters make it easy to jump-start your car effortlessly.
Winning a Free Car
If you were to win a free car, what would you want to win? A luxury vehicle like a Porsche or an Audi R8? Maybe you want something simple that can get you from point A to B.
Regardless of what your dream car is, there are plenty of options available to you to win. Just make sure that you’re ready to deal with taxes when you do win.
If you’re ready to win big, visit the Blog Giveaway Directory. We search the web for all of the latest giveaways. You can enter to win a car, cash, gif cards, and much more.
Check out our directory today.