Raffle a 1998 vette, who is interested?

[ReggieD]

1998 Black on Black vette, around 40K miles, clean.
My friend wants to raffle off his car.
$300 per entry, only 100 entries allowed.
You have a 1 in a 100 chance to win.
Each entry get a $25 gift card or dinner voucher to the restaurant were the raffle will take place.
$10 desposit and $290 at day of raffle.

Is this a good idea or not? Who will be interested in something like this?

 

[DRTH VTR]

$300 is a lot of money, even for a 1 in 100 chance at a 'vette. I could buy some goodies for my own car with a 100 in 100 chance that I would get them.

 

[44 Mag]

I'll stand with DRTH VTR on this one. I think the odds of selling 100 chances at $300 a shot I would be pretty slim. I'll put my money into what I have first.

 

[singledad_9]

There was an old joke about a farmer doing a raffle for his horse. Unfortunately, the horse died before the raffle was held. The raffle was held as scheduled. When the winner complained, he gave his money back.

I've heard of this before, win a house or car. Unfortunately, this one doesn't pass the smell test.

 

[HOTMOTORSPORTS]

Here are some questions/comments:

What if every ticket doesn't sell?

Does the ticket holder have to be there?

The $25.00 dinner doesn't make sense for far away ticket holders.

I would think $10 down and the rest by the day of raffle could make things very complicated.

The value of the car is much less than 30K. I can see paying more if it is for a worthy cause.

If this is to make up a creative way of selling a car by an individual, it won't sit well with people.

Look at your results. Nobody is saying yes, I'm in!

There's much much more to this than just simply deciding to raffle off a car.

Chuck

 

[r98vette]

bad idea what do u think car is worth..its so the seller is guranteed $30,000..

 

[HOTMOTORSPORTS]

r98vette:

I agree.

The seller is guaranteed 30K with a perfect scenario.

What if only half the tickets sell? He wouldn't be protecting himself either. Wouldn't that be a nightmare!

They have insurance for these kinds of things. I'll bet the insurance would be at least 3K (10%).



Chuck

 

[stu]

Unless the money is being donated to something the guy should just put it up for sale for $29K and be willing to take $27.5k. Running a raffle can be a royal PITA.

$300 is beyond the magic $200 price point that marketing loves but I guess he can't lower the price and sell more tickets since he's giving away $25 for each one sold.

Who else here thinks there is a connection between the seller and the owner of the restaurant that will be getting $2500?

 

[HOTMOTORSPORTS]

I hadn't thought of that.

BINGO stu.

It's even more than that. I'm starting to notice quite a few dealers offering '98's for about 25K.


Chuck

 

[phxraptor]

I think a private raffle or a raffle for a charity must have a permit from the city/state to be legal. Otherwise anyone could hold raffles/scams to get money.

 

[ReggieD]

I totally agree with everyone

I posted this question to get my friend to join the Forums. I gave him the link and hopefully he will join. This way he can ask his own questions.
You are right...He will gain 30K for a car that is worth around 20K to 25K. $300 is a lot of money. Maybe now he will believe me.

Go forward,,,This post question had come to an ended.

Thanks for the added support on my behave.:crazy

 

[BATMOBILE]

GOOD IDEA

I THINK IT IS A GOOD, IDEA THE GUY MAKES SENSE AND SOMEBODY WOULD BE GETTING A VETTE FOR 300.00..... IM IN PEOPLE BET MORE MONEY THAN THAT IN VEGAS WITH NO HOPE OF WINNING.
:cool :cool

 

[Freak Of Nature]

Hmmm... If I had a promisary note stating that the car would be given to the winner NO MATTER WHAT on a set date, EVEN if he only sold 2 tickets. He had many DETAILED pictures & some clips of it. I would also have to check out the VIN first too. If all looked good, I would for sure buy a ticket.

I could really care less about the resturant deal though. If I want food I'll call for a pizza & hoagie.:L