Can You Sell A Car You Won In A Competition?
Winning your dream car is one of the most exciting experiences any petrolhead can have.
Once the confetti settles, and you've made the most of driving around town in your new wheels, you might decide to sell the car... but are you allowed to?
BOTB is the number one car competition company in the UK, and we get asked all the time about whether you can sell a car you won in one of our competitions. So, let’s get straight to the answer to find out if you can sell your dream car!
If you win a car, can you sell it?
Yes, you can sell a car you won in a BOTB competition. Once you’re the owner, your car prize is yours to do whatever you like with it, and there’s no reason you can’t sell it at any time.
If the car has a cash alternative, you can take the cash instead of the car you’ve won.
This goes for any prize you win. Once you’re the owner, you have the right to do with it what you want. For instance, if you win a house, you don’t have to keep it – you can constantly renovate it and resell it or rent it out!Should You Sell A Car You Won?
Whether you should sell a car you won depends on your financial situation and how the vehicle fits into your life. There’s no right or wrong answer here!
First, let’s talk taxes. Any prize you win is typically exempt from Capital Gains taxes, which means that if you decide to sell, you won’t lose some of the car’s sale value to tax.
Next, consider how the car fits into your lifestyle. Selling your car could be very useful, especially if you have a second car, if you’re hoping to buy a house, go on holiday, or boost your savings.
However, there’s also the emotional factor. If you’ve always dreamed of owning this car and can comfortably afford the costs, it might be worth keeping for the nostalgia.
Remember, you can always sell the car later. Who says you can’t enjoy your dream car for a while?
How much is the tax if you sell a car you won in a prize draw?
Good news! You typically don’t have to pay any tax if you sell a car you won in our prize draw, just as you didn’t pay any tax when you first received the prize.
On top of that, most road cars are already exempt from Capital Gains tax altogether.
Don’t Forget The Cash Alternative
If you enter the BOTB Dream Car Competition, remember that every prize has a cash alternative, so even if you bag a car, you can opt to win cash instead!