I won a Hyundai Genesis Coupe 3.8 V6 Track Manual by winning the Hyundai Video Battle on Forza Motorsport 3.

I'm really torn now.

On one hand I have a $30,000 RWD sports car, on the other hand I have $30,000 (yes I know I will be paying a lot of taxes and fees).

I will be picking up my Genesis this week.

I owe about $11,500 on my '08 xD (35k miles).

So one option is to sell the xD and break even, no car payments, brand new awesome car. But then I owe something like 30% in taxes next year.

The other option: Sell the Genesis. I have to pay about $3000 in taxes up front, and take a $3000 hit on the value to resell it, and then pay about $9000 in taxes next year (Sudden Gain Tax), so there goes $15,000. Then I can pay off my Scion ($11,500). It sounds like I end up with $3500 in the end. But, I will have the extra $9000 in my pocket for a year, and no car payments. And I have no problem in spending some of this and taking a out a loan to repay taxes next year. I could have some fun with the xD. I want to get some Five Axis Wheels, body kit, drop it. I've already got leather, heated seats, remote start, and audio behind me, so I think I'm going to end up with a nice xD in the end.

What would you do?

Keep the Genesis vs. Keep the Scion
314 hp Manual VS.128 hp 1.8L 4. Automatic
RWD VS. FWD
Sexy Car VS. Needs Wheels, tires, Kit, and drop
30% tax VS. Still owe tax on genesis buy I have $ in pocket
$1750 insurance/yr VS.$1500 insurance/yr and No car payments


Also consider: I work for a Toyota dealership, and I can't pick out the color of the Genesis. I might end up with Yellow. I hope I get black

 

I'd keep the genesis.

 

i would keep both since the genisis is paid off... just freaking make it a track car or and daily the xd : )

 

I'm thinking of going back to school, no car payments or taxes would nice, so I would have to sell the Genesis. Winning this contest helped me realize that I have talent and creativity being wasted.

Anyways.. I'm going to have to title and plate the car, and it's not going to sell in the Chicago Area in the winter, so I might as well keep it for a few months and enjoy it, and see if I can make some dough on it in the summer.

 

Couldn't you ask them for the cash equivalent? I thought that was the deal if you won anything like that.
Pros for the XD is that Scions should hold their value as good if not better than Hyundai, So you would owe about 12k if you kept the Genesis where as the XD would be payed off with some play money extra, my favorite version of the Genesis is the base 4 cylinder turbo imo the base model should be more popular. Insurance should be higher on the Genesis. Not as good of mpg. They're kind of on the heavy side.
Pros for the Genesis hey it's a brand new car, no miles, shiny new, power would be noticeably better.... and it's a pretty cool car. I'm trying to think from a Genesis owners perspective. Oh aftermarket support could be better for the Hyundai... I don't know I haven't researched it. I think it was made to compete with the Mustang so that's kind of the performance area I kinda expect.
I voted keep the XD, and you are on this forum so I'm inclined to think you want people encourage you to keep it. Anyway good luck this is a rare opportunity get what you want!

 

get the genesis, and sell it off (if they don't offer the cash equivalent), even if you get $25,000 for it, you're making out!!!

 

i would keep the genesis.. but taxes ftl, still lucky though.. but if you really dont need it, college>car.. do what you feel like doing or what benefits you in the end

 

Thats crazy you won that chit!

 

Yeah I am psyched. It's a big decision. I saw a Genesis this morning and I was like damn you! Why are you so awesome?

Here's the video I made by the way:
http://www.youtube.com/watch?v=8-Wfh6i8n8U

It had to follow some rules, I did not pick the music.

 

thats pretty cool, you deserve that thing

 

That is pretty cool. Congratulations.

 

Keep the Genesis. Even if you take out a small loan (with the Genesis as collateral) and pay the taxes and stuff, it would still be worth it. Even better off if you sell the xD.

 

Well I'd keep the Genesis and the xD, but if I'd have to chose between the two, I'd go with the Genesis if I didn't have to drive too far on a daily basis. Otherwise I wouldn't be able to afford the gas for that car.

 

So I still haven't picked up the Genesis yet, but I did hear that the dealership has finally received the car, and now Hyundai / Microsoft is wiring a check in the next day or so and then I can pick it up.

Anyways, I got an oil change the other day and realized I need new tires on the xD, really bad. So, I was forced to make up my mind. Where should I put my money? lay off the tires, or get some new ones. I bought some rims and tires for the xD and decided I will be selling the Genesis, and paying of the xD.

I ordered some TRD springs that will be here in a week or so, too. I'll have a full new photoshoot.

Thanks for your help peeps. I made the smart choice. Definitely not the extremely fun choice, but I won't regret having money in the bank.

 

Getting taxed for "free stuff" ftl. This is why I don't bother with contests.

 

GL Just be smart with the money. it can go really fast. i had 5k cuz of a knee injury and i can account for bout 2.5k of it. i was also 17yrs old. lol

 

com'on man, whats winning free stuff if the government cant have some of it too!

 

The xD was my smart choice as well...there was also a used Sti at the same lot calling my name when I was looking at the D >_>

Still don't regret buying the xD! Good luck!