Oakland Resident Wins His Choice Of Tesla Model S Or $50,000 Cash

2 years ago by Steven Loveday 3

New Look For The Model S

Newly Designed Tesla Model S

For the past 8 years, the city of San Francisco, CA hosts a Dream House Raffle.

The raffle provides some early bird drawings, and one such drawing offered the winner the choice of $50,000 cash or a Tesla Model S. Oakland resident James Erb was this year’s lucky winner of the early bird prize.

The grand prize for the raffle is $4 million cash, or an 8 bedroom, 9.5 bath, luxurious home located in the prestigious St. Francis Wood district of San Francisco. 2,300 other prizes are up for grabs.

The San Francisco Dream House Raffle acts as a fundraising effort for the Yerba Buena Center for the Arts. The Yerba Center is a venue for nationwide artists to showcase their works. Yerba’s main goal is to provide young people, as well as adults, an opportunity to experience art around the San Francisco Bay Area.

Hopefully Mr. Erb knows full well of the Tesla Model S and its value and opts for the car (to speak nothing of unquantifiable “fun value” of owning the Tesla). Being that he is a California resident, there is little doubt that he is well aware.

Source: Patch

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3 responses to "Oakland Resident Wins His Choice Of Tesla Model S Or $50,000 Cash"

  1. Speculawyer says:

    “Hopefully Mr. Erb knows full well of the Tesla Model S and its value and opts for the car”

    Get the car and sell it to me for $60,000. 🙂

  2. ModernMarvelFan says:

    “one such drawing offered the winner the choice of $50,000 cash or a Tesla Model S”

    Well, is it new Model S?

    “Hopefully Mr. Erb knows full well of the Tesla Model S and its value and opts for the car ”

    Well, that depends on whether the car is new or not.

    Also, by choosing the car, you are still liable to pay for the tax/title and you have to claim it on your income tax form of the FULL value of the car without the tax incentives…

    If it is new Model S (hopefully not a base model), then it would be a good idea to take the car.

    Otherwise, take the cash.

    1. Nix says:

      Yes, he will have to pay taxes either way, if he takes the car or the cash.

      Hopefully he does the math and calculates how much money he might be able to save not buying gas for whatever he currently drives. Then calculates his actual out of pocket costs for taking the car vs. the cash.

      It is possible (depending on his tax bracket, driving habits, electricity prices, and current yearly gas costs) that increasing his W4 with-holdings by the same amount he currently spends on gas each month, might go a long ways towards paying for those taxes on the Model S.