Last 30th Anniversary BMW M5 sold for $700,000 to Rick Hendrick

[Diver]

Must be nice to have that much money.

[BeachsideF30]

He makes this in a cpl hours during one race weekend selling Johnson, Gordon, and Earnhardt tee shirts lol. I know one things for sure, He has enough money to not give a shit what anyone on a forum thinks about his spending habits.

[tyler9595]

Originally Posted by yousefnjr

HA. Yeah, what an idiot. He's only more successful than all of us combined and donates heavily to charity, but yeah, you tell him Bimmerposters

Yes....

One word: SCOREBOARD

[DrivenByE30]

200 car collection ...

This guy is living my dream

I would do the same if i could...

[par__m3]

Good on him! That's a sizable donation to a good cause.

I'm surprised to see a handful of dumbasses here that don't realize this was, in effect, a charitable donation. That's why he pays so much for these cars. He's a good guy.

[Ski Killset]

It's a tax write off to a charitable organization. He isn't really paying for it.

[IB M]

Good for Rick, good for BMW and good for the charity most importantly. Also good for those that have had or will have the pleasure to view his incredible car collection.

[IB M]

Originally Posted by Ski Killset

It's a tax write off to a charitable organization. He isn't really paying for it.

Only a portion of any donation accrues back as a "free" benefit, so yes he did pay for most of it minus the donated amount applied against his corporate tax rate. I never knew we had so many tax experts as BMW owners.

[TheBingoBalls]

LOL at everyone saying he's an idiot. It's all relative. $700k is a shit load of money to us but he probably has a net worth of $1 Billion so $700k to him is like a normal person paying for a well-equipped BMW.

[marcva]

How much does he spend when one off his cars wrecks our benches a motor? This was a DONATION.

[Luminor513]

Originally Posted by Ski Killset

It's a tax write off to a charitable organization. He isn't really paying for it.

Finally.....+1

[savela]

I'm sure I'm not the only one to have thought of the obvious - there are 10x the number of individuals saying negative things about how we have chosen to spend our hard earned money....

Hats off for the great deed.

[Noobish]

I have a feeling that Bimmerpost forums are full of haters.

[glockperfect]

Originally Posted by Downeaster1

Thad cool and all, but what an idiot.

^this

[MCarsFan]

Yup clearly think of themselves as in the 99%

Good on BMW for donating the car to a great cause and to Rick Hendrick for buying this car and making sure it becomes a classic.

Originally Posted by Noobish

I have a feeling that Bimmerpost forums are full of haters.

[jphughan]

Originally Posted by Ski Killset

It's a tax write off to a charitable organization. He isn't really paying for it.

Yes he is. The deduction doesn't completely offset the cost, not even close -- otherwise everybody would donate to everything. At best, the deduction might amount to a 35-40% savings depending on things like your tax bracket.

[mpbruin108]

The way I see it, he donated $700k to charity and got a free car. What is wrong with that? It's a lot of money but it's his money to spend the way he wants to donate. Bill Gates donates a ton of money to good causes. He might not get a free car with it but if he did, would everyone be all angry at his ass. He's giving back in his own way. Leave him be and lets all get on with our lives. haha

[Powerbeast]

Well at least the $700K is going to a good cause.

[MCarsFan]

Originally Posted by mpbruin108

The way I see it, he donated $700k to charity and got a free car. What is wrong with that? It's a lot of money but it's his money to spend the way he wants to donate. Bill Gates donates a ton of money to good causes. He might not get a free car with it but if he did, would everyone be all angry at his ass. He's giving back in his own way. Leave him be and lets all get on with our lives. haha

Well said!

[jeremicium]

This thread turned around quickly. A bunch of people quickly jumped on the hater bandwagon, then somebody rationally points out that the haters posts are irrational. Now everybody is jumping to Hendricks defense and lashing out at all the early posting haters. All this thread shows is how easy it is to get sheep to jump on board one side or another.

[K19BMW]

Originally Posted by IB M

Only a portion of any donation accrues back as a "free" benefit, so yes he did pay for most of it minus the donated amount applied against his corporate tax rate. I never knew we had so many tax experts as BMW owners.

Originally Posted by jphughan

Yes he is. The deduction doesn't completely offset the cost, not even close -- otherwise everybody would donate to everything. At best, the deduction might amount to a 35-40% savings depending on things like your tax bracket.

Charitable contributions have nothing to do with corporate tax rates or tax brackets.

For individuals you can claim a charitable deduction up to 50% of your AGI. This 50% includes cash and property (leaser of fair market value or net book value) held for less than 1 year. For appreciated property held for more then a year you can claim the fair market value of the property but only up to 30% of your AGI. Any excess charitable contributions can be carried forward for 5 years.

For a Corporation you can claim a max charitable contribution of 10% of your AGI. Any excess can be carried forward for 5 years.

And yes I am a tax expert.

[Racer20]

Originally Posted by TheBingoBalls

LOL at everyone saying he's an idiot. It's all relative. $700k is a shit load of money to us but he probably has a net worth of $1 Billion so $700k to him is like a normal person paying for a well-equipped BMW.

You're off by a couple orders of magnitude here . . . A billion is 1000 millions . . . so it's the equivalent of a millionaire tinting the windows on his well euipped BMW. A normal person could get really nice license plate frame. Maybe.