The price is right dream car week EPIC fail!!! **Spoiler Alert** $100,114 down the drain.
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- Опубликовано: 6 окт 2024
- Dream Car Week is back on “The Price Is Right,” which means that lucky contestants have a chance to drive off in a series of dream cars that the show has assembled (in this case, a $100,114 Lexus LC500)
The contestant was playing the game called spelling bee. The game is played for a car or a cash prize of up to $5,000. A gameboard contains 30 cards: eleven Cs, eleven As, six Rs, and two "CAR"s. In order to win the car, the contestant must choose either one of each letter or a CAR card. The contestant chooses two free cards from the board and may win up to three more by pricing each of three small prizes within $10 of their actual prices, high or low. If the contestant guesses any price exactly, he/she automatically wins all three prizes and cards, even if he/she had missed on previous guesses. After the cards are chosen, the contestant is offered $1,000 per card to quit the game and walk away. The cards are revealed one at a time. If the car is not yet won, the cash buyout offer is repeated with the remaining cards. The contestant wins nothing if he or she fails to spell CAR or get one of the two CAR cards after the last card is revealed. If the contestant does win the car, however, he or she does not receive cash for any remaining cards. The contestant decided to take the $15,000 instead of trying her luck at 2020 Lexus LC500.
A "fail" would be walking away with nothing. She took $15000. Had she won the car, she would have owed sales tax on $100,000+, and would also have $100,000+ added to her taxable income for the year. The $15K was not a bad decision.
She picked the safe choice! She’s not paying sales tax, insurance, gas, and maintenance. I would have done the same.
@@flymoyer3802 you can take the cash value of your prize as well though
@@Scooterbeerrun I don’t think so on this show. You either take the prize or you get nothing.
She made the safe choice. The chances of her winning the car was slim. After taxes, she is still walking away with a little over $7k.
@@ThanhNguyen-pm7xn It would depend on California taxes, but you're probably right. Federal withholding is 28% on "supplemental" income, so $10.8k before state tax withholding. Still a safe, good choice, even if she only walks with $7k.
A lot of contestants get excited about winning a car on these shows, but then find out that not only do they have to come up with the money for the sales tax and registration fees (maybe 8-9% of the value of the car) but that they will also have the total value of the car added to their taxable income at the end of the year, creating a dangerous tax situation.
Taking a guaranteed $15,000 isn't a fail. If it is, I want to fail... every... single... day.
Maybe she shoulda kept the car, mate!
@@paulnguyen8910 Well then, answer me this, what's better? Getting a $100K+ car and having to pay just at least $30K in taxes for it, thus having to most likely decline it, or taking the sure $15,000 and leaving with just over $7K, but you still have some cash to use as you please?
@@JonesDylan874 -The tax rate isn’t that high plus you can sell the car, pay the taxes, then still have $65,000-$75k in your pocket.
@@davethompson3140 I don't think they let you sell any prizes on this game show... I think you either take it or don't.
@@JonesDylan874
If you take it, you can sell it and pay the taxes with about a third of the profits (unless you want to keep the car).
The cash value of all prizes you win and choose to keep from any game or contest must be reported as income on your tax return. If you're lucky enough to win a substantial cash prize on a game show and, after the IRS takes its cut, you can afford to pay income tax on other prizes, you're very lucky; but that is rare.
She took the sure thing, and I would have done the same. $15,000 is a lot to risk at a chance!
Same here . Gimme the money !
It's not only a sure-thing, but her chances weren't even especially good for her to have actually won, considering that the car has much less value than it seems when you factor in being in a higher tax bracket and paying goods tax and reselling the vehicle (if applicable)
I wouldn't feel bad about this one bit. Even if she had won the car, the taxes and fees would have been astronomical. Good on her.
She would not only have had to pay applicable taxes and fees on the car, but also would have to claim the cash value as income on her tax return as pay the tax on that. The cash value of anything you win and keep from any game or contest has to be reported as income on your tax return.
I didn't know but after some research I found even some contestants turn down their prices because of the whooping 7% tax. If she would've taken the car she would've paid over 7,000 to take it home.
Ll
LOL!!!!!!!!
If anyone's curious about the odds, it was about 37% that she would win. She had about $37,000 of equity in the car if she had played but took the guaranteed $15k. Mathematically, even if she got 3 C's, it was the wrong choice. But it's possible the guaranteed money would've changed her life immediately.
Hey I don't call it a fail She came with nothing and left the 15K
Exactly she came out ahead of what she went in she won.
My dream car would be a vintage Jeep from the 1990s with a manual transmission, inline six cylinder engine, a soft top, with a lift kit, oversized offroad tyres, and extra lights. The $15,000 she won would cover my dream car.
She did the right thing she gets cash . Most people don't realize that if you win 114,000 car you can't take the car and sell it and pay the tax. The Price is Right will not release that car until you pay the tax in advance who's got that kind of money laying around
I keep hearing this comment, but how much would you have to actually pay for in sales tax for that car?
If you drive over to the Farmer's Market, you can see the vehicles they are planning on putting on the show, behind a barbed-wire fence in back of the bldg.
Hell with 15k. Damn that gave me a JUICY MIGRAINE. 2024 JULY MY GOD GOOO ALL THE WAY WOULD OF BEEN MY CHOICE😂😂😂😂😂
I call it smart. $15,000 that I pay taxes from that and keep the rest. Or go for $100,000 car that I couldn't afford to pay the taxes and registration on, just to own it, then have nowhere to drive it, or park it where it's safe. Unless you are a millionaire, I doubt you'd be parking that in anything but a highly safe neighborhood with almost no crime.
or she could sell the car for $85,000 quick sale! doofus
@@toolmanthetim7042 You can't sell anything. You either take the prizes or you don't.
@@JonesDylan874 after you take the prize, you are free to sell it to anyone!
See what happens when you listen to the audience instead of using your own judgment. After all, it was her
playing for the car,
At least she didn't lose anything, even though you may never know what might've happened but she used her own judgement and actually did the right thing by taking the 15 thousand.
Yeah. The taxes on that car were outrageous. Better to take a small hit from $15K cash, and invest it and make that money back.
I'll take Around $7,500 of cash (after taxes) over $50,000 of taxes any day.
Not that much, about 25-30% range
You're going to say no to $100k (maybe $80k resale) because of $25k in taxes? Smart math.
Let's see. $15,000 cash = about $4-6k in taxes.
$100,000 car = about $30-45k in taxes. Nobody talks about the dirty little secret. You're excited about winning a car but unless you have tens of thousands of extra dollars laying around you'll be selling the car to pay the taxes.
Actually, you can't sell the car anyway. You either take the prizes or you don't.
@@JonesDylan874 really? Once you get it, it belongs to you. You can sell it, give it away, bury it, whatever you want to do.
@@annamaria7417 I meant on this show.
@@JonesDylan874
But you made it sound like it was impossible to sell no matter what choice you made on that car.
@@GamingDelight I'm confused... can you sell the car or not?
Tbh I don't blame her, Like come on give her a break, the chances were low, she could've lost her 15 grand.
Exactly ! She had astronomical odds of NOT having the word CAR with just 3 letters!
I would have done the same thing that's a lot of money to pass up and I wouldn't want to be stuck paying for the taxes on that
I would of taken the money anyways. No way in heck am I paying those taxes.
She still would’ve had to pay taxes on that car
And she would have to pay taxes on $15000 also
@@yackawaytube but at least you can pay the taxes with the cash you won. Or maybe put it on credit, then pay that with the cash. Either way, you can pay it off. With a car, good luck.
at least they were smart enough to keep Rachel away from it lol
That's a SEMI-fail, she still "WON" $15,000!
If you buy scratch ticket but don't win the $75,000 top prize, but win $10 bucks, you still WIN! You won't rip the f*ckin ticket up. It's a win, right? 👍
it's not even a semi-fail. It was a pretty good choice. _Statistically_ her chances of winning were around 1 in 4, however there's "no way" she could have calculated that (well I suppose people can memorize all the chances of all the combinations for each game, but who does that?), and even if she did, it's still not a bad choice, since the car couldn't be sold for it's full price, and you'd be gambling everything on just a chance for getting slightly higher statistical advantage which is not really worth the risk.
In fact considering re-sell losses, state goods tax, and higher tax bracket, you'd probably be losing a total of 60% of the value of the vehicle (if sold. Maybe 40% if not sold)
I would have been happy with $15,000!!
Well she is at least $15,000.00 richer before taxes.
That’s actually pretty smart. Take the money and run
Taxes. Enough said. She did well.
Never been so mad to get a free 15k. But imagine if someone said I'll give you 1 million dollars or a 50/50 chance at 10 million.........
Wow stop making me feel bad this early in the morning...
The only fail here is someone out there buying a Lexus for over a hundred thousand dollars
That’s my grandpas car irl lol. He has that exact LC500 (not the one in the show just a coincidence)
I can imagine how she felt....the odds was against her most everyone would have done the same.
She won some cash, I wouldn't call that a epic fail.
Technically, she won, and........she lost.
She's a double-threat.
tbh... I'd rather have 15 grand. At least you wouldn't have expensive tax bills and having to pay insurance monthly on that thing.
I didn't watch the video. Wanted to say, if you warn of a spoiler alert, then state it in the title, it was NO warning. Why would I watch, knowing a key part of the game outcome?
People are arguing whether it’s a fail or not.
From a winner’s standpoint, it’s not a fail. She walked away with $15k which is still more than what she came in with. And logically, it’s better to be taxed on $15k than $100k, not to mention all the expenses for maintaining that Lexus. And from the odds, the chance of her picking the three letters were small (2.6%) so it was better to walk away with something that was 100% given.
From HER standpoint, it WAS a fail, given her reaction after revealing that she could have walked away with the car, but only just. Would have been an epic fail if she walked away empty handed.
What's your math on her chances of picking the 3 letters? it sounds very wrong. The chances of her picking an instant-win was 19% in and of itself, and then I'm not sure exactly what her chances of winning by the C+A+R method was, but probably like 5-10% I'd guess.
That said, I'm not disagreeing that the cash wasn't still the better choice. Taking the chance for the car _might_ have been statistically more advantageous, however probably not by much (depending on how much taxes she pays, and how much she could sell the car for) which isn't much.
And supposedly my tax estimation was too conservative. So actually that might push going for the car to being statistically _LESS_ advantageous, if selling the vehicle (which would probably put the net value of the car at only like 40k)
@@MsHojat simple math. There are 11 Cs, 11 As, and 6 Rs. You can’t add the odds because that would be the odds of picking any letter.
Because you’re also not replacing a drawn letter, that has to be taken into account.
The probability of drawing the three letters and spelling out CAR is:
(11*11*6/(30*29*28)). The numerator lists all the cards with letters and the denominator would list the total cards remaining after each draw. You multiply them rather than add because each event is different.
By picking any card and not replacing it on the board, the next event will have only 29 cards, but assuming you drew a C, that doesn’t affect the other letters. There would still be 11 As and 6 Rs. And because multiplication is commutative, if you drew an R first, there would still be 11 As and 11 Cs on the board but then 29 and then 28 cards left.
Multiplying that will actually give you 2.98% of drawing a C, an A, and an R to spell CAR.
Note: this is the probability of spelling CAR and winning, but it does not include drawing THE car cards. For that, we’d have to add 2/(remaining cards) to our probability and THAT would be the odds of winning overall (whether by spelling or by drawing the car card).
She chose Right.
It's like gambling, she won 15k but had a chance to go all in, she stopped and took the cash. She new wen to stop and she walked away with 15k
Not a fail. SHe won 15K and has cash to pay the taxes. She would have had to pay a fortune in taxes had she won the car.
Right choice! unfortunate result
It wasn't a fail. She took the guaranteed money. Nothing wrong with that. Of course, there is great reward for taking risk, but also failure with taking risk. She played it safe and walked out $15,000 wealthier than she was.
I would have taken the money
hard to call it a fail..$15,000 is a notta small amount of change!!!
From an entertainment view, it's disappointing lol however, personally, it was the right move. She would've had to pay 7,000+ in taxes to even get the car released to her and report the value of the car as income the following when filing taxes
I owned that steamer and IT was the epic failure!!!
I watched this the morning it came out and I was literally screaming at the TV, "go for the car!!!!!!' I get that it's 15k but you don't get opportunities to win $114,000 car's very often lol so go for it....and when we all saw she would've won, I'm just like "you idiot' lmao
Do you understand how much the sales tax is gonna be on that thing? She would’ve screwed herself over by taking that car. Guaranteed $15k was by far the right decision.
Actually it was $100,114.
It was also a Double Over in that episode
We all like to see huge wins-but what most people don’t know is that you have to pay California state tax up-front before you can even receive the car, PLUS the value of the car will determine your federal tax bracket for the year.
The taxes on a $100,000 automobile would have been in the tens of thousands-and since most people don’t have that just lying around, she did the right thing by taking the $15,000.
I would have taken the 15K too, that's guaranteed money. Unless you get a C, A, and an R, or CAR on one, you aren't guaranteed anything with only three pulls. If she had all five and did it, yeah, stupid choice. But with just three? Makes a lot of sense.
Sure, she didn't win the car, but $15,000 in cash is still nothing to be sour over. I would have still been happy.
What on earth? A hundred thousand dollars woa!
I mean maybe she was low on funds and couldn’t afford the risk Idk
i always say, ... life sucks, and you don't die, and it just keeps sucking!
How is that a fail? Statistically I think her chances weren't much better than 1 in 4 to win, and cash is worth much more than a car of "equivalent" price.
You're literally gambling 15000$ that is yours (or maybe a bit less) for maybe a 1 in 4 chance of winning a bit more if you can find a buyer for the vehicle who is willing to pay like 80% of the price, _plus_ you'll be pushed into a higher federal tax bracket and pay state goods tax on top of that as well. This may put the net gain from getting the vehicle at only 50 000 (between re-sale loss and taxes), making it statistically _worse._
Even if it was a +25% net gain statistically in her favor, at only 25% chance of winning that wouldn't really be worth the risk.
You gotta play the odds. Just like in Punch A Bunch, if you get $5,000+, KEEP IT. Chances are you won't find a $10,000 or the $25,000.
Taxes will be a bitch anyway!
I would took the $25,000 actually. Guess all 3 in the range
At that point, that was the correct choice.
Sales tax would have been way more than $15,000
And now she will get to pay around 2200 in taxes on that!
Oh my God! Another heartbreaker?
It’s not a fail, but she wouldn’t afford the car anyway. Good for her.
What are the odds she spelt car with those 3 letters. Better go play the lottery
Well. She can buy a used Lexus.
LC500 is a gorgeous car
Taxes are less on that 15k then the taxes AND fees for the car
She would of had to pay taxes on that car. So she got the better deal.
It was better to play it safe
Dang like 8k after the government takes..
My $20,000 2017 Buick works just fine. Give me the cash
Devon though...
Always go for it!
I guess now that the car is gonna be demolished since she didn’t win it :(
15k is 15k, the car is nice but I probabaly would have done the same thing
This ain't a fail... she took a sure $15,000. A FAIL is not winning anything. Wendy did the right/smart thing. And besides, the taxes on that $100K+ car were OUTRAGEOUS. At least she'll still have something after taxes to use as she pleases.
But had she won it, she probably would've sold it after accepting it. If you win a car, your best option is to take it so you can sell it afterwards. A third of the profits will cover the taxes, and the rest is for keeps (likely to buy another car with less hassle).
#Chick Fila Ice dream Ice cream
It was $100,114
updated
Wow....
Wow. What a doomaus
Not a "doomaus". She took a guaranteed $15,000. And besides, her chances weren't that great, and the taxes on that $100K car were outrageous. She did the right/smart thing.
K A R M A
I got all of them right holy shit.
I guessed 30 35 40
Bro
wager $100139
😆