What kind of taxes would I have to pay if I won a car?

If any?

I recently entered a contest to win a new vehicle. Its value is estimated at $60k. Of course, my first thought is, "a new car? Awesome!" But i imagine I’d owe the IRS some greenbacks on such a pricey car if I won it, correct? After all, we have to pay taxes on large lottery winnings.

Basically I’m interested in knowing all the monetary ramifications of winning a sweepstakes/giveaways in general. Thanks in advance.

When you win you have to hand over 25% of the prize value (minus cost to enter the contest). That’s withholding and will be deposited with the IRS and reported on a W-2G to the IRS and you. Your actual taxes will be determined when you file your tax return at year end.