85 volvo 240 gl market value

So I was reading the rules of the $2000 challenge and I think I'm understanding this right.

My parents have a 350+k 85 volvo 240gl auto sedan. We got it for my sister maybe 7 years ago for like $3.5k but she has a new car now. They surrendered the tag and it hasn't been driven in at least 6 months if not more. I'm pretty sure it runs (I'll be there in two days to inspect it again) and it should be fairly rust free.

Trying to figure out if I can use this car for the challenge as I plan to rally cross it anyway and it's already in Florida. Problem is kbb puts a 92 at $150-$450 but autotrader has them going for 10k+. Even the 200k mile one I saw was going for an obscene price. I mean they aren't that cool a car....

Search eBay and maybe bring a trailer for completed auction prices. Try to find similar condition.

That'll get you close.

In reply to Nonamedude :

Can't you just use the purchase price?

In reply to keithedwards :

Well we bought it for more than 2k and it's not worth nearly as much now. I could probably convince my parents to "sell" it to me but since it's something I'd do with my dad that feels cheap.

Per the rules, the forums can be used to establish the fair market value of an item you've had for a while or a gift. Since I'll be there tomorrow for about a week and checking what needs to be done, I'm trying to see if it's even feasible.

In reply to Robbie :

 Checking BAT is a solid idea. I've seen a few that went for $3k in much better shape than ours so I might be able to justify it.

It also depends on what junkyard stuff I can find as well. 

if someone came down the road and wanted to buy a non-running Volvo , whats it worth to take the chance that it will run and pass inspection , 

I think $500-$1000 , 

you have the advantage that you "think" it runs , and probably do not have to pay for it if you cannot get it to run again,,,,,,but a normal guy  would buy it As Is and not pay much......

I'd say get us pictures and better idea of running or not. Then we can give you a better idea. 

I think the KBB book value sounds about right. I mean, it's a 35yrold car with 350K miles... even if it's running, $450 is maybe a little high IMO. I've bought newer, running cars with a little rust, and many less miles for less than that.

350k and sitting for 6 months puts ANY car at ~$500-$750 to me depending on age, service records and condition.

Im on Turbobricks (RWD Volvo forum) and they wouldnt pay more than $250 for it.

People into trendy cars (nicest way i can put it) pay $10k for them in rust free, running, driving, condition with good paint and interior and working AC.

I'm in Kansas city driving back right now. Stopped for BBQ. I'll have pics and better idea of current condition tomorrow just had downtime in the car.

Yea I've looked around turbobricks a bit and it seems like it's not turbo it's not manual it's not wagon it's not new enough for the engine harness to not poof to dust so don't touch it with a ten foot pole. I just didn't realize they'd become trendy haha 

Well it turns out they've done a bunch of engine work and already replaced the wiring harness but the driver seat isn't even a seat and the paint is hammered.

Doesn't matter though because they want to garage queen a beater. It's a shame. My mom and sister have attachment to it and want to restore it "someday" and it's technically my sisters car. So even though she's moving to South Carolina, she wants it to stay in my parents garage. Oh well on to the next. Thanks for the help guys.

In reply to Nonamedude :

Shame. My first car was an 85 240 GL. 

Darn shame, LOADS of room for a V8

Agreed. I was thinking of racing it in prepared rally cross while it get it built up for a full stage rally. Then a popular manual swap seems to be from the mustangs. Then turbo engine. Over like 5 or so years. My sister said she would think about it. At least the wiring harness has been replaced. I'd just hate to see it sit in the garage for 5 years.