Can I FMV my wrecked NB Miata?

SV reX said:

In reply to Robbie (Forum Supporter) :

Hmm... you're right. I was mixing up something in my head from some old fmv rules. The calculation is clearer in the current version. 
 

Ok... anyone agree with an fmv of $1000 as it sits?  It's a 22 year old totaled car with 140,000 miles on it.   It's got a lot of goodies on it, but it is still just a smashed up Miata. 

I'll buy it as it sits for $1000.  Can be there Saturday.  If you agree to that then it's FMV is $1000.  I can PayPal, Venmo, or cash in person. 

In reply to Stampie :

Why would you need fmv if you had a receipt?

You are 4th in line. 

In reply to Stampie :

Does that mean you agree with the fmv, or disagree?

In reply to SV reX :

Seems like you should have a good idea of it's fmv with four offers. What are your other offers?

Idk, even at Copart I would expect this car to sell for a number starting with 2 or 3.... Miata dismantles seem to love buying cars like this. 

In reply to Tom Suddard :

Thank you for the response. I have no idea what Copart would pay. 

In reply to Stampie :

I'll take that to mean that you are unwilling to agree with that fmv. 

But you are exhibiting the problem. The car was totaled. I'm pretty sure the insurance buy-back would be sub $1000- perhaps $600. Insurance will not add anything to the value for the mods.  Since I didn't have full coverage, I can't use that as a metric.

Your interest is in the mods. That's it's value.

Anyone I sold it to would have a receipt that would work for the Challenge. Because I would sell it for a Challenge friendly price. I'm the only one who would need an fmv, and it's pretty hard to establish. That's why I asked. 

And as you know, offers from other people are not a prescribed approach to establish fmv.  So I named a price. Feel free to agree with it or disagree. 

SV reX said:

Your interest is in the mods. That's it's value.

Bingo. Unfortunately for your goal of a Challenge friendly FMV, the 'M' stands for market and the market for cars like this is in buying the mods, not just some crashed car.

$1000 FMV, nah.

SV reX said:

In reply to Tom Suddard :

Thank you for the response. I have no idea what Copart would pay. 

There was a site that I looked at where you could find what the sale price at the salvage auctions were. I don't remember it, but I think John Welsh had posted it up somewhere. 

SV reX said:

In reply to Stampie :

I'll take that to mean that you are unwilling to agree with that fmv. 

 

 

But you are exhibiting the problem. The car was totaled. I'm pretty sure the insurance buy-back would be sub $1000- perhaps $600. Insurance will not add anything to the value for the mods.  Since I didn't have full coverage, I can't use that as a metric.

 

Your interest is in the mods. That's it's value.

 

Anyone I sold it to would have a receipt that would work for the Challenge. Because I would sell it for a Challenge friendly price. I'm the only one who would need an fmv, and it's pretty hard to establish. That's why I asked. 

 

 

And as you know, offers from other people are not a prescribed approach to establish fmv.  So I named a price. Feel free to agree with it or disagree. 

Can you show me anyone that was 100% satisfied with the amount insurance gave them for a car they modified?  Insurance isn't necessarily the way to fair market value.

In reply to gumby :

No disagreement. Thank you for your response. I was just building on the logic that Captdownshift had said about insurance companies. 
 

Looks like we've got:

1- Yes $800

2- No's  

In reply to Mr_Asa :

I don't make the rules. 
 

I agree that I don't think insurance layoffs are a fair way to establish fmv, but it's been done before (and was suggested in this thread)

I would expect to pay over $2000 for that car as it sits on the side of the road.  

In reply to Patrick :

Thank you

More details on the parts? I see turbo kit, wheels (well, maybe 3), roll bar, what else? LSD? Does it still run and drive?

Also, how does totaling a car on basic coverage work if no other vehicles are involved? If you don't have collision/comprehensive, why would insurance be allowed to take your car away and give you a buy-back offer if they're not paying out? 

In reply to maschinenbau :

Insurance won't pay. That's what I said on page 1. 
 

I was just following some other people's suggestions. 

I think FMV for the car as it sits exceeds $2,000.  Current values have really gone up, especially with the 42% increase in used cars prices (i.e. inflation & scarcity).

To be clear, I disagree with your request for $1,000 FMV.

Thanks. 
 

OK. That answers Option #2. I will not be bringing it to the Challenge. 
 

I may take Option #1 and sell it to someone else to bring to the Challenge, or I may go with Option #3 and build an Exocet. 

 Everything has been answered, but i figured I'd close out my thought here in case anyone looks at the thread in the future. 

SV reX said:

In reply to Mr_Asa :

I don't make the rules. 
 

I agree that I don't think insurance layoffs are a fair way to establish fmv, but it's been done before (and was suggested in this thread)

And the rules state that FMV must be agreed upon, yeah?  If it's a bone stock car, insurance for FMV likely isn't going to be contested.

The mods are what made this car desirable in the first place. Totalling the body doesn't negate their value.

Hmm... eBay with a really high (or a price you'd be happy to sell it for) reserve?  Would the resulting high bid be an adequate indicator of FMV?

Glad you're ok.  

Nothing substantive to add but wanted to say how glad I am that you're ok!  Well, at least ok enough to get back online. 
 

what happened??

Copart Values

I wouldn't short change yourself on the car. I may not be challenge worthy, but if folks on here want to buy it for more than $2000, get as much back out of it as you can.

Hard tops are just fiberglass repair. I'll drive to SC and give you $500 for the hard top this weekend.

insurance buyback =/= FMV

I see that as more of an 'insider deal' and similar cars selling on Copart or Ebay motors (for parts) would be more realistic.

However - maybe you can find more favorable comps? I could definitely see someone buying one of these at $1000 if they catch something at the right time. Unfortunately, FMV doesn't let you set our value to the sweetest deal you've seen - it's Fmv... after all so averages higher than someone would actually pay. 

And yes, individually, this sucks for us. I sold a silver '06 NC Miata at $2000 with some recoupable stuff so that it would be Challenge-eligible for the buyer, then later saw it for sale (here!) for $3k about a year later. That's what the Fair Market is.

Similarly, DHerr sold my olders son his white & blue 2.4 powered Spitfire for Challenge money even though it could have brought in more; with the stipulation that it be run in the Challenge. 

Heck, the 300ZX that CSmith brought last year was *free* with the stipulation that it be used by a high school or college Challenge entry. 

FMV does not allow for that sort of generosity/charity/dealfinding. 

The FMV of the hard top alone is worth that.

Glad you're ok, but I unfortunately agree that FMV is probably over 2k. Heck really clapped NA and NBs still command close to 4k near me. I would definitely build a exocit with it or rebody it depending on your skills and budget.