New member / Challenge participant intro/question

I'd like to welcome my friend Savannah (BlazinChic) to the boards and potentially the Challenge (as a participant) for the first time. She attended the Challenge last year as a part of the U FL Formula SAE Team. This year she has been working hard on her own car with the goal of bringing it to the Challenge. She has a 2002 Mustang with a 6 cyl/5 spd and was daily driving it until she had some issues. She bought a practical daily and has been transitioning the Mustang into a fun/track day car and fixing the problems that were keeping it off the road. 

She will be here soon to introduce herself and provide more details on the car but here is the question for the hive. Her Dad bought her Mustang many years ago, did some bodywork on it and gave it a respray. Most of the cost data on the car is gone so an initial budget value is tough. After she chimes in with some additional info and pictures, can we figure out a FMV for her to start with?

FMV on a V6 5-speed Mustang, I would put at $1000 personally. Sure a lot of people want $1500-2000 for them, but you can find them around $1000.

Here's a few examples I would point to support my claim:

https://columbus.craigslist.org/cto/d/mechanicsburg-2000-ford-mustang/6993813049.html

https://greenville.craigslist.org/cto/d/spartanburg-2000-ford-mustang/6991024975.html

https://raleigh.craigslist.org/cto/d/durham-car-for-sale/6989842315.html

Obviously the price can vary with condition, but that's where I would start.

Hey everyone! My mustang, as I like to call Smash Car, was my daily until I got rear ended and it was too smushed to bother making it road legal again. Instead, as any sane person would do, I decided to turn it into my race car. It needed some work though since it was crunched and had previous issues, so I got to work patching various holes in the floor and removing excess weight. I’ve stripped both inside and outside, added a hydraulic clutch (McLeod; since the original cable clutch was no bueno), street coil overs (BCRacing), and cut non structural metal away. The goal is to eventually have a 6 point cage inside, remove the smushed trunk and relocate the fuel tank, and finish removing the windows and doors to “kart out” the mustang. 

I am super excited about the event and would love to enter in a class! For the event, the car will basically be a stock 2002 V6, five speed, gutted mustang with a hydraulic clutch and street coil overs. Any suggestions on what class I should enter? Another issue is I’m not sure how to judge if I’m over or under budget for the $2000 challenge? 

What did you dad pay for it and how long ago?  Also welcome!  

Awesome! Welcome. 

First I'd start by reading the challenge rules (on the challenge website). Whatever you do, you will need to make a budget. Since you had the car before it got munched, the "fair market value" (FMV) of the car now is probably better for you than whatever you originally paid. Looks like slowbird has done a good job starting you off for establishing an FMV for a stock 2002 v6 mustang that isn't perfect. You may also be able to establish FMV for other parts like the coilovers, or if you have what you originally paid you can use that for your budget.

Ask questions! Have fun! But most importantly, bring yourself and that mustang and race!

Quick links to help you out: Spreadsheet to fill out with all your vehicle/parts prices: https://2000challenge.com/s/2000ChallengeBudgetSheet.xlsx This one is important, you'll need to have it in your build book when you get to the track.

Vehicle information form: https://2000challenge.com/s/2000challenge_info_form.pdf This goes in the build book too.

Rules: https://2000challenge.com/rules It looks like a lot to read through, but it's not too bad really. The key points are documenting your budget (and taking advantage of certain things that are budget-exempt), making the car safe, and bringing a build book (3-ring binder) to give the GRM folks info about your car.

If you have any time and budget space left over, it never hurts to make the car look pretty or to come up with a fun theme for the concours. If you aren't feeling confident about the "purdyness" of it, you can opt out and take a 12-point score.

And most of all, have fun!

If it got totaled, did the insurance give a "buyback" value?  That value would be a really solid and easy to document starting price.

In reply to BlazinChic :

There are no "classes" - only trophies to win if you fall into a certain category.  the main thing is you need to enter a car that is under the allowed $2,000 spend budget.  Read the rules here to get a good explanation of all this - https://2000challenge.com/rules 

As far as your car goes - thats like a $500 car.....smashed up V6 5 speed of that year, with a bad title....Easy $500 FMV.

I would start there.  Anything you sold off of it (interior, stock suspension, radio etc.) can be sold and added back into your budget up to $500 (if you already sold it and have some sort of records, use them).  

From there you would need to add your coilovers and clutch into the budget, plus whatever materials you used so far putting it back together (scrap metal, etc.).

IF for instance the coilovers are too expensive and put you over the allowed budget, I would remove them just for the Challenge, to get you in budget, then you can always put them back on after the event is over.

People here are helpful - if you have questions - Ask!  We've been to the event a few times, we'll be glad to help, come find us at the Challenge (we'll be in a silver Sentra).  

Good luck!

Circuit_Motorsports said:

In reply to BlazinChic :

There are no "classes" - only trophies to win if you fall into a certain category.  the main thing is you need to enter a car that is under the allowed $2,000 spend budget.  Read the rules here to get a good explanation of all this - https://2000challenge.com/rules 

As far as your car goes - thats like a $500 car.....smashed up V6 5 speed of that year, with a bad title....Easy $500 FMV.

I would start there.  Anything you sold off of it (interior, stock suspension, radio etc.) can be sold and added back into your budget up to $1k (if you already sold it and have some sort of records, use them).  

From there you would need to add your coilovers and clutch into the budget, plus whatever materials you used so far putting it back together (scrap metal, etc.).

IF for instance the coilovers are too expensive and put you over the allowed budget, I would remove them just for the Challenge, to get you in budget, then you can always put them back on after the event is over.

People here are helpful - if you have questions - Ask!  We've been to the event a few times, we'll be glad to help, come find us at the Challenge (we'll be in a silver Sentra).  

Good luck!

 

 

Not correct.  If she fmv the car at $500, which i am in agreement with is a fair start, she can sell parts off it up to $500.  

In reply to Patrick :

You are correct - Fixed - Don't work on cars and post at the same time - brain no worky

In reply to Stampie :

Yes he did, and it was about 5 years ago. Also when it got salvaged we paid the insurance company less then what he originally bought it for, so I am wondering if I could use that as my price or should I use the original?

In reply to ¯\_(ツ)_/¯ :

Yes, it has a salvage title and I bought it back from the insurance company for under $1000.

That "less than $1000" sounds like your starting point for the budget.

Pretty sure it has been discussed before and on insurance buy backs it was decided budget would be buy back price plus $150 to account for fees copart and such would have charged.

I researched old questions and send the whiskey has affected my memory. Seems insurance totals are to be FMVed. I'm good with $1000 as stated above. 

Edit looking at the pictures I'm not sure if that's too high. Honestly I wouldn't pay more than $500 for it. No offense intended. 

In reply to Stampie :

Right.

An insurance buy-back is not open to the general public.  Therefore, not a budget starting point.

However, in this case I am in agreement with the general sentiment of this thread.  The car should be FMVed, and $500 seems fair.

No dog in the hunt here. 

I wouldn't pay more than 4-500.00 from what I see in the pics "as is" including the coil overs & clutch.

In reply to NOT A TA :

I’ll be in way in budget if I do that

via the GRM facebooks

looks like the car made it.

also, I look forwarding to seeing more of these.... muskrats?  muskarts?