Like that thread says, technically, NHRA requires BOTH windows and window nets, but it's an obvious mistake.
Like that thread says, technically, NHRA requires BOTH windows and window nets, but it's an obvious mistake.
okay, I thought i had it, but now you guys have confused me on FMV...so ill ask two yes or no questions, because this is what im about to do if this is the case:
1-Yes. 2-Yes.
I think you've got it. 
Although the phrase FMV wouldn't come into play.
So, I think I may have been figuring my budget incorrectly.
If something is advertised to the public as free and I pick up free parts to use on the Challenge car then I still have to assign a FMV? I'm not speaking of a good buddy kind of deal but free parts advertised as such on a public forum.
Very fine line, you SHOULD count transportation costs getting there and back if you read the rules... most people don't.
I would rather have a $250.00 parts car versus a free box of parts.
Ok, seems like it would feel more honest to include FMV for free stuff. It's not like I got some high dollar parts for free anyway, just a few things no one but me would ever want.
I had been feeling some guilt since $2006 for not including gas in my budget and I'd planned on including gas used while chasing parts for $2008, well, now $2009.
Advertised free is free. Visit a friend or do some other chore near the pickup point and you dont have to count transportation cost.
MrJoshua wrote: Advertised free is free. Visit a friend or do some other chore near the pickup point and you dont have to count transportation cost.
agreed. my challenge car's FMV was $0 as I interpret it. the "seller", a board member, had been trying to sell the car at $500 OBO with no luck. He finally just offered it up to the boards to anyone who wanted to come get it. Only thing preventing driving it away was a blown rear brake hardline. So total cost to get the car was the cost of renting a tow-dolly from u-haul for the day, plus a few miles of gas. So the car cost me ~$50 to get it to my parents house. Same cost would have applied to anyone here, so that's the FMV of the car. (I later tacked on the $150 cost of the tow dolly to get it down here to FL. Could have driven it but the GF ended up buying a jeep up in NH while we were there to get the challenge car and it was cheaper/easier to tow it behind the jeep and share driving duties.)
I would count the $50.00 it cost you to get it but not the $150.00 for the tow dolly you used to pull it to the Challenge (unless you are like me and need the tow dolly to get the car down the track or around the cones)
Tools, trailer/dollies, specific oultined safety equipment and beer drank AT the Challenge do not count against budget. Beer bought as payment for work on the Challenge car does.
As an aside I CHARGE all of the people a case of beer to work on my Challenge cars, we get a lot of help but never seem to get the cars finished.
Theres no FMV needed if you have a purchase price. It was advertised as free and given away for free its free.
While we're discussing free vs fair market value, answer this one.
A while back it was established that you could trade for labor or parts with beer and charge the cost of the beer.
Years ago when we first started building MR2's for the Challenge, I was told of a Toyota repair shop that was going out of business and had a lot of MR2 parts to get rid of. I contacted the owner on a friday, saturday was the end of the month and he had to be out. Anything left in the building would be discarded by the landlord and the expence subtracted from the deposit. The owner basicly paid me with a few beers to remove a full 4'x8' trailer full of parts. How do you handle this in the budget when you finally use a part form the pile?
Negative FMV! Nice!
GUNDY wrote: While we're discussing free vs fair market value, answer this one. A while back it was established that you could trade for labor or parts with beer and charge the cost of the beer. Years ago when we first started building MR2's for the Challenge, I was told of a Toyota repair shop that was going out of business and had a lot of MR2 parts to get rid of. I contacted the owner on a friday, saturday was the end of the month and he had to be out. Anything left in the building would be discarded by the landlord and the expence subtracted from the deposit. The owner basicly paid me with a few beers to remove a full 4'x8' trailer full of parts. How do you handle this in the budget when you finally us a part form the pile?
Free but share the wealth so fellow challengers dont come after you with torches.
John Brown wrote: I would count the $50.00 it cost you to get it but not the $150.00 for the tow dolly you used to pull it to the Challenge (unless you are like me and need the tow dolly to get the car down the track or around the cones)
Bluej lives in FL. I don't think he was saying the tow dollie was used to go to the event, but rather to get it home.
In which case, I agree with your $200 figure, Bluej
The tow dollie rental to pick up the car is part of the purchase cost (transport). The tow dollie rental to get it to the event is not part of the cost.
SVreX wrote: The tow dollie rental to pick up the car is part of the purchase cost (transport). The tow dollie rental to get it to the event is not part of the cost.
which is why it pays to own a trailer.
SVreX wrote:John Brown wrote: I would count the $50.00 it cost you to get it but not the $150.00 for the tow dolly you used to pull it to the Challenge (unless you are like me and need the tow dolly to get the car down the track or around the cones)Bluej lives in FL. I don't think he was saying the tow dollie was used to go to the event, but rather to get it home. In which case, I agree with your $200 figure, Bluej The tow dollie rental to pick up the car is part of the purchase cost (transport). The tow dollie rental to get it to the event is not part of the cost.
exactly. towed it to the rents house in NH and fixed the brakes, added a battery, and added a seat belt 
sat there for a few months.
gf and I flew up to drive it home to FL. gf ended up buying yellow jeep that was at the challenge in NH. drove the next day to buffalo, NY from NH, me in the toyota, her in the Jeep to visit her family briefly and get some miles on the jeep. rented the tow dolly in buffalo, then towed the toyota behind the jeep back down to florida.
all cost was recouped with the $350 sale of the transmission to a guy in jersey building a track car out of an older toyota.
i could sell the engine as well, but that feels kinda sheisty after the spirit of how the car was passed to me. I like that it's going to go into one of these better:
anyways, carry on budget discussion.
Under those circumstances, you might talk your way out of the dollie rental.
The PURCHASE got it to your parents house. Maybe that was home. The move a few months later was just that- a move.
It sort of doesn't matter, since you recouped it all, but it might be debatable (my brain is WAAY too fried right now to think it through- someone else give it a shot. Where you at, AngryP??)
expanding on SVreX's idea above, transportation costs are what it takes for you to actually take possession of the item at your primary work location at the time of purchase. If your primary work location was your parents house at the time of purchase, then getting it from there to your current work location is just a move.
and it does matter, because now you don't have to waste any of your recoup on the dolly. so if you buy a parts car / bike / bin of parts, you can spend more on that purchase because you have more potential recoup available.
expanding further, if you used a motorhome to pick up vehicles and parts, you'd never have to claim transportation costs because you're not paying to get the part to your home, rather you're paying to get your home to the part!
(silently searching CL for a nice winnebago....)
I've searched and read, and am still fuzzy. I am bringing this thread back up from the dead, because I want to make dead nuts sure I am accounting for my $2013, first year, rocketship properly. Can Angry or someone school me? Here is a example I created. So, A?, B?, C? or something else D?
A is challenge-legal but is retarded because you could've claimed $599 in recoup from the parts car.
B is NOT challenge-legal because you can't claim parts car sales as recoup against the challenge car.
C is also NOT challenge-legal for same reason as B, and you have not specified where the $5.50 came from.
So if i was your challenge accountant i'd submit this as Option D:
Bought Challenge Car +400
Sold Challenge Car Engine -300
Bought new Challenge Car Engine +375
Bought Parts Car +600
Sold Parts from Parts Car -599 <--remember, selling to zero means no trading
At this point your Grand Total is $476. you have used $899 of your $1006.50 (half of $2013) total recoup, so you can still recoup $107.50 subject to the following restrictions:
$99 max available recoup from the Challenge car (again, don't sell to zero)
$107.50 max available recoup from the New Engine
simple explanation: until you reach your TOTAL BUDGET RECOUP LIMIT, you can recoup (and trade) from any INDIVIDUAL OR "PACKAGE DEAL" PURCHASE on which you have a positive balance.
In reply to AngryCorvair:
Cool, this actually helped me greatly with my own budgeting......and I'm going to need to go to kinkos to copy all the reciepts for the expensive parts on mine from before I bought it, I'm glad I saw this, as I didn't know I wouldn't get those records back.
Angry, as he has that formatted, would that be acceptable?
<<<<Also a newb
In reply to yamaha:
Angry well said... Thanks for taking the time to post.
Yes, Thanks. I owe you a case of cold imports. 
T
i use excel for my challenge budget, separated by subsystem / task, with a subtotal and a recoup amount for each section. i put photocopies of receipts in a binder, again by subsystem / task. it's pretty easy to follow. PM me if you want me to send you a template.
<<<Don't have excel. I'm just going to have it hand written out
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