Challenge FMV: 1993 Volvo 240 Wagon

Hey all, I'm going to make the Challenge this year, after nearly a decade of trying and not being able to due to various things.

I need an FMV ruling from the community to book on the car:

This is a 1993 Volvo 240 Wagon. I bought it in November of 2010 for $800, and have been daily driving it ever since. As with any daily driver with over 200,000 miles (odomoter stopped at 211K shortly after I bought it), I've been maintaining it to keep it on the road, and don't really have receipts for spark plugs I bought two years ago or the $12 hubcap I got at Pull-A-Part to replace the one that's missing in the picture.

I do have documentation for go-fast parts, of which there are few... well, none yet actually. So I should say I will have documentation for everything I do to it between now and the Challenge.

It's a fair condition car as it sits. It's an Automatic, working A/C, no cruise control, black cloth. Some dents, interior is worn, holes in the seats, oil leak I've thus far been unable to find (though I haven't really tried). Edmunds appraises it at $450, and KBB gave it $750 for this mileage. A quick Craigslist jaunt finds them going locally between $500 and $1000 for this kind of mileage.

So, what should I book this thing at in my budget?

Thanks! Andrew

Probably the $800 figure unfortunately, although there has been some unrest over $50 cars that were purchased in the 70's. So I am uncertain.

Nice to see you post up Andrew, I'm the one who pestered you on FB. BTW, still have the Buick?

I think you would be hard pressed to find a running 93 Volvo 240 for less than $800 even today. The wagons especially don't seem to depreciate. I would run with the $800, skip the maintenance items and document everything from now on.

But I have never been to the challenge.

yamaha wrote: Probably the $800 figure unfortunately, although there has been some unrest over $50 cars that were purchased in the 70's. So I am uncertain. Nice to see you post up Andrew, I'm the one who pestered you on FB. BTW, still have the Buick?

Yup, the Buick is still around. Still goes like stink, too.

i think nov 2010 is recent enough that you should start with your purchase price of $800. i think FMV only applies for things you've owned for a long time.

I suggested he post and seek fmv as it's been a daily driver that he has seen some routine maintenance and wear and tear items have been replaced. I think the $800 is a good value and anything he's spent on the car in the name of hauling kids and commuting has done nothing to improve the performance or value of the car and thusly he need not worry about back documenting every widget and washer he's replaced over the years. I don't think he's trying to get a lower value just trying to create a fixed starting point, and after driving the car myself I'll tell you I think it's worth slightly more than scrap value.

In reply to evildky: Correct, I'm not trying to get a lower value, I'm just trying to get a fair starting point and make sure I'm not going to have a problem with not bing able to document the normal maintenance I've performed over the last three years.

Replacing stuff, that broke after you bought it, with similar stuff doesn't count against your budget. That would only count if you bought it cheap because all that stuff was already broken. I say the $800 is fine as well.

Ive got a couple 5.0 V8 mounting plates for 240's and drive shafts from parting a couple V8 volvos if you are interested.

In reply to Greg Voth: Thanks! I'm doing this event with the four banger. Not in it to win it, just in it to come down and participate this year. We'll see how the new rules shake out for next year and assess a motor swap then.

+1 to starting at $800, but if you searched ebay completed sale listings of very similar cars within a days drive of the last 6 months and came up with an average of 3-4 examples that was less than $800 for a starting point, I wouldn't be upset either... three years is long enough for a market to shift.

I have tons of volvo parts, turbo, NA, cams, ect...

you need to read up on turbobricks.com, these cars are really easy to get fast cheap.

I had just come across this '91 wagon today with a $900 asking price, 190k miles and low on rust.
Your $800 price is more than fair.
http://sandusky.craigslist.org/cto/3920986524.html

$800. Had you gotten it for free, I'd have said $.12/lb.

In reply to Onetrillionrpm: You have VX cam laying around?