FMV method for carcass pickings?

Some of you might be familiar with this from the Tuperware Hot Rod build I did on this forum. It was a car that I built to help a friend who could not do it on his own. Unfortunately it met its demise.

In exchange for driving a few hours and reducing the chassis into chunks small enough to go in a pick up so it could be scrapped, I was given the drivetrain consisting of a 5.3 iron block Ls,  a powerglide gearbox and shifter and a 9" ford rear end with a spool. Ran until parked upside down in a ditch against a tree.

The engine was stopped by the tree to- cros-member to-balancer sudden-interference event. Somehow, the transmission bell housing developed a crack. Have not checked the rear axle but both wheels are destroyed .

I picked the carcass pretty clean of anything that I could use. If I were to re-home this stuff into a challenge project, how do I budget the parts?

Check out this section of the rules:

A part’s cost may be pro-rated by weight or quantity if from a homogeneous parts lot (example: zip ties, nuts and bolts, a box of 20 identical axle shafts, etc.), or relative retail value if it was purchased as part of a heterogeneous parts lot (all-you-can-carry sales, storage unit buyouts, garage cleanouts, etc.) Relative retail value is calculated as follows:

1. Assign and prove a fair market value to every part in the lot.

2. Add those fair market values together to calculate the total fair market value of the lot.

3. Express the fair market value of the part you are pro-rating as a percentage of the lot’s total fair market value.

4. Multiply the actual price paid for the lot by that percentage in order to determine the part’s relative retail value.

 

I'd put this question up in the challenge forum

So you essentially traded labor for parts?

Isn't there a provision for that, or was it made obsolete?  Your hourly rate Vs how many hours you worked = price for the lot of parts.

Mr_Asa said:

So you essentially traded labor for parts?

Isn't there a provision for that, or was it made obsolete?  Your hourly rate Vs how many hours you worked = price for the lot of parts.

One way of looking at it.  The wreck was parked at a place that it had to leave ASAP. Either I drove over to pick parts or it was going to get scraped in the next few days cause the house was sold and closing.

No idea how to set FMV for an engine and trans that are in unknown condition. Trans is obviously damaged. Engine? Dunno. 

In my mind  the drivetrain is worth scrap metal weight cause that is where it was going and until proven to work or not, that is what it is worth with the known history. 

If I follow  Toms logic, it is the fair market value of an LS, powerglide and 9" rear axle as found on FB marketplace or E-bay. 

I read scrap weight, or labor. 

If this truly was a "This goes to the scrapper as is" and you simply came and retrieved parts that otherwise would of been part of the scrap value received for the car, and theroretically anyone could of taken advantage of this position if they had asked the owner I would multiply:

Hours between time you left your house and returned with said parts X minimum wage in your state = Challenge budget for parts.   

Document as such and move on.  

If I follow  Toms logic, it is the fair market value of an LS, powerglide and 9" rear axle as found on FB marketplace or E-bay. 

More than the whole vehicle can be utilized for the challenge. Just because I can PnP a $200 LS or just pull one from a vehicle in my yard, run my "free" glide from Patrick, a 9", even scrounging every local swap meet to me, is going to be $500. Personally, I'd do the exploder 8.8 as they can still be had cheap. So it adds up quick.

the rules no longer have the statement defining labor trades as "time spent multiplied by local minimum wage = what you paid".

here's what the rules say regarding establishing FMV:

“Free” parts given to you by a friend must be added to the budget at fair market value.

Any inside deals—parts, whole cars, trades, donations, stolen parts, etc.—must be added to the budget at fair market value.

All fair market values used must be proved in your build book with supporting documentation. Ways to prove fair market value include:

• Copies of corporate listings of similar items for sale.

• Copies of at least three comparable listings from a peer-to-peer selling website (eBay, Facebook Marketplace, Craigslist, etc.)

• A copy of a GRM message board thread where at least 5 users with more than 50 posts have agreed with a proposed fair market value for your item.

from where i'm sitting, i see a trans that was broken by force that was applied by the engine block being slammed in a crash involving a rollover.  so the engine could have crank damage, thrust bearing damage, potential oil starvation damage if was still somehow running while upside down.  and if the rear wheels are damaged, it's possible the axles have bent flanges etc.

based on the above, i'd value the entire drivetrain at local scrap prices.