Lets FMV some Gastropods

I'll go first.

1998 SL2, Automatic, 186k miles.  I paid $3000 for it (minus taxes/tags/dealer fees) in 2011 with 100k miles on it.  Its only had basic repairs, use, and abuse since then.  

This is the only completed Saturn SL2 ebay listing - $500 and no bids? (I don't entirely understand what I'm looking at here)

Cheap craigslist examples:

$700

$500

$950

$1100 (with 104k miles)

It does have wheels, tires, and drop springs on it.  Don't include those in the value as A) I have receipts for those and B) I may not use them for the challenge anyway

In reply to ProDarwin :

On ebay there is an option for sold listings, looks like they are going from 250 to 1999 but all autos. The average price is a little over 1K. All of the ones that sold over 1K had less than 100K mileage though.

You're in Winston? How did i never know there was another local? 

We dumped my wifes sl1 a decade ago with 140k for 1400.

Id say 1k now is fmv. If you wait until tax time, itd be 2500. 

Not sure if this helps, but here are a few listings in the rust belt:

1996 Saturn SL2 - $1200

1997 Saturn SL2, clean only 97k mi, look!! - $1300

1999 Saturn SL2 - $1895

Another data point just came - I just got my property tax assessment on the car... Assessed value is $780.

In reply to ProDarwin :

Would you sell it for $780?

If not, that’s not it’s FMV. 

The definition of fair market value is what a willing seller and a willing buyer would agree on when neither of them is under duress. 

Regardless of what we say, you’re still gonna need an exception from the GRM staff. 

From the rules:

”Your purchase price of the Challenge car cannot top $2000.”

Send a note to Tom. 

780-1000 seems right to me. 

2004 Sentra SER spec v 6spd lsd no brembos

Bought for $350 from owner who was tired of people using the diagnostic dartboard with his money. 

Chunks of cat in #4 cylinder

Raman head on ebay $350

Gasket set ~$100

Arp studs $140

Ebay header $50

S13 teardrops $100

Lotsa rallyx action and I guess it's my dd now too. What say ye

Byrneon27 said:

2004 Sentra SER spec v 6spd lsd no brembos

Bought for $350 from owner who was tired of people using the diagnostic dartboard with his money. 

Chunks of cat in #4 cylinder

Raman head on ebay $350

Gasket set ~$100

Arp studs $140

Ebay header $50

S13 teardrops $100

 

Lotsa rallyx action and I guess it's my dd now too. What say ye

That’s your spreadsheet right there.  

This thread confuses me. 

In reply to SVreX :

Do you need a hug?

In reply to Stampie :

Nope. I just need to shut up. 

In reply to SVreX :

You win some, you lose some.

I did email Tom to see what he says. 

SVreX said:

In reply to ProDarwin :

Would you sell it for $780?

If not, that’s not it’s FMV. 

The definition of fair market value is what a willing seller and a willing buyer would agree on when neither of them is under duress. 

I think there are multiple definitions of FMV.  IMO, the one that applies most in this case is "the price that property would sell for on the open market".  

What I would sell it for is probably higher than FMV mainly because buying and selling cars is a pain in the ass, so I would like to get more $ to cover the time spent doing so, the tag/registration fees, the tax on vehicle purchases, etc.  If I did not have a car and was searching for one, I don't see myself paying more than $1000 for it.

Well, cars sell every day for discounts. That’s generally due to some sort of duress on the part of either the buyer or seller. 

That’s not necessarily the “fair market value”. That’s just a good deal. 

Nothing wrong with a good deal. 

It seems like you are asking us to give you the lowest number possible to justify your starting point. But you haven’t dealt with the issue yet that your purchase price was $3000. 

I don’t have a dog in this fight, and have no idea what your car is worth.  But I have a lot of cars, and I’d like to bring some of them to the Challenge. I paid too much- and would love to be able to readjust the price based on FMV. I’m not seeing that in the rules.  

I think this could become a can of worms, but it’s not my can.  I will be watching with interest. 

(Because I am one of the worms)

No, just a fair starting point (if such a thing exists).

In reply to ProDarwin :

You still have to resolve the purchase price you paid vs using FMV. 

Its a staff question. 

Yeah, I get it.  I emailed Tom about it but he has not weighed in.  I sent him a link here, so hopefully he will post here to clarify if such a thing is possible.

In reply to ProDarwin :

BTW, the new rules appear to be favoring it.