Went to an all you can haul day at the junk yard. Probably bought 25-30 total items.
According to challenge rules, for a heterogeneous parts lot. I have to do a FMV on all the parts, with proof so if I use eBay ads I need 3 for each part, so 90 documented ads?
"
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:
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Assign and prove a fair market value to every part in the lot.
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Add those fair market values together to calculate the total fair market value of the lot.
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Express the fair market value of the part you are pro-rating as a percentage of the lot’s total fair market value.
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Multiply the actual price paid for the lot by that percentage in order to determine the part’s relative retail value. "
Is there a better/easier way to document the value of each part for the all you can carry sale?
I'd avoid FMV and 90 prices. You could assign the normal junkyard price for each item and then prorate back to your total. Say you bought $100 worth of parts for $60, so 60% for each part that gets used in the Challenge build. I intend to do something similar with a tote of suspension links I bought, but I used the new parts prices from online suppliers. I see nothing wrong if you just used the junkyards parts pricing. To me, FMV should be used if I'm pulling something from my own inventory and have no receipt or any idea what I originally paid. You basically bought a bunch of parts that I assume would have individual prices, and the junkyard applied a discount based on your ability to lift and carry.Copies of corporate listings of similar items for sale.
Rule book says " Copies of corporate listings of similar items for sale." The junkyard has a price list and they're a company/corporation.
In reply to DeadSkunk (Warren) :
I believe that you'd still have to have 3 different junkyard/retail FMV prices. The easy way to do an all you can carry is to grab one/couple of items that you sell to recoup the all you can carry price. That way you still have 88 items free to budget without doing all the math for those that thought it wouldn't be required.
In reply to Somebeach (Forum Supporter) :
What kinda goodies did you get?
In reply to Stampie (FS) :
The rules request three prices in specific circumstances..."Copies of at least three comparable listings from a peer-to-peer selling website (eBay, Facebook Marketplace, Craigslist, etc.) , yet doesn't mention three in the previous line of the rules..."Copies of corporate listings of similar items for sale".
Can you tell that I used to be somewhat involved in negotiating and writing contracts? :)
In reply to DeadSkunk (Warren) :
But to quote Tom tonight, "Were your items new?"
In reply to Stampie (FS) :
I've reread that thread and I'm still not straight on what's going on. FMV and self trades are a Pandora's Box as far as I'm concerned.
DeadSkunk (Warren) said:
In reply to Stampie (FS) :
The rules request three prices in specific circumstances..."Copies of at least three comparable listings from a peer-to-peer selling website (eBay, Facebook Marketplace, Craigslist, etc.) , yet doesn't mention three in the previous line of the rules..."Copies of corporate listings of similar items for sale".
Can you tell that I used to be somewhat involved in negotiating and writing contracts? :)
That's intentional. One copy of a corporate listing or three of peer-to-peer.
In reply to Tom Suddard :
So would the price list from the junkyard where Somebeach bought his "all you can carry" pile of parts constitute a corporate listing for the parts from that yard?
In reply to DeadSkunk (Warren) :
I've posted this before, but I don't see why it would be a corporate listing for any specific part, as no specific parts are listed as being in stock for that price. A listing on car-part.com or similar would count, though (that's one major way Junkyards create corporate listings for specific inventory).
Using a generic junkyard price list is like trying to say your new GT350R is worth $5000 because the dealer had a banner out front that said "Mustangs from $5000!"
In reply to Stampie (FS) :
Here is my rough draft.
This was a fill a wagon for $100. We still had plenty of room left in the wagon. But were tuckered out from the 30 degree weather and mud everywhere.
There were at least three 3.8 superchargers that we looked at but didn't want to mess with pulling, and about 4 different turbos we looked at and then just said "well we can come back if we really want them later" and never went back ha.
I just used eBay prices in this version. But will have to work towards documentation.
Stampie (FS) said:
In reply to DeadSkunk (Warren) :
I believe that you'd still have to have 3 different junkyard/retail FMV prices. The easy way to do an all you can carry is to grab one/couple of items that you sell to recoup the all you can carry price. That way you still have 88 items free to budget without doing all the math for those that thought it wouldn't be required.
In reply to Somebeach (Forum Supporter) :
What kinda goodies did you get?
I think I need to reread the rules again, I was thinking unrelated to the challenge car (but still part of carry all sale) parts couldn't be sold off to make the rest of the lot "free"
If "Saab Spark plug cover" is what is commonly referred to as a DIC then it's worth more than you have listed. I'd have to reread but since it's a "lot" then any part in it related to the Challenge makes the whole lot related.
You cant recoup more then the $100 you paid but I believe you can recoup parts bought as part of a lot that aren't going to be used on your challenger down to the cost of the parts lot.
This is the same as me buying a $300 Subaru Impreza that I am only using the engine and front uprights out of. I sold the remaining parts for $300 that aren't going on the challenge car and never were.
In reply to Stampie (FS) :
It is just the aluminum plate the covers the spark plug area for the 2.0 ecotec saabs.
I have already maxed out recoup from other sales. So maybe I should take one of those out to sell a part off this to zero out my lot?
In reply to nocones :
Ok. Thanks. That helps make more sense. But the $300 in your example is still counted towards the total $1000 recoup limit correct?
In reply to Tom Suddard :
My local yard has a standardized price list. Example: V8 engines are $199.99 +$40 core charge. That applies to every V8 in the yard. All their parts are priced that way. If I buy a whole wheelbarrow full of parts I'd have an itemized list with individual pricing under normal circumstances. On the "all you can carry days" you still get the itemized bill (for return purposes) and the price is discounted to the all you can carry price.
Yes it would be. If you've already maxed the $1000 then your only option is to do the FMV thing..
That said when applied in this manner it would seem like it's a way to circumvent the recoup limit.
I think if your already at recoup you should just list whatever you are using out of that pile at $100, FMV with documentation, or a quoted price to buy it alone from the yard (yard value for that part alone). By bundling and reducing its value below those 3 options you are recouping value and you've already reached the max
