Guys, I am finally making an attempt to put a car together for this year's challenge. I ran the black Ghia convertible way back in 2013 and I am really excited to return. So as the title says, I need some advice on how to list some parts on my budget sheet.
The story is my Dad has a neighbor with a Jaguar XKE that came with a healthy Chevy 350 (so we've been told) and 4 speed M20 transmission. His neighbor thought this combination was blasphemous so he offered my Dad the Chevy parts in exchange for pulling them and reinstalling factory Jag motor and trans he already had. Now, as I interpret the rules we have spent no money and this was basically a trade of labor for motor and trans. Can we put $0 on our budget? We could start talking FMV for an old Chevy 350 but I have absolutely no idea what it's worth.
Thanks for the help
Jonathan
AAZCD
Reader
6/14/19 11:20 p.m.
Just a Challenge newb guess, but I'm thinking you have to go with FMV. Trades are for something of value that is part of your Challenge car (or that came with it as part of the purchase). Otherwise we could all 'work for parts' and build without limits.
Not exactly. The current rules allow trading labor for Challenge car purchases. I assume this also applies to parts.
here’s a screen shot from 2000challenge.com/rules:
Minimum wage in fl is currently $8.46 (although this swap was done 10+ years ago) and If I would guess it took him close to three days to to the swap that would be 24hr x $8.46 = $203.04.
Am I understanding this correctly?
In reply to driftz28 :
Yes.
but if that engine has parts you aren’t gonna use, and if you haven’t maxed out your $1000 total recoup, you can recoup up to $203.04 off that engine.
if you have to play the budget juggling game later, you could look up minimum wage from the year the swap was done.
Stampie, why do you ask that?
Just saying if he did it in three days total actual work time would be less. General swap I estimate at 10 hours actual work. Say to be safe double that. So maybe 20 hours labor instead of 72. Those extra dollars might make a difference.
In reply to Stampie :
Oh, I see what your saying. I was actually guessing three 8hr work days to total 24hrs. I do agree that's a little bit of an over estimation just to be on the safe side.
Thanks for all the advice.
