Need FMV on a free to me Miata

Coworker asked if i would be interested in a Miata that is sitting in her back yard, and has been for a few years. She said that at least one cylinder has no compression reading, and another had "very low" compression. Oh, and it was smoking badly when it was last running. The engine will now NOT turn over, even with a fresh battery. Top is trashed. Shesaid that her late husband put "suspension" on it, but had no idea what it was. The city is threatening to have it towed, and fining her, and she just wants it gone.

Sometimes it's good to be the "car guy" where you work?

what is fmv? if this is some kind of "should i buy this" kind of thing, then hell yes.

Sounds to me like FMV in this case would be about 100-200 more than scrap.

???

mtn wrote: Sounds to me like FMV in this case would be about 100-200 more than scrap.

I've driven home Miatas with hardtops for $700. To me FMV is scrap value. She is going to scrap it if you don't take it right?

grimmelshanks wrote: what is fmv? if this is some kind of "should i buy this" kind of thing, then hell yes.

Fair Market Value

Fair Market Value

+1 on scrap in this case

thanks carson. i still say take it, sounds like an LSx recipient to me

Considering scrap prices these days, that one sounds like it's dead. Tell her about how common the cars are, JunkyardDog's story about $700 for one that still drives, and offer $100. If she mentions that scrap prices have risen, tell her the Chinese had a recession too, and that scrap's not going for what it did awhile back. Hope that's what the scrap dealer is telling her as well, cross your fingers, and wait to see if you get the phone call.

Bought a running driving one for $400 several years ago.

I think some of you missed the "free to me" part of the story.

And being "the car guy" does have its benefits!

stan wrote: I think you missed the "free to me" part of the story.

I was just thinking the same thing. I think the FMV question was only asked as it relates to the Challenge. And in that vain, I would agree with others that it doesn't sound like anything more than scrap.

We bought a running Miata for my friend for $380.

i'm assuming that the request for FMV is based on the idea of making a 2010 challenge car? if so i'd say scrap value is most appropriate and i for one wouldnt argue against it..... even if you handily beat my entry (which you probably will with that kind of starting point!) around here we get about $8 per hundred pounds.

Where's a good place to find scrap values? I searched online, but couldn't find anything useful.

Sorry for the threadjack.

I thought FMV meant Free Motor Vehicle.

I paid $100 for a shell with a clean title. A friend bought an engineless Miata for $400 with a clean title. But once you get to this end of the market, it really comes down to how badly the owner wants it gone. And if the choice is "take it or I call a junkyard", I think FMV is the price of gas to drag it home.

Call you local metal recycler

Paging Per. Please chime in with what the Challenge budget would be hit for.

Yes, I drag it away, it's mine.

place i take cars to is paying currently 11.75 cents per lb of car so multiply that by miata and you have FMV

Scrap value minus the tow fee to get it TO the scrap yard!

I think the recyclers gave me like $60 for a CRX shell I took them. So $60 sounds fair to me.

stan wrote: I think some of you missed the "free to me" part of the story. And being "the car guy" does have its benefits!

Yup, I missed it..free Miata=no brainer. Make some room.

Keith wrote: And if the choice is "take it or I call a junkyard", I think FMV is the price of gas to drag it home.

Quoted for truth. The key here, I think, is whether she would give the car, for free, to just anybody at this point. If she's at the end of her rope, needs the car gone, please, somebody, anybody, just get it out of my yard, I would say FMV = free. If, however, the price is free for you, $200 for anyone else, then FMV would be $200.

Scrap value seems like a good compromise, if it's either you take it or it goes for scrap. So does the cost of gas to bring it home.

Since I finally got it through my thick skull that the FMV question's for Challenge purposes, can some of you guys who've been through something like this chime in? Hongs? Mag staff? I'm just curious.

WnN, you speak as if you've been through a Challenge or two..