Need FMV on a free to me Miata

mistanfo wrote: Paging Per. Please chime in with what the Challenge budget would be hit for. Yes, I drag it away, it's mine.

Pix, when you can.

When I pick it up, I will happily find a place to post pics and hotlink away.

friedgreencorrado wrote: 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..

Been to multiple challenges, but never needed to FMV something, as I've bought the ones that I've challenged. Never had a freebie show up.

We got a roller (nothing but a shell, suspension, and some miscellaneous parts) from an alum for our 2010 challenge car. Based on what I've seen E36 M3ty Miatas go for around here (and what my friend bought one for, which would be our Challenge car if we hadn't already got a car), we're setting FMV at $150. We put the damned thing on the trailer with a forklift, so it's not worth too much.

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

One - 2004 (I was part of the SPOC NE team that ran the first Saturn ever in the Challenge, a 94 SL2). I would've seriously modded and ran my 91 FWD Civic wagon if I'd understood the rules better at the time. I'd assumed that if I got something for free - like a 91 Civic wagon - I had to assign a FMV to it, which wouldn't leave a lot left in the budget for mods. In my case, though, it was advertised on a public e-mail list as "free, please come take it away." It wasn't a special deal just for me - anyone could've gotten it. Because of that, I could've legitimately called it free and put $2005 worth of mods into it - and that much money would've made that Civic wagon FLY.

In reply to White_and_Nerdy:

Interesting. So if you can prove (copies of the ad, etc.) that the thing was really "free", you don't need to figure FMV at all?

friedgreencorrado wrote: Interesting. So if you can prove (copies of the ad, etc.) that the thing was really "free", you don't need to figure FMV at all?

I don't think it's that you don't have to figure FMV, it's just that FMV happens to be $0.00. At least, that's how I see it.

FYI i was told today by the lady at the scrap yard that cars are going down to $200 per ton tomorrow. so don't FMV until midnight.

mistanfo wrote: Paging Per. Please chime in with what the Challenge budget would be hit for. Yes, I drag it away, it's mine.

let me know when we are going to go get it.......

unevolved wrote:

friedgreencorrado wrote: Interesting. So if you can prove (copies of the ad, etc.) that the thing was really "free", you don't need to figure FMV at all?

I don't think it's that you don't have to figure FMV, it's just that FMV happens to be $0.00. At least, that's how I see it.

That's how I see it too. You just have to be able to document it - copies of the ad, like you said. And it has to be free for anyone, not "$200 but if you make a Challenge car out of I'll give it to you and only you for nothing because you're special." If you can prove that this is the case, you're covered.