This is the parts lot.
These are the comps I've found, this has been hard to find comps for as its an uncommon part. So two of them are older sales and non vortec.
The two vortecs are not as complete as the non vortecs and its arguable that their price would be higher if they did.
And finally we have a non vortec unit I sold in November.
I put the value of the Vortec unit in my parts lot with the injectors at $1100.
But I bow to the judgement of the group
What is the purpose behind using fmv on this lot?
In reply to Patrick (Forum Supporter) :
To determine what I paid for the parts im keeping.
I think I'm doing it correctly But if I'm not I would just like to be informed of the right way and come to a value please.
Assign and prove a fair market value to every part in the lot.
Add those fair market values together to calculate the total fair market value of the lot.
Express the fair market value of the part you are pro-rating as a percentage of the lot’s total fair market value.
Multiply the actual price paid for the lot by that percentage in order to determine the part’s relative retail value.
I realize it says every part in the lot but it could take months and maybe never to find three comparables for each part in the lot and it could be a lot easier for me to get a consensus.
Maybe not, but its worth a try.
I like this. It makes budget much easier. No searching or troublesome typing and calculatin'. Just upload a bunch of screen shots and wait for GRM to provide an approved number. ...Watching this to see if I should do my mine this way!
The original screenshot of the lot is a sale listing that's positioned to not show what the asking price is. That would be literally what the price of the lot is, there's no reason to search for fair market value on a lot when there's an asking price in the for sale posting.
It wouldn't matter what fair market value is, what would matter is what the asking price in the posting for the general public or people within the for sale group.
Whatever Logan Douglas is asking is what the price is. Logan Douglas writes the scripture with regards to the value of this lot.
When you buy a particular lot from a particular seller, I think the Captain's statement makes sense. For calculating values on an 'unpriced' item using eBay, I look at "Sold" items and find an average. Asking prices don't always mean actual sale price.
Example Solds... https://www.ebay.com/sch/i.html?_from=R40&_nkw=holley+stealth+ram&_sacat=6028&rt=nc&LH_Sold=1&LH_Complete=1
So your lot has the TPI intake with injectors, TB, etc. and a MS3 with harness? If so it looks like you just FMV'ed the TPI setup at ~$1,100. The MS3's on my FB marketplace are $550, $600, and $1100 asking.
The price of this total lot is $750
The price and the description will not both fit in the same screenshot but I posted both screenshots in another post and just forgot this time.
Mr Logan, despite being a very nice guy was hard up for money and really did not list his item effectivly or in enough places.
So he did not get a very good price.
FMV is for when you have no price.
You have a price. $750.
In reply to Crazier :
Let me suggest something..
FMV questions work best when you ask "Yes or No" questions.
Forget all the darned screen shots. They are really distracting.
Make a list of the items in the lot. Tell us the price. Then describe how you'd like to assign values, and ask if we agree.
"I bought all this crap for $300. It included an engine, a transmission, an OEM computer, an after market harness, and 4 Barbie dolls. I only want the after market harness. I think the engine is worth $100, the trans is worth $100, the computer and harness are worth $25 each, and the Barbie dolls are worth $50. Do you agree?"
It makes it much easier for us to respond.
...or as percentages:
"I bought all this crap for $300. It included an engine, a transmission, an OEM computer, an after market harness, and 4 Barbie dolls. I only want the after market harness. I think the engine is worth 30%, the trans is worth 30%, the computer and harness are worth 5% each, and the Barbie dolls are worth 30% Do you agree?"
SVreX (Forum Supporter) said:FMV is for when you have no price.
You have a price. $750.
I think the post title was misleading. I think he wants the FMV price of each part in the lot so he can calculate the percentage of his $500 purchase price to apply to each.
In reply to MrJoshua :
Maybe you are right.
Still easier if he itemizes and asks us yes or no questions.
I think the intake related parts are worth around $1100 and the megasquirt is worth $600
In reply to Crazier :
What's your question?
Crazier said:I think the intake related parts are worth around $1100 and the megasquirt is worth $600
If the lot sold for $1,700, That would be an acceptable breakdown of fair market value. If the lot did not sell for $1,700, it makes as much sense as saying the fair market value is magenta and orange.
Hang on. I just realized what the problem is...
Crazier is trying to work his way through a rule that is written in a convoluted way. Crazier, you are RIGHT.
The rules include this sideways method of calculating the relative retail value of a part in a heterogeneous parts lot. Crazier is doing it EXACTLY the way the rule says, and none of the rest of us are paying attention.
GRM CONVOLUTED CHALLENGE RULES SAY:
A part’s cost may be pro-rated by weight or quantity if from a homogeneous parts lot (example: zip ties, nuts and bolts, a box of 20 identical axle shafts, etc.), or 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:
Assign and prove a fair market value to every part in the lot.
Add those fair market values together to calculate the total fair market value of the lot.
Express the fair market value of the part you are pro-rating as a percentage of the lot’s total fair market value.
Multiply the actual price paid for the lot by that percentage in order to determine the part’s relative retail value.
So, basically GRM is suggesting we establish FMV of a part by starting with the FMV of the lot. 
Crazier, here's what you are trying to do...
1- Assign FMV to every part in the lot. (That's to determine the overall value of the lot, not it's purchase price).
2- Add them up. (Let's say that's $2200 by the time you add everything together).
3- Pro-rate the part. (Let's say the FMV of the part is $350. 350/2200= 15.9%. The part you want is 15.9% of the entire lot).
4- Multiply by actual price paid. ($750*15.9%= $119.25. The value of the pro-rated part would be $119.25).
That's messy as crap.
In reply to Crazier :
So, NOW here's my suggestion of how to proceed...
- PLEASE get rid of all the darned screenshots. It's even more confusing than the silly rule.
- Make a list of the parts in the lot.
- Put FMV prices on them.
- Ask us a yes or no question if we agree with your list. (Don't try to prove the numbers)
- Total them up and proceed.
Congrats on figuring out how to use a weird rule that apparently none of the rest of us ever wanted to bother with because it's so convoluted.
The point of that rule is simply to establish how much your part is as a percentage of the total lot.
Whew!
One more note...
Your title of this thread is asking for an FMV on the lot. Technically, the rule doesn't ask for that.
The rule asks for FMV of each and every part IN the lot. When you total them up, you can prove what percentage of the lot your part was.
In reply to captdownshift (Forum Supporter) :
Right. But I already asked about that.
The lot sold for $750 dustin bought the intake for $500 and I bought the megasquirt for $250.
And then i threw in $25 to cover the paypal fee.
The only question for that route is if it was acceptable to get a recepit from Dustin or if one of the other two options was prefered.
SVreX (Forum Supporter) said:In reply to Crazier :
So, NOW here's my suggestion of how to proceed...
- PLEASE get rid of all the darned screenshots. It's even more confusing than the silly rule.
- Make a list of the parts in the lot.
- Put FMV prices on them.
- Ask us a yes or no question if we agree with your list. (Don't try to prove the numbers)
- Total them up and proceed.
Congrats on figuring out how to use a weird rule that apparently none of the rest of us ever wanted to bother with because it's so convoluted.
And probably best to just drop this thread and do as SVreX suggested in a New thread. Clean fresh start.
In reply to Crazier :
One more note...
You can't use FB asking prices to establish fair market prices. You need SOLD prices, not asking prices.
Look the items up on EBay, and then click on "Completed items" in the left hand column. This will show a history of actual sales. If the price is listed in green, it sold. If it is listed in red, it didn't sell (price too high). If the price is green with a line through it, it sold, but for an undisclosed price less than the asking price.
I just did it for your Holley stealth intake. 1 sold for $1095, 1 sold for less than $1250. 1 sold for less than $700. I'd call that about $800-900.
Crazier said:The lot sold for $750 dustin bought the intake for $500 and I bought the megasquirt for $250.
And then i threw in $25 to cover the paypal fee.
The only question for that route is if it was acceptable to get a recepit from Dustin or if one of the other two options was prefered.
The only "problem" with getting a receipt from Dustin is that I think you would have to show it as recoup, and you may not want to use up a valuable resource. The FMV route is better in that you only hit your budget for the prorated amount of the Megasquirt and use no recoup. Next time you buy a lot of parts get a receipt from the seller that breaks down the items to individual parts, it's the simplest way to do the accounting. Understanding all the nuances of the various methods allows you to maximize the budget.
"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:
Assign and prove a fair market value to every part in the lot.
Add those fair market values together to calculate the total fair market value of the lot.
Express the fair market value of the part you are pro-rating as a percentage of the lot’s total fair market value.
Multiply the actual price paid for the lot by that percentage in order to determine the part’s relative retail value"
This mentions no specific criteria for estabishing FMV, therefore another FMV equation from a different part of the rules would have priority.
Copies of corporate listings of similar items for sale.
Copies of at least three comparable listings from a peer-to-peer selling website (eBay, Facebook Marketplace, Craigslist, etc.)
A copy of a GRM message board thread where at least 5 users with more than 50 posts have agreed with a proposed fair market value for your item.
No mention of "sold listings" only "listings." And this is right because there is no way to find sold listings from facebook marketplace (where mkst deals are coming from curently)
And since the vortec version of this manifold is a different part number, with a different casting, for a different generation of motor, listings for non vortec and vortec vetsions of this intake cannot be used interchangeably.
Therefor the valid listings to prove FMV are 1095, 1000, and 1100 plus shipping.
The rules clearly state that shipping is to be included in a parts price. There is no stipulation anywhere that you should not include shipping in the price of parts when determining FMV. And if it did, it would cause additional problems when some listings included shipping and some did not. It is assumed in a listing offering shipping that does not mention a seperate price for shipping that shipping has already been calculated into the price.
Therefore a FMV based upon three listings of a vortec stealth ram with all the extra parts is aproximately $1100
2. Its hard to find listings for a ms3mx3 used, but I've found three listings. At $550, and $600 in the US and one for $562 (after converting at the curent exchange rate) including shipping from Australia.
Putting the value of the MS3mx3 at $570.
Making it 32.2% of the value of the $775 lot.
Making the relative retail value of the ms3mx3 in this scenario 249.55 should I choose to include it in my budget.
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