So, Im from a University that is attempting to take part in the 2000$ challenge for 2021. Weve got a big project ahead of us, since we are pretty much starting from nothing. But heres the situation. Our actual competition car is a 57 Nash Metropolitan which we aquired for free, from a local highschool where it was being used as a stage prop before we got it, we aquired it after they said they were just going junk it. Our plan it to take almost the entire front end of a honda civic (Engine, trans, and suspension) and fab it into the rear of the car. Im a little confused on the budgeting, so heres the questions.
1. If we got the competion car (Nash) for free, and pay say 1000 dollars for the donor honda civic, and only use 400$ worth of parts from the civic, do we count the full 1000 in our budget or just 400 for what we used?
2. Do we count scrap price for the nash, or is it just 0$ from out budget? Im kinda thinking FMV?
3. If buy some parts and they break, and we need to buy new ones, are the old and new parts included in the budget?
My apologies if these questions have been asked and answered before, I tried to look around for a while and read the rules several times over, but cant really make clear sense of things. So any help would be appreciated! Thanks and looking forward to taking part in this!