Challenge questions... free rare car value

For Challenge purposes, how is the value of a free 40+ year old car determined if it was purchased by a family member 25+ years ago and there is no good point of reference for determining the current market value? Can it be valued at what the family member paid 25+ years ago? Can it be devalued based on its degraded condition due to 25+ years of neglect? Does a car have market value if it's more rust than car?

I know, you'll wanna know the car, but I'm not sure I want to disclose it at the moment. I'll just say it's a Ford product from the mid '60s.

Any feedback would be greatly appreciated.

Two ways can be used

1. Scrap value, especially as it has significant rust.

2. eBay and or CL searches to come up with comparable examples.

If no suitable references on Craigslist/eBay can be found, I think scrap value by weight is acceptable. You've got to have a reference of SOME kind, and I think that's far more accurate than "I bet someone would pay $5 for this."

I think it is a fair question.. in my eyes though.. free is free..

mad_machine wrote: I think it is a fair question.. in my eyes though.. free is free..

I'd be with you, if it was a CL "Get this E36 M3 out of my yard" and not a "Found it in Grammas barn" situation. FMV is generally assessed to "free" deals not available to the general public, as I understand it.

Could you put it on eBay with a high reserve and base the value on how high the bidding gets? Im not sure what the cost is to list, but I'd bet that would be a good way to determine fmv

mad_machine wrote: I think it is a fair question.. in my eyes though.. free is free..

Nope, doesn't fit under this category as it was only free to OP as he was family, not free to "whoever comes and gets this out of my yard".

It must be open to anybody to qualify as free

Someone, somewhere can provide market value on any car in any condition.

Hmmm. Sounds like a Falcon to me.

What is the reason for keeping challenge projects secret? It seems sorta silly to me.

We like to think it's so no one will steal our "super secret" ideas, but it usually turns out so that we don't get egg on our face for never actually completing something.

No secrets here

http://grassrootsmotorsports.com/forum/grm/86-mustang-challenger-build/41304/page1/

http://grassrootsmotorsports.com/reader-rides/7018/

nONE HERE turn up speakers Get to The gone

This is a tricky one. Hypotetically, very few people would argue that a GT 350 that's returning to the earth is probably more valuable today than a restored one was 25 years ago. And I could see a family member, with no means of restoring it, wanting to keep it in the family.

For my purposes, I'm going to imagine that darkBuddah has inherited the world's rustiest GT 350, simply because I like GT 350s.

Something like this:

That cage seems legit....

+11ty billion on the caged GT350.

But I have nothing to add, other than scrap value seems like a reasonable way to claim a pretty cheap value on a car that might have collectible value. If it were me, I'd actually weigh the dang thing since rust is lighter than the steel it used to be.....

plus, some useless parts might fall off on the way to the scales......

Post it here, let your Challenge peers assess value. Or, hit the easy button and pay grandma scrap for it. Everybody wins.

Thanks for all the replies.

Scrap value seems like an appropriate way to value it... to me. But since I don't get to decide what is appropriate in terms of Challenge rules, I'm guessing that probably wouldn't fly.

Brett_Murphy wrote: Someone, somewhere can provide market value on any car in any condition.

But I suspect I'm a lot like a lot of you and stuff just isn't as valuable to me as "fair market value" often seems to indicate. Plus, it's rare enough that when they do come up, it's a rare occasion, usually years apart, and all the ones I've seen have been in immensely better condition than the one I have access to.

cwh wrote: Hmmm. Sounds like a Falcon to me.

It has no connection to any US production models other than the engine architecture eventually eventually evolved to become a common engine option in many US Ford models.

Travis_K wrote: What is the reason for keeping challenge projects secret? It seems sorta silly to me.

Like SVreX said, it's mainly 'cause I don't wanna set expectations I can't fulfill. Plus, any time I mention this car to people I get more interest and inquiries than I ever care to deal with. But hell, for kicks, here's a pic as a hint:

I will say that whether this car gets used as a Challenge entrant or not, it will get its long overdue resurrection eventually. My initial thoughts are to put it together on the cheap in all its patina'd glory for the Challenge and then take the time to make it properly nice. I figure getting it Challenge ready will help jumpstart its restoration, but we'll see. Pop ain't said yes quite yet... yet.

Holy wire wheels! Nice.

I know what it is (with the help of Sir William Bounds).

DILYSI Dave wrote: I know what it is (with the help of Sir William Bounds).

Oh! See, I know what he's got and i'm excited about it. and thanks to dave for pointing out a good "what's this car" image. :)

i hope you bring it out, value be damned.

-Bill

is it a GT??? :)

Don't berkeley around with that.

Woody wrote: Don't berkeley around with that.

This. It's your choice to make an all, but I'd like to see a thread pop up about your restoration project involving this car rather than a thread about modifying it.

I still have no clue what it is....