Topic: Determining Value of a Free Car
Howdy, I am new and trying to learn what it will take to build a Lemons car. I have looked over the rules and am familiar with the $500 rule, as well as the $500 organizers claim rule. I understand these two rules and I am not suggesting the car is worth nothing, I just want to know what would be considered 'fair'. Here are the circumstances of how the car came to be in our (my) possession:
The administration at our community college was getting fed up with 3-5 cars that were left at their auto shop building (my guess is they were student cars that were just left when the kids graduated, or moved, or gave up, etc.). My father is friends with the facilities director of the school, so when the day came for the cars to leave they called him and told them to get them out of there. They just wanted them gone without having to mess with them or take anytime to do anything with them. Well this is one of the cars that was abandoned there. Bear in mind scrap value per ton in my area is very low (I have witnessed $20-$100 per ton) and during the time we got these cars it must have been at a point that it wasn't worth much for the school to store them or load them up to take to the crusher. Also, the school is located in city limits and during this time new ordinances caused a large 'crack down' to ticket unregistered cars to get them off the street or impounding vehicles that basically were considered unsightly. It was the perfect storm to get this car for nothing.