• From: Northern VA
  • Registered: 2009-11-28
  • Posts: 35

Topic: Residual value or re-evaluate at next event?

My team and I participated in our first event, Capitol Offense, this past weekend.  We had a fantastic time and can't wait for the next event.

We made the unfortunate newbie/idiot mistake of going through tech without our paperwork/receipts and ended up with an assessed value of $600, or 10 BS laps.  I'm afraid our residual value may end up being something like $200 or so (motor is done).  According to our budget spreadsheet/receipts, we've actually made a $377 profit on the car ,which would leave us $877 to spend.

Basically, I'm wondering if its possible to show up at the next event with the proper documentation and re-evaluate instead of being given a residual value.  Has anyone run into a similar situation?  Any suggestions?

Thanks for the help,

Travis

  • From: Merrick, NY
  • Registered: 2009-05-13
  • Posts: 2,155

Re: Residual value or re-evaluate at next event?

ProDarwin wrote:

My team and I participated in our first event, Capitol Offense, this past weekend.  We had a fantastic time and can't wait for the next event.

We made the unfortunate newbie/idiot mistake of going through tech without our paperwork/receipts and ended up with an assessed value of $600, or 10 BS laps.  I'm afraid our residual value may end up being something like $200 or so (motor is done).  According to our budget spreadsheet/receipts, we've actually made a $377 profit on the car ,which would leave us $877 to spend.

Basically, I'm wondering if its possible to show up at the next event with the proper documentation and re-evaluate instead of being given a residual value.  Has anyone run into a similar situation?  Any suggestions?

Thanks for the help,

Travis

Sounds like a lot of hokey accounting.  Heres the thing.  You can buy a car for whatever, and sell everything you can off it but the most you can spend is $500.  SO Say you buy a car for $1500, sell $2000 worth of stuff leaving you $500 in the green, that doesn't give you $1000 to spend, that gives you $500 to spend.

The judges don't look to kindly on trying to work the number system, IMHO its best to take your lumps to avoid a penalty, besides if your motor is toast Jay will likely assign you a low (like $100) or no value. 

Thats your safest scenario to ensure you don't piss them off and get even more laps.

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3 Reply by ProDarwin (edited by ProDarwin 2010-06-21 09:32 AM)

  • From: Northern VA
  • Registered: 2009-11-28
  • Posts: 35

Re: Residual value or re-evaluate at next event?

RogueLeader wrote:

Sounds like a lot of hokey accounting.  Heres the thing.  You can buy a car for whatever, and sell everything you can off it but the most you can spend is $500.  SO Say you buy a car for $1500, sell $2000 worth of stuff leaving you $500 in the green, that doesn't give you $1000 to spend, that gives you $500 to spend.

Not sure what qualifies as "Hokey", but I assure you all of the accounting is legit, and I have an un-sold forged motor from the car sitting on my garage floor, as well as a set of 17inch wheels and tires that would make the #s look even more ridiculous.

I definitely mis-read the rules though, as I somehow missed the $500 max part.  I'll get our residual value and go from there.  I have no intentions of angering the judges.  Eager to get this running, get to another race and break some more stuff.

Thanks for pointing me in the right direction.

4 Reply by RogueLeader (edited by RogueLeader 2010-06-21 09:37 AM)

  • From: Merrick, NY
  • Registered: 2009-05-13
  • Posts: 2,155

Re: Residual value or re-evaluate at next event?

ProDarwin wrote:
RogueLeader wrote:

Sounds like a lot of hokey accounting.  Heres the thing.  You can buy a car for whatever, and sell everything you can off it but the most you can spend is $500.  SO Say you buy a car for $1500, sell $2000 worth of stuff leaving you $500 in the green, that doesn't give you $1000 to spend, that gives you $500 to spend.

Not sure what qualifies as "Hokey", but I assure you all of the accounting is legit, and I have an un-sold forged motor from the car sitting on my garage floor, as well as a set of 17inch wheels and tires that would make the #s look even more ridiculous.

I definitely mis-read the rules though, as I somehow missed the $500 max part.  I'll get our residual value and go from there.  I have no intentions of angering the judges.  Eager to get this running, get to another race and break some more stuff.

Thanks for pointing me in the right direction.

LOL there you go you got it.

I didn't mean hokey as derogatory, just too much math of "well if we subtract this and add this", that just gets them to bust your chops.  As plain and simple as possible will help you survive.  The simplest thing though is if you have a residual value all you need is that email and then a list of receipts adding up to a max of $500 of whatever you have since spent (excluding approved safety items).  With that you should be safe.

That forged motor and wheels should offset whatever it cost you to build the cage etc as well as the race fees for your next event.

Tom Lomino - Proud to be a 23x Lemons Loser, 3x Class B, and 1x IOE Winner!
Craptain, Team Farfrumwinnin - 1995 Volkswagen Golf #14
Click here to "Like" us on Facebook   Click here for our Youtube Videos
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  • From: Baltimore, MD
  • Registered: 2010-05-20
  • Posts: 1,745

Re: Residual value or re-evaluate at next event?

We took 10 laps too, partially due to a fancy cooling fan that we rolled through tech with (which we didn't end up even running on the car - we put the OE cooling back in place because it was more effective).

Residual is totally the way to go - otherwise, you're liable to wind up with the same number (or worse: MORE) of laps anyway because the judges can question your accounting all the way down to how much you paid for the car in the first place - but with a residual, they can only question your accounting from the residual forward.

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Team FinalGear
  • From: Choctaw, Oklahoma
  • Registered: 2009-11-12
  • Posts: 2,145

Re: Residual value or re-evaluate at next event?

I have an un-sold forged motor...

To a judge that reads, "I have a cheaty motor that's worth thousands of dollars..."

  • From: Northern VA
  • Registered: 2009-11-28
  • Posts: 35

Re: Residual value or re-evaluate at next event?

EriktheAwful wrote:

I have an un-sold forged motor...

To a judge that reads, "I have a cheaty motor that's worth thousands of dollars..."

Ok...?  Doesn't seem to matter as I'll be getting my residual value and moving on.  The motor isn't exactly helping the car as its sitting on my garage floor and it won't go into the car budget (except to offset safety related expenses).

8 Reply by Armitage (edited by Armitage 2010-06-22 04:58 AM)

  • From: Northern VA
  • Registered: 2010-02-03
  • Posts: 61

Re: Residual value or re-evaluate at next event?

Forget the receipts and the calculations and show up with a running beater and a good bribe for the judges wink