Topic: How to value a car that comes with money?
What's better than a free car? One that includes cash.
So an old friend, Anne, calls me up, and says
"You remember that Volvo that I told you about that was in Mom's basement?"
Yes, vaguely
"Well mom died and we are cleaning out the house. Are you interested in the car?"
Maybe. What's wrong with it?
"Mom was driving it 10 years ago and something broke in the engine, so she had it towed home and then it got pushed in the basement garage."
Well what broke?
"I don't know. Somebody told her it needs a timing belt. You can have the car if you'll come get it out of the garage."
Hmm. Is it a stick.
"Yes, there's stickshift in the console"
All volvo's have a stickshift in the console. Is there a clutch pedal?
"Yes, there is a clutch pedal and fourspeed shift knob w/ an OD button on top"
A volvo stick wagon that just needs a belt? Sure, I'll come get it.
Hook up the trailer and drive across PA to Mom's house.
When I get there, we unbury the car (you know how cars abandoned in garages collect stuff on top). And find a fairly straight 1985 745 turbo.
Sweet, :cool:I'm thinking. Open the hood to find that the top end of the engine is missing. It's just a rusty shortblock (basement garages are damp). I curse and stomp around.
Anne says "what's wrong?.
I drove all the way out here expecting to find a fixable car, and this thing is missing half the engine, and the half that's there is garbage.
So anne says, "Gee, I'm sorry you wasted a day & a tank of diesel. Will you take the car to the scrapyard anyway, if I give you $100 for your trouble?"
Might as well, since I'm here and have the equipment.
Once the car was on the trailer, it didn't look that bad underneath 10+ years of garage dust and mouse poo. So I drug it back home and gave it a real bath and found the odo only shows 87K. Now I have a 745 turbo with a bad engine, with a cost basis of negative $100.
So, is this a Lemons car with a $600 budget?
Ignorant opinions and hoots of derision are welcome.
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