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. 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. mad
  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.

Jim C.
If God meant for us to race, we'd all have baggy Nomex skin.
08TMS.09NL.10GM, SP, NL.11SP, NL.12SP, VIR, NL.13GM, NJ.14NJ, VIR, WGI.15AB.16GM.17NCM.18GM.19...

Re: How to value a car that comes with money?

I think you have a reasonable story to claim a "free" car, but I wouldn't push it beyond there.  Consider the $100 as you would "sponsorship" money... paid for the gas to go get the car.

Lemons South 2008 - Fail, Lemons South Spring 2009 - Fail, Lemons Detroit(ish) 2008 - Fail, Lemons South Fall 2009 - Fail, Lamest Day 2009 - Fail, Miami 2010 (Chump) - 2nd!, Sebring 2010 (Chump) - Fail, Cuba 2010 - Crew Chief, Roebling 2011 (Chump) - 8th!, Sebring 2011(Chump) - 19th!

Re: How to value a car that comes with money?

I picked up a Fireturd Formula kinda like that.  My friend's Mom who wanted the car gone told her son and my friend to buy dinner for coming to pick up the car.

Needless to say, I bought dinner since I got a decent free car out of the deal.

Loren gives you a good way to look at it.  It's a toss up.  It is a Volvo so the Judges won't hate you from half the paddock away plus is a wagon.  You might pull it off.

I think you could get a motor for the car cheap enough. 

You could have been wise enough to say you opened the hood and saw the awesome sight of a low mileage motor.  Then she offered you $100 just for showing up and hauling it off.

Troy

#35 LRE
1973 Datsun 240Z

Re: How to value a car that comes with money?

Troy wrote:

I think you could get a motor for the car cheap enough. 

You could have been wise enough to say you opened the hood and saw the awesome sight of a low mileage motor.  Then she offered you $100 just for showing up and hauling it off.

I'm not trying to cheat.
Yet.

Just wondering how it would play.  I know Loren's assessment is the "safe" route.
But where's the fun in that?  Although driving a 745 in a Lemons race is actually pretty damn safe compared to a miata or MR2.

With a $600 budget, there might be just enough room to do a crappy 5.0/T5 swap.

But even then it would not be a contender, so I'm leaning toward fix it up and sell, and put the money in the Lemons kitty for next year.

Thanx for the insights.

Jim C.
If God meant for us to race, we'd all have baggy Nomex skin.
08TMS.09NL.10GM, SP, NL.11SP, NL.12SP, VIR, NL.13GM, NJ.14NJ, VIR, WGI.15AB.16GM.17NCM.18GM.19...

Re: How to value a car that comes with money?

FJ40Jim wrote:

Just wondering how it would play.  I know Loren's assessment is the "safe" route.
But where's the fun in that?  Although driving a 745 in a Lemons race is actually pretty damn safe compared to a miata or MR2.

With a $600 budget, there might be just enough room to do a crappy 5.0/T5 swap.

But even then it would not be a contender, so I'm leaning toward fix it up and sell, and put the money in the Lemons kitty for next year.

Thanx for the insights.

Does a Volvo really need a roll cage?

Regarding 5.0 swaps.  I bought a 5.0 at Pick-A-Part during a 1/2 price sale for $100 and a T5 for $50-65.

I bought a running driving Mark VII for less than $130 and a second for a little over $200 on eBay.  Scrap on the bodies is probably over a $100 alone and I've sold about $50 of miscellaneous crap off the first one.

I thought a long time about using that Mark VII motor in the Z with a T5.

Troy

#35 LRE
1973 Datsun 240Z

Re: How to value a car that comes with money?

Troy wrote:

I bought a running driving Mark VII for less than $130 and a second for a little over $200 on eBay.  Scrap on the bodies is probably over a $100 alone and I've sold about $50 of miscellaneous crap off the first one.

Offtopic: Troy, can you share some advice/info on scrapping car bodies? I'm guessing that you're not getting paid in $2 bills. wink I've heard that some junkyards won't take them without a title. Do you know which places are easiest to deal with? Do you drag the shell down & they yank it off the trailer? Stuff like that.

Since I'm asking for somewhat local information, I don't know if it would be better to reply here (this thread or a new one) or via email. Either is ok by me. TIA

RR

Re: How to value a car that comes with money?

It depends on what state your in ( and sometimes what city in that state ) as far as wether you have to have a title to scrap a car. When the price of scrap went sky high and all the crackheads were stealing guardrails and manhole covers around here the city and state both really clamped down on documentation for junk cars and scrap in general.With the authorities even doing unannounced spot checks at scrap yards to see if they have titles to randomly picked cars in the yard ( at least around here )
      Legally,in Ohio you do.  the only way around it is to cut it up so its unrecognizable as a car and haul it in with a dump truck or whatever, but then you only get loose scrap price   which is quite a bit less than car body price per ton ( and ALOT more work )     This is what I do for a living so I know what Im talking about           I will be buying whatever cars people want to bailout on at the Lamest Day    without a title I wont be able to pay as much ( more cost to me to process and less return ) so keep that in mind    also  I would try not to destroy the VIN plate when prepping the car if you DO have title or it wont matter               just some friendly advice from a scrap guy

spectator "Lamest Day 09",DNF "American Irony" 2010,DNS "Capitol Offense"2010,DNF "Gingervitis"2011,DNF"ShowroomShlock"2011 maybe someday....                                                                                     
_ _ _ _ _ _ _ _ _ _ _ _ _ _
"luckily I didnt go into the mountain,.......I went over the cliff. I was doin 300 MPH sideways and 100 ft. down at the same time............"

Re: How to value a car that comes with money?

To abandon forced induction on such a fine machine would be a travesty. I say keep the turbo (still there, right?), but put it behind a junkyard 5.0L.

The more cockamamie your contraption, the less crap you'll catch in BS.

There are those who call me...Judge Tim
Previously: Der Uberbird! BMW 633CSi
"When life gives you Lemons, make lemonade. When life gives you crap, don't make a beverage out of it."

Re: How to value a car that comes with money?

Mad_Science wrote:

To abandon forced induction on such a fine machine would be a travesty. I say keep the turbo (still there, right?), but put it behind a junkyard
<edit> 13B wankel rotary </edit>

The more cockamamie your contraption, the less crap you'll catch in BS.

edited for cockamamie-ness. smile

Jim C.
If God meant for us to race, we'd all have baggy Nomex skin.
08TMS.09NL.10GM, SP, NL.11SP, NL.12SP, VIR, NL.13GM, NJ.14NJ, VIR, WGI.15AB.16GM.17NCM.18GM.19...

Re: How to value a car that comes with money?

you're too honest

"This is the scene where I get shot," Bronson said. "I have these little squibs that explode to make it look like bullets are hitting." "Fascinating," said Bergman. "I never knew how they did that." "You mean," asked Bronson, "you don't use machine guns in your movies?"

Re: How to value a car that comes with money?

our car came with money too !!    I had the kid down the street strip the interior for whatever he would  find in it ,  which turned out to be a working car stereo, a decent cellphone ( which may work) and 2.41 cents in change !!!          we took pics !!!!!!!!

spectator "Lamest Day 09",DNF "American Irony" 2010,DNS "Capitol Offense"2010,DNF "Gingervitis"2011,DNF"ShowroomShlock"2011 maybe someday....                                                                                     
_ _ _ _ _ _ _ _ _ _ _ _ _ _
"luckily I didnt go into the mountain,.......I went over the cliff. I was doin 300 MPH sideways and 100 ft. down at the same time............"

Re: How to value a car that comes with money?

LOLzors!

We sold parts off our car. Almost paid it off, too!

Captainess: #88 Scirocket Racing - Did someone say Pikachu?