Self FMV Purchase Price?

I'm unable to access the rules sheet on here or on the website, so here's my question: Can you use FMV to "purchase" a car from yourself to use for the Challenge, in good faith? IE: bought a car ~10 years ago, drove it for a while with very minor mods, and it's been sitting for a couple of years. The original purchase price was over $2000, but a similar car in similar condition could be purchased today for well under challenge budget. Thoughts?

In reply to budget_bandit :

• You may not list fair market value instead of purchase price on your budget unless you do not have a receipt from the purchase, or depreciation/appreciation has drastically affected the car or part’s value. 

That's what you are looking for.  Direct link here:

https://view.monday.com/6926752915-a8453491564eeecb98040697a27e71d5?r=use1

Let me know if that doesn't work and I'll copy and paste the whole rule set if you want.

sounds to me like depreciation has drastically affected the car's value.  i will allow it.

What kind of car is it? What number are you trying to budget thee cost as?

AngryCorvair (Forum Supporter) said:

sounds to me like depreciation has drastically affected the car's value.  i will allow it.

Sounds like we need more information on the car before we can decide whether its allowable., Year, make, model, etc.

My two cents.

everyone says OMG Scrutiny On The Bounty but there have been exactly zero protest flags flown in the history of the challenge.  dude said "The original purchase price was over $2000, but a similar car in similar condition could be purchased today for well under challenge budget."

IMO regardless of year make or model, its on him to prove his statement is true, according to the rule allowing that path to be taken.

AngryCorvair (Forum Supporter) said:

everyone says OMG Scrutiny On The Bounty but there have been exactly zero protest flags flown in the history of the challenge.  dude said "The original purchase price was over $2000, but a similar car in similar condition could be purchased today for well under challenge budget."

IMO regardless of year make or model, its on him to prove his statement is true, according to the rule allowing that path to be taken.

If he wants to budget it as $800, but wouldn't be willing to sell it to me for $800, then I think it's being budgeted too low.

All that is moot because he'd still need to FMV it.  At that point we would get pictures and a better description.  Well unless he's like AC.

AngryCorvair (Forum Supporter) said:

everyone says OMG Scrutiny On The Bounty but there have been exactly zero protest flags flown in the history of the challenge.  dude said "The original purchase price was over $2000, but a similar car in similar condition could be purchased today for well under challenge budget."

IMO regardless of year make or model, its on him to prove his statement is true, according to the rule allowing that path to be taken.

I just want, at a minimum, an appearance to be adhering to the rules.
Just sayin "hey, this appears to be this" doesn't do much to wiggle my jimmies, y'know?  

I’d wait for a response from Tom or Bill Cutitta.  
 

I agree with AC, but this question kinda goes to the heart of the intent of the Challenge. Seems like there should be a more official response. 
 

I was turned down for a similar question by Tom for a car which is now part of a challenge build by someone else. (Not exactly the same scenario, but close)

At this point there is no violation, just the need for documentation. Information such as original purchase price, current condition and some comparisons of similar for sale or sold vehicles in the price range the OP proposes. 

Thanks everyone for the feedback. I'm not ready another project yet, this would potentially be an entry to the 2027 Challenge. But it's nice to know that instead of selling my old car for a few dollars to some rando, i might be able to bring it to the challenge. Cool!

Austin Cannon 

If he wants to budget it as $800, but wouldn't be willing to sell it to me for $800, then I think it's being budgeted too low.

^^^ This. I'm a firm believer in buying the car and all the needed parts, with receipts. I have never liked the whole FMV thing.

DeadSkunk (Warren) said:

Austin Cannon 

If he wants to budget it as $800, but wouldn't be willing to sell it to me for $800, then I think it's being budgeted too low.

^^^ This. I'm a firm believer in buying the car and all the needed parts, with receipts. I have never liked the whole FMV thing.

I agree. I also feel that as long as The FMV rules exist, they should be exploited to the fullest so we can see some wacky berkeleying cars at the challenge.

OP asked if this was an appropriate application of the rule. When I say “I will allow it“, what I mean is that yes it is an appropriate application of the rule. Now it is up to the OP to adhere to the rest of the rule which requires supporting any FMV he would propose, with completed auction results, comparable for sale ads, or five people who have made 50 or more posts on this forum agreeing with his numbers. I also say it with tongue firmly planted in cheek because I have no berkeleying authority here.

In reply to AngryCorvair (Forum Supporter) :

Well said.