The likelihood of me ever getting to the Challenge is pretty slim, but I got to thinking this morning (rare occurrence!). If I bought my TII for $2000. in 2001, put a Haltech in it and cranked up the boost, bigger injectors, exhaust, etc. etc., will it ever meet the $20xx. requirement? Do past expenditures depreciate? What about the car you buy brand new for $20k and drive for 10 or 15 years? Will it ever be eligible?
I'm sure it's probably spelled out in the rules somewhere, but I don't comprehend Legalese.
My understanding is no it doesn't deprecate but by the same token it also doesn't go up in value so if you bought a Cobra for a couple of grand in the 70s you could run it.
You describe the car as well as show photos and ask the board here to give you a Fair Market Value.
RedGT
New Reader
10/27/15 8:16 a.m.
Funny, I just started looking for rules on this subject and came across this post. I have a $1200 Miata bought last month and I am spending as little on it as humanly possible...sounds like it IS worth keeping documentation of everything in case I still have it next October. Great.
Yeah, if I added up expenditures including purchase, I suspect I'd come up around $5000. But I have spent NOTHING on the car in ten years. The newest parts on it are the drag radials, and I bought those in 2005. I'm sure they're still good for 100+ mph.
