FMV for a '94 Miata...wrecked

my brother wrecked my pride and joy Miata this friday.

Whats FMV for a car that no one wanted to buy for 1.5 years regardless of price?

Thoughts?

Scrap value i guess?

Is the drivetrain still good? I might be interested in it as a locost donor

Its value would depend on the kind of damage

drive train is good sure.

I just paid $1200 for a wrecked but running '95 model. FMV is whatever you can get for it.

You have PM (email) carkid

[mofo checks car fund] $426.85 and a MKIV suspension ;)

seems like this one is up to me to decide.

$400?

Prices for salvage cars vary pretty widely. It's worth more as parts than it is as a whole (thus the business model for every salvage yard in existence) but I'd expect $400 to be a reasonable price for a car that has to be dragged off if you're looking for FMV for the Challenge. Otherwise, part it out and you'll get a bunch more for it.

Carkid, if you want to sell it get me some pics!

Sounds like Carkid is goin to the challenge...

$400 sounds reasonable to me. Hell, my friend and I bought a Miata for $380 that we drove 90 miles home.

I paid $1200 for my wrecked '94 locost donor, and I had to race to get it before someone else did. I'm almost done parting it out and I've sold $1700 worth of parts, and that is after keeping all the drivetrain (engine, tranny, torsen, axles), brakes, wiring harnesses, etc.

Regional variances have an effect, too. Here in the south, I had to deal with Spec Miata guys and a major local Mazda-specific junkyard.

If it is challenge FMV your after I'm afraid that $1-1.5k is more like the value if the damage is cosmetic.

Of course, if he'd posted that he'd bought a cosmetically damaged 1994 for $1500, this thread would be full of people claiming they bought one for $1000 or $500 or $200.

I like to think that Challenge FMV on an item you own currently is roughly 1/2 way between what you would be willing to pay for it (low) and what you would be willing to sell it for (high).

So in this example, he probably feels he wouldn't PAY more than about $400 for that car, however he wouldn't be willing to SELL it for less than probably $1200, so FMV is probably right around $800. I know for me this would work pretty well with stuff I own, as I wouldn't give people for an item what It would take for me to sell that item.

Is anyone gonna argue or get all up tight if i FMV this this at $400?

Still trying to detrimine is the rear sub frame on this thing is bent too.

If you want to re-coup some challenge budget, I'm still up for those rear shock mounts

I think we need to know how "wrecked" it is to establish true FMV.

Not trying to argue, just giving him a data point.

My car is worth a lot more because it is a 1.8L (as is his) and has the Torsen rear end. My damage was a little more than cosmetic, as the rear-end collision crumpled the front end and damaged the cooling system. The PO drove it to the shop with no coolant and blew the head gasket (and probably the rest of the engine - I'm keeping my fingers crossed).

The rest of the car was really really clean, thus the high value for parts.

BTW, my avatar - "Winky" - is said Miata.

When mine got wrecked the first time (someone pulled out in front of me) I purchased a rear-ended miata off copart (I hate that joint) for, after a couple hundred worth of bidding/buying fees, something like $1,500 and change. I pulled off the bits I needed (and then some...basically ALL the removable bodywork) and sold the rolling, running drivetrain (but with a broken differential) donor to a Locost builder for $1,000.

When it got wrecked the second time (ex wife t-boned someone hard), I bought a tub and a front clip, radiator/fan, and a rear finish panel from psteav for $500.

Then I never fixed it and parted out the whole lot.

The engine was still in the car with no rear quarters, seats, wheels, and I got $500 for it (sold it to a guy building a rock crawler buggy out of a Samurai).

When you need to buy stuff, you pay more. When you need to sell it, you take less.

If you put it on CL, you'd likely get between $500 and $1,000 for it like...this afternoon. More if you were patient.

I don't know how Challenge FMV could be figured, given all that.

Clem