So here are my cars’ values as calculated by my formula. The formula was the Purchase price (P) plus the Restoration and or Modification costs (R) plus or minus the condition (mean calculation of the differences between the various conditions) (C) plus sentimental value (Z)
P + R (+/-) C + Z = values.
The Mustang
Purchased it for $6,000
Restoration/Modification costs: $20,000
According to the Old Car Price Guide the average difference between the various conditions was $4320. So I start at 0 for the middle range which would be a Condition 4. I think it’s a 3 so I added $4320. So………..
Condition: $4320
Sentimental: $1000
Plug the numbers into the formula: $6,000.00 + $20,000 + $4,320 + $1000 = $31320
Using the NADA book prices the forumla looks like this: $6,000.00 + $20,000 + $4,683 + $1000 = $31683
For the Corvette the formulas look like this: note…I only traded the for the corvette, so I’m estimating the value of the Celica as $4,000
Old Car Price Guide: $4,000.00 + $10,000 + $5184 + $2000 = $21,184
NADA: $4,000.00 + $10,000 + $4,423 + $2,000 = $20,423
OK…again, this isn’t or might not be what the market will hold but it a great solid place to start.
Let me now if you tried and if you’d change the formula.
Thanks for reading.
Tim
