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Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
How do you price HALF of a car?
Posted by:
Wrencher
()
Date: July 31, 2012 05:13PM
10 years ago, my brother and I bought a '69 Chevelle. It was not running at the time we bought it and outside of the mechanicals everything else was in average condition. We have since restored the car to about 75%. We each went in 50-50 on the initial cost and 50-50 on all of the parts and labor to include a paint job which we did not labor on ourselves and we've got all the receipts.
My brother wants out of the project. No bad blood, he just wants to do other things with his time and money now. The car is stored and worked on at my place and while he has driven it, most of the mileage over the last 10 years has been mine.
The title is in both of our names but for practical purposes, because he says he doesn't want to continue with it, we agree that it makes sense for me to buy his share and get him off the title. But, what IS his share exactly?
Is it 50% of the book value? What consideration if any should we give to the parts/labor receipts? If he's ok with me buying out his share do I leave it there or is it better to sell the car off and split the sale price? I like the car and would like to keep it but I am not wed to it and can think of lots of other cars I'd pursue if I couldn't keep it.
My brother wants out of the project. No bad blood, he just wants to do other things with his time and money now. The car is stored and worked on at my place and while he has driven it, most of the mileage over the last 10 years has been mine.
The title is in both of our names but for practical purposes, because he says he doesn't want to continue with it, we agree that it makes sense for me to buy his share and get him off the title. But, what IS his share exactly?
Is it 50% of the book value? What consideration if any should we give to the parts/labor receipts? If he's ok with me buying out his share do I leave it there or is it better to sell the car off and split the sale price? I like the car and would like to keep it but I am not wed to it and can think of lots of other cars I'd pursue if I couldn't keep it.
Re: How do you price HALF of a car?
Posted by:
.02 worth
()
Date: August 01, 2012 12:07AM
I think the fair thing to do is to have it appraised and give him half of that, less the appraisal fee. If you both decided to sell it you would expect to split whatever price you got. He did put in time and money and should expect a return on that assuming that there is a "profit." just my two cents worth.
Re: How do you price HALF of a car?
Posted by:
MrMephisto
()
Date: August 01, 2012 12:15AM
.02 worth Wrote:
-------------------------------------------------------
> I think the fair thing to do is to have it
> appraised and give him half of that, less the
> appraisal fee. If you both decided to sell it you
> would expect to split whatever price you got. He
> did put in time and money and should expect a
> return on that assuming that there is a "profit."
> just my two cents worth.
Agreed. If you keep it, split the appraised cost or go by the Blue Book value. If you sell it, split the money from the sale.
I would take it a step further and write up a little contract. If you appraise it, buy out his share, then sell it a few months or a year down the road, you wouldn't also want to give him half of the money from the sale, too.
Just make sure you're both on the same thing. Nothing fucks up a relationship (any relationship) faster than money.
--------------------------------------------------------------
13 4826 0948 82695 25847. Yes.
-------------------------------------------------------
> I think the fair thing to do is to have it
> appraised and give him half of that, less the
> appraisal fee. If you both decided to sell it you
> would expect to split whatever price you got. He
> did put in time and money and should expect a
> return on that assuming that there is a "profit."
> just my two cents worth.
Agreed. If you keep it, split the appraised cost or go by the Blue Book value. If you sell it, split the money from the sale.
I would take it a step further and write up a little contract. If you appraise it, buy out his share, then sell it a few months or a year down the road, you wouldn't also want to give him half of the money from the sale, too.
Just make sure you're both on the same thing. Nothing fucks up a relationship (any relationship) faster than money.
--------------------------------------------------------------
13 4826 0948 82695 25847. Yes.
Re: How do you price HALF of a car?
Posted by:
eesh
()
Date: August 01, 2012 12:22AM
MrMephisto Wrote:
-------------------------------------------------------
>
> Nothing fucks up a relationship (any relationship)
> faster than money.
Yeah, you didn't say that when I was your whore.
-------------------------------------------------------
>
> Nothing fucks up a relationship (any relationship)
> faster than money.
Yeah, you didn't say that when I was your whore.
Re: How do you price HALF of a car?
Posted by:
MrMephisto
()
Date: August 01, 2012 12:38AM
eesh Wrote:
-------------------------------------------------------
> MrMephisto Wrote:
> --------------------------------------------------
> -----
> >
> > Nothing fucks up a relationship (any
> relationship)
> > faster than money.
>
>
>
>
>
> Yeah, you didn't say that when I was your whore.
What we had was special. It... *sniff*... It didn't need to be said.
--------------------------------------------------------------
13 4826 0948 82695 25847. Yes.
-------------------------------------------------------
> MrMephisto Wrote:
> --------------------------------------------------
> -----
> >
> > Nothing fucks up a relationship (any
> relationship)
> > faster than money.
>
>
>
>
>
> Yeah, you didn't say that when I was your whore.
What we had was special. It... *sniff*... It didn't need to be said.
--------------------------------------------------------------
13 4826 0948 82695 25847. Yes.
Re: How do you price HALF of a car?
Posted by:
Wrencher
()
Date: August 01, 2012 12:49AM
Thanks all. And yeah, Mr. Mephisto...my brother and I enjoy this car and I would definitely put something in writing because we both agree the relationship means more than the car does or ever will. It seems a bit formal now to have a written contract, but if I go the full Monty and get it Barrett-Jackson restored I don't want any confusion later.
Re: How do you price HALF of a car?
Posted by:
MrMephisto
()
Date: August 01, 2012 12:57AM
Wrencher Wrote:
-------------------------------------------------------
> Thanks all. And yeah, Mr. Mephisto...my brother
> and I enjoy this car and I would definitely put
> something in writing because we both agree the
> relationship means more than the car does or ever
> will. It seems a bit formal now to have a written
> contract, but if I go the full Monty and get it
> Barrett-Jackson restored I don't want any
> confusion later.
It sounds like your head is in the right place. A contract between brothers over a car does sound like a lot, but (for example) if it's appraised at $500, you give him $250, and later sell it for $1000, you'll be glad you used one. I once knew two brothers who didn't talk for years over what ultimately amounted to $200. It's just one of those things.
--------------------------------------------------------------
13 4826 0948 82695 25847. Yes.
-------------------------------------------------------
> Thanks all. And yeah, Mr. Mephisto...my brother
> and I enjoy this car and I would definitely put
> something in writing because we both agree the
> relationship means more than the car does or ever
> will. It seems a bit formal now to have a written
> contract, but if I go the full Monty and get it
> Barrett-Jackson restored I don't want any
> confusion later.
It sounds like your head is in the right place. A contract between brothers over a car does sound like a lot, but (for example) if it's appraised at $500, you give him $250, and later sell it for $1000, you'll be glad you used one. I once knew two brothers who didn't talk for years over what ultimately amounted to $200. It's just one of those things.
--------------------------------------------------------------
13 4826 0948 82695 25847. Yes.
Re: How do you price HALF of a car?
Posted by:
2concerned
()
Date: August 01, 2012 01:33AM
"If he's ok with me buying out his share do I leave it there or is it better to sell the car off and split the sale price?"
You said that you're not wed to the car, but given the work that he's put into it, it's likely that he'll always think of it as "part his", or even worse, as some mistake that you took advantage of.
Sell the car, split the proceeds, and get something that'll be yours without question. You guys can take a few pictures before you sell it, and recollections of the car will always be of something that you guys did together.
Just my two cents.
You said that you're not wed to the car, but given the work that he's put into it, it's likely that he'll always think of it as "part his", or even worse, as some mistake that you took advantage of.
Sell the car, split the proceeds, and get something that'll be yours without question. You guys can take a few pictures before you sell it, and recollections of the car will always be of something that you guys did together.
Just my two cents.
Re: How do you price HALF of a car?
Posted by:
listen to him
()
Date: August 01, 2012 01:53AM
2concerned Wrote:
-------------------------------------------------------
> "If he's ok with me buying out his share do I
> leave it there or is it better to sell the car off
> and split the sale price?"
>
> You said that you're not wed to the car, but given
> the work that he's put into it, it's likely that
> he'll always think of it as "part his", or even
> worse, as some mistake that you took advantage
> of.
>
> Sell the car, split the proceeds, and get
> something that'll be yours without question. You
> guys can take a few pictures before you sell it,
> and recollections of the car will always be of
> something that you guys did together.
>
> Just my two cents.
^^^^^^^smart man
-------------------------------------------------------
> "If he's ok with me buying out his share do I
> leave it there or is it better to sell the car off
> and split the sale price?"
>
> You said that you're not wed to the car, but given
> the work that he's put into it, it's likely that
> he'll always think of it as "part his", or even
> worse, as some mistake that you took advantage
> of.
>
> Sell the car, split the proceeds, and get
> something that'll be yours without question. You
> guys can take a few pictures before you sell it,
> and recollections of the car will always be of
> something that you guys did together.
>
> Just my two cents.
^^^^^^^smart man
Re: How do you price HALF of a car?
Posted by:
hypocrite
()
Date: August 01, 2012 02:01AM
listen to him Wrote:
-------------------------------------------------------
> 2concerned Wrote:
> --------------------------------------------------
> -----
> > "If he's ok with me buying out his share do I
> > leave it there or is it better to sell the car
> off
> > and split the sale price?"
> >
> > You said that you're not wed to the car, but
> given
> > the work that he's put into it, it's likely
> that
> > he'll always think of it as "part his", or even
> > worse, as some mistake that you took advantage
> > of.
> >
> > Sell the car, split the proceeds, and get
> > something that'll be yours without question.
> You
> > guys can take a few pictures before you sell
> it,
> > and recollections of the car will always be of
> > something that you guys did together.
> >
> > Just my two cents.
>
>
> ^^^^^^^smart man
dick riding bitch.
-------------------------------------------------------
> 2concerned Wrote:
> --------------------------------------------------
> -----
> > "If he's ok with me buying out his share do I
> > leave it there or is it better to sell the car
> off
> > and split the sale price?"
> >
> > You said that you're not wed to the car, but
> given
> > the work that he's put into it, it's likely
> that
> > he'll always think of it as "part his", or even
> > worse, as some mistake that you took advantage
> > of.
> >
> > Sell the car, split the proceeds, and get
> > something that'll be yours without question.
> You
> > guys can take a few pictures before you sell
> it,
> > and recollections of the car will always be of
> > something that you guys did together.
> >
> > Just my two cents.
>
>
> ^^^^^^^smart man
dick riding bitch.