05-04-2005, 09:27 AM
The Parts are an asset, here's why:
The GRM rules enable you, basically, to have a free car to enter the challege with, so long as that car costs under 1003 dollars. After we recoupe the money actually spent on the cars, we can continue to sell parts off of the cars in order to raise the 2006 dollars -- GRM doesn't care where that $2006 comes from, so long as you don't spend more than $2006. That's another reason why the four cars is such an ideal situation. We can take every useful bit from the three "parts" cars, without paying for any of it.
Am I making sense? It is complicated, but not overly so.
Now, the GRM committe hasn't really had time to do much. Being that it's finals week, and the end of the semester, the first thing we thought we'd do was try and get some funds before we started to do anything. But I'm with Gerald. If we can make one of these cars run, it WILL be in florida next May!!!
GRM 2005 Rules Wrote:14) All builders shall spend no more than $2005 on their cars. The purchase price of the car must be equal to or less than $2005. Title fees, registration and insurance are not counted toward the budget. Tax that is paid and shipping (or transportation costs) of the car and parts used in the building process must be counted toward the budget.
15) All parts used at the event (including multiple sets of tires) shall be part of that $2005 budget.
16) Parts that are not used may be traded or sold up to the initial cost of the car or parts deal. In other words, if you buy a $500 Challenge car, you can recoup up to $500 of your budget by selling parts. (If you do turn a profit on selling parts off the car, we suggest you take your significant other out to dinner to compensate them for having a $2005 car hanging around the house.). Once the recouperation limit has been reached on a car or parts deals, trading is not allowed.
17) The maximum amount of money that can be "recouped" in a budget is $1002.50. This includes parts cars, parts deals and the Challenge car itself.
18) Parts that are given to the competitor by a company or person must be figured into the budget at fair market value. Sponsorships are allowed, but the values any product or service that is used in building the car must be figured into the $2005 budget.
19) Entrants must show up to the competition with complete documentation totaling, at most, $2005. Entrants must bring receipts or verifiable proof for each item on the car, including the car itself. This information will be available at registration for all entrants to view. The more information provided about the car, the better.
The GRM rules enable you, basically, to have a free car to enter the challege with, so long as that car costs under 1003 dollars. After we recoupe the money actually spent on the cars, we can continue to sell parts off of the cars in order to raise the 2006 dollars -- GRM doesn't care where that $2006 comes from, so long as you don't spend more than $2006. That's another reason why the four cars is such an ideal situation. We can take every useful bit from the three "parts" cars, without paying for any of it.
Am I making sense? It is complicated, but not overly so.
Now, the GRM committe hasn't really had time to do much. Being that it's finals week, and the end of the semester, the first thing we thought we'd do was try and get some funds before we started to do anything. But I'm with Gerald. If we can make one of these cars run, it WILL be in florida next May!!!
1987 Oldsmobile Cutlass 442