Good Morning - I am curious how you all value our cars - this is not for a sale, I am putting together my Last Will & Testament and want to have something fair for my kiddos.

I have a 71 Cutlass Supreme Convertible. Right around a "high 3". Maybe a low 2. Certainly not Councors.....
Since I have had it, I have made it into "my car". Not trying to pass off as "clone". So roughly this is what I have done.

converted to 1970 W30 455 w/ turbo 400 tranny ( moderately aggressive build - with all the bells & whistles)
added Hurst His/Her shifter
15 inch SSIII Wheels
Added Power Windows & Door locks ( vintage assembly - not aftermarket)
Power trunk release - vintage
Also converted to complete Rally Pack - including TICK / TAC

lots of other fun things that I personally enjoy.

Everything is done 100% Grade A quality no Mickey mouse stuff. For example, when I put the shifter in I send it off to Hurst and got the total rebuild.
Wiring not cut - when I added something, I got the vintage year and parts, and rewired properly. I have saved every old part I pulled out also.

So anyway - my Dad recently passed away, and I am seeing the mess he has with the typical family will, etc. So I decided to redo my will - to avoid any family strife, and wanted to kind of be fair about the car. Both my kids have said the want the car...

Thanks for your insight.... Timothy

 

Hagerty's classic car pricing website is one source for valuation info. Not to say it is better than others, but it is a start.

Hagerty Valuation info

 

How are you going to be fair if both kids want the car? Joint ownership? Split it in half? This isn't going to be easy. no matter what value you come up with for it.

Another question is, how close are you to death? My point is that there's not much point in valuing the car now if you've got another 30 or 40 years of life expectancy ahead of you. What matters is what the car is worth at the time of your death, not at the time you wrote your will. Also, 30 or 40 years from now, what your kids want may be different from what they want today.

What I'd probably do in your situation is keep the car separate from the rest of the estate. Split the rest of the estate up among your heirs by whatever means is specified in the will (equal shares to the kids?). Put the car up for sale with first dibs to your heirs. If any of them wants it, let them buy it from the estate, perhaps at whatever price is established by an independent appraiser at that time. If more than one want it, let them bid for it, and it goes to the high bidder. The proceeds from the sale could be split among other heirs, donated to charity, etc.

None of this requires coming up with a value for the car today.

 

Thanks - yes, I looked into that, but either I had to pick a base Cutlass Conv., which I thought wasn't really representative with all of the modifications.

 

Oh - I agree with you, definitely not an easy process. - True, the value will change over time. I just wanted to get a rough idea so that in discussions the kids know what they are dealing with. Thirty to 40 years out is definitely stretching it. I've struggled with health issues that left me disabled about 10 years ago,

The idea of the highest bidder, is the truly best, but I really don't want to do that. I would prefer that we had a value for the car, and the kid that ended up with the car, would give the other munchkin half of that pre-determined value. The idea being, I want to set it up so that they can avoid probate and the will, and have the title transfer at TOD.

 

How do the kids feel about the car, is one more interested in it than the other. Me personally, my kid could care less about this or any old car. He'd actually be more interested in his mothers 07 Mustang GT.

 

The best thing to do is decide NOW who is going to get the car. Leaving the decision until after your death could lead to all sorts of problems and hard feelings. At the time of your death, the car is appraised by an independent appraiser, and that value is added to your estate. So if you have, just as an example, $90,000 in cash and a car valued at $10,000 as your estate, you give one kid $50,000 and the other kid $40,000 and the car. This is what my grandmother did with her house, which my aunt (my mother's sister), who never married, was still living in. At the time of my grandmother's death, the house was appraised, and that value was added to my grandmother's estate (my grandfather had already died years earlier). My aunt wanted to continue to live in the house, so she got the house plus a certain amount of cash. My mother got all cash equal to the house+cash my aunt got. My grandmother wrote her will in 1982 and died in 1992. There would have been no point in determining the house's value when she wrote the will as its value would change over time, just like your car's will. It's value in 1992 was different from what it was in 1982.

One advantage to deciding now who gets the car is that you could retitle the car now in both his name and yours. I would assume that, at the death of one of the owners, the other owner automatically becomes sole owner, and you avoid probate. You would have to check on what the laws are in your state regarding the rights of the surviving owner.

But, as I say above, I still think it's pointless to worry much about what the car is worth today as it will certainly need to be re-valued at the time of your death, even if you die just a month from now. Whoever is the executor of your will would only be doing their fiduciary responsibility by having an appraisal done at the time of death. And if all you're looking for now is a rough estimate of value, you certainly don't need to be concerned about minutiae like whether or not the car has a power trunk release. That'll add $10 to the car's value, which is in the noise.

 

The more I think about this, the more it becomes clear that you really, REALLY want to have everything settled about who gets what from your estate BEFORE you pass away. Fights among heirs over a deceased's estate can be some of the most vicious a family can endure and can leave emotional scars that can last the rest of their lives. Don't risk putting your family in that situation. As nice as everyone is to each other now, things could be different years from now. Decide NOW who gets what and how the car will be disposed of. Don't leave it up in the air or have it be settled after your death.

There's an old saying. "He who gives while he lives knows where it goes."

 

My thought exactly. The parts list of modifications to your car aren't things that would raise the value significantly, so the pricing guide that was recommended is still valid.

 

@juanty75 - Yes, exactly. As I mentioned my Dad just passed and I am seeing the ramifications of trying to decide "whats fair" for things unspecified. - I was completely taken by surprise a few months back when my daughter said she loved the car and would want it. Up until then - I guess as a "Guy" thing I just presumed my son would take it, and give my daughter half of what it is worth. I was planning to sit with both kids and discuss it.

@ Kenneth - yea, I kind of get that a power trunk release isn't a big deal, yet - an immaculate HIS/HERS shifter sells for $ 1000. I have seen Rallye Dash sell for $ 1000 also. Power dirver bucket - same story. Documented I have over 50+ in the car easily, I was just trying to give a rough idea of what I have done to figure out a value for when I sit down with the kids. I am also well aware that 50+ in modifications / add-ons will not make a 20K car worth 50K. But like I said, this is not for a sale, it is to make sure my kids get treated fairly and like jaunty mentioned - will continue to love each other after I change addresses.... :-)

 

Well, for the most part, a modified car is worth what someone is willing to pay for it. No matter how much $$$ you have in it. Or, how much better the mods made it. It could even be worth more now than later.

I wouldn't fret over it much. I have a feeling you have good Kids. Just trust them to figure it out.

 

Good to make decisions now. Never put a car title in two peoples name, if sued they can go after both people on the title in case of accident. Even husband and wife, we did a trust and had to change the title on a couple cars, attorney was shocked we did not know it.

 

Great advice here.
Also to consider who is better suited to take proper care of it. Who has garage space? It ain't gonna sit outside after its spent the last 40 years in a heated garage post its dry California heritage. Who has the knowledge about how to properly preserve it etc...

As mentioned stipulate reappraisal at the time of your demise. You should be reevaluating it annually as good practice for proper insurance. I have mine way underpriced If I had to replace it. The policy is due next month. They are on the list to call Monday.

 

One question that comes to mind here. How old are these kids? You've never said, and back in post #5, you referred to one of them as a "munchkin." That makes me think they're 5 years old. If they're not adults or close to it, I wouldn't pay a lot of attention to what they say now with regard to who wants the car.