David,
The widely held definition of Fair Market Value for an item is:
"That price agreed upon between a buyer and seller, where both parties
have a reasonably good understanding/knowledge of the item, and neither
is under any unusual compulsion to complete the transaction."
What is it worth? You just paid it. What would someone else pay?
Only one way to find out, but then you wouldn't have the truck.
What would it cost to replace it if it were stolen or totaled?
Different ballgame entirely. Look around in Hemmings, etc. and try
to find comparable truck listings to show your insurance agent.
The other question is simple. Do anything you want to the truck as
long as you can put it back to stock by turning wrenches. Cut up the
fenders, customize the body or frame, add holes for instruments in
the dash, etc., and you are making a "Hot Rod", not preserving a
classic vehicle. Engine/driveline swaps? Go anywhere you want with
your imagination, but $ spent don't necessarily add equal value, and
beauty becomes a more diversified opinion among the beholders.
Alan Sheidler
>Date: Fri, 1 Oct 1999 13:32:29 -0400
>From: "David Thomas" <dathomas@acf.dhhs.gov>
>Subject: Brand New / Old Truck
>
>Hello,
>
>I recently purchase a fully restored 1950 GMC 3/4 ton, 228 stroke 6 cyl
>Truck. It was restored to stock condition - has a 12 volt system and has a
>longbed.
>
>How do I go about finding the value of the truck. I'm also interested in
>opinion about changing anything on the truck and how that effects the value.
>
>Thanks
>dt
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