Old Prices, esp. Model T

[Guest Lorine Walters]

I'm doing some research on a car my Dad owns. I'm trying to find out what he might have paid for it in 1980. Does anyone know of a good source for looking up old prices? He has subscribed to the "Old Cars" price guide, but he doesn't have issues going back that far. Any suggestions?:confused:

[Steve_Mack_CT]

Lorine, it would help us help you to narrow down the variables.

If it is a Model T, the year and bodystyle makes a difference. The earliest "T"s are much rarer and more desirable than the later ones. Regardless of year, bodystyle matters as well.

The other key factor is condition; was it a basket case, perfectly restored car or somewhere in the middle?

Getting an idea of the going rate in 1980 is probably not too hard once you have that info - you can get it yourself through older issues of Hemmings, The Antique Automobile or similar, and no doubt some long timers will be glad to share their opinions as well. "T" values have not fluctuated that much.

Biggest variable you may never know and that is just what kind of deal he got on it. Average market for a given time is just that and there are always those situations where you can buy for a lot less.

Hopefully this is helpful info for you. Do what you can to get some additional detail and we will see what we can do...

[Rusty_OToole]

If you go to an old car flea market you will see lots of 198O magazines cheap. Buy a few and you will soon find what you are looking for.

[DAVE A]

I have a couple of copies of late 70's Hemmings Motor News if that will help.

[Guest Lorine Walters]

Lorine, it would help us help you to narrow down the variables.

If it is a Model T, the year and bodystyle makes a difference. The earliest "T"s are much rarer and more desirable than the later ones. Regardless of year, bodystyle matters as well.

The other key factor is condition; was it a basket case, perfectly restored car or somewhere in the middle?

Getting an idea of the going rate in 1980 is probably not too hard once you have that info - you can get it yourself through older issues of Hemmings, The Antique Automobile or similar, and no doubt some long timers will be glad to share their opinions as well. "T" values have not fluctuated that much.

Biggest variable you may never know and that is just what kind of deal he got on it. Average market for a given time is just that and there are always those situations where you can buy for a lot less.

Hopefully this is helpful info for you. Do what you can to get some additional detail and we will see what we can do...

I was surprised to see the quick response. Thanks for that.

Dad's got lots of issues of Antique Automobile in his building. Maybe I could page through them when I visit next. I'm sure you're thinking, "Why don't you just ask him what he paid for it?", but he doesn't remember much. He's 93 now. I'm trying to put together a basis value for tax purposes.

It's a 1912 Model T Commercial Roadster, quality restoration when he bought it. 2 passengers with a mother-in-law seat. I don't know how much of an old-timer you are, but Oakly Sumter (Here is a forum that mentions his name a few pages down.) from someplace in Maryland did the restoration, and my dad is Ken Pearson(He's picture #9 on this page.). Both of them were pretty well known for their quality restorations back in the 60s and 70s. Dad was a national judge back then. I'll bet Oakley was, too. They were friends, so I'm sure it was a fair deal on both sides. I've had a "conservative" estimate from RM Auctions, Fort Lauderdale, of $20,000-30,000. If the values haven't changed that much, maybe that's in the ball-park of what he paid for it. If you have any additional thoughts, I'd like to hear from you. Thanks, Steve.

Lorine

Edited July 21, 2011 by Lorine Walters (see edit history)

[Guest Lorine Walters]

I have a couple of copies of late 70's Hemmings Motor News if that will help.

If you've got an issue close to 1980 maybe you could help me. I'm looking for what would have been a fair price for a high quality restoration of a 1912 Model T Commercial Roadster, 2 passengers with a mother-in-law seat. Thanks for your reply.

[Steve_Mack_CT]

Lorine, I assumed (as others probably did also) that your dad, while still around, may not have the ability to give you that info anymore.

Have you tried the Fordbarn site or Model T club? People that follow "T"s actively may be able to cite pretty close figures right off the bat.

Sounds like a nice earlier car, I don't know your dad or his friend's names though as I may feel like an old timer at times but am still south of 50 -

Everyone's finanical situation is different but you may want to check with an estate planning atty. I think you may be spinning wheels unnecesarily. That said, will see if I have any pubs from that vintage hanging around. I take it the seller is not longer with us and unable to help out, right?

[Guest Lorine Walters]

Thanks for your response. The whole estate planning thing is what got me started on this project. We're planning for the 2012 tax cuts expiration and doing some capital gains calculations. I've got a few other feelers out there; I'll check out your suggestions about the Model T club, etc. Thanks for your help.

Lorine

[Dave Mellor NJ]

I didn't know Oakley Sumter personally but I remember the name as one of the leading authorities on Model Ts back then. He got involved in restoring an original Model T tank that was donated to the Aberdeen Army Transportation museum.Perhaps your Pa had a hand in that. I think Oakley also may have given a T seminar at the annual meeting in Philadelphia.

[Barry Wolk]

Have him gift the car to you. Then there are no capital gains taxes.

[Guest Lorine Walters]

Thanks to everybody for your suggestions.

[Guest Bob Call]

Check IRS regulations to see how much he can gift tax free in 2011. If it's less than the estimated value of the car, say estimated value $20,000 and tax free gift limit is $12,000, make gift of 1/2 interest in the car in December 2011 and the other 1/2 interest in January 2012. Have a signed valuation from an "expert" like an AACA judge in your file in case of an IRS audit.

[Guest Shadrach]

Even if your father gifts the car to you his basis will follow. Unless you need the money now when your father dies it will get a new basis.

[locoman]

Lorine, Hello, Your dad did not purchase the 1912 Ford from Oakley. He bought it from my dad, Wendell, "Olly" Ohlendorf. Possibly my mother might recall what your dad paid. I'll check with her tomorrow. Tim Ohlendorf.

[Guest Lorine Walters]

WOW! I can't believe I'm hearing from somebody I actually know! I'd like to know how she is doing, but this might not be the right forum for that. I'll send you an email.

I tried attaching a picture of Dad, but I don't know if I did it right or not. I realize everyone would rather see a picture of the car, but I don't have that.