Value of "classic" cars

[magyar123]

A friend of mine has/and still drives his 1963 Chevrolet which was given to him by his grandfather in 1965 when he first received his drivers' license. Has kept the car in tip top shape, over the years rebuilt the engine, had it painted and still runs like a brand new car.
Now he wants to file bankruptcy. Will this car be considered an assett at the 1963 value, or be considered of classic car value?

[AngelinaCat]

Green with envy

A friend of mine has/and still drives his 1963 Chevrolet which was given to him by his grandfather in 1965 when he first received his drivers' license. Has kept the car in tip top shape, over the years rebuilt the engine, had it painted and still runs like a brand new car.
Now he wants to file bankruptcy. Will this car be considered an assett at the 1963 value, or be considered of classic car value?

AAARRRGGGHHHH!!!!! YES! unfortunately the short answer is that this wonderful car will be considered an assett at today's classic car prices. Your friend needs to consider what he can do to devalue the car in the court's eyes.

I had a wonderful 1964 Impala with a 283 engine that was a wonderful, beautifully driving and handling car, and I cared for it like your friend did his, until I lost the ability to garage it. Then it went to hell, and I had to get rid of it.

Later, when we still had money, and got a garage, 'Hub found a good cash buy on a 1968 Impala. He bought it as a 50th year b'day present for me. That was 2002. It was in reasonably good shape for a one-owner car, but had had a couple of skirmishes; but had/has definite possibilites as a fixer-upper.

Then, life, legal problems, hurricanes, and prostate cancer, entered our lives. The car was parked in the garage in 2004, and has not moved since.

When we filed BK, we duly reported all of this. When we had our 341, the trustee asked the condition of this car. He asked: "On a scale of show-room Ferrari-type quality to housing squirrels, which is this?” We answered truthfully that it was in a little bit better condition than housing squirrels, but the green color on the surface was NOT paint.

Eventually, the trustee decided to abandon it as an assett to attach as it was too old, and needed work. Which it does. We have started to play with it a bit since our discharge. Your friend needs to consider doing something of the sort.

I have no idea what kelly blue book and the other car pricing guides might say. We didn't look. However, when I had my 1964, I was a member of the National Impala Association. Here is a link to that group, if your friend is not already aware of it.

http://www.nationalimpala.com/

Good luck to you and your friend. May I request a picture?