Re: $500 used car sells for $2M
[Re: Twostick]
#3011044
02/01/22 09:18 AM
02/01/22 09:18 AM
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Joined: Feb 2004
Posts: 34,927 S.E. South Dakota !
bigdad
Still Posting A Lot
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Still Posting A Lot
Joined: Feb 2004
Posts: 34,927
S.E. South Dakota !
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(cough ,cough) customized cars never bring big money ) cough cough
The lips of fools bring them strife, and their mouths invite a beating.Proverbs 18:6
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Re: $500 used car sells for $2M
[Re: bigdad]
#3011075
02/01/22 11:14 AM
02/01/22 11:14 AM
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Joined: Jun 2004
Posts: 3,385 St. Charles, MO
wingman
Uncreative Title
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Uncreative Title
Joined: Jun 2004
Posts: 3,385
St. Charles, MO
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(cough ,cough) customized cars never bring big money ) cough cough If the customizers name is Barris, then yes, they do. If the customizers name is the same as mine, then no, they don't.
1969 Dodge Coronet Super Bee 383 A4 1970 Plymouth Road Runner 440 FC7 (sold)
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Re: $500 used car sells for $2M
[Re: AndyF]
#3011592
02/02/22 03:24 PM
02/02/22 03:24 PM
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Joined: Nov 2004
Posts: 9,312 SoCal
68HemiB
master
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master
Joined: Nov 2004
Posts: 9,312
SoCal
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The guy who bought it for $500 was just a kid who knew what the car was. The used car dealer didn't have a clue what was sitting on his lot. I worked with Jim McNiel in the late 70's (Sears Auto Center in Westminster). After being sworn to secrecy, he shared with me the fact that he was harboring this very special Barris Kustom Merc (showing me various car magazines from the 1950's that highlighted the car). Apparently, a number of people were still trying to track down the car at the time. Of course, this was about 1977. I was into affordable muscle cars, and didn't know about [or care about] 50's crap. "Gee, that's nice, Jim" says me. Glad to see that the family made some bucks after his passing.
Down to just a blue car now.
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Re: $500 used car sells for $2M
[Re: AndyF]
#3011705
02/02/22 09:06 PM
02/02/22 09:06 PM
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Joined: Dec 2013
Posts: 4,687 Wichita
GY3
master
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master
Joined: Dec 2013
Posts: 4,687
Wichita
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Them going on about the car being "lost" for years is a bunch of hype and BS! It was featured in the SA Design series in the book called "How to paint your car on a budget" by Pat Ganahl. It was copyrighted 2006 so 16+ years ago its whereabouts were definitely known!
'63 Dodge 330 11.19 @ 121 mph Pump gas, n/a, through the mufflers on street tires with 3.54's. 3,600 lbs. 10.01 @ 133mph with a 250 shot of nitrous an a splash of race gas. 1.36 60 ft. 3,700 lbs.
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Re: $500 used car sells for $2M
[Re: 318 Stroker]
#3011721
02/02/22 09:41 PM
02/02/22 09:41 PM
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Joined: Jan 2003
Posts: 21,650 San Jose,CA
migsBIG
YouTube is my go-to news source
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YouTube is my go-to news source
Joined: Jan 2003
Posts: 21,650
San Jose,CA
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The Hirohata Merc is an absolutely stunning custom. Some customs look like they were modified just for the sake of being modified, but Barris hit it out of the park with that car. I've admired that Merc for years, just recently bought a diecast of it. And got to see it close up last November at MCACN. When I was younger, I was not much of a fan of sleds and bombers. I collected hundreds of classic car magazines and always enjoys the many different types of rides. When I seen that merc in two magazines and I was very impressed with the build to this day, and I read those back in 1981. Love the car, and there are very few sleds that I car for. Beautiful car.
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Re: $500 used car sells for $2M
[Re: GY3]
#3011847
02/03/22 11:58 AM
02/03/22 11:58 AM
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Joined: Nov 2004
Posts: 9,312 SoCal
68HemiB
master
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master
Joined: Nov 2004
Posts: 9,312
SoCal
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Them going on about the car being "lost" for years is a bunch of hype and BS! It was featured in the SA Design series in the book called "How to paint your car on a budget" by Pat Ganahl. It was copyrighted 2006 so 16+ years ago its whereabouts were definitely known! Indeed, this thread is about the auction results from last month. However, it was never claimed that the period of time the car was "lost" spans until its appearance at Mecum last month, [or even until its appearance at Pebble Beach in 2015]. Here is the timeline, for those challenged by a short attention span: Jim purchased the car for $500 in 1957. He and his girlfriend-then-wife Sue occasionally enjoyed it in public in its dented form into the early 1960's, at which point it was hidden away in his garage. In 1988, Jim was enticed to bring it out of hiding by an offer of a subsidized restoration by qualified people, including some who once worked for Barris Kustoms. Rod and Custom magazine documented that restoration, repairing the body damage and unwinding the movie repaint back to to its original Barris color. Part of that restoration process no doubt made it into the 2006 car painting book you reference. Jim passed in 2018, and Sue shortly after that. His heirs sold the car at auction last month. Had you reviewed any of the [admittedly long] videos that tell the back story of the car, you would have found that few people knew the whereabouts of the car for a period spanning from the early 60's until 1988. But perhaps that number of decades is not significant enough to rise above your standards for "hype" and "BS".
Down to just a blue car now.
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Re: $500 used car sells for $2M
[Re: 68HemiB]
#3012047
02/03/22 11:14 PM
02/03/22 11:14 PM
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Joined: Jan 2003
Posts: 8,180 Detroit, MI
CokeBottleKid
master
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master
Joined: Jan 2003
Posts: 8,180
Detroit, MI
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The guy who bought it for $500 was just a kid who knew what the car was. The used car dealer didn't have a clue what was sitting on his lot. I worked with Jim McNiel in the late 70's (Sears Auto Center in Westminster). After being sworn to secrecy, he shared with me the fact that he was harboring this very special Barris Kustom Merc (showing me various car magazines from the 1950's that highlighted the car). Apparently, a number of people were still trying to track down the car at the time. Of course, this was about 1977. I was into affordable muscle cars, and didn't know about [or care about] 50's crap. "Gee, that's nice, Jim" says me. Glad to see that the family made some bucks after his passing. Innnnnteresting
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Re: $500 used car sells for $2M
[Re: hemi70se]
#3012241
02/04/22 07:26 PM
02/04/22 07:26 PM
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Joined: Jan 2003
Posts: 31,050 Oregon
AndyF
OP
I Win
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OP
I Win
Joined: Jan 2003
Posts: 31,050
Oregon
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Isn't there something in the IRS rules about estate property that it's "cost basis" value is reset to the value at time of death? If that is true, then the heirs would have the 2 Mil cost basis and not pay any taxes since it was sold for 2 Mil. Yes, step up basis. But the heirs would've needed to be smart enough to get it appraised at the time of death and they would've needed to hire an appraiser who actually knew what they were doing. I doubt very many appraisers would've given them a $2M figure. If they got a low ball appraisal and then it sold for big bucks the IRS might want a cut.
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