Re: Appraisal question
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If your father's wish was to donate the car to a museum, the museum will generally provide an appraised value in order that your mother or the trust may claim the market value for income tax purposes.
It should be noted that the valuation figure for inheritance taxes is often set at a lower figure than you would be willing to sell the car. This is seldom a problem with older vehicles that have no clear cut values like the NADA price lists .....and even these have some wiggle room based on mileage and condition. The taxing authorities are taking a closer look at valuations on both sides of the scale. In Pennsylvania, the Department of Revenue will question absurdly low valuations on collector cars and I have heard that the IRS is starting to look more carefully at cars donated to charity based on inflated appraisals which are then sold at auction on behalf of the charity at giveaway prices. They have issued warnings that the sale price may establish the value for the charitable deduction. In dealing with taxing authorities it is usually a better idea to try to be honest and not stretch the envelope too far. The state inheritance tax rates have generally been reduced to the point where tax avoidance efforts are hardly worth the effort. In Pennsylvania the vehicle in the absence of a will would pass to your mother tax free and to children at 4.5% of the net estate value. Since our sales tax is 6% on virtually everything but clothing and food, why play with the tax issue? Al Capone did not go to jail for killing people but sor tax evasion. Trying to take a. Six figure charitable deduction for a car that is worth half that amount is asking for an audit which will generally cost more for accounting and/ or legal fees than any savings. To sum up- if the car is to be donated to a museum, let them provide an appraisal(s) and rely on that for the charitable deduction. If the intent is to keep the car and establish value for the trust or inheritance taxes, find a qualified appraiser-- lots advertise in Hemmings Motor News. At the very best, appraisals,are educated guesses. Hagerty provides a valuation calculator but I wish I could find buyers for my cars at their values. Hope this helps.
Posted on: 2015/9/14 20:57
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Checking owner history
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A friend who recently purchased a 56'400 outfitted with the dual,quad intake and standard shift with overdrive inquired whether I was aware of any source to determine the earlier ownership of the vehicle.
It is a question that I have had about my Caribbean but not something that I have seriously researched. Does anyone know of an archive that might afford information on prior ownership of a vehicle based on model and serial number? I figured that this has come up before..
Posted on: 2015/9/3 1:05
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Re: Radio Antenna Cable
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Walter- As I posted before, the only problem connection is the one that attaches to the antenna. The front fender cables are readily available,and have the end which attaches to the rear antenna. I went on Amazon and bought the long antenna cable -'might have been 8 feet- for under. $10 with free shipping. It plugs into the radio and the other end plugs into the original short wire.
You can have one fabricated or buy an NOS unit, but it will be more expensive. Unless you plan to have the radio revamped to receive FMV or interface with the MP3 player, it is pretty much a waste of money. My radio was rebuilt and works, but there is not much AM programming worth worrying about. I picked up a Bose unit that picks up Bluetooth from my iPhone or iPad that sounds terrific for cruising. The battery lasts for at leat 4 hours which is more time than I plan to be on the road at one time. People who buy new Teslas have less time.
Posted on: 2015/8/2 20:44
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Re: Ethanol and Renewable Fuel Standards
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I guess we all realize that ethanol is not compatible with old engines, and wreaks havoc on two cycle equipment. Is there any hope that when the fluid that they sell as fuel for our vehicles gets an even higher dose of corn juice that our carbs, fuel lines and pumps can be protected. I currently use additives with every fillip to deal,with the 10% stuff and pay through the nose for non- ethanol fuel for my weed eater or other two cycle equipment
Aside from installing gaskets and hoses that are more resistant to ethanol and buying expensive additives , does anyone have any tricks to preserve the engines from damage. There is a local marina that still sells real gas but it is located nearly 30 miles,distant and it,is impractical to hope that this source,will meet the needs for regular operation. Eventually,you,will,run out of real gas away from your source and be compelled to fill,up at the neighborhood filling station. The vehicles,do not see much use but adding Stabil or similar additives may not be enough. The lobbying powers who have foisted corn juice as auto fuel have the increased volumes pretty well,locked,into our futures- public comments to the contrary. If I assume that we will be dealing with 12-15% volume in the near future, the question is what can we do to preserve our equipment.
Posted on: 2015/7/13 2:24
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Re: Power Brake, 55 Patrician
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Don- Nice application. Please keep the Forum posted on how it works for multiple applications....and if possible with the vacuum disconnected to address Howard's concern on the 1/1 ratio.
There are many of us who would love to replace the BTV with something modern. Obviously the dual master cylinder would be a bonus, but having new parts and original pedal location would be a big step in the right direction. If you elect to be Howard's test pilot please do it on a flat surface at low speed and nothing to afford a sudden stop....like a bus. LOL Thanks for the post and specifics. RJR
Posted on: 2015/7/8 19:26
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Re: 1955 Caribbean upholstery
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I bought a kit from Gretchen Keppich( KlassKolections ) a few years ago. She indicated last year that she was no longer going to sell kits since her husband had sold the auto exhaust business. She did indicate that they were going to continue restoring their own cars.
I do not know if she sold the patterns to someone who might be offering the kits. The last number I had for her was (336) 492-2288. I know that she and her husband were the subject of a lot of negative comments on this site over the past few years. My experience with her was not without some aggravation but in hindsight, I will admit that most of the pieces that were supplied were pretty decent and the final product was superior to some other interior kits that I have purchased for other cars. She was always responsive to my calls for clarification and replaced a few items without difficulty. I am sure that if you have a car with a complete interior for pattern that any quality upholstery shop can replicate the interior. In my case, Grethen was a blessing since there was very little of my interior to provide a pattern. She might be able to help. Good luck with your effort. RJR
Posted on: 2015/6/25 22:28
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Re: Aldrich in Dayton Ohio
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I haven't seen or heard from Pat Aldrich in several years and he may have closed his doors. I would suggest that you contact Fred at Merritt's . He restored the Caribbean that appears on the cover of the Max Merritt catalog a few years ago. You might also check with "Robert Signon at the Citizen's Paxkard Museum in Dayton, Ohio who seemed to keep up with Pat's comings and goings.
Aldrich had a lot of experience with the Caribbeans but unfortunately the cost of parts and labor involved in restoring the cars was getting to the point where few people were willing or able to afford the cost of having the cars professionally restored. We may be getting to a point where unless the price of the cars miraculously begins to skyrocket, it will be more profitable for restorers to turn their efforts to those cars that warrant the cost of professional restoration.....Jags, Ferrarris ...and pre-war exotics. We have to face the fact that post war Packards are not commanding big dollars....perhaps because those of us who admired the cars in our youth but lacked the money to own one are now getting to an age where we are liquidating our assets rather than buying new toys. I am approaching 70 years of age and find that I am one of the younger people at many Packard gatherings. I haven't been carded yet but sometimes I feel like it's comimg.LOL
Posted on: 2015/6/25 0:17
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Re: Headlight -'parking lights- kicking circuit breaker
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HH -The reading lamp in the convertible top was replaced with a new unit from Max. I could never get it to work and pulled the bulb as a project to be resolved another day. At the present, the lights switch no longer trips the circuit breaker and I have headlights and parking lights.
The top is down for reasons previously discussed and when I get a new top, I will have to see if there is anything else that needs attention. If 64 Avanti wants to head to Reading a few days early....there is a free bed about 2 hours southwest of the gathering, a steak dinner or so and some cash for fuel. LOL It will take me a while to get back under the dash. Hanging upside down is for kids. RJR
Posted on: 2015/6/21 20:15
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Re: Headlight -'parking lights- kicking circuit breaker
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Well- problem resolved. I changed the circuit breaker on the switch as recommended. Problem continued ...and then I smelled smoke. Cut off power at the battery and discovered that the switch for the reading lamp in the rear quarter panel had shorted out. Pulled the switch and taped the wire and all is well with the headlights and parking lights.
I will have to buy a new switch somewhere but ....much easier trouble shooting than anticipated. I think I will need to hire someone younger and thinner to replace the speedometer. If anyone wants to volunteer, give me a call. Thanks for the suggestions. RJR
Posted on: 2015/6/21 18:37
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