Estate valuation for a '99 GMC Savanna

[saddlebum]

My dad passed away earlier this year, leaving behind his '99 GMC Savanna SMB with nearly 140K on it. It was a Florida-origin vehicle that has never seen winter and he bought it in 2010 for $6400. We are at a loss as to how to value it for his estate, as while its interior has seen better days, it recently got a complete canvas replacement on the pop top (2017) and is essentially in pretty good condition considering its age and use - good transmission, fuel pump replaced 5 years ago.

We aren't sure what the value of this vehicle really is as the Kelley book is of no help with conversions obviously. Also we don't know what SMB buyers are really looking for or what features we should be highlighting in the listing. It has a pop top, penthouse bed, "sleeps five," microwave, sink, ample storage closets, etc.

Is there any kind of formula or guidance we can find for "book value" equivalent or what something like this typically sells for today?

[wish41]

Pics of interior/exterior (including undercarriage) and further info on components, service history, etc would be helpful. Put all features in a listing. Every buyer is unique and has different wants/needs.

As with other items, something is worth only what someone else is willing to pay. That is definitely the case with SMBs. 4wd is more desirable, so info on that would be helpful, though it sounds like yours is probably 2wd.

Look at recent sales on here to give you an idea of potential pricing.

[Grampswrx]

If you give us some pictures, we can help. Older models are dropping in value as people are picking up more sprinters/transits. The econoline/savana platforms are getting cheaper unless it’s an off road set up. I’ve seen older ones priced between $7500-$20k. The lower the price, the faster it will sell.

[BrianW]

I would think a fair estate valuation for that would be $8,000-$10,000, leaning more to the lower end.

[Phish]

Originally Posted by BrianW

I would think a fair estate valuation for that would be $8,000-$10,000, leaning more to the lower end.

How can you estimate this van if you no nothing about it?

[BrianW]

Originally Posted by Phish

How can you estimate this van if you no nothing about it?

Experience. It’s a 99 GMC SMB with 140,000 miles in average to maybe below average condition with new PH canvas. Unless it’s 4x4, which I doubt because it’s a GMC, that’s enough to make a ballpark estate value guess since I’ve been around SMBs for quite a while. Estate value is generally fair market value, but on the lower side because of tax implications and also the need to sell in a defined time. Could the van bring $15-20 maybe if the person waited for months and lived in Oregon, Seattle or California? Maybe. Anyways, thinking more I’d say $8k low end to $14k high end.

[BrianW]

Well, I guess @saddlebum came, posted twice, and never came back to even say thanks. Sigh.

[SMB123]

Who will benefit from the item? A tax attorney or CPA could help with valuation. If the value of the van will go to pay off debtors, set it as low as possible. If a loved one will inherit the van, set it high. This is because of "step up basis". Research that topic and you should be good.

[saddlebum]

Hello- thank you for your responses. I have been busy settling my father's estate and so haven't had a chance to look in to the discussion. Estate has no debts, will be inherited by my mother and sold.

I will try to post some pictures this weekend and maybe that will help us figure out. This isn't a hot area for RV sales and when my dad bought the van in 2010 he felt he paid a quite cheap price at the time for what it was. The van (though originally from Florida) will be sold in upstate NY.

[saddlebum]

Unfortunately we have no photo of undercarriage but as I said earlier it was originally a Florida vehicle and has never seen winter (either in Florida or in storage for the winter).

Upholstery is clean, has little wear and in quite good condition. There is a stain in center part of carpet that is not pretty and the cupboards have some loose shelves and hinges probably easily repaired. Blinds need some repair although privacy curtains are in good shape. This van is definitely worn inside (chips, dings, scuffs to hard surfaces), but everything is functional. The penthouse canvas as mentioned up topic, is completely new as of 2017. New fuel pump in 2014. No damage to the outside of the vehicle. Almost 140K miles. Seems to drive fine. Rear AC is no longer functional (this is the AC that would serve the rear bunk area) but other AC works.

The van has an interesting configuration which I haven't seen on too many SMB's even the older ones, where there are seats-to-sleeper in the very back, cupboards and micro/fridge in the center, and sink/counter opposite the sleeper sofa. And of course the penthouse bed. Realistically sleeps 1-3 adults, 1-4 if there are a couple with small children. The interior cupboard doors convert to privacy barriers in a couple of ways. Comes with a table that can be set up either in the back seating area or between the swiveling captain's chairs up front.

We may be taking it in for an appraisal this week but was curious what the opinion on possible value was here.