Edgar purchased a car in kit form for 200 and proceeded to assemble it himself. The following
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Edgar purchased a car in kit form for £200 and proceeded to assemble it himself. The following information was obtained:
(a) £50 of special tools had to be purchased to construct the car.
(b) His garage was used for the work and this was normally kept empty, but £ 1.00 per week rent could have been obtained for it if let.
(c) The construction time was two weeks, one week being Edgar's holiday, the other week a special unpaid week off work (he earns £ 100 per week).
(d) When constructed, the car could have been sold for £300.
(e) The car will save Edgar £325 over its life in travelling expenses, etc.
What value would you assign to Edgar's car?
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