Others will probably have a better handle on this but it's been my experience that sale values are highly dependent upon the situation of the buyer and the situation of the seller. If the seller is financially stressed and needs cash quick the book value of that project will most likely be lower. If the seller is flush and has just lost interest, they can probably hold out for a long time so the book value will be higher. Same goes for how anxious the buyer is...and how flush.
More to the point, I would guess the project you are looking at is more in the neighborhood of 75-90% of original value of the parts rather than 50-60%. I say this because it sounds like it is still in pieces and the "buyer" still has all the options open as to how they want to put it together vs. a car that is already pretty well done but doesn't happen to be in the style the buyer might want...requiring that a lot of the work be undone at a substantial cost.
Like I say, others may give you a much different perspective.
Always learning...and sharing what I've learned.
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