Hmmm... To me, that's like paying $2,400.00 for a deed to a house, but knowing you still need to build the house, which would be a good start if you could build the house yourself. Guess it's what you are capable of and have the time to do.
But you have to understand the market. Around here, a tear-down house with an approved buildable lot is worth a few hundred thou. Previous use and titles set the value and future use. The deed to a buildable lot is pretty valuable. The lot next door that was never built is not sellable because it doesn't have the necessary documents to build on, even though there is not any difference in the property other than prior history and documentation. The adjacent piece of land that is not buildable isn't sellable because building permits won't be issued. An existing structure (deed or VIN/registration if you think of it that way) makes the project buildable and valuable.
I looked up a home we drove past on two acres of land here in Maryland where the realtor listed the price at nearly $400K because of where it was. That location wasn't even in town, it was just a rural road close to town.
A deed to a lot buildable because of an existing structure or a buildable car that has a worthy title can be worth considerable money because of the potential for a buyer or speculator.
To someone, that Camaro is a diamond in the rough. Twenty bids tell you that already. Anyway, I don't see any shill bidding here. This car is on the auction block with plenty of keen and interested buyers. Watch the auction results. The last minutes might astonish you if anyone has gone to take a first hand look at what remains.
