Russo Loco Wrote:
-------------------------------------------------------
> John West Wrote:
> --------------------------------------------------
> -----
> >
. . . What evolved was a curve,
> defined by high,
> > most likely and low values, and even that can in
>
> > many cases be fairly described as little more
> than
> > a combination of wild-ass guesses.
> Probably not
> > unlike what a real estate agent might tell you
> if
> > you asked him how much your house is worth.
>
>
> Right, John -
>
> Except that a real estate agent usually has access
> to a fair-sized list of actual selling prices of
> comparable homes in similar neighborhoods.
> The list of comparable sales of locomotives
> – especially old steam locos that have been
> sitting outside and rusting for decades – is
> rather sparse
. . .
>
That is exactly what we did, use comparables to the extent they were available. In the case of some car types (say grain covered hoppers) there were lots of comparables and the range of values fairly narrow.. But just like not all houses are comparable, some railcars had few meaningful comparables. And like a house condition was a huge variable. And as you suggest steam engines would be a worst case scenario with few or no comparables and huge issues with regard to condition and the cost of repairs, etc.
JBWX