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Well let me see, you are selling him the motor for $500.00 outright correct? So their is no labor charged involved in you pulling the first motor or it is covered in the $500.00. Now you have the issue of pulling his barbequed motor out, swapping components, and dropping the new/used motor in and making it run. The standard time to R&R a red engine has always been 20 hours in the dealerships I have worked in. I own my own shop now and charge $70.00 per hour and when I did the occasional side job while working at the dealer ship I simply charged them 1/2 the hourly rate. Albeit I am a professional technician with all the tools and experience that comes with it and I assume that you are an amature (simply meaning you have a real job and it is not fixing Volvos for a living) I still think that the 1/2 the hourly rate rule is a good place to start. That being said if you base it on the $70.00 labor rate that I charge, you should be billing around $700.00. If you factor in the shade tree versus the professional angle I would say that $500.00-$700.00 is about right.
A few other things you might want to consider are that there will be a couple of hundred bucks in miscellaneous b.s. involved in an engine swap, what about the a/c do you have what it takes to evacuate and recharge it, are you set up to pull transmissions as part of this swap?
If you decide to do this I strongly recommend that you do not do this on a handshake. That is a sure fire way to piss away a friendship. The two of you need to sit down and draw up something on a piece of paper and sign it so both of you are on the same page. You need to outline the time frame, exactly what the value of the services provided is worth on both sides and what will be provided by both parties. Who is responsible for purchasing what, he's going to need supplies for your yard and you're going to need supplies for his car. What you are considering here is business and business needs to be kept business period. I have three children and when they come to the Bank of Dad for anything I take care of it and handle it like business. I have a receipt book right in my desk and I write them a receipt for every transaction and if it is a big deal we sit down a draw up a contract that is agreeable to both parties so that months down the road when payments are still being made neither one of us can say "but I thought you said/meant, or that was not the way I remembered it"
With all that being said I would charge no less than $700.00, draw up a contract and get it done.
Mark
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