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Here's an uneducated opinion for you. But this is what makes sense to me.
Add whatever the value of an average condition model is, plus half of the cost of the upgrades (estimated). No extra value for any of his labor.
So lets say that the coupe was worth $24K and he invested $25K to modify it. $24 + $12.5 = $36.5K and the conversation starts from there.
If you're buying a modified car, you want a modified car. The builder of the car can't/shouldn't get full value for what we'll refer to as "upgrades." And you have to value everything done to it because that is what is being sold.
Otherwise you'll build it yourself the way you want it and he doesn't have a buyer. And you have $49K invested.
This assumes that the quality of the work performed meets your expectation.
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