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State valuation of antique cars
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JT Vincent
Posted 2018-04-20 6:43 PM (#561995)
Subject: State valuation of antique cars



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Hi, sorry this is kind of a dry question, but I don't know how to figure this out, other than to go to the RMV. I live in Massachusetts. I want t title a car I bought in NC. I have the title and bill of sale. In MA, they charge you sales tax based on selling price vs average trade in value-- going with the higher figure. I'm afraid my average trade in value is probably more than I spent on the car. It's a fixer upper to say the least. How to I figure out what the average trade in value is in a rough 57 DeSoto? I'm boggled. KBB, NADA, Hagerty, etc., all give average values from low, medium and high retail values. Nothing about trade in values. And I'm not sure our RMV is savvy enough to figure it out. I want to pay taxes on the $1,000 I spent on the car, not $11,500 which is the low retail value. Any thoughts? They don't do valuation inspections here or require a notary.

The information on the state website is:

"The amount taxed on casual sales (non-dealer sales) is based on the higher of:

The actual amount paid for the vehicle, or the clean trade-in value of the vehicle adjusted by either the high mileage adjustment (decreases value) or the low mileage adjustment (increases value)."

Mileage unknown and not on title. Clean trade-in value of a DeSoto??? How do they figure that out?

Thanks,

Jon

Edited by JT Vincent 2018-04-20 6:48 PM
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uncltank
Posted 2018-04-20 7:43 PM (#561997 - in reply to #561995)
Subject: Re: State valuation of antique cars


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I'm on the other side of the country but, the local assessor (auto license, title change) uses an Old Car Price Guide. Pictures also help to show true condition of car.
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JT Vincent
Posted 2018-04-21 1:29 PM (#562032 - in reply to #561995)
Subject: Re: State valuation of antique cars



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In Mass they don't care about assessments or pictures. They don't care about much except making one's life difficult with as little effort as possible. They use a standard formula: the amount you paid for the car, or the low trade in value, which ever is higher. Of course insurance companies are different. I'm just talking about sales tax. DeSotos really only show up in 3 categories, low retail, medium retail and high retail. The low number is $11,500 for a 57 Firesweep coupe. I emailed my insurance company to see if they have access to the MA RMV database of old car values. I'm hoping they just go with the bill of sale.
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LostDeere59
Posted 2018-04-21 7:12 PM (#562040 - in reply to #562032)
Subject: Re: State valuation of antique cars



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PA does something similar - I'm not sure of the formula - but in most cases if the vehicle isn't really in one of those categories you can declare it as "salvage" and pay taxes based on actual or paid value.

Just a thought


Gregg
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57desoto
Posted 2018-04-22 7:09 AM (#562058 - in reply to #561995)
Subject: Re: State valuation of antique cars



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Does this help? http://www.collectorcarmarket.com/collector-car/prices/1957-desoto-...
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Swept57
Posted 2018-04-23 11:12 AM (#562116 - in reply to #561995)
Subject: Re: State valuation of antique cars



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Wouldn't "Trade-In" value on a vehicle that old be about zero?
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56RatKing
Posted 2018-04-23 1:15 PM (#562123 - in reply to #562116)
Subject: Re: State valuation of antique cars


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Swept57 - 2018-04-23 11:12 AM

Wouldn't "Trade-In" value on a vehicle that old be about zero?


Correct. Even a forward look car with zero km on it with the factory decals that had never been driven would still have zero trade in value. Why ? Because these cars have no resale value to the general public. What would a car dealer do with a forward look car now a days ? How can you sell that vs a modern car with better gas milage safety, etc etc - You couldn't , so they don't.

That's why you get these cars from people who own them, or people who flip them under the guise of a restoration shop.
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JT Vincent
Posted 2018-04-28 10:36 AM (#562423 - in reply to #561995)
Subject: Re: State valuation of antique cars



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Interesting. I'll see how it goes. Thanks.

Jon
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LostDeere59
Posted 2018-04-28 6:38 PM (#562441 - in reply to #562123)
Subject: Re: State valuation of antique cars



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56RatKing - 2018-04-23 1:15 PM

Swept57 - 2018-04-23 11:12 AM

Wouldn't "Trade-In" value on a vehicle that old be about zero?


Correct. Even a forward look car with zero km on it with the factory decals that had never been driven would still have zero trade in value. Why ? Because these cars have no resale value to the general public. What would a car dealer do with a forward look car now a days ? How can you sell that vs a modern car with better gas milage safety, etc etc - You couldn't , so they don't.

That's why you get these cars from people who own them, or people who flip them under the guise of a restoration shop.



That ain't necessarily so . . .

I work in a large luxury line dealership, which is part of a multi-dealership organization. We regularly take "classic" or unusual cars in trade. In the time I've worked there I've seen everything from an early Willy's Jeep to a 70's Impala convertible pass through our lots. The truth is any dealership interested in selling cars will consider any vehicle for trade that A) has a defined resale value and B) can be acquired at a price point that makes the entire exchange profitable. Most "classic" cars easily fit the first qualification, its the second that makes them unpopular as trade-ins, mostly because very few owners of these cars are willing to let them go at "wholesale" value.

Lets say you wandered into the local Honda dealership with a 5 year old Accord, looking to trade up. If you refuse to accept anything less than best retail value for your 5 year old trade bait you're pretty much guaranteed to be driving home in the same car you drove to the dealer in. Unless, of course, the dealer agrees to pay your number for the trade, but makes the difference up someplace else, in which case you probably paid too much anyway.

Gregg
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firedome
Posted 2018-04-28 7:08 PM (#562447 - in reply to #561995)
Subject: Re: State valuation of antique cars



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You can reg it in VT with minimal hassle, people all over the Northeast do it, I have a place there and in NY. Try it you'll like it!
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