So I recently acquired a 1968 Firebird from a member of my family.  It hasn’t been registered in over 20 years and never to anyone in my family, so I can’t register the sale as a gift.  The problem I am having is the outrageous value the DMV is putting on the car.  Currently NADA appraises the car around $12,000 but I feel the car is worth less.  The body is garbage, with huge dents and a few rust holes, and the worst paint job Ive ever seen, with over spray all over, that is already faded and trashed At $12,000 the tax would be around $600.  The car barely runs and the interior is shredded.  Is there a way I can get a lower value appraised to not get way over charged with taxes?

1 Comment

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • evan 4 years ago

    I think it completely depends on the state where you live. In WA State, our DOL website says:

    What if a vehicle or vessel is worth less than the average fair market value?
    To establish that a vehicle or vessel is worth less than the average fair market value, the buyer may provide:

    • An estimate of repairs prepared by a registered mechanic.
    • An appraisal prepared by a registered dealer.
    • Documentation from another value source, such as National Auto Dealers Association (NADA) or Kelley Blue Book that cites a lower average retail value for the vehicle or vessel. The purchase price will be accepted if it is within $2,000 of the value cited by the alternate source. Either photocopies of printed materials or a printout from the Internet are acceptable.
    • A completed Department of Revenue Declaration of Buyer and Seller Regarding Value of Use Vehicle Sold form stating the selling price and condition of the vehicle. Both the buyer and the seller must sign the form. These are subject to review.

    You might have something similar in your state where you can jump through a few hoops?