imported_cbishun

Anyone heard that when you buy a car you can get it appraised at a lower value so that you could pay lower tax on it? Is this true? Anybody heard of this happining? Would you do it? Do you know anyone who does that?

NoSpleeny

I wasn't aware that was possible. You pay tax on the original purchase.... not the new amount after amortization.

imported_cbishun

sorry, forgot to mention this is a private sale. You pay tax on the purchase price or the wholesale price which ever one is greater(this is for sure). But like I said you can save money by letting someone appraise it for you lower then the actual cost (so I've heard), thats why I'm trying to figure out if anyone has done this or knows who will do it.

imported_Joker

yes u can do that , it is the sellers option though he can say it was sold for lower than you paid for it, ususally its a bit below book value. Not sure about how much lower you can write it as but I'm sure you can write it lower

imported_cbishun

you can write it lower but if you go to the ministry then they make you buy a used car package and whatever the wholesale price says thats what you pay, unless the purchase price is more then they will make you pay that price. But if an appraiser says it's only worth for example $1000 then you only pay $70 which is 7%. So I've heard, thats why I wanna know if anyone does this I dont wanna pay over a grand in tax when i could save that money.

Eg in it

cant do that stuff any more...........they just go by wat the red book value of the car is and thats wat you pay the taxes on


Team
RICE

iceburg_shorty

it was done 2 my 1st car, i bought it from a mechanic he had it appraised for $1000 so i paid like 80 bux tax 2yrs ago

imported_cbishun

Do u still know that guy? Would he do that for me? Please let me know.

imported_cbishun

Maybe some of the older and wiser memebers might know?

bbarbulo

iTrader: (2)

Yes, you can have your car appraised lower. Need to find someone who can appraise it though... and gotta pay them too, so better make sure there are savings to be had. Otherwise, you pay on book value or whatever you paid... whichever is higher.

imported_cbishun

Yep, see the things is my friend knew someone who did his last car and he paid him $60 to appraise at whatever value he wanted, but now the guys number has changed and the only one who knows his number is on vacation for the next 3 weeks, My car is sitting in my garage and it's callin my name. Thats why i wanna get it over wid as soon as possible.

iceburg_shorty

i only know the mechanic's son. i really dont know him or the appraiser. but ill ask his son if he knows the appraiser

imported_My Blue Si

If you get your car appraised lower and you get into an accident and they write it off then your going to take it in the *** b/c your going to lose all kinds of cash depending on how much lower the appraisal value has become. I wanted to do the same but I didn't want to take the chance.

imported_cbishun

I dont think so because it's not like you have to show your insurance comapany the appraisal. You would only show it to the ministry to get let off of the taxes. After you can through it away, there is no official record of the appraisal.