New ICBC Tax on Private Sales

[mikemhg]

Originally Posted by meme405

This is what I dont understand.

You buy a car with a blown motor for example, and you get to pay taxes on it as if it was a perfectly operating vehicle?

What about salvage titles, etc.

This makes no fucking sense. Fuck you ICBC, you just start getting your feet back under you then you go and do this.

That's what I'm curious about, how does this work for rebuilds or vehicles with some serious mechanical issue?

They still access that vehicle based on its standard value?

That's completely insane.

[underscore]

According to the article if you have a mechanic inspect it you can have the value adjusted, but that's still stupid and a huge waste of time and money. I'm also guessing they wouldn't reduce the taxes if someone overpays for a car either.

And since it's PST are they going to do this to everything? You'll pay taxes based on MSRP if something is on sale or a particular store has a big markup?

[JDMDreams]

Anyone buy a car yet, and see how hard you get raped? I asked my insurance guy and he said there isn't really a public place where we can look up values, I would have to give him vin and they can quote me. lol or pay buddy guy to write you a note that it's a pos worth $500

[Qmx323]

I might be. Just called a few places but they won't give me the tax total. Even if I offer all my info. I'm just trying to budget it out, guess I'll just have to head down there tomorrow.

[JDMDreams]

How the hell can they not quote you? What magically changes if you stand in front of them lol cuz I ain't handing over cash till I know how much I need

[jpark]

“If you want to challenge that, you’ll have to pay a mechanic to do some sort of appraisal"

So if im actually buying a car with a blown motor, ill have to pay for towing to get the car to the mechanic, pay inspection fees, and pay for towing back. Which will cost more than the tax price, nice lol

[MichaelM]

Called a broker the other day, gave them the VIN over the phone and they told me the black book value right then and there. Overall they seemed very confused by the whole situation given it only came in a few days earlier but I wasn't complaining in this case

[nismodrifter]

Government shouldn't be involved in private sales period. Cash grab gone too far now.

[Badhobz]

or we can all chip in and start revscene car inspectors inc and then "inspect" these cars for you.

LIMITED LIABILITY lololololool

just dont ask Junki Lee to do it

[bcrdukes]

Whose got a private modder?

[donk.]

Originally Posted by Badhobz

just dont ask Junki Lee to do it

You don't ask junkie lee to do it, he does it without you knowing

[JDMDreams]

So I picked up a new beater, I called my insurance guy with the vin before hand and wore the amount he told me. But when I was at the insurance place I think they looked at an even lower value. As on the black book there is excellent, average and poor. I put the average amount but the insurance rep mentioned about the poor condition amount

[trollface]

So you're saying there are three grades you can choose from.

[JDMDreams]

Yes there's 3 black book grades Clean, Average, Rough

[bcrdukes]

You dummy. A beater should be poor condition, not average. Average defeats the idea of a beater!

[68style]

No car guy's beater is actually a beater.

[JDMDreams]

Yea by beater turned out to be sorta better condition than my more expensive summer car running into the car guy problem of getting a beater for the beater

[Zedbra]

I was speaking to my broker the other day about this new change on the taxes. KBB only goes back 15 years and only applies to cars and trucks - all recreational vehicles are excluded. He said that if the vehicle isn't in the Canadian KBB, they are to search the USA version for value and use the current dollar conversion to assess value; he has to check and click through the system he has done such before they can process any transfer. He looked up my 2019 Jetta with 90k on it, the value in the KBB was $26,950.00. I think it was only $32k pre tax when I bought it three years ago

[The Producer]

just did my first deal under the new system (i was seller). we asked about varying vehicle conditions within the blackbook and was told there is only one number per vehicle - wholesale value.

my buyer paid tax on the amount. On the plus side, wholesale value is pretty low.

i did ask about vehicle age and the agent confirmed that MY2000 is the cutoff. Anything prior is just the old declared price system

[Badhobz]

how does exotics work in this new bullshit scheme?

i dont think there's a blackbook value for F cars or Maserati's. Its the same thing when it came in insuring the damn thing before.. they couldnt find the blackbook value so it was all just guesstimates as to what the write off cost would be.

[dark0821]

How often do F cars sell/buy privately?

I mean people with the cash will want financing/balloon financing the car anyways, as what they can accomplish with 200K to 500K cash will probably net them more profit that tne interest over the course of their ownership? IE putting 200k into downpayment of a condo and watch it make money over the course of 5 years of your F car ownership?

And people without the cash will need financing...

Do people really reverse-mortgage their house to spend 300K on a car? (asking for a friend) XD

[Badhobz]

Before all this madness, Quite a bit I think. Bentleys, Aston’s, Lambos were readily available on Craigslist. I saw a few gallardos and even aventadors change hands privately.

200k cash might sound like a lot but it’s really nothing compared to houses which these guys also buy in cash. Yes they could do more with the cash but they have enough money they don’t give a rats ass.

Nobody’s gonna reverse mortgage to buy a exotic. It’s only the dudes who can vastly afford it that will even consider playing this game as 5-10k on service is the norm.

[k3mps]

Didn't take long for a news example.

https://vancouver.citynews.ca/2022/1...000-value/amp/

I love the Province's answer in the article: "It also says it can be done by a business outside of B.C. "

[kjlks]

Originally Posted by Zedbra

... KBB only goes back 15 years ...

Does this mean vehicles older than 15 years/not in KBB are exempt from this?

If not then how would they determine the value?

[JDMDreams]

^^ by what you write on the form, the old way. I think they tax only up from 2000 and newer, JDM is old way.