Mtbcoach
Moderator
For perspective...I renewed my ‘14 BMW R1200GSA today, 14k miles NADA pricing = $10-13.5k, NCDMV value, $4.5k
Quick search on Cycle Trader reflects NADA pricing, some suggest I should self-report the discrepancy? Right
As suggested, someone, without experience nor real research or expertise, “corrects” values. Will NCDMV step in when an insurance carrier says that FJ55 is worth $1500 and totaled after a “fender bender”? We all know the answer to that.
Yes, more likely a nice revenue generator, knowing few will challenge, have the time, resources or understanding how to challenge and the state will gather the $$$$ with probably less than 10% of those impacted doing anything more than b!tch about it.
Having just gone thru this to insure Hilde, wanting to ensure if such a rare body were damaged, I could get her repaired. Yet, NADA ($21-90k), Hagerty valuation tool ($14-40k), Hemmings (shows prices of current listings @ $5-60k), HTF can NCDMV decide what mine might value at but what I paid for her, declining in value forward. I would suggest the DMV must provide evidence that an individual’s vehicle has been modified/restored such reflecting an INCREASE in an aging piece of personal, taxable property.
And, yes, I painfully provided the true bill of sale to NCDMV, paying my full tax value regardless of what someone decides in Raleigh HQ...
Quick search on Cycle Trader reflects NADA pricing, some suggest I should self-report the discrepancy? Right
As suggested, someone, without experience nor real research or expertise, “corrects” values. Will NCDMV step in when an insurance carrier says that FJ55 is worth $1500 and totaled after a “fender bender”? We all know the answer to that.
Yes, more likely a nice revenue generator, knowing few will challenge, have the time, resources or understanding how to challenge and the state will gather the $$$$ with probably less than 10% of those impacted doing anything more than b!tch about it.
Having just gone thru this to insure Hilde, wanting to ensure if such a rare body were damaged, I could get her repaired. Yet, NADA ($21-90k), Hagerty valuation tool ($14-40k), Hemmings (shows prices of current listings @ $5-60k), HTF can NCDMV decide what mine might value at but what I paid for her, declining in value forward. I would suggest the DMV must provide evidence that an individual’s vehicle has been modified/restored such reflecting an INCREASE in an aging piece of personal, taxable property.
And, yes, I painfully provided the true bill of sale to NCDMV, paying my full tax value regardless of what someone decides in Raleigh HQ...