Hello Everyone,

Just purchased my first bike last night - I am now the proud owner of a NEW 2005 CBR 600 F4i (Well new to me). Scheme - Silver/Silver Metallic.

I will be taking pictures soon - want to wash and wax my new baby first.

I have a question though. I will be going to the DMV to transfer the title in my name in a few days and wanted to know does the DMV make you pay taxes based on the selling price or of the appraisal price here in TX.

I know with cars now - it doesn't matter what you put down as the purchase price - they look up the car and use the price of what the car is worth (I read somewhere that they based the sales tax of 80% of the appraisal value of the vehicle).

The reason I ask was because the seller's dad asked me if I wanted him to put the price down for $1,500 so that I don't have to pay high sale taxes. (I paid $x,200 for it with several mods "Yoshi CF exhaust, Fender eliminator kit, flush mount turn signals, new front and rear Metz tires).

The title is on it's way from the bank - he paid it off in the morning before I picked up the bike - I have a sales receipt from the bank showing loan is paid off and on the Bill of Sale we indicated that we are waiting on the title to arrive.

So before I tell him yes - put it down for $1,500 - I wanted to know if it even matters for TX.

Thanks,
Mike

 

Probably wont matter, didnt here in Maine, they check the value of it.

Congrats on the new purchase! If this if your first bike, take it easy and get some braking/cornering practice in a parking lot somewhere. Stay safe and becareful around 7K RPMs where the bike goes from quick, to very fast. Enjoy and pics soon.

 

my friend did it in indiana so i really don't know maybe go look around on google for some blogs or something like that... but the guy my friend bout his 636 from said when he bought it the guy put 1500 for tax purposes and i think my friend is going to do the same.

 

In WI they tax you by purchase price. No idea in Texas. Look it up on the Texas DMV site.

 

there is no sales tax in texas i think?

 

Since most of us don't live in TX, why would we know? Just call the DMV.

 

I live in Texas, you have to pay the tax based on the Blue book value of the bike.

and after two weeks of the day that you bought it "if you signed the title with the date of sale' it's another 20 bucks or so PER DAY that you dont' transfer the title to the new owner.. so be on top of that.

 

Thanks for the info. The only thing that was signed and dated was the Bill of sale that I made. The title should be here in a day or two.

So I guess putting $1500 would not matter then. But then again it would't hurt either. Maybe I'll just put down $3K. Would they say anything if the purchase price is way too low compared to the bike's blue book value?

 

they shouldnt i bought a boat from a friend for around 2000 and said i paid 100 and there was no questions asked tell them it was a really good friend lol

 

Yeah - I'll tell them that his parents made him sell it - if they ask. I just got quoted for $525 for 12 month full coverage with $250 deductable on both Comp and Collision from progressive.