F4i - Main Forum Main F4i discussion board

Market Value

  #1  
Old 04-20-2011, 06:56 PM
Senior Member
Thread Starter
Join Date: Mar 2011
Location: So Cal
Posts: 127
Default Market Value

So I'm finally going to get a chance to get to the DMV and register this thing in my name and according to the websites I've looked at, the California DMV could tax "gifted" motorcycles based on fair market value unless it was gifted by a family member.

I've looked around online and 01-06 in decent condition with less than 16k miles are generally around the 3500-4k range.

Mine has 43k miles, both lower fairings are busted, scratches on the starter cover, rear fairing has a crack in it, left bar end is scratched, so I'd say it's pretty POOR condition. I'm thinking fair market value would be under 1k at this point but it's hard to make a comparison.

So I'm open for ideas. I haven't filled out my part of the paperwork yet so I can put a dollar amount I "paid" for it, or I can put gifted since I got it for free.
 
  #2  
Old 04-20-2011, 07:58 PM
F34Me?'s Avatar
Senior Member
Join Date: Mar 2011
Posts: 573
Default

I'd buy that bike all day at 1k! That being said, I have no qualms in telling the tax man it is worth $500
 
  #3  
Old 04-20-2011, 09:52 PM
gotcbr's Avatar
Senior Member
Join Date: Apr 2009
Posts: 6,494
Default

Based on the way you present it, I'm guessing it wasn't a gift from a family member. So the "family gift" option really isn't an option.

If you still want to go the "gift" route, The DMV may require (most likely) documentation from the previous owner stating its "gifted". This could be accomplished via signed affidavit or standard bill of sale. Instead of filling in a price, you'd write "gift". Of course, if they wrote "gift" on the title, that would help as well. Its possible that you could get away w/ just the title but don't count on it.

At DMV, present the BOS & Title, & tell them its was a gift. They'll most likely ask WHY? You'll explain the poor condition of the bike like you did above (ie. make it sound as worthless as possible). IF there's a problem, ask for a supervisor to come outside & see it to verify condition.

At best, you'll pay very little. At worst, you'll have to pay a reduced book value based on its poor condition. Its really going to depend on the DMV rep you get. :\

In Forrest Gump speak, DMV's are like boxes of chocolates...you never know what you're gonna get.

I'll be interested to see how this turns out!
 
  #4  
Old 04-21-2011, 02:38 AM
mchl_daly's Avatar
Member
Join Date: Mar 2011
Location: Albuquerque, NM
Posts: 47
Default

If you put your purchase amount suspiciously low they will look up the kbb value anyways and use that. Out here they always look it up and base your taxes off of whichever number is higher. Kinda sucks.
 
  #5  
Old 04-21-2011, 09:12 AM
Junior Member
Join Date: Aug 2010
Posts: 8
Default

In Illinois tax is next to nothing. I was incredibly surprised when I was only charged $25.00 when I paid $3000 for my 2002 f4i.

Actually I still wonder about that sometimes..
 
  #6  
Old 04-21-2011, 09:20 AM
Xander F4i's Avatar
Senior Member
Join Date: Jul 2010
Location: near Brookville, PA
Posts: 513
Default

Here in PA, the seller tells the DMV rep what the amount the vehicle was sold for...then you are charged 6% state sales tax on that amount plus any transfer fees and plating fees.
 
  #7  
Old 04-21-2011, 10:34 AM
Senior Member
Thread Starter
Join Date: Mar 2011
Location: So Cal
Posts: 127
Default

Yeah, unfortunately I can't put it as a family gift, even though we've been best friends for close to 20 years I don't think that will count.

I don't have a BOS, but I can get one easily enough from him. He lost his title so I've got notarized paperwork for the title replacement + transfer to me. I haven't filled in my portion of the paperwork yet, which is where you either declare it a gift or the amount you paid.

I'm already going to have to pay fees based on the fact I'm turning in the paperwork later than the required 10 days and his registration was already expired so I'll have to pay a late fee on that too, but I really can't complain for a free bike.
 
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
stabZ
F4i - Main Forum
7
05-02-2008 02:14 PM
PandaMoneum
New Member Area
5
02-15-2007 05:06 PM
Tech929
CBR 929RR
3
03-21-2005 02:45 PM


Thread Tools
Search this Thread
Quick Reply: Market Value


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service

© 2019 MH Sub I, LLC dba Internet Brands

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.