hi all

I need advice from jersey riders i am a newb and just bought a 2002 cbr f4i. Im going through the process of changing the title over into my name on monday at the DMV. I bought the bike for 4700. As you all know the sales tax is 7% in NewJersey. What should i putas the sale price on the title i dont want to put i paid 4700 i also do not want to make the mistake of putting gift because then they get suscpicious and you have to contact the seller who sold it to you and he has to fill out a whole bunch of paper work.What would be a reasonable price to put down on the title so i dont have to pay that much i was thinking$1,000 or $2,500? This is a first time for me so what price should i put down thats inexpensive to me and won't make anything look suscpicious? Alsoi was wondering if i put lets say 1,000 and iwreck my bike will i get back what the bike is really worth or what i paid? I heard before that if yo put gift and you crash your bike you will not getany money backfrom insurance because you didnt pay anything for the bike?? is this true?? please someone help me with great advice.

 

I put around 2000, and paid about 150 in california, don't know the %, or if there is a %. And about your second question i was wondering that as well, would insurance put out how much you said you paid for the bike or blue book?

 

Who told you that you have to do extra paperwork? When I transferred my car as a gift I didn't need anything special. I'll be doing the same with my bike sometime this week also.

 

i said I paid $200 for my bike.. in pa at 6%... i got about 4 or 5 letters in the mail saying that the market value of the bike was something along the lines of 3800... Basically I had to pay the rest of the tax... If you have a genral contract of sale, you could list $50 as long as you and whoever you bought it from signs it.

 

The insurance goes by book value on if you wreck or not. At least mine does. I also have a very high deductible on my bike, the way I look at it (heaven forbid) if I wrecked I'll either A) be able to fix it myself or B) the bike is F'd and will be totalled, not a whole lot of in between on a bike IMO.

I'd put like 2 grand myself for your first question.

 

id put 2000 or 2500- dont go too low. i was going to do this when i bought my f4i, but i ended up buying it from a lawyer so there was a no go on that one lol.

 

lol that was my mistake when I got my bike transferred to PA plates (PA Resident but living in Ohio)....lemme tell you I paid $4800 and it was like $400 bucks...I was kinda pissed for paying it but you learn from your mistakes.

 

yo, i would put down 2k, they shouldn't ask any questions about it.