Sales tax on Classic Cars?

[Jaspernuts]

Just wondering if classic cars get taxed the same way or do they have a max on the tax? 1967 Mustang.

[Macgyver55]

Here is what I was told...."If a vehicle is at least 10 model years old and has a resale value of $3,000 or more, sales tax is due on the purchase price of the vehicle or fair market value (whichever is greater.) It does not qualify for the $10 flat sales tax."

"$10 Is collected on passenger vehicles 10 model years old and older (does not apply to motorcycles)but the purchase price must be under $3,000."

[Jaspernuts]

Fair Market value? I wonder how that is determined. On a 1967 mustang it could be $200-$250,000 depending on the vehicle and condition.

[Macgyver55]

The lady told me its determined by the buyer and the seller and what they tell her is what they use as long as both parties agree on the same number.

[nitro640]

the state may tell you it is an above market vehicle, and try to get sales tax on what they feel it is worth. I transfered the title on a 66 fairlane parts car and they sent me a letter telling me it was an above market vehicle, I had to send them a form with estimates for repair and pictures, the state said its average value was just over 3000. and I had to buy current tabs. after sending the form and pictures I got my title. good luck