Author Topic: Just bought me a jalopy  (Read 468 times)

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Offline Rockraven

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Re: Just bought me a jalopy
« Reply #60 on: October 10, 2017, 08:19:07 am »
Wow.  Seems like a lot of work and cost for something that only cost $1000 :lol:

In the US, you just list whatever you sold it for on the bill of sale & title, and they tax you when you go to get it titled in your name.

Insurance is based on model, year, age, etc.  No one comes and looks at it at all.

Well yeah, same up here, but when the difference between standard insurance and vintage auto insurance is 75%, it's a no brainer to go the vintage route. Plus, annual registration is only $18 instead of $95.

All cars older than 20 years require an appraisal for taxes though.
« Last Edit: October 10, 2017, 08:20:46 am by Rockraven »

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Offline CaminoRacer

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Re: Just bought me a jalopy
« Reply #61 on: October 10, 2017, 08:48:56 am »
According to the state, my car is worth $800. :lol:
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Offline giant_mtb

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Re: Just bought me a jalopy
« Reply #62 on: October 10, 2017, 09:21:29 am »
I may or may not have forgotten a zero on the purchase price when I bought Taco. They never go outside to check anything, so.  It's sort of an unspoken agreement that you leave the price line blank on the title and let the buyer do what they want.  Not everybody does it, but ive found that people that have been around the block a few times honor it.  I think paying sales tax for something that already had sales tax applied to it is bogus.  I've no problem with registration fees based on vehicle class (weight, etc), but repeat taxation is bullshit.

Offline Rockraven

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Re: Just bought me a jalopy
« Reply #63 on: October 10, 2017, 09:25:58 am »
I may or may not have forgotten a zero on the purchase price when I bought Taco. They never go outside to check anything, so.  It's sort of an unspoken agreement that you leave the price line blank on the title and let the buyer do what they want.  Not everybody does it, but ive found that people that have been around the block a few times honor it.  I think paying sales tax for something that already had sales tax applied to it is bogus.  I've no problem with registration fees based on vehicle class (weight, etc), but repeat taxation is bullshit.

Totally agree that it's bogus, but the assholes up here go by book value, or require an appraisal if it's over 20 years old. What the seller or buyer puts on the bill of sale is irrelevant.

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Offline Cookie Monster

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Re: Just bought me a jalopy
« Reply #64 on: October 10, 2017, 10:44:32 am »
Wow.  Seems like a lot of work and cost for something that only cost $1000 :lol:

In the US, you just list whatever you sold it for on the bill of sale & title, and they tax you when you go to get it titled in your name.

Insurance is based on model, year, age, etc.  No one comes and looks at it at all.

Not in every state. In Texas they go by the higher of the sale value or the blue book value. That's how I got hosed buying a $1000 Volvo but got taxed on $1500 blue book. :rage:
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Offline 93JC

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Re: Just bought me a jalopy
« Reply #65 on: October 10, 2017, 02:28:09 pm »
Canada sends an appraise out to determine the value on a car you spent $1000 for? :confused:

Wow.  Seems like a lot of work and cost for something that only cost $1000 :lol:

In the US, you just list whatever you sold it for on the bill of sale & title, and they tax you when you go to get it titled in your name.

Insurance is based on model, year, age, etc.  No one comes and looks at it at all.

FYI as with most things in Canada it varies from province to province; four provinces have government-run auto insurance agencies. Private insurance companies in other provinces will tend to send out appraisers for any older car, but especially a 'classic' car, to establish roadworthiness and whatever the insurable amount would be. If your jalopy is a jalopy in every sense of the word they're under no obligation to insure it for you and will refuse your business.

With respect to taxes Alberta does not have a sales tax thus there is nothing to levy against the purchase of a used car (in a private party sale; a dealership must pay GST [federal sales tax]) so my government really doesn't care about how much I paid for a used car.

In all the other provinces (where there is a sales tax) most will levy said tax on your purchase but some don't. Saskatchewan for instance has a 6% PST (Provincial Sales Tax) but it is not levied on used car purchases—even ones from dealerships—as long as PST was paid on the original purchase. Ergo if you import a car from another province and sell it in Saskatchewan the buyer will have to pay PST.

Offline SVT_Power

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Re: Just bought me a jalopy
« Reply #66 on: October 10, 2017, 03:06:15 pm »
FYI as with most things in Canada it varies from province to province; four provinces have government-run auto insurance agencies. Private insurance companies in other provinces will tend to send out appraisers for any older car, but especially a 'classic' car, to establish roadworthiness and whatever the insurable amount would be. If your jalopy is a jalopy in every sense of the word they're under no obligation to insure it for you and will refuse your business.

With respect to taxes Alberta does not have a sales tax thus there is nothing to levy against the purchase of a used car (in a private party sale; a dealership must pay GST [federal sales tax]) so my government really doesn't care about how much I paid for a used car.

In all the other provinces (where there is a sales tax) most will levy said tax on your purchase but some don't. Saskatchewan for instance has a 6% PST (Provincial Sales Tax) but it is not levied on used car purchases—even ones from dealerships—as long as PST was paid on the original purchase. Ergo if you import a car from another province and sell it in Saskatchewan the buyer will have to pay PST.

At least in Ontario, I believe by law every vehicle is able to be insured. So your usual insurance companies may reject you but there are avenues to ensure your vehicle can be insured - whether at a reasonable rate or not is a whole another question. But by law you will be able to insure your vehicle as long as it's road worthy enough to be registered.
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Offline 93JC

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Re: Just bought me a jalopy
« Reply #67 on: October 10, 2017, 04:53:27 pm »
"As long as it's roadworthy" being the operative words here. In Alberta insurance companies cannot refuse to offer you third-party liability coverage, but they're under no obligation to cover you for anything else.
« Last Edit: October 10, 2017, 05:06:51 pm by 93JC »