Buying a car with mods?

[mrgrape]

so as u guys may know im looking at a s14 in CA right now.
the kbb is 3grand but with all the mods its running 7.5grand
cant i buy the car at 3 grand and the mods seperate so i wont get taxed as much?
bc that is the truth that im spending more money on the car then the value of the car

[Brian]

Just write $3000 on the bill of sale.

[Jimmy Up]

To make it sound legal, yes- they dont care what you spent on what car as long as they get their percentage of it...

[PBucch]

As far as DMV is concerned I have never paid more than $100 for a car.

[mrgrape]

hahahah sweet!

[Bubbles]

Write down a hundred bucks and wait for the awesome looks you get.

[Brian]

yeah, I mean, there isn't really a way to PROVE you wrong...

[roboticnissan]

just write zero it was a gift. or a trade.

[The_Doctor]

if it was a gift or trade your supposed to put down the fair market value (Blue book).

I put down $1000 when I traded my old bike for the 240.

[midnightouge]

We wrote down it was a gift for my car lol
dmv just looked at me stupid but didn't do anything.

[The Chad]

In VA (im assuming elsewhere as well) you can check a box that states it was a gift, but you have to get the original title holder to sign the form as well...this means no taxes on purchase(according to a reputable source). Could be worng i suppose.

[chad91s13]

all the cars i have ever bought have been gifts lol

[Bubbles]

yeah, I mean, there isn't really a way to PROVE you wrong...


That's what makes it so fun.

[weissguy]

In Texas it recently changed to where they don't take your word on the value anymore. They now take the black book value (wholesale) value of the car and tax you on that.

[zer0cooL]

dude whatever you do DONT put it as a trade cause theyll charge you the KBB and youll get taxed from that.. just put down like 500-1000.. and just tell whoever youre buying the car from to agree to saying that if asked.. i know because i got that stupid IRS letter asking me to pay for the shit fuck htat

[240sx354]

yea when i bought my 240 for 5k, i wrote down 1000$ on the bill of sale...if you put the sale to low tho sometimes they will disregard what you wrote and tax the market value..they did that on my first car...

[mrgrape]

oh crap crap, sweet info guys let me know more
my friend told me just have the guy check it off as a gift(he graduated from UCLA and now works for the corrupt federal reserve)
im in CA and dont know the tax laws, but when i asked other forums they didnt tell me jack shit!
so should i just have the guy give it to me as a gift or write 1000 on the bill of sale?

[Bubbles]

In Texas it recently changed to where they don't take your word on the value anymore. They now take the black book value (wholesale) value of the car and tax you on that.

Luckily for me I don't live in Texas.

[96Turbo]

My perfect bodied stock S13 was only $500 iirc

[racepar1]

As far as DMV is concerned I have never paid more than $100 for a car.

Ha ha! Me too! Fuck the DMV.

[Charlie]

When I got my coupe we put down it was a gift, but the dmv lady was like you have to out a $$$ on it so the guy(we said we were related and hes giving me the car) was like how much do you have in your wallet? I said $12. Hes like cool, the car is worth $12 and put that down. The lady was like O.o

[96Turbo]

When I got my coupe we put down it was a gift, but the dmv lady was like you have to out a $$$ on it so the guy(we said we were related and hes giving me the car) was like how much do you have in your wallet? I said $12. Hes like cool, the car is worth $12 and put that down. The lady was like O.o

lol that's sweet

[zer0cooL]

oh crap crap, sweet info guys let me know more
my friend told me just have the guy check it off as a gift(he graduated from UCLA and now works for the corrupt federal reserve)
im in CA and dont know the tax laws, but when i asked other forums they didnt tell me jack shit!
so should i just have the guy give it to me as a gift or write 1000 on the bill of sale?

put 500-1000.. cause they might go all the way and actually find out if it was given as a gift or not.. you two are two complete strangers and have no relation whatsoever.. so just be safe write something down as cash

[mrgrape]

anyone care to tell me a legit way to do it in cali?

[mrgrape]

put 500-1000.. cause they might go all the way and actually find out if it was given as a gift or not.. you two are two complete strangers and have no relation whatsoever.. so just be safe write something down as cash

sweet i think im gonna do 500 or 700 ....i wish i could get it as a gift as im already paying out my ass

[The Chad]

Talk with the guy in person, if he's willing to spend a few hours waiting with you in the DMV, he might be willing to sign the form for a "gift" car. Worth a talk i suppose? $500 is still alot of money, that a set of Z32 brakes and a LSD :)

[OTG Vinyl]

anyone care to tell me a legit way to do it in cali?

Quit being cheap and do it like everyone else does?

[handinpants]

have the seller write gift in the value of the vehicle title when they sell it to you, that way you don't have to pay any taxes. i was given a nice expensive car for free, the woman was mad at her husband, divorce stuff, signed the title over to me as a gift....

[Phlip]

In NC, we don't have any of that shit, they tax based upon the book value, no matter how much you paid for the car... I didn't even have to show the DMV shit about the sale of the car, only the notary who notarized the title transfer.

[bryce with a y]

yea if you have ever wrote that you payed more than 1000$ for a car you have bought you are dumb.

thanks big gov. go build something we dont need!

[mrgrape]

sweet, so i guess i wont get chased after by writing it down as a gift.
i wonder how much ill get taxed if i write $1000?
but other then that its all good right?:dead:

[mrgrape]

this is what others said on the city data forum
totally opposite of what u guys said.....so im scared or undecided

"Like I said, some insurance companies will probably ask you. Some agents also take pics and may ask you to see the car. I had a heavily modified Civic Si ( built motor, turbo, gutted, modified suspension, you name it) and they actually came out and took pics of the car."

"What? Buy a car with the mods already on them, but then break out the purchase price to save a bit of money on tax? Are you paying cash for all of this, because your financial institution might have an issue with your plan."

"Seriously dude? If your insurance company gets a whiff of your mods, and you didn't alert them when you purchase or modded the car, kiss any claims goodbye.

At this point, I assume you are about 16. When I was 16, I thought about how to circumvent the system to get my way. After a while, I learned that it is usually harder and riskier than any benefit derived. ""

"If you enjoy, and can afford, pouring out gallons of good money after bad; if you realize a car is not an investment, like gold, but a machine that wears out and is eventually replaced; if you have not yet learned life's little lesson for the modded car buyer, by all means knock yourself out and buy this disaster-awaiting-an-appointment."

[aznpoopy]

apparently you asked them about insurance, something you didn't ask here.

depends on your coverage.
liability only -> doesn't matter. only insures you against damage you cause to other people. if someone else hits you, their insurance company is on the hook and they should technically be on the hook for an elevated value of the car. documentation for modification helps alot. of course if you wrote $1000 on the bill of sale, you might have a hard time convincing them the car is actually worth $7k.
full coverage -> almost always market value only, unless you tell them about your mods. then they will either decline to cover you, or charge you a higher premium to insure the mods above the market value of the car. don't expect your insurer to payout $7k on a car worth 4-5k stock if you never told them it was worth $7k.

the "legit" way to register the car is to tell them the actual purchase price and pay full taxes on it. the risk is all on you if you want to try to beat the system.

as for that last quote, not all modded cars are a disaster. but they certainly can be. you need someone who knows their shit to check it out for you.

[mrgrape]

darn so if i try to beat the system on my taxes, then on insurance and if i get into an accident...ill be losing out on a lot of money....
CRAP !:hug::naw:

[drift freaq]

darn so if i try to beat the system on my taxes, then on insurance and if i get into an accident...ill be losing out on a lot of money....
CRAP !:hug::naw:

No, most insurance companies do not base the value of your car on what you actually paid for it unless you make it a fact. Usually they base it off either blue book or Real Market Value. It all depends on the Insurance company.

I have always reported buying my cars at anywhere between 100 and 1000 at the most. Unless it was new or one or two years old at which point you pretty much need to report the real cost because the DMV will care.

Older cars like 240sx's the DMV does not really give a shit about. In fact in California if the car is ten years or older they do not even require a bill of sale just a signed pink slip.

When it comes to claims with insurance companies you have to check with your insurance company if you are getting full coverage.
Basically some insurance companies will cover mods and some won't. The ones that do usually want receipts for the parts or an appraisal on the value of the car with the mods.
Most on 240sx's though basically do not cover mods and pretty much will only give you stock market value or blue book value in the event of a loss.

[aznpoopy]

darn so if i try to beat the system on my taxes, then on insurance and if i get into an accident...ill be losing out on a lot of money....
CRAP !:hug::naw:

not exactly. as drift freaq pointed out...

if you document it as a 1k sale and have no other documentation for the mods, you'll probably get kbb value, which is probably 4-5k. to get 7k you'll need to prove your case with documentation / arguing (if its another insurance company) or tell them before hand and let them factor it into your premium (if its under your own insurance company)

[Matador]

The black book value in Texas is a pain for sure and for all the people suggesting "gift", I believe in some states you are required to pay a gift tax as well. There are some ways to get around these things, but if your state does not go by the black book value and they are required to take your word for it... then $100 fo sho. You'll pay like 10 bucks in taxes plus registration.

[Icy13]

tax fraud/evasion is fun... sure...

and damn the man, stupid big government, taxing us to build roads and shit that protect your shocks and aero, damn them straight to hell.

Oh, and insuring your car for below value (if it is possible to insure the mods) that great too, you know, cause we all love to pay for insurance that wont actually payout if we need it because we lied on the original application....

[ericcastro]

As far as DMV is concerned I have never paid more than $100 for a car.

Ha ha! Me too! Fuck the DMV.

i usually pay less :)
Back in WA, 10 years ago, I usually paid $1.00 for all my different cars.


tax fraud/evasion is fun... sure...

and damn the man, stupid big government, taxing us to build roads and shit that protect your shocks and aero, damn them straight to hell.

Oh, and insuring your car for below value (if it is possible to insure the mods) that great too, you know, cause we all love to pay for insurance that wont actually payout if we need it because we lied on the original application....

Theres always one, huh?

[Farzam]

Y'all are pretty low...

I'm sure not rich, but I have a little too much dignity to write down $100 on something I paid 10 or 15 times that on...

It's not even that much money.

[drift freaq]

tax fraud/evasion is fun... sure...

and damn the man, stupid big government, taxing us to build roads and shit that protect your shocks and aero, damn them straight to hell.

Oh, and insuring your car for below value (if it is possible to insure the mods) that great too, you know, cause we all love to pay for insurance that wont actually payout if we need it because we lied on the original application....

Ya you don't live in California though. Where the state does not know how to the spend all the money that they do get. They piss that shit in the wind and then wind up with a deficit.

Oh and the last time I checked California DMV fee's do not go to road repairs. So like until the state figures out how to spend money properly i.e. eliminate pork barrel and not run a stupid ass deficit due to huge inefficient government?

I will just stick to paying my taxes and not giving the DMV one dime more than I already do give them. Sorry but you don't pay into a broken machine expecting it to work. Thats tossing money down the tubes. They fix the machine I will gladly give them the extra cash.

[ericcastro]

^really??

your silly.
(not you drift freak, lol )

The government made thier tax on the car when it was sold the first everal times.
how many times to they get to steal money out of peoples pockets for nothing??

By the time i would buy a rusted 4door Datsun 510 for $500, the government had repeatedly made free money off the car over a half dozen times.
Fuck them.
I bought it for $1.00, cause they don't get to just take shit.
I still got to register it in my name which will pay any paperwork they have.