How are used and second-hand m vehicles to be valued?
Ans: Motor vehicles may be imported, after purchase without any use in between or they may be imported after use. In the former case, there may not be any difficulty in using the transaction value method Valuation of used motor vehicles can be problematic. In the case of individual import of a vehicle which has been in the personal use of the importer for some time prior to the import, the vehicle may have been purchased either new or in used condition several Years back and put to additional use thereafter. In such cases, transaction value method will not be applicable as the vehicle to be valued after importation cannot be regarded for valuation purposes as the same vehicle as when last sold. It will also be difficult to find transaction values of identical or similar vehicles. Even deductive value method can rarely be applied to such individual imports. In most cases, therefore, recourse has to be taken to the fallback method under which reasonable means consistent with valuation pr
