How are vehicles valued?
Based on valuation rates set by the state, vehicles are valued as follows: · 50% of manufacturer’s list price in the year preceding the designated year of manufacture (brand new car released before model year) · 90% of mfr’s list price (1st year) · 60% of mfr’s list price (2nd year) · 40% of mfr’s list price (3rd year) · 25% of mfr’s list price (4th year) · 10% of mfr’s list price (5th year)
• 50% of manufacturer’s list price in year proceeding year of manufacture • 90% of manufacturer’s list price when new (1st year) • 60% of mfr.’s list price (2nd year) • 40% of mfr.’s list price (3rd year) • 25% of mfr.’s list price (4th year) • 10% of mfr’s list price (5th year and older) If you buy a 2000 car in 1999, the vehicle is valued at 50% for 1999, and the valuation then follows the above-stated rates, starting with 90% for the first year (2000).
