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Old 07-13-2011, 10:12 PM
 
460 posts, read 609,710 times
Reputation: 201
Default Is there a sales tax for cars in New Mexico?

Just wondering if you buy a car from a private seller, is there a sales tax, and if so how much? Thanks
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Old 07-13-2011, 10:28 PM
 
Location: Colorado Springs
1,643 posts, read 2,037,170 times
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Yes. 3%.

http://www.tax.newmexico.gov/All-Taxes/Pages/Motor-Vehicle-Excise-Tax.aspx (http://www.tax.newmexico.gov/All-Taxes/Pages/Motor-Vehicle-Excise-Tax.aspxhttp://www.tax.newmexico.gov/All-Taxes/Pages/Motor-Vehicle-Excise-Tax.aspx - broken link)
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Old 07-13-2011, 11:11 PM
 
460 posts, read 609,710 times
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Can't get the link to work, thanks though
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Old 07-14-2011, 06:53 AM
 
Location: Sacramento Mtns of NM
2,442 posts, read 2,307,405 times
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It's common knowledge that people trading vehicles privately LIE about the amount paid for the vehicle in order to minimize the taxes when the vehicle is re-registered to the new owner. Not sure what the consequences are if there is proof of fraud in this instance, or how often it's exercised.

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Old 07-14-2011, 08:08 AM
 
Location: Colorado Springs
1,643 posts, read 2,037,170 times
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Motor Vehicle Excise Tax

I double pasted!!

"The N.A.D.A. value is used if the declared purchase price of the vehicle is lower than 80% of the N.A.D.A. average trade-in or wholesale value. "
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Old 07-14-2011, 10:46 AM
 
Location: Old Town
1,634 posts, read 1,399,099 times
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Quote:
Originally Posted by joqua View Post
It's common knowledge that people trading vehicles privately LIE about the amount paid for the vehicle in order to minimize the taxes when the vehicle is re-registered to the new owner. Not sure what the consequences are if there is proof of fraud in this instance, or how often it's exercised.

Not any longer. I sold a truck to my brother for 1/2 of what it was worth. The MVD taxed him at the NADA value, not what I sold it to him for.
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Old 07-14-2011, 11:08 AM
 
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3% isn't to bad, I hear theres no tax in AZ?
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Old 07-14-2011, 12:56 PM
 
Location: New Mexico USA
16,917 posts, read 17,325,131 times
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Quote:
Originally Posted by jayely1 View Post
3% isn't to bad, I hear theres no tax in AZ?
In Arizona the fee to register your vehicle is generally less than $10, but there is an additional vehicle license tax (VLT) assessed at the time of registration. This is the equivalent of the personal property tax charged by other states. The more valuable your vehicle, the higher the VLT will be.
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Old 07-14-2011, 05:31 PM
 
Location: Sacramento Mtns of NM
2,442 posts, read 2,307,405 times
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Quote:
Originally Posted by NMHacker View Post
Not any longer. I sold a truck to my brother for 1/2 of what it was worth. The MVD taxed him at the NADA value, not what I sold it to him for.
I had heard that before, and I should have mentioned it as a possibility, but I didn't know if is true or not.

I wonder how long ago that rule began being enforced?

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Old 07-14-2011, 07:42 PM
 
Location: Tempe and Ruidoso
1,067 posts, read 1,248,495 times
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Quote:
Originally Posted by Poncho_NM View Post
In Arizona the fee to register your vehicle is generally less than $10, but there is an additional vehicle license tax (VLT) assessed at the time of registration. This is the equivalent of the personal property tax charged by other states. The more valuable your vehicle, the higher the VLT will be.
We paid over $500 for our VLT to renew our plates on our Mustang (2008 convertible) this year in Tempe.
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