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Old 07-13-2011, 11:12 PM
 
463 posts, read 867,331 times
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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, 11:28 PM
 
Location: Colorado Springs
1,644 posts, read 2,832,906 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 07-14-2011, 12:11 AM
 
463 posts, read 867,331 times
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Can't get the link to work, thanks though
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Old 07-14-2011, 07:53 AM
 
Location: Sacramento Mtns of NM
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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, 09:08 AM
 
Location: Colorado Springs
1,644 posts, read 2,832,906 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, 11:46 AM
 
Location: Old Town
1,856 posts, read 2,581,109 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, 12:08 PM
 
463 posts, read 867,331 times
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3% isn't to bad, I hear theres no tax in AZ?
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Old 07-14-2011, 01:56 PM
 
Location: New Mexico U.S.A.
21,525 posts, read 30,779,314 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, 06:31 PM
 
Location: Sacramento Mtns of NM
3,655 posts, read 4,869,100 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, 08:42 PM
 
Location: Tempe and Ruidoso
1,066 posts, read 1,709,742 times
Reputation: 491
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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