How are vehicles valued?

The value of a motor vehicle for excise purposes is determined by the Commissioner of Revenue at varying percentages of the manufacturer’s suggested retail price (MSRP) in the year of manufacture.  Examples follow:

 

In the year preceding the designated year of manufacture  50%

 

In the year of manufacture  90%

 

In the second year   60%

 

In the third year   40%

 

In the fourth year   25%

 

In the fifth and succeeding years   10%

 

Condition, market value, deals and options are not considerations in determining the value for excise, nor the age of the vehicle after the fifth year.

Appears in: Motor Vehicle Excise FAQs

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