Automotive

No value on Used Vehicle Package

  • Last Updated:
  • Jul 16th, 2015 9:20 pm
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[OP]
Jr. Member
Jul 14, 2015
109 posts
23 upvotes
Toronto, ON

No value on Used Vehicle Package

Whats happens when there is no value of the car on the used vehicle package?

Does the buyer pay tax on the agreed upon amount?
7 replies
Deal Expert
Aug 22, 2011
38241 posts
24426 upvotes
Center of Universe
You pay taxes based on book value.
Banned
Jul 24, 2009
834 posts
577 upvotes
kitchener
pointblank wrote: Whats happens when there is no value of the car on the used vehicle package?

Does the buyer pay tax on the agreed upon amount?
I think if the vehicle is older than 10 years..could be a bit more (not sure), they don't go by the book value anymore.
It is whatever you tell them, but you have to provide a note from the seller and you both need to remember this amount just in case they will ask later.
If someone starts questioning the low price, there could be always be a problem with the car which you had to fix...transmission, head gasket etc.
If you're buying the car "as is", they have no way of knowing what shape the car was in and it could have come in pieces...
Deal Addict
User avatar
Feb 23, 2004
3474 posts
287 upvotes
Calgary
Put $1
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Deal Addict
Jan 21, 2015
1486 posts
68 upvotes
Toronto, ON
How old is the vehicle?

You may require an appraisal.
Member
User avatar
May 29, 2007
450 posts
113 upvotes
Toronto
When I bought a vehicle earlier this year there was no value listed on the UVIP. When I changed ownership I just made up a number that sounded reasonable but was 5k less than I paid. Went through without issue. It was a 2010 fairly common vehicle. Not sure why there was no value listed.
Newbie
Jan 8, 2012
68 posts
13 upvotes
Toronto
If the car is old and rare enough there will be No Value on the UVIP because there is not a large enough sample size to determine the book value. I think Ontario uses the Red Book value.

I have bought several cars with No Value and have always just put $100. That is the price a wrecker will pay for any car they pick up, so should never be flagged as suspicious by the MTO.

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