Old car titles---pandoras box

[JRoberts]

Re: Old car titles---pandoras box

Don't part it!

Buy it from your girlfriend/wife/sister/brother/kid/dog/nearest family member for a dollar. Now you have a bill of sale, and that's a starting point. If they kill you on taxes, it'll be based on the sale price. BTW, I just found out I can do an in-family transfer tax free.

In North Carolina they base that tax on either the selling price or market value which ever is the highest. For the state it is a win-win situation as the "market value" is usually higher than the selling price.

I have been told, here, to get the title in your name before you do anything to the vehicle. I know a guy with two '68 Mustangs, one a convertible and the other a fastback. He has put untold amounts of money into these vehicles and now, since the cars have never been title in North Carolina and they have been highly modified the state wants to title them as kit cars, which means they will have a 2008 title and must meet the standards set for any 2008 automobile. Before you can get an out-of-state vehicle titled here you must get it inspected by a state inspector. Over the last few years for us this process has gotten so crazy folks have really slowed down on purchasing out of state vehicles, especially classic ones.

[Caveman]

Re: Old car titles---pandoras box

I think the route to go is to have a relative 'gift' it to you... I think that'd allow you to avoid having to title it as a 'new' vehicle. In MA there's a form for transferring a veh that allows it to be done tax-free. I presume other states have a similar mechanism.