Sunday, October 2, 2022
HomeLocal NewsWhat does the used vehicle tax mean for you?

What does the used vehicle tax mean for you?

It will cost you more money to buy a used vehicle.

Have you ever had a vehicle break down and had to replace it with something quick. A beater vehicle, one that would last you for at least one year. Something cheap and temporary would do the trick as long as it gets you from point A to B.

Maybe you have a kid that just got their license and money is tight with their minimum wage job. So you help them find a great deal.

With the used vehicle tax sale introduced by BC NDP you are now paying a tax on it no matter what the actual value of the vehicle. The BC NDP will be taking 7% on that great deal as well.

Lets say you have a car at home in your garage you’re fixing up and you just need parts. You find a full car like yours selling as “parts”. There’s no way this used vehicle is driving anywhere and the engine doesn’t start up but you need many of the other parts so you buy the whole thing.

When the BC NDP released their new 2022 Budget plan they introduced another way to reach in to British Columbians wallets and take more money. based on the
greater of the reported purchase price and the average wholesale value of the vehicle.

BC Liberal Finance Critic Peter Milobar said that could leave car shoppers on the hook for hefty tax increases.

“A 2014 Dodge Caravan that we found listed in Surrey that a lot of people would be, that vehicle is probably worth about $4,000 now more than they used to do because of scarcity,” he said.

The province says the move was implemented to prevent people from fudging vehicle transfer paperwork and get out of paying PST. So instead save a little extra for groceries because of inflation the government want to take more.

“This is about private sales, and making sure that people aren’t undervaluing the car and using the loophole of just putting in a number that requires them to pay less,” said Robinson BC NDP Finance minister.

BC NDP MLA Brenda Bailey thinks it’s tax evasion to get a deal on a used vehicle.

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