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Who decides the value of a vehicle if the selling price is not listed and the Bill of Sale states 'value received'?
Wiki User
∙ 17y ago
You decided on the value when you agreed to the price. Who you decide to tell what is basically your business. The value should be stated for your own protection, and probably since contracts need to have an exchange of vlaue to be enforceable. However, presuming you really never need to turn to it for legal reasons...the amount of the value on the bill of sale is generally what is used by the State to determine the amount of sales tax and possibly fee's to charge. It is not uncommon that people lie about the amount in an attempt to save on tax. Many departments now use references for the value to assure the amount claimed is realistic, or have you prove the car is not worth the norm...doesn't run, lots of body damage, etc.
Wiki User
∙ 17y ago
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