Virginia man warns US drivers after county values 3.5-year-old van at $42,200, far above its real worth

If you’ve ever opened a car taxation measure and wondered however your aging conveyance someway gained worth similar good wine, Stephen Martin knows the feeling.

The Amherst County operator says his 2022 Toyota Sienna and a 2016 Ford F-250 are worthy acold little than what he’s being taxed on, and he’s not convinced the region sees it the aforesaid way.

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He mightiness person a point. Used car prices person spiked successful caller years. iSeeCars reviewed pricing information connected much than 2.6 cardinal three-year-old vehicles and recovered the emblematic utilized car present sits astatine astir $32,635, astir $9,500 higher than it was successful 2019 (1).

Martin says his region is taxing his vehicles arsenic if the marketplace were astatine its peak. As a result, helium says he’s facing assessments that are acold higher than what helium could merchantability his cars for.

“This is garbage, thing is not close here. Something is messed up," Martin told ABC 13 (2).

He worries helium isn’t the lone one. Across Virginia, galore drivers whitethorn beryllium facing the aforesaid sticker shock.

When Martin compared his Amherst County appraisal with online pricing guides, the quality was hard to ignore. The region valued his minivan astatine $42,200, lone a fewer 1000 little than what helium paid caller 3 and a fractional years ago.

Edmunds, TrueCar and Kelley Blue Book each placed the van’s existent worth overmuch lower, landing betwixt $30,000 and $35,000. His motortruck showed a akin discrepancy.

“I entered each the accusation arsenic if it were a cleanable vehicle. If you spell retired there, I person a dented tailgate and a dented side,” helium said. “So it’s further impervious that this valuation strategy is flawed.”

The depreciation mathematics backs him up. Cars typically suffer astir 20% of their worth successful the archetypal year, 15% successful the 2nd and 12% successful the third, according to BrokerLink (3). By that measure, a $45,000 conveyance similar Martin’s should beryllium worthy about:

• Year 1: $36,000

• Year 2: $30,600

• Year 3: $26,928

And depreciation contiguous whitethorn beryllium adjacent steeper. Americans are keeping their vehicles longer, with the mean car property present 12.8 years, the highest connected record, according to S&P Global Mobility (4). Age, mileage, information and marketplace trends each signifier resale value, and for astir drivers, prices inclination downward implicit time, not backmost toward the archetypal sticker price.