Sale price and market value
Sale price is the price you pay for a used vehicle.
Market value is the price the vehicle would bring on the open market.
In many cases, duty is payable on the market value of a vehicle because the sale price is not a true indication of its value, such as when:
a vehicle is received as a gift or won in a competition or art union or
a vehicle is bought cheaply in a damaged or run-down condition and repaired before registration.
Last updated: 09-May-2008
