Burnaby is the heart of Metro Vancouver, bridging the gap between the city and the suburbs. From the bustle of Metrotown to the scenic views atop Burnaby Mountain, it’s a diverse place to drive. But if you’re in the market for a used car here, there’s one hurdle you can’t ignore: the 12% PST on private sales.
When you buy a used vehicle from a private seller in BC, ICBC collects tax. The catch? They tax the higher of the purchase price or the "average wholesale value" (often derived from the Canadian Black Book). For Burnaby residents, this often means paying tax on a value that doesn’t exist in reality.
The Burnaby Tax Trap
Imagine you’re a student at SFU looking for a reliable car to get up the mountain. You find a used Honda Civic in Brentwood. It needs new brakes and has some scratches, so you get it for $6,000. But when you go to register it, the agent says the book value is $9,000.
Instead of paying 12% on your $6,000 price ($720), you’re forced to pay on $9,000 ($1,080). That’s $360 wasted! This scenario plays out every day across Burnaby.
Beat the Book Value with a FIN-320 Appraisal
There is a legal way to ensure you pay fair tax. It’s called a FIN-320 Appraisal. By hiring a licensed appraiser from IC Appraisal BC, you can submit a professional evaluation of your vehicle’s true condition.
If our appraisal shows the market value is $6,000 because of the needed repairs, ICBC will use that number to calculate the tax. It’s a simple, government-approved process that puts money back in your pocket.
Why Burnaby Drivers Choose IC Appraisal BC
- Local Insight: We know the Burnaby market, from the heights to the flats.
- Convenience: Skip the traffic on Kingsway. Our entire appraisal process is online.
- Speed: We deliver reports quickly so you can get your car registered and insured without delay.
Common Burnaby Situations
- Student Cars: Vehicles driven by students often have high mileage and deferred maintenance. The Black Book rarely accounts for this "student condition."
- Commuter Wear: Cars stuck in Highway 1 traffic daily accumulate wear that lowers value, even if the year and model suggest otherwise.
- Older Imports: Burnaby has a vibrant car culture. Older imports might have book values that don't reflect their specific condition or market reality.
Save Tax on Your Next Burnaby Car Purchase
Don't let an automated book value dictate your tax bill. If you're buying a used car in Burnaby, check if the book value is realistic. If not, we can help.
Get your Burnaby car appraisal online today. Smart drivers pay the right tax, not the highest tax.
