Spring is Here on the Island
The sun is finally breaking through in Nanaimo, and that means one thing: convertible season. Whether you're cruising the Island Highway or parking by the waterfront, there's nothing like a drop-top for Vancouver Island summers.
But if you are buying a used convertible to enjoy the season, watch out for the ICBC Tax Trap.
The Problem: Book Value vs. Reality
ICBC charges 12% PST on the greater of the purchase price or the 'average wholesale value' (Black Book). For niche vehicles like convertibles, this book value can be wildly inaccurate.
Maybe you found a 2008 Mazda Miata or a BMW Z4 that needs a new soft top, has some bumper scratches, or high mileage. You negotiated a great price of ,000. But ICBC's system sees an 'average' clean condition car valued at 4,000.
- Tax on 4,000: ,680
- Tax on ,000: 60
- Overpayment: 20!
The Solution: Get an Appraisal
You don't have to accept the book value. By getting a professional appraisal from IC Appraisal BC, we can document the specific condition of your vehicle (needs repairs, high km, etc.) and declare its true market value.
For just 5, you can save hundreds in tax.
How It Works in Nanaimo
We serve all of Vancouver Island. You don't even need to bring the car to us. We offer fully digital, email-based appraisals that are accepted by ICBC.
Start Your Appraisal Now and save your money for gas and ferry tickets!
