Valuing a car with problems for IHT purposes

joscarina

I'm trying to get a value for my mother's car to work out inheritance tax, but most of the online valuing sites are very basic. Not sure how to value an old car which runs ok but I'd guess would be hard to get much for because it doesn't lock! Do I need to talk to dealers? What proof do I need to provide that I've done the valuing properly? Any advice greatly appreciated...

rach1802

I've just had to do this, both for IHT and a quibble over an insurance write-off. If WBAC or similar can't help, there should be examples on Ebay that will help give an idea of asking price. For recorded sale prices, a car auction site might be your best bet as they usually have a record of previous auctions and sold prices.

pumas

For IHT/Probate is a car like a house - what you would get for an immediate sale on the day of death?

MovingForwards

Have a look on parkers, if you're talking of a 15 year old car it's less than £1k,
https://www.parkers.co.uk/car-valuation/select-manufacturer/

if it's a classic car then just search online for the make and model, see how much they sell for.

If the estate is under IHT don't over complicate it for yourself. If it's going to incur IHT then keep a screen print of what you've found in case it's queried.

Keep_pedalling

Try we buy any car, or just put a nominal value on it HMRC are not going to check the value of an old banger.

doodling

Hi,

How quickly do you need a value?

Can you sell it in that time - that would give you an exact value? (Document the sale as best you can, keep lots of photos, copy of the advert / dealer sale paperwork, etc.).

Disjoint

I'd use autotrader and put the quality of the vehicle as very poor. It will spit out a suggested value range and use this. I've sold cars on it and it's always been very close to actual price.