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Thread: Market value of the vehicle at the time of acquisition

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    Market value of the vehicle at the time of acquisition

    Hi Everyone

    Hoping someone can assist or offer advise wrt my tax return.

    My income tax return has been identified for verification by SARS.

    They want my logbook and proof of value of the vehicle.

    Logbook is not a problem but I cannot find my purchase agreement for my car which was bought around 13 years ago.
    I think it went missing when we moved house and I was not as careful about electronic copies of everything back then as I am nowadays.

    But SARS do state "where there is no purchase or lease agreement the market value of the vehicle at the time of acquisition"

    Does anyone know how I go about getting this market value? What format or documentation would SARS accept?

    Your advise would be greatly appreciated, thanks.

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    Site Caretaker Dave A's Avatar
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    Talk to a reputable car dealer, insurance broker or insurance company. Those are my go-to peeps when it comes to vehicle retail and trade values.
    (Although I am a little concerned about you looking for data from 13 years ago, which may make things a bit trickier than usual).

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    Quote Originally Posted by Dave A View Post
    Talk to a reputable car dealer, insurance broker or insurance company. Those are my go-to peeps when it comes to vehicle retail and trade values.
    (Although I am a little concerned about you looking for data from 13 years ago, which may make things a bit trickier than usual).
    Thank you for the advice, I will try that.

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    Diamond Member adrianh's Avatar
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    You should post the details of the car on the "Car Magazine" Facebook page - I bet you would get a couple of answers. There any many many people who keep their Car Magazines so they could just look the price up for you.

    You could also try this group on Facebook "SA CAR & ROAD NOSTALGIA" - We talk a lot of crap there about older cars all the time - There are a couple of real SA car fundi's in that group.
    “Why, sometimes I've believed as many as six impossible things before breakfast.”
    ― Lewis Carroll, Alice in Wonderland

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    Quote Originally Posted by adrianh View Post
    You should post the details of the car on the "Car Magazine" Facebook page - I bet you would get a couple of answers. There any many many people who keep their Car Magazines so they could just look the price up for you.

    You could also try this group on Facebook "SA CAR & ROAD NOSTALGIA" - We talk a lot of crap there about older cars all the time - There are a couple of real SA car fundi's in that group.
    Thanks, I'll try that. Appreciate the response.
    Any ideas what format or type of document would be acceptable to SARS for this information?

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    Site Caretaker Dave A's Avatar
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    There was a book that came out once a year that listed vehicle trade and retail prices based on actual sales transactions. I am pretty sure it was one of the insurance companies that was behind it, but it was the motor trade's and insurance industry's go-to resource.

    In this day and age it seems a paper based product has become redundant and it seems to be all online. I do an annual valuation exercise on my fleet with my broker, and last year the resource was an online calculator provided by my insurer.

    However, someone is bound to have kept a collection of those books from the paper based era.

    As a side bar, this discussion does have me wondering about the preservation of historical records such as these in the IT age...

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    Diamond Member adrianh's Avatar
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    Quote Originally Posted by jesilvaltd View Post
    Thanks, I'll try that. Appreciate the response.
    Any ideas what format or type of document would be acceptable to SARS for this information?
    I don't no - I know things about cars but nothing about SARS
    “Why, sometimes I've believed as many as six impossible things before breakfast.”
    ― Lewis Carroll, Alice in Wonderland

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