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How do you get a vehicle appraised for NFP ?

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  • How do you get a vehicle appraised for NFP ?

    Hello all,

    14 years ago, I brought a relatively high end vehicle into the marriage. How do I provide a court acceptable appraisal for its value at the time of marriage. I need this for NFP calculations.

    I know this service exists for houses. Does something similar exist for automobiles.

    Thanks for any help. Be well, be strong.

  • #2
    Haven't heard of this one before but try the following:

    Auction houses, they can look at pictures and give an appraisal of it's value.
    For current values you can go to mechanic and they should be able to provide an appraisal.

    Do you have pictures of the vehicle, and it's mileage at the date of the marriage?

    Comment


    • #3
      No. Dealer might, but its a long, long, long shot.

      Comment


      • #4
        Why not just look in a used car guide, like the black book or whatever it is?

        Comment


        • #5
          There are many automobile appraisers out there. If you can find one that has kept their copies of the Canadian Black Book, they can look up pricing from any year.

          Canadian Automobile Appraisal and Insurance Links - Lant Insurance

          You can get rough appraisals for current from Canadian Black Book website.

          Comment


          • #6
            That may work. I would have to find a used car guide from 1999, for a 1996 vehicle. I will look into it. I still have to address mileage and condition.

            Thank you for the responses.

            Comment


            • #7
              I don't think there's a definitive approach to this. You can try the Canadian Black Book site (Canadian Black Book Car Values, New & Used Cars, Vehicle Prices.), or obtain a copy of the Canadian Blue Book (Blue Book Canada - Canadian Used Car Pricing Guide). As far as i know, the Blue Book values are used by government functions (such as collections) to obtain a baseline for vehicle values in assessing assets and such.

              Comment


              • #8
                Originally posted by DowntroddenDad View Post
                There are many automobile appraisers out there. If you can find one that has kept their copies of the Canadian Black Book, they can look up pricing from any year.

                Canadian Automobile Appraisal and Insurance Links - Lant Insurance

                You can get rough appraisals for current from Canadian Black Book website.

                Thank you DT ! thats exactly what I was hoping for. Will look into it. Correct me if I am wrong but the mileage of the vehicle should have been recorded on the ownership when I bought the car, no ? If so, I can contact MOT and retrieve the information.

                Comment


                • #9
                  Originally posted by plainNamedDad44 View Post
                  That may work. I would have to find a used car guide from 1999, for a 1996 vehicle. I will look into it. I still have to address mileage and condition.

                  Thank you for the responses.
                  Depends on the type of car that needs to be evaluated.

                  - 1996 Porsche 911 933 Turbo / 550 HP - 79,800 on AutoTrader.
                  - 1996 Doge Viper - 59,900
                  - 1996 Bentley Azure convertable - 49,900
                  - 1996 BMW Z3 Aniversary - 12,500

                  A vehicle that is from 1996 is not considered a "classic" so if you have a high end luxury car it is easy to get done. You can always use the black book to get the value. Justices often accept the black book value.

                  Canadian Black Book Car Values, New & Used Cars, Vehicle Prices.

                  I have to admit, I am curious to know what kind of 1996 vehicle would require an appraisal.

                  Good Luck!
                  Tayken

                  Comment


                  • #10
                    Originally posted by Tayken View Post
                    Depends on the type of car that needs to be evaluated.

                    - 1996 Porsche 911 933 Turbo / 550 HP - 79,800 on AutoTrader.
                    - 1996 Doge Viper - 59,900
                    - 1996 Bentley Azure convertable - 49,900
                    - 1996 BMW Z3 Aniversary - 12,500

                    A vehicle that is from 1996 is not considered a "classic" so if you have a high end luxury car it is easy to get done. You can always use the black book to get the value. Justices often accept the black book value.

                    Canadian Black Book Car Values, New & Used Cars, Vehicle Prices.

                    I have to admit, I am curious to know what kind of 1996 vehicle would require an appraisal.

                    Good Luck!
                    Tayken
                    Thank you Tayken,

                    So in your examples above, those are the appraised values of the vehicles in 1999 ?

                    Comment


                    • #11
                      Originally posted by plainNamedDad44 View Post
                      Thank you Tayken,

                      So in your examples above, those are the appraised values of the vehicles in 1999 ?
                      Those are autotrader.ca examples for 1996 vehicles at current market value as an asking price.

                      Often, listings can be used to establish value.

                      If you brought the vehicle "into the marriage" it may be a situation where the other party can't make a claim against the premarital asset.

                      If you have a car that is worth more than 50,000 I highly recommend you retain a barrister and solicitor to seek legal advice. The people providing advice on this site are NOT lawyers to fully inform you. Your best advice on anything regarding family law is from a qualified lawyer who is registered with the Law Society of Upper Canada and in good standing.

                      Good Luck!
                      Tayken

                      Comment


                      • #12
                        Originally posted by Tayken View Post
                        Those are autotrader.ca examples for 1996 vehicles at current market value as an asking price.

                        Often, listings can be used to establish value.

                        If you brought the vehicle "into the marriage" it may be a situation where the other party can't make a claim against the premarital asset.

                        If you have a car that is worth more than 50,000 I highly recommend you retain a barrister and solicitor to seek legal advice. The people providing advice on this site are NOT lawyers to fully inform you. Your best advice on anything regarding family law is from a qualified lawyer who is registered with the Law Society of Upper Canada and in good standing.

                        Good Luck!
                        Tayken
                        I do recall a similar discussion a few months back. If the vehicle has gained in value, i.e. its is a collectable car, then the gain in value can be split, unless you can go out of your way to show exclusive use etc. Splitting the depreciation if it has lost value would be substantially more difficult.

                        And yes, I'm not a lawyer, but I do work in the automotive field, and Black Book values would be a starting basis for valuation, assuming you can't demonstrate what you actually paid for it in 1999. Surely there must be a cancelled cheque?

                        Comment


                        • #13
                          Originally posted by DowntroddenDad View Post
                          I do recall a similar discussion a few months back. If the vehicle has gained in value, i.e. its is a collectable car, then the gain in value can be split, unless you can go out of your way to show exclusive use etc. Splitting the depreciation if it has lost value would be substantially more difficult.

                          And yes, I'm not a lawyer, but I do work in the automotive field, and Black Book values would be a starting basis for valuation, assuming you can't demonstrate what you actually paid for it in 1999. Surely there must be a cancelled cheque?

                          The car was sold during the marriage at a much lower price. Correct me if I am wrong please, but this sale during marriage at lower price (depreciation) should be irrelavent to calculation of NEP. Right ?

                          Comment


                          • #14
                            Regarding what you paid, your bank can provide statements for any date, so you don't need a cancelled cheque, just ask for the appropriate year/month and refer to the statement. You would only need the cancelled cheque if the other party is disputing your claim, which would be absurd IMHO.

                            Banks regularly provide back statements for divorcing clients and this should be no problem for your bank.

                            Regarding the black book value, I would just go with that. Again, unless the other party is disputing it, there is no reason to not simply enter this value in good faith. If they dispute it, then have them pay to research the actual appraised value in order to prove you wrong.

                            The practical reality of the NFP is that we can only guess what the dining room table is worth, we are rarely in a position to prove it. The same with 15 year old cars. Two parties should be able to come to agreement based on reasonable estimates, otherwise you will be spending $10,000 in legal costs to argue over $1,000.

                            Comment


                            • #15
                              If you sold it at a substantial loss, are you going to try and have that loss shared for the NFP? That would seem a bit cheeky to me, unless you sold it in order to finance something for the both of you, and at her insistence or direction.

                              Comment

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