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Old 10-15-2017, 06:00 PM   #1
South
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Appraisal for engine swapped car question



My friend has a car older than 20 years. So it will need appraisal for registration.
He doesn't know whether to get it appraised before he does an engine swap upgrade or after.

Will MTO tax the appraised value?
He wants full coverage on it too, will insurance recognize the engine swap value?
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Old 10-19-2017, 04:38 PM   #2
Sea Aych
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Just get two appraisals!
MTO just needs their green form filled out, and there's tons of licensed guys on kijiji that will do it, some even with mobile service coming to your house. Sixty to eighty bucks or so and they say they'll keep the number low but reasonable - even says so in the ads pretty explicitly. So with that in mind i'd say appraise it before you swap the engine.

For insurance, some providers often require an independent one, so you can find whoever you want and make sure you get the highest number you want that reflects what you feel is the value of the car and the work put into it (which would obviously be different than the wholesale value the gov't wants)! Either way, I don't think you're obliged to use the same appraisal (but please correct me if i'm wrong!).

Last edited by Sea Aych; 10-19-2017 at 05:02 PM. Reason: ninja edit - misread your question slightly
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Old 10-20-2017, 12:01 AM   #3
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^that was helpful thankyou
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Old 10-20-2017, 11:25 AM   #4
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Old 10-20-2017, 07:01 PM   #5
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The tax paid is based on the purchase price or wholesale value (whichever is higher). Appraisal value does not affect it.

Most of the typical insurance companies would not insure heavily modified cars (e.g. engine swap) as a daily driver. He will need to shop around. If he finds one, then they would most likely go with a very low car value due to the age. He would need an appraisal if getting a policy with an agreed upon value.

The hobby insurance would need an appraisal but not permit use as a daily driver.
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Old 10-20-2017, 08:02 PM   #6
dbworld4k
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Quote:
Originally Posted by GeoS View Post
The tax paid is based on the purchase price or wholesale value (whichever is higher). Appraisal value does not affect it.

Incorrect. An appraisal, using the Ministry’s own forms, completed by a MTO licensed appraiser, is what is used to determine the value used to calculate HST.

If an appraisal is not done (as with 99% of normal car registrations), then it’s paid on the purchase price or wholesale price, whichever is greater.
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Old 10-22-2017, 06:12 PM   #7
Sea Aych
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Quote:
Originally Posted by GeoS View Post
The tax paid is based on the purchase price or wholesale value (whichever is higher). Appraisal value does not affect it...
Quote:
Originally Posted by dbworld4k View Post
Incorrect. An appraisal, using the Ministry’s own forms, completed by a MTO licensed appraiser, is what is used to determine the value used to calculate HST.

If an appraisal is not done (as with 99% of normal car registrations), then it’s paid on the purchase price or wholesale price, whichever is greater.

To echo that, cars over 20 years old will always need the appraisal if you're registering it as a regular car in Ontario.
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