Got a somewhat unusual fair/current market value question for Californians that have sold (or gifted to direct family members – parents/children/siblings/etc) nearly new (but used) cars where Kelley Blue Values aren’t available because the vehicle is too ‘new’ to be in KBB system. Basically – what method did you use to arrive at the fair or current market value for California DMV forms? Carmax/Carvana/Edmunds/Car Gurus/other? My situation – I live in SE Louisiana and have a 2026 Prius LE FWD purchased new in October 2025 from a Louisiana Toyota dealer. Recently was able to pay it off and will be getting the title in my name only (no lienholder) in a few weeks. I will then be driving it to Socal area and transferring the title to my daughter who lives in LA area. So it will be a family transfer as a gift, exempt from Use Tax, and I’ll be filling out Statement of Facts (REG 256). At the time of transfer to her it will only have about ~2500 miles on the odometer. I’m struggling with what to use as the ‘current market value’ in REG 256. There is no KBB value available (2026 Prius not in their system). There is no NADA value available either for the same reason. The Edmunds estimated value in her Socal zip code area is from Carmax, and is a $7000 range (the $30849 is higher than the dealer selling price new from October 2025). Any words of wisdom? I’ll call the California DMV next week and see what they have to say. I’d be perfectly happy to use the mid-point from the above ($27018) but not sure the DMV will accept it as valid methodology for determining current market value.
Your purchase price minus whatever the federal IRS mileage credit ($0.725/mile). Everything here, you can prove and there's no taxes involved. The basis is used to calculate current and future annual registration cost. That way if your questioned on that number; it's a better answer than you plucked it out of the air. IMHO Hope this helps...
Many thanks, I like it, that’s a good example of lateral thinking. That’s a metric I might be better able to justify than a somewhat fuzzy Carmax $ range. Using the selling price from my SE Louisiana dealer (before doc fees, Louisiana sales tax and license fees) minus the 2026 IRS mileage credit is only a couple hundred $ above the $27018 ‘midpoint’ I mentioned above. Whether the California DMV agrees with me using a business use mileage credit in this situation remains to be seen but as you say, it can be tied to a metric that’s hard and fast.
