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You asked: How could a vehicle with more than 100,000 miles go up in value?

BY ANDREW FAISON/CONTRIBUTING WRITER
andrew.faison@tidewaternews.com

FRANKLIN—A vehicle has the possibility of increasing in value if it is considered “low mileage,” said Lynn Beale, clerk for the Franklin Commissioner of the Revenue.

And owning such a vehicle in the city can result in a change in personal property taxes.

To be considered “low mileage,” the vehicle doesn’t hit 100,000 miles until it is at least 15 years old.

In April 1999, City Council agreed to allow the commissioner of revenue to adjust the value of a vehicle, which is based on assessments set by the National Automotive Dealers Association.

“The program was initially instituted because the citizens wanted a break on their taxes,” Beale said. “And this program is for residential or personal use vehicles only. No business vehicles, no boats, trailers, or anything of that nature.”

Tal Drewry, a salesman with Blake Ford in Franklin, said he has not seen a particular vehicle retain value more than another.

“It is my experience the biggest variable comes to the age,” said Drewry, who has sold cars for 23 years.

If two of the same vehicles reach 100,000-mile mark, one after four years and the other after 15 years, the newer vehicle would depreciate more in value, he said.

“The other has the possibility to increase in value slightly only because it is considered low mileage, meaning it has accumulated 10,000 or less miles a year,” Drewry said.

“We never know a vehicle’s exact value until we get the assessment back from NADA,” Beale said.

James Ashby, general manager of Cars and Credit in Courtland, said other than low mileage, Ashby does not believe a vehicle would accumulate value.

“I haven’t seen any particular vehicle go up in value,” Ashby said.

Drewry noted that he has seen pick-ups retain their value more than other types of vehicles.

“I am not sure if that is just for our area only, or if that is a nationwide trend,” he said.

It’s too late to do anything about changing the assessment on a car for 2013, Beale said.

Residents can turn in their odometer reading from an inspection slip or oil change receipt for the 2014 tax year, she said.