Kentucky Statutes 138.4603 – Determination of motor vehicle retail price for sales on or after July 1, 2014
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(1) (a) Effective for sales on or after July 1, 2014, of:
1. New motor vehicles;
2. Dealer demonstrator vehicles;
3. Previous model year motor vehicles; and
4. U-Drive-It motor vehicles that have been transferred within one hundred eighty (180) days of being registered as a U-Drive-It and that have less than five thousand (5,000) miles;
the retail price shall be determined by reducing the amount of total consideration given by the trade-in allowance of any motor vehicle traded in by the buyer. The value of the purchased motor vehicle and the amount of the trade-in allowance shall be determined as provided in subsection (2) of this section.
(b) The retail price shall not include that portion of the price of the vehicle attributable to equipment or adaptive devices necessary to facilitate or accommodate an operator or passenger with physical disabilities.
(2) (a) The value of the purchased motor vehicle offered for registration and the value of the vehicle offered in trade shall be attested to in a notarized affidavit.
(b) If a notarized affidavit is not available:
1. The retail price of the purchased motor vehicle offered for registration shall be determined as follows:
a. Ninety percent (90%) of the manufacturer’s suggested retail price of the vehicle with all equipment and accessories, standard and optional, and transportation charges; or
b. Eighty-one percent (81%) of the manufacturer’s suggested retail price of the vehicle with all equipment and accessories, standard and optional, and transportation charges in the case of new trucks of gross weight in excess of ten thousand (10,000) pounds; and
2. The value of the vehicle offered in trade shall be the trade-in value, as established by the reference manual.
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 67, sec. 10, effective June 24, 2015. — Created
2013 Ky. Acts ch. 119, sec. 11, effective June 25, 2013.
1. New motor vehicles;
Terms Used In Kentucky Statutes 138.4603
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Year: means calendar year. See Kentucky Statutes 446.010
2. Dealer demonstrator vehicles;
3. Previous model year motor vehicles; and
4. U-Drive-It motor vehicles that have been transferred within one hundred eighty (180) days of being registered as a U-Drive-It and that have less than five thousand (5,000) miles;
the retail price shall be determined by reducing the amount of total consideration given by the trade-in allowance of any motor vehicle traded in by the buyer. The value of the purchased motor vehicle and the amount of the trade-in allowance shall be determined as provided in subsection (2) of this section.
(b) The retail price shall not include that portion of the price of the vehicle attributable to equipment or adaptive devices necessary to facilitate or accommodate an operator or passenger with physical disabilities.
(2) (a) The value of the purchased motor vehicle offered for registration and the value of the vehicle offered in trade shall be attested to in a notarized affidavit.
(b) If a notarized affidavit is not available:
1. The retail price of the purchased motor vehicle offered for registration shall be determined as follows:
a. Ninety percent (90%) of the manufacturer’s suggested retail price of the vehicle with all equipment and accessories, standard and optional, and transportation charges; or
b. Eighty-one percent (81%) of the manufacturer’s suggested retail price of the vehicle with all equipment and accessories, standard and optional, and transportation charges in the case of new trucks of gross weight in excess of ten thousand (10,000) pounds; and
2. The value of the vehicle offered in trade shall be the trade-in value, as established by the reference manual.
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 67, sec. 10, effective June 24, 2015. — Created
2013 Ky. Acts ch. 119, sec. 11, effective June 25, 2013.