Even if someone is not in the market for a new or used vehicle, they are likely to feel the effects of that strained market when they go to renew their registration this year.
Vehicle production and sales has been one area of the economy affected most throughout the COVID-19 Pandemic. Constraints on new vehicle production and inventory have led to higher transaction prices.
Carmen Swim is the Property Valuation Administrator for Rowan County. She says that has led to an increased interest in the used vehicle market.
A memo from the Commonwealth’s Department of Revenue last week says vehicle valuations are up an average of 40% from the same time last year. Swim says there are a couple of ways for someone to have their vehicle value lowered. One is to have proof of high mileage.
Swim says the value can be lowered if the vehicle has physical or mechanical damage as well, but an estimate for repairs from a legitimate mechanic or body shop is required for that adjustment. She also believes that while the average value increase for vehicles is 40%, most owners will not see that significant of an increase.
Any residents in Rowan County wanting more information is encouraged to contact the PVA office.