Virginia man warns US drivers after county values 3.5-year-old van at $42,200, far above its real worth
If you’ve ever opened a car tax bill and wondered how your aging vehicle somehow gained value like fine wine, Stephen Martin knows the feeling.
The Amherst County driver says his 2022 Toyota Sienna and a 2016 Ford F-250 are worth far less than what he’s being taxed on, and he’s not convinced the county sees it the same way.
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He might have a point. Used car prices have spiked in recent years. iSeeCars reviewed pricing data on more than 2.6 million three-year-old vehicles and found the typical used car now sits at about $32,635, roughly $9,500 higher than it was in 2019 (1).
Martin says his county is taxing his vehicles as if the market were at its peak. As a result, he says he’s facing assessments that are far higher than what he could sell his cars for.
“This is garbage, something is not right here. Something is messed up," Martin told ABC 13 (2).
He worries he isn’t the only one. Across Virginia, many drivers may be facing the same sticker shock.
Why Martin says the math doesn’t add up
When Martin compared his Amherst County assessment with online pricing guides, the difference was hard to ignore. The county valued his minivan at $42,200, only a few thousand less than what he paid new three and a half years ago.
Edmunds, TrueCar and Kelley Blue Book all placed the van’s current value much lower, landing between $30,000 and $35,000. His truck showed a similar discrepancy.
“I entered all the information as if it were a perfect vehicle. If you go out there, I have a dented tailgate and a dented side,” he said. “So it’s further proof that this evaluation system is flawed.”
The depreciation math backs him up. Cars typically lose about 20% of their value in the first year, 15% in the second and 12% in the third, according to BrokerLink (3). By that measure, a $45,000 vehicle like Martin’s should be worth about:
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Year 1: $36,000
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Year 2: $30,600
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Year 3: $26,928
And depreciation today may be even steeper. Americans are keeping their vehicles longer, with the average car age now 12.8 years, the highest on record, according to S&P Global Mobility (4). Age, mileage, condition and market trends all shape resale value, and for most drivers, prices trend downward over time, not back toward the original sticker price.
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