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Updates for 2019
CT DMV gave us a file earlier this year of all trailers registered in CT. We reviewed it and were able to classify more trailer types for the Vin Decode program.
The CT DMV file also had sales data so we analyzed sales data for trailers types of 2017 and 2018 trailers that we were able to id with the program and used it to update the trailer pricing tables. We have a number of attachments to share with you.
Attachment #1 – Trailer sales for 2019 GL…) has a tab of 2017 and 2018 sales data for each trailer type in the program that we identified. Please keep in mind CT DMV sales data is after any trade in vehicle is deducted so odd ball low sales could include a traded in trailer.
Attachment #2 – (Summary of avg trailer sales prices…) shows the 2018 and 2019 “cost new” tables for various trailer types in the trailer program so you are aware of the updates. Columns E, F, G, H,and I of the attachment are summaries from Attachment #1 if you wish to compare the cost tables to average sales prices from CT DMV.
Attachment #3 – (vin decode 2019 pricing schedules) are 2019 trailer schedules to printout if you want a hard copy of values or want to price any trailers manually using the same schedules as the program.
For anyone who is uses the program but uses schedules different than those loaded in the program, this year’s update will overwrite your tables so you will have to reenter your desired table changes. For example, if you use $710 minimum value for utility trailers instead of the program’s $300 minimum, then you should make that table change after you load the update and before you import your 2019 trailers.
We added a pricing schedule for dump trailers this year based on average sales prices in Attachment #1. If you previously priced dump trailers as utility trailers or flatbed trailers and wish to change their pricing to dump trailers, the program will not automatically change that so you will need to manually change the “Price As” to dump trailer for each trailer. Newly identified dump trailers will be priced accordingly.
We also added a pricing schedule for Wood Chippers for 2019 based on the sales in Attachment #1. We used $6/lb gross weight as a “Cost New” base and the cost new ranges from $6 – $7 for all chippers > 3,000 lb gross weight. We used the same 20 year/18% depreciation schedule for them. Please give us your feedback if your research or experience indicates these are not reflective of market values for wood chippers.
Attachment #4 – These trailer notes will hopefully be helpful to those employees who are new to the association have a better understanding of trailer data and also make trailer pricing a little easier for new users of Vin Decode program.
Attachment #5 – A number of assessors have complained over the years that the incomplete adds for heavy trucks hasn’t accurately captured enough value for the very heavy trucks so we changed the Light/Medium/Heavy classifications for trucks in the truck program to vehicle weight classes 1 – 8 to match NHTSB recognized classes. We incorporated values for these classes in our updated 2019 “Cost New” values. They are shown in this attachment. For assessors who feel the 2019 prices are too low, the 8 classes should give you more flexibility to modify the tables to whatever you feel more accurately reflects market value.
We also added a new school bus schedule to the truck program for 2019 GL. The prices are shown in a second tab to attachment #5. There are two school bus depreciation options loaded in the program. They are both 15 year depreciation schedules. One is a 2% good table. This is a modified version of attachment #6, which was given to us by the Old Saybrook assessor’s office in 2016. The other depreciation table is the 15% good table we use in West Hartford. If you wish to change the school bus schedule to match the schedule you have been using in your office, please change the tables after you load the 2019 update and before importing your 2019 trucks. Then manually check the depreciation selection of each school bus to confirm it is the one you want.
Attachment #7 – Is a file of various truck sales for your reference, if you would like to review it when pricing your 2019 list.