What happens if you buy an expensive care for very cheap?

Question:
Are there special taxes? What would stop a wealthy person from giving another person a Ferrari and writing up a bill of sales for like $500 so that person doesn't have to pay a gift tax? What about resell?

Answers:

are there any sights where i can buy like new car parts for cheap?

Nothing happens.
If someone sell you a regular expensive car (I don't know about those exotic cars) for $50. You will pay tax on $50.
You may raise a few eyebrows, but it is what it is.
As for resale, you gould then sell it for whatever you want.

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wife wants me to sell my 90 dodge omni?

pending where you live, and what the laws are. here in canada, no matter what we pay for the car, the mto charges the tax from the wholesale value of the car. unless the car is worth less than a $1000, then you pay tax on what you paid.

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Is there any law that protects consumers when buying used cars?

in Texas the state taxes you on the value of the vehicle unless it's more than 10 years old...so you'll have to pay the tax on a 1999 Taurus but only the sales price on a 1962 Ferrari 250gt swb

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