Subdivision 1. Noncollector vehicle.
Purchase or use of a passenger automobile as defined in section 168.002, subdivision 24 , shall be taxed pursuant to section 297B.02, subdivision 2 , if the passenger automobile (1) is in the tenth or subsequent year of vehicle life, and (2) does not have a resale value of $3,000 or more, as determined using nationally recognized sources of information on automobile resale values, as designated by the registrar of motor vehicles.
Subd. 2. Collector vehicle.
A passenger automobile that is registered under section 168.10, subdivision 1a , 1b, 1c, 1d, or 1h, or a fire truck registered under section 168.10, subdivision 1c , shall be taxed under section 297B.02, subdivision 3 . If the vehicle is subsequently registered in another class not under section 168.10, subdivision 1a , 1b, 1c, 1d, or 1h, within one year of the date of registration under those subdivisions, it shall be subject to the full excise tax imposed under subdivision 1.