N.M. Admin. Code § 3.11.4.14
With respect to transfers in which the parties are related and to other non-arm's-length transfers, the price paid in itself cannot be relied upon to indicate the market value of the vehicle transferred. In such cases the department will presume that the reasonable value of the vehicle transferred is no less than the average trade-in (wholesale) value for the make, model and year of the vehicle reported by the National Automobile Dealers Association (N.A.D.A.) at the time of transfer. For vehicles not covered by the applicable N.A.D.A. guide, the comparable value reported by any comparable guide may be used. The taxpayer may rebut the presumption by presenting evidence sufficient in the opinion of the director, motor vehicle division, to establish a lower value. Evidence that merely establishes or confirms the price paid is not evidence of reasonable value. 3.11.4.14 NMAC does not apply to voluntary transfers without consideration or to transfers by operation of law.
N.M. Admin. Code § 3.11.4.14