What is the fair market value of an automobile?
Fair market value of a vehicle refers to the amount of money it would sell for on the open market. This value is useful in determining what an individual should sell a vehicle for or what the insurance replacement value of a vehicle is.
Is fair market value the same as KBB?
The Fair Market Range reflects the range of prices that Kelley Blue Book estimates most people will pay for a specific vehicle this week based on its year, make, model and style.
What is the definition of market value for a car?
Market value means the value of your car just before an incident (like if your car’s stolen or damaged in a fire). We use things like local market prices, your car’s age, its condition, and any modifications or accessories/extras.
What does Kelly Blue Book consider fair condition?
Fair condition means that the vehicle has some mechanical or cosmetic defects and needs servicing but is still in reasonable running condition. This vehicle has a clean Title History, the paint, body and/or interior need work performed by a professional. The tires may need to be replaced.
What does the fair market value of a car mean?
Fair market value of a vehicle refers to the amount of money it would sell for on the open market. This value is useful in determining what an individual should sell a vehicle for or what the insurance replacement value of a vehicle is. Many criteria are considered when determining the fair market value of a vehicle.
How to determine market value on your car?
Method 1 of 3: Calculating Your Car’s FMV. Go to Edmunds (www.edmunds.com) or Kelley Blue Book (www.kbb.com).
How do you calculate the value of a car?
Calculate the market value by adding the retail and trade-in value from one source and dividing by two. For example, the retail value of your car is $8,000 and the trade-in value is $6,000. Add these two numbers together to get $14,000. Divide by 2 and your market value is $7,000.
What is the true value of a car?
true value. It is the ‘value’ that the buyer is willing to pay for an item especially a second-hand or used vehicle; usually “true value” is a fixed price tag on any used vehicle after assessing it’s value based on it’s condition and usage.