How do I find the fair market value of my car?

Annual Lease Valuation (ALV) Method. The final method for determining fair market value of the personal use of a vehicle is the Annual Lease Valuation method. In short, this method determines fair market value by multiplying the annual lease value of a vehicle by the percentage of personal miles driven in a given year.

What is the best way to price a used car?

There are two websites that can help you determine a fair value for your car: ​kbb.com and Edmunds.com. Both will tell you the car’s trade-in worth, its private sale value and how much the dealer could expect to sell it for. That last price really demonstrates the absolute highest value you expect to get for the car.

Are used car prices dropping 2020?

A new survey from online marketplace iseecars.com found that the average transaction price for a used vehicle from the 2020 to 2021 model years in April was 1% less than the list price for a new version, that’s down from 1.3% higher in January and represents a discount of $454.

Which is more accurate Kelley Blue Book or Edmunds?

Edmunds: This website offers an appraisal engine that includes five car condition categories compared with KBB’s four. This can be helpful—or generate confusion—depending on how realistic you are about your car’s condition. Many experts believe Edmunds’ values are more accurate than KBB’s.

Is trade in value the same as fair market value?

Is trade-in value the same as fair market value? Your car’s trade-in value is the estimated amount you can expect to receive from a dealer for your car. The fair market value is the value of your car if you were to buy it today.

Why are used car prices so high?

A lack of new cars right right now inevitably means a lack of near-new used car stock for the next year, and shortages of 1-3 year-old cars for the next few years. Most used car retailers are reporting a combination of high demand and low stock, which is pushing used car prices to record levels.