How to Determine the Fair Market Value of a Vehicle?

There are certain times when you will need to know the fair market value of your vehicle. If you are getting ready to trade the vehicle in for a new car, for instance, you will want to know the trade-in value before you get to the car lot. If you are selling the vehicle yourself or giving it away to charity, you will need to know the private party value of your vehicle. Kelly Blue Book makes it very simple to determine the fair market value of a vehicle right on its website.

Instructions

1. Write down your car's mileage. While you are in there, grab your owner's manual. You might need it later.

2. Go to the Kelley Blue Book homepage (see Resources), and click on "Year, Make and Model" under "Used Cars." This will start you through the process of determining your car's fair market value.

3. Select the year of your vehicle and the vehicle's make and model. Click "Go" to continue through the process.

4. Choose the fair market value that you want the system to display. Select "Trade-In Value" if you are about to take it to a car lot, or "Private Party Value" if you will be selling the car or giving it away.

5. Add all of the car's details. The next few pages is where you will put in the mileage, plus engine type, transmission type and more. If you have your owner's manual with you, the questions will be easy to answer. Enter your Zip code when it is requested. Your car value does vary by location.

6. Rate the condition of your car. You will rate the exterior condition, interior condition and mechanical condition. If you aren't sure where your vehicle falls, there is a "Get Help" option that will explain in more detail how to decide on a rating for your car. When you are finished, click "Get Pricing Report." This will give you your requested car value. This page can be printed for your tax records.

Resources

• Kelley Blue Book