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Old 10-08-12, 10:31 AM   #1
RubenX 
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Car's fair market value

I need to calculate the "fair market value" of my car. According to some online calculators I get 3 different values:

1) Trade in Value: $531
2) Private Sale Value: $950
3) Dealer Value: $1,500

Which one should be considered the "fair market value"? I think is #2 but I'm not sure.
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Old 10-08-12, 10:33 AM   #2
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With that low of a value, it doesn't matter.
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Old 10-08-12, 10:44 AM   #3
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It is worth what someone will pay for it. Your car is famous in Foo. Sell it to one of your fans.
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Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.
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Old 10-08-12, 10:52 AM   #4
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How much will insurance pay if you total it?
BTW...what is it? A yugo? A chevette?
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Old 10-08-12, 10:53 AM   #5
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Wait, is this the Hyundai?
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Old 10-08-12, 10:58 AM   #6
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Quote:
Originally Posted by RubenX View Post
I need to calculate the "fair market value" of my car. According to some online calculators I get 3 different values:

1) Trade in Value: $531
2) Private Sale Value: $950
3) Dealer Value: $1,500

Which one should be considered the "fair market value"? I think is #2 but I'm not sure.
"Trade in value" is (basically) a wholesale value (it's not a "market value").

I'm not sure what "dealer value" is (maybe, it's what a dealer could sell a car with some sort of warranty).

OK. It appears that the "dealer value" is what a dealer (not a private individual) could sell a car for.

http://www.consumerreports.org/cro/2...orth/index.htm

Since you are not a dealer, the "private sale value" is the appropriate price.
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Old 10-08-12, 11:24 AM   #7
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It's good to keep the trade-in value in triple digits!
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Old 10-08-12, 11:25 AM   #8
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How much will insurance pay if you total it?
Anybody have any insight to this? I would hope the 'dealer value'.
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Old 10-08-12, 11:29 AM   #9
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Depends on wording of policy I would think, as far as what they would pay. A call or email to your agent might help place a value on the car, at least for ins. purposes. Also, does the kitchen table / work stand come with the car?
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Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.
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Old 10-08-12, 11:38 AM   #10
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Anybody have any insight to this? I would hope the 'dealer value'.
Yes, they pay you how much it would cost for you to go out and buy the exact vehicle, so dealer price minus deductible.

So in the case of this car, nothing.
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Old 10-08-12, 11:42 AM   #11
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Yes, they pay you how much it would cost for you to go out and buy the exact vehicle, so dealer price minus deductible.

So in the case of this car, nothing.
I was thinking in the case of this car it would be an at-fault party's liability policy paying, so no deductible there at least!
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Old 10-08-12, 11:44 AM   #12
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I was thinking in the case of this car it would be an at-fault party's liability policy paying, so no deductible there at least!

Fl. is a no-fault state....good luck on that plan.
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Old 10-08-12, 11:47 AM   #13
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Fl. is a no-fault state....good luck on that plan.
Seriously? In that case, I need to take my wife's car down to FL and play demolition derby. Because of Mitsu's famous bad paint, her car isn't worth squat, though book value puts it at 6K. Reality is I can't even get 1K out of it.
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Old 10-08-12, 11:51 AM   #14
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Seriously? In that case, I need to take my wife's car down to FL and play demolition derby. Because of Mitsu's famous bad paint, her car isn't worth squat, though book value puts it at 6K. Reality is I can't even get 1K out of it.
you'd be an out-of-state driver.....they'd find a way to blame you.
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Old 10-08-12, 11:52 AM   #15
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you'd be an out-of-state driver.....they'd find a way to blame you.
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Old 10-08-12, 12:01 PM   #16
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Have couch torch it just for fun
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Old 10-08-12, 12:12 PM   #17
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1) Trade in Value: $531 - WHOLESALE
2) Private Sale Value: $950 - WHAT SOMEONE HOPES A SUKKA WILL PAY
3) Dealer Value: $1,500 - RETAIL

Fair market value is between 1 and 2.
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Old 10-08-12, 12:18 PM   #18
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Fl. is a no-fault state....good luck on that plan.
Did it become a no fault state due to heavy lobbying by blind, demented seniors who don't want to be kept off the road?
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Old 10-08-12, 12:19 PM   #19
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Just to update. The Hyundai is fine, I am fine. No accidents or insurance claims... this is just for some financial affidavits I need to fill out.
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Old 10-08-12, 12:59 PM   #20
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Just to update. The Hyundai is fine, I am fine. No accidents or insurance claims... this is just for some financial affidavits I need to fill out.
in that case pick a high or low end depending on which way you want to come across.
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Old 10-08-12, 01:00 PM   #21
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Fl. is a no-fault state....good luck on that plan.
Does that mean that each driver's car is covered only by his own policy? Wow.
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Old 10-08-12, 01:06 PM   #22
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Does that mean that each driver's car is covered only by his own policy? Wow.
honestly, I don't know what it means....I just remember being told at the auto rental desk that it's a no fault state. For all I know, that could have been a sales pitch.
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Old 10-08-12, 01:09 PM   #23
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I was going to start a Kickstarter page so we could buy his Hyundai, as it is a Foo icon.
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Old 10-08-12, 01:35 PM   #24
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I'll kick in 42 cents.
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Old 10-08-12, 02:05 PM   #25
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The online price guides are pure crap. Only way to get true value is an appraisal. Closest thing you could do yourself is to look at the asking prices of the same model similar condition and deduct about 30%.
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