Many people use Kelley Blue Book (KBB) to find the value of their motor vehicle, whether it’s a car or a motorcycle. If KBB doesn't have any information on your vehicle don't worry. There are other online resources you can use to determine its value, including NADA, Edmunds, or any websites where vehicles are bought and sold. You can also take your vehicle to a dealership or service center or run a free Carfax report. You can even ask a dealer how much they'd pay you for your vehicle.
What if My Car Needs Substantial Repairs?
If you’re trying to figure out the value of your vehicle and it needs significant repairs, get an estimate for the repair work first. Then subtract that amount from the car's value. So, let’s say KBB says your car is worth $3,000, but you know that it needs $500 worth of work. In this case, you can say your car's real value is $2,500.
What if My Car Was Totaled and I Have a Salvage Title?
If your vehicle was previously damaged and now has a salvage title, it's best to simply note that on your forms. That way, the trustee has this information and you don't have to worry about what it means for the value of your car.
Here’s the main takeaway: When you’re determining your vehicle’s value, you’re really determining how much your car or motorcycle could be sold for. You need to do some legwork to give the trustee the information to make their own educated guess about your vehicle's resale value. That includes looking online or visiting a dealership to help determine your car’s current value, plus accounting for any major repairs the car needs.
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