Kelley Blue Book, or KBB is a common method to value a vehicle, whether that's a car or a motorcycle. If KBB doesn't have any information on your car or bike, don't worry. There are other online resources you can use to determine its value, including NADA, Edmunds, Craigslist or any other websites where vehicles are bought and sold. You can also take your vehicle to a dealership or a place like Carfax and ask how much they'd pay you for it.
What if my car is totaled or needs substantial repairs?
If your vehicle needs repairs, the easiest way to account for this is by getting an estimate for how much the repair work will cost and subtracting that amount from the car's value. So, if you've determined that your car is worth $3,000 but you know that it needs about $500 worth of work that KBB isn't taking into consideration, the car's real value is $2,500.
What if 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 and their professionals have this information and you don't have to worry about what it means for the value of your car.
Conclusion
Remember, the value that you're trying to determine is how much the car or motorcycle could be sold for. And, since you're probably not in the business of buying and selling cars, to give the trustee the information they need to make their own educated guess about your vehicle's resale value.
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