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Fair Market Value

You must use the countable fair market value to help determine the value of licensed vehicles. Document both steps in FACS.

  1. You must first determine the vehicle's fair market value. Do not consider whether there any encumbrances.

  2. Use the average trade-in value listed in the National Automobile Dealers Association, other blue books, or a website that provides market values free of charge.

    Potential websites are

    CarPrices (www.carprices.com),


    Edmund's (www.edmunds.com),


    Kelley Blue Book (www.kbb.com), and


    NADA (www.nada.com).    

    When valuing a vehicle, do not increase a vehicle's value by adding the value of low mileage or optional equipment.


    The above webpages require you to enter the mileage or assume an average mileage. To avoid increasing the value, compare the vehicle's actual mileage to 12,000 for each year of use. Use whichever is greater.


  3. Subtract $4,650 from the market value. This is the countable market value.   
  4. For example,

    if a vehicle is worth, $6,000, $1,350 is the countable market value ($6,000-$4,650=$1,350).


    if it is worth $4,650 or less, the countable market value is zero.

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