How to Determine the Fair Market Value on a Vehicle in New York Stateby Jamie Lisse
If you are selling or donating a vehicle in New York, you will need to assess the fair market value of that automobile. According to the Internal Revenue Service (IRS), the fair market value of an automobile is the price that you would be able to sell it for in your area in the current market. Typically the fair market value of a vehicle is less than the price that you paid for it.
Get an odometer reading from your vehicle. You will find it on the driver's dashboard in the window with the numbers that shows how far the car has been driven since the time it was manufactured. While you are in the vehicle, take note of any special features or customizations that were added by you or the maker as an option, such as a sunroof or in-dash six disc CD changer.
Check the value of the vehicle on the Kelley Blue Book and NADA Guides websites, using the make, model, year, mileage and any special features. Be sure to enter in your New York zip code to get a value that is customized to your location.
See what others in New York are selling a similar vehicle for by looking on the Cars.com and Edmunds websites. Your local newspaper classified ads also will give you information about the asking price of vehicles like yours. Try to look for cars that are in similar condition, also.
Use a calculator to add together all of the different asking prices of others who are selling a similar vehicles in New York. Then divide by the number of cars that you added together. The result will be the average asking price, which you can use as the fair market value of your vehicle in your specific area. Keep in mind that the fair market value is likely different in another location. This means that, if you try to sell the vehicle in a neighboring state, it could have a value of more or less than in New York.