Car Donation Charity
Fair Market Value
You may be wondering what does Fair market value really mean?
It is the price at which property would change hands with the following conditions:
- between a willing buyer and a willing seller
- neither having to buy or sell,
- both having reasonable knowledge of all the relevant facts.
Determining
the Value of a Car Donation
When you are determining what your used car is worth, you must take into
consideration what shape the car is in at the time of donation. Every
factor has to be examined.
The IRS allows the donor to assess the fair market value of the donated vehicle. The Kelly Blue Book can be helpful in determining the value of your vehicle.
Things to consider
- Mileage
- Condition of Tires
- Sound System
- Any modifications such as engine or exhaust
- Mags or rally rims
- Rust
- Repairs needed
Follow these simple steps and you can find out the fair market value of your car donation.
- When you click onto the Kelly Blue Book home page you will see What's My Blue Book Value? In the top left paragraph. Click on the link called Private Party Value.
- You will then click onto the Year of your car donation.
- On the next page that comes up, click on the Make of your car.
- On the next page that comes up, click on the exact Model of your car.
- The next page will show a series of boxes that require information for example, type of engine, whether the transmission is manual or automatic.
- In the next box (down) you need to fill in the Mileage of your car and your Zip Code.
- Next you will need to check off the various Options that apply to your car. These are things like Power Steering, air conditioning, cruise control, etc. Check all that apply.
- When you get to the bottom box entitled Select Vehicle Condition click on Help Me, which is the last box on the right.
- After choosing "Help Me" click on the bottom button called, "Get Pricing Report".
- On this page you rate the following: Exterior Condition; Interior Condition, Mechanical Condition, Miscellaneous. Each category rates various aspects of the car's condition. There are usually 3 columns for each of these aspects. Choose one rating for each. Do not skip any of these.
- Next you will need to click on "Get Pricing Report" at the bottom of the page.
- This takes you to a page that gives the Private Sale Value for your car rated exactly as it is, in its current condition. It is in your best interest to print this page for your tax record of your car donation.
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