How Do You Receive Fair Market Value?
The fair market value of an item is determined by reference to how much like items have sold for in the very recent past; that is, the current market price of an item. With mass-market goods, such as cars and computers where there is a large secondary market, the approximate fair market value can be determined easily by reference to recent sales of like items. And there are many sources of information available today about prices of goods in secondary markets, but it is more difficult to determine fair market value for other more unique and less frequently sold items, such as real estate or jewelry. Research the car you are trying to sell. Careful and thorough research is the only way to truly determine fair market value. Year, make, model and mileage are the most important factors in determining the value of a car, but condition is also important and is the one somewhat subjective criteria. A great deal of research can be done using the Internet and other basic resources, such as the
