Every vehicle is different and there is no one price or value for that vehicle. Only Kelley Blue Book ( www.kbb.com ) offers consumers the easiest and most accurate way to determine your exact vehicle's value, with the 27-point Vehicle Condition Quiz. The Kelley Blue Book Vehicle Condition Quiz will accurately assess the value of your car for your tax purposes, not the average value of a car 'like yours.'
If you donate a car to a charitable organization, YOU must determine its fair and accurate market value based on its condition at the time of the donation. The fair market value of your vehicle cannot be determined by a charity, as the IRS considers that to be a "conflict of interest." A charity's tax receipt is, however, proof that you made the donation. If the vehicle has a value of $5,000 or more, then a certified vehicle appraiser must determine the vehicle's value.
"It's important at tax time to accurately assign the most appropriate value to your donated vehicle, not a round-about average of a similar vehicle. Every car is different," said Charlie Vogelheim, executive editor of the Kelley Blue Book. "A walk-around assessment of your vehicle and knowing what you need to look for will help you provide an accurate value and all the documentation you need for your tax filing purposes."
For additional documentation in your tax filing, consumers should print the IRS-accepted Kelley Blue Book vehicle pricing report with a photo of the vehicle, a detailed description of its standard and optional equipment, as well as the 27-point Vehicle Condition Quiz to show credible evidence of the vehicle's condition at the time of the donation.
How to Access the Kelley Blue Book Vehicle Condition Quiz
To access the Kelley Blue Book Vehicle Condition Quiz and assign an appropriate value to your donated vehicle, start by logging on to http://www.kbb.com/ .
Click on: "What's My Blue Book Value?" and then "Private Party Value." Next, select the year, make and exact model of your vehicle.
You also need to fill in the exact mileage on the car and the zip code in which you will be stating that you live on your tax return.
To help further define your specific vehicle's value, make sure you accurately select the options on your vehicle. These could include a sunroof, leather interior, power windows and door locks, etc. Check these boxes correctly according to your car and check all that apply.
The bottom box is entitled "Select Vehicle Condition" Choose "Help Me," which is the last box on the right. This is important in order to accurately get what the IRS deems as the "fair market value" for your vehicle.
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, and other important factors in rating your vehicles current condition. Choose one rating for each. Do not skip any of these questions. Print this page to show the IRS that you took the vehicle's current condition into consideration when placing a value on it.
When finished, click on "Get Pricing Report" at the bottom of the page. You will then receive the Kelley Blue Book "Private Party Value" for your car in its current condition. This will be the value you will use for your donated vehicle. You should print a few copies of this page for your tax records and the IRS.
Answers to donation questions from IRS publication 526 for charitable contributions, easy links to IRS tax forms for vehicle donations and tips on donating a vehicle are also available at http://www.kbb.com/kb/ki.dll/ke.kb.sp?kbb&&395&article_donating;article .
About Kelley Blue Book
Kelley Blue Book's kbb.com has been named first visited and No. 1 automotive site according to J.D. Power and Associates five years running and is the most trusted vehicle information resource, providing comprehensive automotive research tools and up-to-date pricing on thousands of used and new vehicles. Since 1926, car buyers and sellers have relied upon Kelley Blue Book for timely and accurate information to make well-informed automotive decisions. The company also offers objective vehicle pricing via products and services for both the auto industry and consumers, including the famous Blue Book Official Guide, software and the Internet. Rated No. 1 automotive information site by Nielsen//NetRatings, no other medium reaches more in-market car-buyers than kbb.com; one in every four people who purchase vehicles visit Kelley Blue Book.
SOURCE: Kelley Blue Book
CONTACT: Robyn Eckard of Kelley Blue Book, +1-949-770-7704, ext. 8349,
reckard@kbb.com
Web site: http://www.kbb.com/
FAQs
The Kelley Blue Book Vehicle Condition Quiz will accurately assess the value of your car for your tax purposes, not the average value of a car 'like yours. ' If you donate a car to a charitable organization, YOU must determine its fair and accurate market value based on its condition at the time of the donation.
How accurate is Kelley Blue Book value? ›
The accuracy of KBB values can vary depending on several factors, such as the condition of the vehicle, its location, and the current market demand for that particular make and model. KBB values are based on a number of factors, such as the car's make, model, year, mileage, condition, and features.
How do I find the exact value of my car? ›
To find the value of your car, you can use pricing guides like Edmunds or Kelley Blue Book which can give you an estimate of your car's value based on its age, mileage and other conditions and features.
How do I value my car for tax purposes? ›
Look up the fair market value of your car in a used-car guide such as the Kelley Blue Book. Find the make, model and year for your car and use the listed private-party value for the overall condition of the vehicle.
Which is more accurate Kelley Blue Book or Nada? ›
KBB factors in the condition of the vehicle, local market conditions, and popularity of the vehicle, so their prices tend to be a lower than NADA. NADA values tend to lean higher because they assume cars are in good conditions. Insights can be gained from both values, but KBB looks at more factors.
Who gives the most accurate car value? ›
Since 1926, Kelley Blue Book has been one of the most trusted names in the auto industry.
How accurate are NADA values? ›
Are NADA Guide Values Accurate? NADA Guide values are considered by many to be overinflated, due to the fact that they don't factor in the condition of the vehicle. However, many dealerships and consumers still use these guides to get an idea about what their car is worth.
What is fair market value of a car? ›
'Fair market value' is the highest price that a willing buyer would have paid to a willing seller, assuming: 1. That there is no pressure on either one to buy or sell. 2. That the buyer and seller are fully informed of the condition and quality of the car.
Can I find the value of my car by the VIN number? ›
Vehicle valuation reports use the VIN of a vehicle to estimate its current market value. VIN valuation reports are one of the best ways to determine car value. VINsmart compiles data from industry leaders such as J.D. Power and Blackbook to provide the most accurate value report possible.
Is fair market value the same as trade in value? ›
According to the Internal Revenue Service, a FMV is an estimate of the sales amount that a private seller and buyer would agree to for a vehicle. In contrast, a trade-in value is what a dealership would offer.
It is Kelley Blue Book's estimate of what a consumer can reasonably expect to pay this week in their area for a new vehicle configured with their selected options. It includes destination charges, but excludes taxes, title, fees and any available special offers.
How to determine the fair market value of a car for the IRS? ›
IRVINE, Calif. Every vehicle is different and there is no one price or value for that vehicle. Only Kelley Blue Book ( www.kbb.com ) offers consumers the easiest and most accurate way to determine your exact vehicle's value, with the 27-point Vehicle Condition Quiz.
Do banks use NADA or KBB? ›
This is very situational though, and it's up to an individual lender and their underwriting policies. Loan value varies based on option, mileage and color, among other things. Some banks use Kelley Blue Book to establish their loan values, others use BlackBook and some use NADA guides.
Why is my carfax value different from kelly blue book? ›
Rather than focus as much on market conditions, regionality and seasonality, CARFAX looks to the vehicle itself for the keys to its valuation. CARFAX is a subsidiary of IHS Markit, a London-based information provider. CARFAX is not affiliated with Kelley Blue Book or Cox Automotive.
Do dealers use a different KBB? ›
While Black Book is mostly used by dealers, Kelley Blue Book (Not spelled Kelly Blue Book without the “e”) is mostly used by individuals looking to trade in or sell their vehicles.
What is the most accurate car value website? ›
For over 90 years, Kelley Blue Book has been The Trusted Resource for used car values, helping car owners understand what their used car is worth. Depending on the method of disposal, there actually may be more than one Blue Book Value for the consumer's car, truck or SUV.
Why is my CARFAX value different from kelly Blue Book? ›
Rather than focus as much on market conditions, regionality and seasonality, CARFAX looks to the vehicle itself for the keys to its valuation. CARFAX is a subsidiary of IHS Markit, a London-based information provider. CARFAX is not affiliated with Kelley Blue Book or Cox Automotive.
How often do KBB values change? ›
We update or verify Trade-In Values, Private Party Values and the used car Fair Purchase Price at least once a week. However, an update doesn't necessarily mean that every vehicle will change in value.
Do banks use Kelley Blue Book? ›
On the West Coast, many financial institutions use Kelley Blue Book's WHOLESALE LENDING value as the standard of what amount to loan on a particular vehicle. In many cases, for these institutions to even begin the loan process, they must have a document showing KBB's WHOLESALE LENDING and RETAIL values.
