The book value of a vehicle is the current market value or how much your vehicle would be worth if it were sold today. There are many reasons why you may need to find the book value of your vehicle. For example, if you are using the bonded title process, the amount of the bond typically is based on the book value of the vehicle. Here are a few ways you can find the book value of your vehicle.
National Automobile Dealers Association (NADA)
The National Automobile Dealers Association (NADA) is a great source for finding the book value of vehicles. NADA has two separate publications: The Official Used Car Guide and its online version, NADAguides.com. Both publications contain detailed information on how to determine the total cost of purchasing, owning, and selling a vehicle. Many states even request that drivers use the NADA book value for their vehicle valuation, although other books may also be permitted.
Kelley Blue Book
The Kelley Blue Book is another great source to find the book value of your vehicle. This resource is available in print or online at KelleyBlueBook.com and provides detailed information about specific models and makes as well as general information about used car buying and selling practices.
Edmunds.com is another online resource for finding the value of vehicles. The site also has online forums where people discuss their cars and offer advice on buying used vehicles. Here, you can find out how much other people paid for similar vehicles and whether or not they got a good deal or overpaid for their car.
If you have insurance coverage, your insurance company may be able to give you an appraisal of your car. This is usually done through their website or app. Simply enter in all the information about your vehicle and they will give you an estimate of its value.
The DMV appraisal is another way to determine how much your car is worth. However, this option may not always be available because it depends on where you live and what type of vehicle you have. To get an official DMV appraisal, visit your local DMV office with all the required documentation (registration and proof of ownership). You will need to fill out an application form and provide proof that you own the car in question (such as registration papers). The DMV appraiser will then check local publications for similar used cars with comparable mileage, condition, and options as yours before coming up with a price range for your car.
While there are a variety of ways to determine the value of your vehicle, it’s important to note that not all book values are created equal. The right method to determine the book value of your vehicle rests in the reason why you need the book value, to begin with. The Vermont title process requires the use of the NADA book value, while an insurance claim may require an insurance appraisal to get an approved book value. Check the requirements of your scenario before determining your book value to save money and avoid misrepresenting your vehicle’s value.