What is the fair market value of a car?

Question

If I go to kbb, is it the trade in value or the retail vavue or other

Answer 1

Its all of them. The fair market value for trade is what you can expect to get on a trade in.

Retail is what a dealer will sell it for and private sale is what you can expect to sell it to another individual for.

Answer 2

KBB really has nothing to do with it, that is a guide which is artificially high when compared to the real world.

Fair market value is simply what cars similar to yours, same year, make and model, mileage and condition, are selling for in your area.