Which value is more accurate Kelley BB or Edmunds
Hello Everyone:
Which values did you use to get a value on your car? Edmunds or Kelley Blue Book. I have a '98 Nissan Altima with about 50K miles on it. My car is in fair condition (3 stars according to KBB - has some mechanical or cosmetic work to be done) KBB is quoting $3,135 Trade In Value $4,900 Private Party or if it were in Excellent Condition Dealer Retail $7,865.
After entering my car info on the Edmunds website the used car appraiser states that my car is worth - Trade in: $3,374, Private: $4,153 or Dealer Retail: $5,077.
I was always under the impression to use the Trade in Values. However the KBB Trade In Value is $235 cheaper than Edmunds. Should I just add the 2 values by both sources and then divide it and write down the avg for my car's value? If I did this then my car is worth $3,255.
Also I still owe money on this car about $3,200 - so does this mean that the only "equity" that I have in this car is $55.00? In NY you can keep a car up to the value of $2400. Since I still owe I figure that I can write down the difference between the present value of the car minus any $$ I owe on the lien the bank has on my car. Please clarify.
Code 522 Exemptions:
(a)(2) Value: means fair market value as of the date of the filing of the petition or with respect to property that becomes property of the estate after such date, as of the date such property becomes property of the estate. - I managed to write this down somewhere I hope I quoted it right.
Thanks,
sbb
Which values did you use to get a value on your car? Edmunds or Kelley Blue Book. I have a '98 Nissan Altima with about 50K miles on it. My car is in fair condition (3 stars according to KBB - has some mechanical or cosmetic work to be done) KBB is quoting $3,135 Trade In Value $4,900 Private Party or if it were in Excellent Condition Dealer Retail $7,865.
After entering my car info on the Edmunds website the used car appraiser states that my car is worth - Trade in: $3,374, Private: $4,153 or Dealer Retail: $5,077.
I was always under the impression to use the Trade in Values. However the KBB Trade In Value is $235 cheaper than Edmunds. Should I just add the 2 values by both sources and then divide it and write down the avg for my car's value? If I did this then my car is worth $3,255.
Also I still owe money on this car about $3,200 - so does this mean that the only "equity" that I have in this car is $55.00? In NY you can keep a car up to the value of $2400. Since I still owe I figure that I can write down the difference between the present value of the car minus any $$ I owe on the lien the bank has on my car. Please clarify.
Code 522 Exemptions:
(a)(2) Value: means fair market value as of the date of the filing of the petition or with respect to property that becomes property of the estate after such date, as of the date such property becomes property of the estate. - I managed to write this down somewhere I hope I quoted it right.
Thanks,
sbb