1500.6.3.1 Determining Fair Market Value (FMV)

When determining the Fair Market Value (FMV), use the wholesale or average trade-in value, not the retail value. Do not adjust the value based on: mileage, options, or special equipment.

FMV is usually found from vehicle pricing sources, such as the NADA Used Car Guide.

Accept the value the household gives for older vehicles no longer listed in the NADA book, unless the: estimated value is questionable, and the value will affect the household’s eligibility.

Verify new car or questionable FMVs not listed in the NADA book using other reputable sources, such as, but not limited to a car dealership.

Verify the FMV using a reliable source familiar with these types of vehicles: classic, antique, or custom built.

Allow the household the opportunity to provide proof of a lower FMV when the household disputes the assigned value.

CATN your source for the FMV used in your determination, as values may change in the future.