Valuing car in need of repair

[rhp]

My car is worth $6-8K according to kbb.com, but it is in need of repair. The A/C doesn't work, needs new front tires and ball joints, and the check engine light is on (emissions issue). Plus, the car was stolen last year and got $5k in repairs (repainted, body work, etc). Not good for actual resale value, but I own it.

Will the trustee take this into account? Should I get a few repair estimates and note them on Schedule B? I've read mixed things about getting bids from places like carmax or autotrader, but maybe that too?

[randian]

In my BK I asked my dealer to give me an estimate for repairs, which given the cost of dealership work was rather costly (better for me obviously). I deducted that amount from the Kelley Blue Book value to arrive at the value I put on Schedule B. I submitted a printout of the KBB value and copy of the dealer repair estimate with my filing. My trustee didn't question it.

[rhp]

In my BK I asked my dealer to give me an estimate for repairs, which given the cost of dealership work was rather costly (better for me obviously). I deducted that amount from the Kelley Blue Book value to arrive at the value I put on Schedule B. I submitted a printout of the KBB value and copy of the dealer repair estimate with my filing. My trustee didn't question it.

Thanks! I was hoping to hear something like that.

[free2breathe]

Another option is to go to a dealer, explain your situation, and have them give you a written appraisal. They will take into account all the repairs that need to be made and give you a value based on that.

Our trustee asked for either KBB or a dealership appraisal.

[rhp]

Interesting. Thanks!

[carlsbadmike]

You might want to go to 2 dealers for valuation after repairs.

[lblanchette]

My lawyer had me take mine to carmax since they give you the offer right there. That may help as well.

[rhp]

All good advice, thanks! I think I'll get a few to hold onto and see what the trustee asks for.

[discouraged]

My lawyer made me put the kkb price, which was ridiculous. I have a junker that I bought used 5 years ago for 1250. KKB says it is now worth 1205. Yeah, right - like someone is going to give me 1205 for it. I would have gotten estimates too but I had enough left over exemptions that I let it go. 10 to 1 it wouldn't sell for more than 5-800 if I sold it. BBK pricing is way out of line.