How do I value my car?

Value of Automobiles. Any equity you have in a car is considered personal property and may be counted toward your $1,000 overall personal property exemption allowance (see b. below). If you own your car free and clear, the entire car value is equity. If you have a car loan, only the excess of the car’s trade-in value over the current loan balance is considered equity. Most people with car loans owe more than their car is worth (“upside down”), in which case, they have no equity in their car. To determine the value of cars, most Trustees rely on NADA values and apply the average of the wholesale and retail value. You should obtain your own appraisal of the car’s value if you believe it is worth less than NADA book value. Moreover, the Court may require it later. We will rely upon the car value you provide in your Questionnaire when we prepare your petition. If you are unsure of your car’s value, you can obtain a value at or Additional Exemption for Automobile. Florida Statutes 222.25 gives you a $1000 extra exemption for a car in addition to your $1,000 personal property exemption. If married, you are allowed $1,000 on each car, up to two cars.

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