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What if a vehicle or vessel is worth less than the average fair market value?

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What if a vehicle or vessel is worth less than the average fair market value?

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To establish that a vehicle or vessel is worth less than the average fair market value, the buyer may provide: • An estimate of repairs prepared by a registered mechanic. • An appraisal prepared by a registered dealer. • Documentation from another value source, such as National Auto Dealers Association (NADA) or Kelley Blue Book that cites a lower average fair market value for the vehicle or vessel. The purchase price will be accepted if it is within $2,000 of the value cited by the alternate source. Either photocopies of printed materials or a printout from the Internet are acceptable. • A completed Department of Revenue Declaration of Buyer and Seller Regarding Value of Use Vehicle Sold form stating the selling price and condition of the vehicle. Both the buyer and the seller must sign the form. These are subject to review.

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