BEWARE OF VEHICLE DONATION
PROGRAMS OFFERING MORE THAN FAIR MARKET VALUE
IRVINE, Calif., November 24, 2003 - While the IRS allows consumers
to use vehicle values guides to asses the Fair Market Value of a
donated vehicle, Kelley Blue Book has important information for
donors this holiday season.
Charities that tell donors that they can claim the full Kelley
Blue Book 'Suggested Retail' value for their tax purposes are leading
consumers down the path to a possible audit. The Kelley Blue Book
"Suggested Retail' value is NOT an appropriate value for donations.
Kelley Blue Book recommends using the 'Private Party Value' instead
of the 'Used Retail' or 'Trade In' values for vehicle donations.
Private Party values are free to consumers on the company's Web
Today, Kelley Blue Book offers the IRS-accepted Fair Market Value
only on its Web site through the Kelley Blue Book VEHICLE CONDITION
QUIZ. To accurately assess a vehicle's Fair Market Value, you must
use this quiz, which takes the vehicle's engine, options and condition
into consideration before assigning a final value to the donated
"Every used car is different. It's important to accurately
assign the most appropriate value to your specific donated vehicle,"
said Charlie Vogelheim, executive editor of the Kelley Blue Book.
The Vehicle Condition Quiz can be found online on every 'Private
Party' used car pricing report. First select 'Private Party' Value
from the home page. Next, include the correct mileage, engine and
options, click on the Rate It button to assign the most accurate
Fair Market Value.
"We recommend donors use the Kelley Blue Book Vehicle Condition
Quiz as it is the most comprehensive way to evaluate the condition
of a donated vehicle," said Joe Hearn, vice president of ADESA
Impact, which cooperates with many top vehicle charity programs.
"Nearly 60 % of donated vehicles are in fair or poor condition,
requiring a more accurate portrayal of its condition at the time
of donation for tax purposes."
A print out of the Vehicle Condition Quiz and photos of the vehicle
can serve as documentation to show credible evidence of a vehicle's
condition at the time of appraisal and in your itemized tax deductions.
(Vehicles valued at $5,000 or more must be appraised by a certified
vehicle appraiser. To assure accuracy in all cases, consult your
TOP LINE FACTS
1. Charities that state donors can claim the full Kelley Blue Book
'Suggested Retail' value on their taxes are leading consumers toward
a possible audit. It is the 'Private Party' value that represents
a Fair Market Value.
2. Today, Kelley Blue Book offers the IRS-accepted Fair Market
3. Kelley Blue Book recommends using the 'Private Party Value'
instead of the 'Suggested Retail' or 'Trade In' values for vehicle
donations. These three values are different and represent different
4. The vehicle's current condition must be taken into consideration
when assigning a value, this includes; the correct mileage, engine,
optional equipment and condition.
For more information on vehicle donation, visit AUTO
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Kelley Blue Book is the most trusted vehicle information resource
by both consumers and the auto industry. The company provides research
tools and up-to-date pricing on thousands of new and used vehicles,
including the company's New Car Blue Book Value, which reveals what
a new car is actually selling for. Since 1926, car buyers and sellers
have relied upon Kelley Blue Book for authoritative and unbiased
information to make well-informed automotive decisions. The company
reports vehicle prices and values via products and services including
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Blue Book has been rated the No. 1 automotive information site
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