If a car’s blue book value 2 years ago was XYZ but was in probate so can now be sold, is the selling price the 2 year old blue book price or today’s blue book price?
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If a car’s blue book value 2 years ago was XYZ but was in probate so can now be sold, is the selling price the 2 year old blue book price or today’s blue book price?
Asked on February 3, 2016 under Estate Planning, Nevada
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Ultimately, the selling price is whatever you and the person(s) who own it agree to mutually--that can be today's blue book value, 2014's value, or, for that matter, 1999's value, etc. They don't have to sell it for any price but the price they want--and you don't have to buy it for any price you are not willing to pay.
If you're asking what would normally or most commonly be done, to use as guidance in setting a price, then the answer is an asset is commonly valued as of when it is actually being sold: you would use today's price, not 2014's. Think about: say the car is a 2010 model. In 2014, it was 4 years old, but today, when it's being sold, it's 6 years old. A 6-year-old car is not worth as much as a 4-year-old, so why should it be valued as if it were 4-years-old?
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