1. What is TRA Vehicle Valuation?

The TRA (Tax Revenue Authority) valuation method determines the fair market value of used motor vehicles by comparing recent sales of similar vehicles in similar condition. This method is commonly used for tax assessment purposes.

2. How Does the Calculator Work?

The calculator uses the comparable sales method:

Where:

• Comparable Sales — Prices of similar vehicles sold recently
• Condition Factor — Adjustment based on vehicle condition (0.9-1.05)

Explanation: The calculator averages 3 comparable sales and adjusts for the vehicle's condition.

3. Importance of FMV Calculation

Details: Accurate vehicle valuation is crucial for tax assessment, insurance purposes, sales transactions, and financial reporting.

4. Using the Calculator

Tips: Enter prices of 3 comparable vehicles in USD, select your vehicle's condition. Comparable vehicles should be same make/model/year with similar mileage.

5. Frequently Asked Questions (FAQ)

Q1: Where can I find comparable sales data?
A: Check dealer listings, auction results, or online valuation tools like Kelley Blue Book.

Q2: How recent should comparable sales be?
A: Ideally within the last 3-6 months from similar geographic markets.

Q3: What if I can't find exact matches?
A: Adjust for differences (mileage, features) by adding/subtracting value.

Q4: How accurate is this method?
A: It provides a good estimate but professional appraisal may be needed for precise valuation.

Q5: Does this work for classic/rare vehicles?
A: Specialized valuation methods may be needed for rare/collectible vehicles.