Actual Cash Value and Fair Market Value
I’ll bet that no one has explained to you what I am about to explain . . .First of all, the terms Actual Cash Value (ACV) and/or Fair Market Value (FMV) are sorely lacking and ambiguous when it comes to actually helping to define the value of a private passenger automobile. In fact, the formal definition in almost every source one can find leaves out the MAIN ASPECT that would make the definition useful. The terms ACV and FMV are so ambiguous that they are totally meaningless when it comes to figuring out the value of your vehicle.
Don’t believe me, let’s break it down. Start with familiarizing yourself with the “formal” definitions.CLICK HERE TO FIND OUT THE DIFFERENCE