Originally Posted by
Redbullet
They state "fair market value", but they don't define it. You can reasonably assess safety of a second hand car from a reputable shop and you are also obliged to certify its secure use with official bodies before driving it on public roads, but nobody takes responsibility to assess and certify safety in operation for second hand carbon bikes.
"Fair market value" is a term with a pretty standard definition from state-to-state. Do a search of your state's appellate court opinions and you will find that it's definition is commonly accepted. That definition is uniformly used by real and personal property appraisers throughout the country as well. It is essentially,
“the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts."