“Fair market value” defined.

“Fair market value” means the retail value of a motor vehicle that is established by: 1. An objective motor vehicle appraisal based upon local market resources, including, without limitation, automobile dealers and classified advertisements of newspapers; 2. An independent appraisal service; 3. A current issue of a nationally recognized guide used by financial institutions in this State for the valuation of used motor vehicles; or 4. A computer-based service commonly used by the insurance industry for the valuation of used motor vehicles. (Added to NRS by 2003, 1909)