"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)