Where To Sell a Car With a Salvage Title?07/13/2019
A salvage car is a car that has been in a severe car accident or suffered severe damage. As a result of the car accident, the vehicle is considered a total loss by the insurance company who insured the car and the bank which was used to finance the value of the vehicle for the driver.
After a vehicle has suffered severe damage, the insurance company will send a person to assess the damage to determine if the car can be fixed and if it is determined the cost to repair the vehicle is higher than the value of the vehicle, that vehicle is now issued a salvage title.
What are the criteria to be considered salvaged?
The most challenging thing about salvaged vehicles is the loosely defined criteria that are used to label a vehicle salvage. Each state in the country has its own version to determine if a car is salvaged or not. For example, in the state of California, the insurance laws define a salvage vehicle as one that has been in an accident and has suffered considerable damage from another vehicle, or weather-related causes, as well as suffering from vandalism.
Pros and Cons of Buying Salvage Title Car
Buying a salvage car title has advantages and disadvantages, and it is imperative to understand as much as possible about the process to ensure you don’t get burned during the process. A clear advantage to buying a salvage car is the cost. Salvage cars are tremendously less expensive than “clear title vehicles,” however don’t let the sticker price alone lean you towards the purchase. While you can get a reasonable price on a salvage title vehicle, there is still substantial risk involved. Many salvage cars have damage internally, that can’t be identified unless the vehicle is scanned by a machine to highlight damage. Car accidents exert an unbelievable amount of force, and as a result, various component within the car may suffer damage. There is also the risk of repairs being more expensive than you anticipated. If the cost to make the vehicle drivable is too high, it defeats the purpose of getting a good deal. Insurance is another risk you should consider when purchasing a salvage car title. Many insurance providers are reluctant to insure a salvage vehicle.
Where to Buy Salvage Car Titles?
If you have decided to move forward and purchase salvage car titles, you really have a couple of options; one is from a salvage car title dealer, and the second is from insurance ran the auction. There are many reputable salvage yards and honest dealers that can prove to be the best places to buy salvage cars. Large dealers of salvage yards will offer the most extensive selection of rebuilt car title to choose. Many salvage car lots offer some unbeatable deals, and you can get lucky and get a car once valued at $30,000 for a fraction of its original cost. Insurance companies will often hold auctions to sell salvage cars they have bought after the vehicle was deemed too damaged to cover. Insurance companies hold auctions for many of the vehicles they would otherwise be stuck with, and these auctions usually are great opportunities for buyers.
How to Sell a Salvage Car with a Salvage Title Car?
When it comes to selling a salvage car, you have a few options available, and you have to decide what is in your best interest.
Option One: Sell your car to a junkyard
Selling your salvage car to a junkyard is probably the easy way, as the junkyard is not interested in the cosmetics of the vehicle or if it can be prepared. All the junkyard cares about is if you have all the proper paperwork to sell the car. You will need to have the title of the vehicle and registration. If you have the title and registration, you are good to go for the most part. You may also be required to inform the junkyard of the value of the car based on the Kelly Bluebook.
Option Two: Sell your car to a private customer.
Selling a salvage car is pretty tricky because most people want to buy cars, they can drive off the bat. If you are selling a collector’s car, it may be an easier sell, especially if you find a private citizen who collects or restores vintage cars.
Option Three: Sell Parts of the Car that still has value
Many cars that are not worth dumping time and money into to get it driving again can always yield quite a bit of value. Many vehicles have precious metals, like gold and platinum as part of their engines and other parts of the cars you can sell for a small profit. In addition to the metals, engines, seats, lights, and other parts of the vehicle can yield a decent amount of money for you.