Salvage title vehicles are one of several titles a car can be given. Whether you’re looking to buy or sell a car, knowing the title type of the vehicle is one of the most important steps in finding out its true value.
Today, we’re discussing a salvage title vehicle, and what that can mean for car buyers and sellers in the market for a used car.
What’s a Salvage Title?
A salvage title means that a vehicle has been in an accident, but not just any accident. In order to be given a salvage title, a vehicle must be extremely damaged or considered a total loss. This means, by an insurance company’s standard, that the price of getting a car fixed is more than the actual value of the car.
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Once the car has been deemed a total loss, the insurance company will seek a new title for the vehicle. Since salvage title vehicles cannot be driven on the road without major repairs, the insurance company will usually sell them to auto recyclers who will salvage the remaining parts for reuse.
What You Need to Know
Depending on the state you live in, salvage cars can be rebuilt and put back on the road. This is where things get a little tricky for used car buyers. If you buy a rebuilt-titled vehicle that was repaired well, you can save money on your car purchase, and you may be able to get a lot more life out of the car without worrying about paying for further repairs. If the car has not been rebuilt well, it can be costly.
Before you buy a vehicle with a salvage title or a rebuilt title, do some investigating into who you’re buying it from. Is it a trusted company or an individual? Do they have online reviews? If so, are there a lot of them, and are they positive?
Be sure to look up the Carfax report on a vehicle, which will let you know what type of title the vehicle you’re wanting to buy has. It will also give you the car’s accident history according to the VIN number of the vehicle. Be wary of purchasing a vehicle with a missing or damaged VIN.
Read the Carfax report and look at the extent of the damages that the car previously had. Many cosmetic and body damages can be expensive to repair and don’t have as much of an effect on the cars drivability. An accident history that affected the engine can have future repercussions to the buyer. If you have your heart set on buying a rebuilt vehicle, bring a professional car inspector with you to see it on top of getting the history report. They’ll be better equipped to give you details on any possible engine damage.
Buying a salvaged vehicle isn’t always a bad investment, as long as you’re taking the correct precautions to protect yourself.
We Buy Salvage Title Vehicles
If you have a salvaged vehicle that you are selling or you have retained from your insurance company, give us a call. We take the work out of parting or scrapping your salvaged car, and we offer free towing and payment upon vehicle pick-up.