If your car has been in a serious wreck or natural disaster, you may need to know the salvage value of your car before you trade or sell it. On a scale between 1 and 5, a serious wreck categorized as a 5.0 on an older car, may very well be a 1.0 on a newer model vehicle with a higher value. Oftentimes, a major accident or body damage caused by a natural disaster can be the beginning of the end of your beater commuter car if its value is below the cost of the repairs or the damage categorizes your car as a total loss vehicle.
Natural disasters can also ruin a vehicle, causing serious damage to the exterior and interior of any vehicle. Salvage title vehicles are very common after natural disasters including floods, hurricanes, hailstorms, avalanches and forest fires to name a few. Recently, we have had a series of natural disasters every year in Coastal cities throughout the United States. You may want to find out if your vehicle is a salvage title car.
Serious auto accidents happen all the time and they can range from front-end collision damage, side or rear impact damage – where the collision may bend the vehicle’s steel frame. Once the vehicle’s frame is bent the vehicle will not perform as originally intended and may cause severe tire, shock absorbers, brake and alignment issues for the remaining life of the vehicle.
Unfortunately, a new vehicle can be converted into a salvage title vehicle with one major auto accident. Salvage vehicles are usually sent directly to the scrap yards by insurance companies, but sometimes a salvage title can get to those drivers who do not want to part with their beloved vehicle or sold at auction or, repaired to near-factory specifications and resold to the general public.
Salvage Value of A Car
Calculating the salvage value of a car is simpler than you may think. The salvage value of any vehicle will vary depending on the state as well as the year, make, model and condition of the car. The following are the key elements for estimating the salvage value of your car:
- Use an industry resource like the Kelly Blue Book and National Automobile Dealers Association Used Car Guide to look up the retail and wholesale value of your vehicle.
- Add retail and wholesale value, then divide the sum by two to get the car’s current market value.
- Contact your auto insurance company for the percentage of market value that it uses for determining salvage value. The percentage can vary depending on the insurance company but, it is typically 75 % of market value.
- Multiply the car’s current market value determined earlier by 0.25 (1.00 minus 0.75) to find the salvage value of your car. Note, the result of this calculation will always be lower than the current market value of the car.
Sell Your Salvage CarIf you are ready to part with your salvage car, Cash for Cars is one of the best places to sell your salvage car for cash. Our car buyers have years of experience and up to date local auto salvage industry knowledge to help provide some the best salvage car cash offers in the nation! Although you can sell your salvage vehicle to a junkyard or third party, why would you want to go to the hassle of cleaning and even towing your vehicle? Cash For Cars takes care of all of the paperwork and will provide a fair offer for the salvage value of your car. call us now!