If you're like most people, then the thought of buying a car with a salvage title may leave you feeling a bit anxious. Vehicles that have been issued salvaged titles were in accidents severe enough that the damage exceeded the value of the car, so your hesitation isn't entirely unwarranted. Despite this, buying a vehicle with a salvage title can be a great opportunity and may allow you to purchase a car that would otherwise be out of reach. If you've noticed these junk cars for sale in your local classifieds, then here are three reasons why you might want to take a closer look next time one catches your eye.
Salvage Cars Aren't Always Junk
Most insurers use a very simple set of metrics to determine if a car is a total loss following an accident. In most cases, the only question is whether the cost of repairs exceeds the market value of the vehicle. Some insurance companies may use a slightly lower cut-off, choosing to write off vehicles that have suffered around 80% of their market value. Whatever the case, this doesn't necessarily tell you everything you need to know about the condition of the car. While a totaled $30k vehicle is likely to have suffered severe damage, an insurer may write off a $5k car following relatively minor cosmetic damage.
Most States Require Thorough Inspections
Salvage title laws are not consistent between states, but many states differentiate between "repair" and "salvaged" titles. A totaled vehicle may receive a repair title, which indicates that it is no longer roadworthy until inspection. Once a salvage title is issued, the vehicle has already been repaired and inspected. This inspection means that the car is generally safe; although, you'll usually need to do some additional legwork to determine if it will be reliable. Fortunately, most salvage title cars come with extensive repair histories, allowing you to determine for yourself if repairs were conducted thoroughly by a reputable shop.
You Might Get a Great Deal
There's no use in dancing around this fact: salvage titles significantly reduce the value of a vehicle. Even if a salvage car is in factory-fresh condition, that title will permanently impact its resale value. This fact may be hard to swallow if you only intend to keep the car for a short while, but it can be great if you're looking for transportation to last for the long run. As long as you don't intend to resell the car soon, a salvage title may allow you to score an excellent ride for a tiny fraction of the cost that you would pay for a vehicle with a clean title.
While purchasing a vehicle with a salvage title requires a bit more care than the typical used car purchase, it can be the perfect option for the right kind of buyer. Look for salvaged cars for sale to start your search.
Share13 January 2020
Gone are the days when auto care workers were the only ones who bought auto parts. If you like to DIY your auto repairs, you are probably shopping online or in local auto parts stores for the items you need. Some people even like to save money by buying their own auto parts and then having a mechanic install them. To buy your own auto parts, you need to know the difference between aftermarket and OEM parts, how to tell a fuse from a solenoid, and more. Explore our website, where we offer insight into all things auto-parts-related. After reading our articles, you'll be a better-informed shopper.
