It seems that now, more than ever, people are looking for ways to save money; However, this is nothing new for those interested in buy a carovl. In fact, it is very common to buy a used car to save a few (and even hundreds) of dollarsEspecially in the case of people who are buying a car for the first time. Now, in case you didn’t know, there is a way to save even more when buying a car, and that is by searching salvage titled vehicles.
A salvage title means that the car has suffered substantial damage, usually in an accident, for which the owner’s insurance company deemed it a total loss and its title, once clear, was “renamed” to salvage. In this case, the insurance company paid the owner for the car, so the title is in the hands of the insurer, which wants to get rid of it.
This is where you come in. You’ve seen a salvage-titled vehicle and, at least from the outside, it doesn’t look too bad, and actually looks like it can be repaired. Well, you can, but first consider carefully reading this article where we explain The Pros and Cons of Buying a Salvage Title Car.
- 1 What is a salvage title?
- 2 The pros of a salvage-titled car
- 3 The cons of a salvage title
- 4 In conclusion
- 5 What is the most important thing to consider when buying a salvage car?
What is a salvage title?
- Salvage title is a vehicle brand designation representing a car that has been damaged or considered a total loss by the insurance company, which has paid a claim on it.
- A vehicle is also considered “salvage” when the insurer determines that the repair cost is excessive compared to its market value.
- Salvage title is also awarded to vehicles with problems that are easy to fix, or sometimes cars with minor and negligible damage. These “salvage title cars not so damaged“They have a really low cost and this is the reason why collectors and car dealers invest in them. However, many experts still advise interested parties and potential buyers to be cautious when purchasing salvage title vehicles, as they could end up wasting their money on a car with irreparable damage.
The pros of a salvage-titled car
In most cases the price is very, very attractive
This is by far the great pro to buy a salvage title: You can save a lot of money. Salvage-titled cars are relatively inexpensive, sometimes even selling for pennies on the dollar. And if you are a creative person, you can see great potential where no one sees anything but useless junk!
Now such potential comes in two forms. First, you may want that vehicle because it is a treasure trove of parts, and many car enthusiasts buy salvage cars for that reason. Second, you may want to repair the vehicle for day-to-day use, especially if you have the desire and / or the means to repair cars at a low cost.
You could end up getting lucky
Insurers that declare the total destruction of the vehicle do so when the cost of the repair is too much compared to the value of the car. But there’s a chance the company just didn’t examine the car’s damage enough before making a decision. By carefully looking at salvage titled cars, you may find a hidden gem and it would be you who will surely end up winning.
The cons of a salvage title
Before buying a salvage title car, you should be totally and completely sure that you can repair it relatively cheaply, or that you can afford to spend a lot of time and money on repairs.
Sometimes the damage can be extensive but not easily detectable, such as a bent chassis or electrical failures due to flood damage. Unless you are an expert, make sure that a trusted mechanic also reviews it carefully and gives you their opinion on it..
Keep reading: How to clean a salvage title
The title salvage is forever
Salvage branding is permanent, so once a car receives it it is literally impossible to change it. Not even in the event that it is repaired and returned to almost new condition. In fact, in most states, once a salvage vehicle is back in safe operating order, It must be inspected and approved by the DMV in order for the owner to legally drive it.
Insurance will be a big hassle
It is common for insurance companies to put buts when granting policies to rebuilt vehicles that were previously salvage title. The main reason is that if you have an accident, the insurer may have a difficult time determining whether or not it is the fault of an old, poorly solved technical problem.. Also, since the car was deemed unfit to drive, the chances of it breaking down again, or causing a serious accident, are higher than for a vehicle that has never been in an accident.
In fact, some insurance companies simply do not carry salvage car policies. And those that do are likely to cost you an arm and a leg. Therefore, if you are considering salvage car repair, be sure to first look for an insurance company that is willing to insure the vehicle. Now, if you already have a car and this would be the second or third, contact your insurance provider. After all, it may be easier to come to terms with someone you already know.
Is a salvage title vehicle worth buying? Well, it all comes down to the amount of time and money you are willing to invest., your comfort level and your attention to detail. If you like the idea of working on such a car, spend long hours searching insurance companies, going through loads of paperwork and having to deal with a myriad of additional problems, then maybe a salvage title vehicle is for you. Just make sure you know what you’re getting into before taking the plunge; otherwise it can turn into a big headache.
If you are not going to do the repair yourself, make sure you have a really great and inexpensive mechanic who is able to get you cheap parts.
What is the most important thing to consider when buying a salvage car?
Exists a lot of information about buying salvage title cars, but there are certain details that should definitely be at the top of your list. For example, yes or yes you have to make sure the vehicle is safe. After all, there are several reasons why a vehicle can end up classified as salvage. The vehicle could have been damaged by floods or fire, or have been in a very serious accident. We recommend that you take note of what damage the vehicle suffered and what effect it had on the safety equipment.