Did you know that an estimated 6.5 million car accidents each year in the United States of America? Car accidents are one of the biggest reasons that a salvage title car will go on the market. There might be a negative stigma attached to salvage titles and car damage, but there are a lot of benefits you could gain from buying a salvage car.
Everything you’ve read and been taught tells you to avoid getting a salvage title car because of the lack of vehicle value. That is one way of looking at things, but there is another perspective. You can get a great value on a salvage title car if you plan to use it for a long period of time with no intention of selling it.
The good news is that you’re in the right place to learn more about buying a salvage title car. Continue reading to learn more.
What Is a Salvage Title Car?
Vehicles end up getting tagged as salvage title cars most often after an accident that leaves them severely damaged. The usual cause of a salvage title car is the car insurance company labeling the car as a total loss based on the damage from the accident. The amount of damage needed for a car to become a salvage car varies from state to state.
The damage needs to fall within 50 percent to 90 percent of the car’s total value in order to get the label as a salvage title car. While accidents are a common cause of a salvage title car, another reason a car can get this status is through flood damage. This tends to cause easy cosmetic repairs to leads to other extensive issues later in the vehicle’s life.
Hail damage is another possible cause for a vehicle to become a salvage title car. If a car gets totaled by the insurance company then the insurance company takes ownership of the car. At that point, it is up to them to decide if they wish to put it back on the market. Once the vehicle gets repairs it still maintains its status as a salvage title car.
This is a great benefit for you because it means a much lower value on the open market. Depending on what caused the vehicle to become a total loss you could get a great deal on a car that will last you for years to come.
Benefits of Buying a Salvage Title Car
There are more than a few benefits that you should expect to gain from investing in a salvage title car. Knowing these benefits will help you to become an informed and educated consumer while also helping you get a good deal. Here is a closer look at the main benefits of buying a salvage title car.
One of the main reasons that people consider buying a salvage car is the money. Cars with a salvage title have significantly lower resale values than cars with a clean title. You can save up to 40 percent on the market when buying a car if you choose to get a salvage title car over a car with a clean title. You could pay only $8,000 instead of $12,000 for the same car.
Some cars will sell for even less depending on the year and the mileage. Some cars see up to a 50 percent price decrease due to the salvage title status they have. If you’re looking for a new car while working within a tight budget then you need to consider getting a salvage title car. Get more information here about buying and selling a salvage title car.
Finding a Gem
While there is a reason for the negative stigma for salvage title cars, that doesn’t mean that all of them will be difficult and frustrating. Another big benefit of buying a salvage car is the possibility of getting a gem for a massive discount. Some salvage title cars sustain only slight damage or cosmetic damage.
A car that is a total loss due to a hailstorm will still have its engine and electronics in good working order. After the cosmetic damage is fixed you’ll have an opportunity to own a car that is essentially perfect. Older vehicles could get totaled by the insurance company even when they only need minor repairs.
If you’re willing to do the research into what caused the vehicle to become a salvage title car then you could end up with an amazing deal.
If you have a car that is rare and needs replacement parts that are no longer made then buying a salvage car makes a ton of sense. It will save you money and you’ll have the salvage car as a donor car that has any parts that your daily driver or project car requires.
Things to Do Before You Buy
There are still some things that you should do before you invest in a salvage title car. You should find a mechanic that you trust to inspect the vehicle for signs of things going wrong or other things that need to get fixed. You should also get a vehicle history report on the car through a service like CarFax.
The vehicle history report will help you when you do research into the car’s history to discover what happened to cause it to be a salvage title car. This research could be online or it could include talking to the repair technician that handled the vehicle repairs.
Finding out how long it has been since the salvage title got issued is another thing that you need to do before you drop the money needed to make the salvage title car yours.
Consider Buying a Salvage Title Car Today
If you’re willing to do your research and be patient, you can find a wonderful salvage title car that will meet your needs and last you for years to come. Make sure to get the vehicle inspected by a trusted mechanic before you buy and check out the vehicle’s history. Going this route will save you thousands of dollars and give you a great and reliable car.
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