Owning a car is an integral part of the American Dream; however, not all of us have the capacity to purchase a new or used one. This is where salvage title cars for sale offer a way out. Available at throwaway prices, many of these cars can be made road-ready after restoration and removal of the salvage title. There are, however, a few factors you need to consider before putting your money down for a salvage car. This post discusses five such factors.
Although given their humble prices, chances are you won’t need financing to buy a salvage car, but if you do, it can be a hurdle. Getting an automobile loan approved for a salvaged title car isn’t as simple as getting one for a new or preowned car. The issue crops up mainly because salvage vehicles are already declared “total loss” by insurers, due to which they lose their value. Having said that, there are some lender that finance salvage cars, albeit at a high rate of interest.
Most insurance companies do not offer comprehensive insurance for salvage vehicles; at best, the offer is collision and liability coverage. The insurance coverage and premium are decided only after the vehicle is restored and inspected by an agent from the insurance company. For old salvage cars, the coverage premium is usually on the higher side, but it may not be much of a reason to worry, as the evaluations of salvage vehicles are usually low in value.
3. Vehicle History
Just like you would check a new car for its mileage and performance, you must make efforts to track the history of the car, if you plan to bring home a salvage title car. Before you make the payment and become the legal owner of a salvage titled car, you must find out the details of the mishap the car was involved in, and the extent of the damages. Checking the vehicle history will also help ensure that the car was not involved in any illegal activity in the past.
It’s obvious you would inspect even a new car before purchasing it, so how can you not inspect a salvage vehicle? An inspection is essential, as you must be well aware of all the shortcomings in the car before you sign on the dotted line or confirm your bid. If you are no expert, it is advisable to hire a professional to check the vehicle for damages, technical troubles, and other critical elements, to ensure the automobile you are contemplating to buy is worth your money.
5. Pre-registration Formalities
Most states require police inspection and a certificate to register a salvage car. This certification is essential to keep a check on stolen cars. In addition, you will need ownership proof, brake and light adjustment certificates, pay a certain registration fees that varies from state to state. Therefore, when buying a salvage car, keep these pre-registration requisites in mind and try to gain more insights on other such formalities applicable in your state before you purchase salvage title cars for sale.
Buying a salvage car is always an ideal way out if you are on a tight budget. In fact, salvage auction sites such as SalvageBid let you get your hands on premium cars by some of the biggest brands such as BMW, Audi and Mercedes without having to break the bank. Check out our inventory and bid to own salvage title used cars of your choice. If you have any concerns related to the bidding process or our services, our executives are available from Monday to Friday 6 am to 3 pm PDT. Simply call +1 (360) 347-1300 or send your questions to [email protected].