Despite the fact that salvage cars offer remarkable savings for buyers, many people shy away from them due to various misconceptions. While many people think that all damaged salvage cars for sale are junk, many others think they can never be put back on the road, both of which are simply untrue. To debunk such myths, we cover all you need to know about damaged salvage vehicles, starting with the basics.
When is a car given the “salvage” title?
The salvage title is given to a car when it is signed off by its insurance company as a total loss, after a mishap such as a road accident or natural calamity. A car is given the salvage title when its repair cost is estimated to be more than its current market price, after factoring in depreciation. Having said that, the repair cost estimated by the insurance company and its service partner may drastically reduce if you go for aftermarket repairs or take the DIY route.
Why buy damaged salvage cars?
As salvage damaged cars for sale have been declared as total loss by their insurance companies, their market value goes down significantly. In fact, it wouldn’t be an overstatement to say that most salvage vehicles are sold at unbelievably low prices. Having said that, buying a salvage car makes sense if you know your way around cars or need a donor vehicle to salvage parts for a vehicle of the same or similar make and/or model.
Also Read: A Look at Expert Tips for Buying Salvage Cars
How to buy damaged salvage cars?
Gone are the days when you had to have a dealer’s license to buy damaged salvage cars. Various leading auto auction websites, such as Salvagebid, host their auto auction online, allowing you to bid on a range of vehicles from the comfort of your home. All you need to do is register to create a membership account and make a refundable security deposit to set your bidding power.
Can salvage cars be insured?
Many people think that salvage cars cannot be insured as they have been deemed as a total loss by their past insurance companies, which, again, is a misconception. While it is true that you may find it a bit more challenging to find an insurer for a restored salvage car, many companies will be open to extending their insurance coverage, after you pass an inspection of your vehicle done at your local DMV. After clearing the inspection, finding an insurance company should not take you long.
With this valuable information about damaged salvage cars in your back pocket, we are sure it would make sense for you to buy one to be your next ride. To start participating in our online auctions, all you need to do is register with us by providing some basic details. If you have any questions about our auctions or any of the damaged salvage cars for sale featured in our inventory, simply call +1 (360) 347-1300, Monday through Friday, 7am to 4pm (PST) or email at [email protected].