Salvage cars, what are they really? Many people have the wrong idea about salvaged cars as they are viewed as being merely junk. While salvaged cars don’t have the best reputation by many, understanding how they got that way may change your mind.
Cars that have been given a salvage titles are those that the insurance company claims would cost more to repair than the vehicle is worth. However, it’s mostly based on the estimated value of the vehicle as compared to the Kelly Blue Book so for example if you own an older truck that was in mint condition before you got rear-ended, the insurance company might decide the truck is not worth it to repair so they will want to total it. Having been in this situation myself I can assure you it was definitely worth it to me to repair my truck!
So, what happens is often times the car will be issued a salvage title instead of a regular one. This type of title is meant to protect buyers so that they know the vehicles history and are aware of any potential problems. If this happens it can be well worth it to keep the car even if it gets a salvage title. Many times the car can be rebuilt depending on the original damage.
Many people love to fix up cars as a hobby or business. If you’re looking to get into rebuilding cars, salvage cars are a great way to get started. You can often repair the car or take the parts to build a new car.
If you don’t own a salvage car then another option is to buy one at auction. Salvage auctions are a fun place to buy because they give you access to great cars at often very cheap prices. These auctions provide a function that helps the buyer, seller, and even the environment! If you’ve never considered buying a salvage car to rebuild or even use as parts then you’re missing out on a great thing. You can buy a wrecked but rebuildable car or truck usually saving thousands over a non-salvaged car at an online auction. There are many great vehicles out there just waiting for you to fix them. Whether you use the vehicle for its’ parts or to repair it and make it drivable again, a salvage car can be a great investment.
No matter if you’re buying for yourself or to resell the car, there’s a huge potential to save a lot of money and make money too. Keep in mind, there are some vehicles that are no longer worth anything, but there are others that are worth their weight in gold. If you rebuild the car to exact specifications then you can expect the car to pass the inspection with flying colors.
There are many individuals who specialize in rebuilding salvaged cars as a hobby or to resell the vehicle to make money. Before buying a salvage title vehicle, whether it be a car or truck, either to keep for yourself or to sell it, it’s vital that you check with your local DMV to find out what the requirements are for putting a salvage auto back on the road. Every state has different laws so it’s important to know what your state requires before making an investment.
Buying a car from a salvage car auction is a great way to save money and even make money if that’s what you’d like to do. You’ll also be doing a great thing by reusing resources that are already there. Many people lose out because they are scared to invest in a car with a salvaged title. Their loss is your gain as you come out with a salvaged vehicle that will last you many years at a great price.
I personally own a salvage title car and it’s been running great for the near 7 years I’ve owned it. I saved about $5,000 compared to other cars of the same make, year and model. Another added benefit is my yearly DMV registration fees are about one quarter the cost of a non-salvage vehicle!