Sell A Salvaged or Rebuilt Car - Here's How Much Your Salvaged Car Is Worth
Blog/ Sell A Salvaged or Rebuilt Car - Here's How Much Your Salvaged Car Is Worth
If you’ve got a scrap car on your hands, the next thing on your mind would be how to get rid of it and make some money from it in the process, right? Exactly. Before we go any further, we’d like to clear the air by stating that having a scrap car is smilar to having a salvaged car. But, if a salvaged car is repaired it can be worth more than a scrap car.
What Makes A Car “Salvaged”
Your car is salvaged when your insurer has determined that repairing or replacing your car would be too expensive. This could be as a result of your car having stolen parts, has been in a terrible accident that totaled it, was vandalized or damaged from extreme weather conditions such as floding.
So, can you sell a car with a salvage title?
Well, we’d get to answer that and many other questions you might have in this article. Keep reading…
What Does A Salvage / Rebuilt Car Title Mean?
Knowing what a salvage or rebuilt title car means greatly depends on the state you live and the laws particular to that state.
What do these titles mean?
Well, a rebuilt title is put on a car that was formerly a salvage car but got fixed and was restored to working condition.
Can I Get My Salvaged Car Back On The Road?
Most states in the USA would require you to carry out a thorough check or inspection on your car before it can be allowed to hit the road again. In the case of having a salvage title placed on your car, it means your insurer has declared it as a totaled car after you probably got into an accident with it. You can’t drive a salvage car on the main roads or be allowed to have a valid license plate. Hence, if you desire to still drive your car, you’d need to have it repaired – if that would work – to turn it into a rebuilt car that’s roadworthy.
The Guidlines Differ from State To State
The guidelines for your car, if it’s rebuilt, will differ from state to state. We’ve previously stated that before your car can return to the road, it will need to be inspected before the ‘rebuilt title’ can be issued to it from the Department of Motor Vehicles (DMV) in your state. Your car having a salvage title will let you know if your car can be fixed and driven or need to be sold for parts. If you live in Florida, the state permits your car to have a salvage title only if your insurer has declared it to be totaled. In New York and Louisiana, they permit or issue your car’s title when the damages have been estimated to reach 75 percent of your car’s retail market value. If you live in Georgia, you’re likely going to find the rules a bit more complex for having a rebuilt or salvage title on your car. The state’s Department of Revenue Notes states that anyone who buys a salvage car must be licensed as a rebuilder before he/she can be allowed to fix or rebuild it. Let’s look at one more state…Nevada. In Nevada, if your salvage car has had some particular repairs carried out on it, it’s required that it’s titled as ‘rebuilt’. This holds even if your car doesn’t fully classify as a salvage car. The certain repairs or fixes that you’d carry out before the ‘rebuilt title’ can be issued includes having either one or more of the following parts of your car replaced:
- The cowl assembly
- Your car’s complete front inner structureRear clip assembly
- The conventional frame alongside another major part
- The roof assembly
- Floor pan assembly
Before you sell your rebuilt car to a buyer to drive, you should have it inspected by your mechanic to confirm its roadworthiness. Since it’s difficult determining the true value of a rebuilt car, most car insurance companies don’t offer or have policies governing rebuilt cars. If they do, it won’t be like the normal insurance coverage but for liability. So, don’t consider selling your salvaged car for cash until you’ve gotten yourself familiar with the rules governing salvaged or rebuilt cars in your state as some states have stricter regulations than the others.
How To Go About Selling A Salvaged Title Car.
Before typing in “salvage car buyers near me” in your search browser, you need to be aware that there are plenty of liabilities present when you want to sell a salvaged car. For example, your conventional car frame was damaged or fixed, there are leaking fluids here and there, the ‘check engine light’ indicators or any other warning light are bad, the airbags weren’t replaced well when they deployed or have gone missing or any other serious damage to your car’s important parts. Car dealers and professional buyers are always aware of the issues that come up with salvage title cars car and would want to offer you much less than your car’s worth. This is why selling a salvaged or rebuilt car is usually a tough sell. So, if you’re about to sell your car with its salvage title, there are steps for you to take. But before we get into that, we’d like you to know that…
SellMax Will Buy Your Salvaged Car
If you’re having troubles or struggling to get rid of your salvage car for cash then you should sell your car to SellMax. At SellMax, we’re dedicated to making your salvage car disappear in place of cash…yeah, that easy. We pay cash for junk cars, often $500 or more. We’d give you an offer after you tell us the important details we need from you concerning your car. If you like our offer, we’d send our car whizzes to you to tow your car for FREE and pay you the quote you received from us online. Within 24 – 48 hours, we’d take your car burden off you and leave you with a stack of cash. What else are you waiting for? Get your guaranteed offer from us and see what your car is worth and the awesome quote we’ve placed on your car. The quote you’d receive from us is free and if you don’t like it, there’s no pressure at all. Here’s how to go about selling your salvaged car…
Get a Salvage Certificate For Your Car.
Once your insurer has confirmed or declared your car as totaled, you’d need to go to the Department of Motor Vehicles in your state to apply for a salvage certificate or title. We’d like you to note that even if you’ve gotten your car fixed or rebuilt, it’d still be considered as a salvage car. So, if there were any warranties on your car before the accident or damage, they’d cease to be valid.
Have Your Car Fixed and Retitled.
Your next step after getting a salvage certificate is to have your car fixed. If you’re mechanically good with cars, then you can save up on repairs and have the repairs done yourself. If you’re not mechanically inclined, we advise getting a good mechanic to help you get the job done on your car. Always know this…a salvaged car that has been fixed will have more value than a salvage car that’s unrepaired. Before carrying out any repairs or rebuilding, check with the legalities of your state to see the rules that apply to your car’s specific case. We keep emphasizing this because it’s important to make sure you’re not doing something against the law in your state. Once you’ve gotten this over with, it’d be easier to have your car retitled with a ‘rebuilt’ title or whatever title that’s equivalent to it in your state.
Sell Your Salvaged Car.
You can have your salvaged car sold to a junkyard or a private buyer. If you decide to sell it to a junkyard, you’d need to get the important paperwork for your car [title and registration] ready before calling or checking on any. You should call more than one or two to get different quotes that you can compare to know which one would offer the best quote. You’d also need to know what’s damaged on your car and your car’s value. If you’d rather have it sold to a private buyer, all you’d need to do is to find the right buyer that won’t mind the salvage title of your car. This might not be as easy as the junkyard option but you’re likely to come across someone who just needs to have an affordable car for a short while. The good thing about this option is that you’re likely to get a higher payout than what a junkyard will offer you. You can find private buyers through classified ads like Craigslist or eBay.
Sell Your Salvaged Car For Parts.
Going with this option would mean stripping down your car [dismantling it] into parts and selling them individually or collectively. This will take a lot of effort from your end but leaves a likelihood of getting more money than your car’s worth. Since this can be tedious, you can decide to look for a buyer interested in buying your car as a parts car. What this means is that the buyer would want almost all the parts of your car and end up buying the whole thing. Selling your salvage car will require a lot of patience, especially in finding the right or best buyer. However, if all these waiting and long steps involved don’t work well with you, SellMax is always available to make life more easy for you. There’s no reason to remain stuck with a salvage title car.
What’s The Value of a Salvage Car?
There’s no exact formula used to calculate salvage title values as it all depends on your car’s year, amount of damage done, make, model, type and the state you live. Most insurance companies work with a percentage depreciation of about 80 percent of the car’s original cost of purchase. They, however, don’t stick to any standard depreciation percentage to determine salvage title values as they’d have to determine this value based on if the car is truly totaled or can be salvaged. But if you’re interested in knowing the percentage your insurance company uses, we recommend calling them and getting their depreciation percentage. So, if your insurer informs you that they calculate the value of a salvage car by let’s say 75%, your salvage car originally valued at $10,000 will have a salvage title value of $7,500. [To know the retail value of your car, you can check out reputable websites like NADA and Bluebooks]. If you’re looking to have your salvage title car financed, it’s possible but could be challenging than when you’d want to get a loan on a car with a clean title. Many banks avoid financing salvage title cars as the risks involved are too high. Some other banks [willing to finance your salvage car] will require insurance covering the salvage car and we all know how challenging this can turn out. Whatever option you choose, be it a private buyer, car dealership or your insurer, your car’s salvage title value will depend on who’s buying your car. With the right information, you’ll know when a deal is good or just bad news. So, there you have it…all you need to know about selling a salvaged car. Know someone who this might benefit? Awesome, SHARE with them right away!