By Frank LingIf you have been in a car accident where your car was wrecked or deemed by your insurance company as not repairable, you have several options on what to do with it.
You can allow the insurance company to pay you for what it says is its salvageable value, which is usually much lower than industry standards. You can keep the wrecked car and sell it directly to a salvage yard, or you can sell it in pieces to try to get maximum value.
All of these steps can possibly bring you better returns for your wrecked car, but these options mean you will have to put in the time and effort do this. Let's examine each method.
Insurance Company Scam
You car insurance company may offer you cash for your wrecked car, but be aware that they will low-ball you on its real worth as salvage.
The reason why they are paying you less for what your wrecked car is really worth is due to economics; they can make a nice little profit when they resell it to a car parts salvage company.
Many people opt for this method because they don’t want the hassle of hanging on to the inoperative vehicle and just want to be done with the whole incident. For some, convenience is worth losing value on the deal, which is understandable.
Part It Out
The option of keeping the wrecked vehicle and selling off the parts piece-by-piece is another way to deal with the situation.
This means that you’ll have to have a dedicated space to store the car and have time to place ads for the various parts that you believe will be sellable to the public. This can be a lengthy process so be prepared to wait it out.
This strategy works well only if you have a popular car that is in high demand for salvage parts such as Toyota Camrys, Honda Accords, and others. If you don’t this may be a losing proposition.
Tow It Away
Some decide to just have it towed away by a charitable organization where it can be sold as salvage, with the proceeds going to a good cause. This is a good solution if you don’t have the time to sell the wrecked car yourself.
But some charities are very specific about what they’ll accept. If the car isn’t running or is in poor condition, they may pass on your offer.
Try a Car Buying Service
There are companies that specialize in purchasing used cars directly from owners. Carbidnow.com provides these services and will give you a quick and generous estimate for the value of your car.
They’ll tow it away for free, help fill out the paper work, and pay you quickly. If you have a wrecked car, carbidnow.com is interested!