Image: morguefile.comA salvage title on a car is issued by a state when a car insurance company concludes that the cost to repair a damaged car exceeds the actual value of the car by 75 to 90 percent.

If this occurs the insurance company will declare that the car isn’t worth fixing because it will lose money on the deal, and will declare the vehicle a total loss. The car will then receive a salvage title from the DMV.

Once a car is deemed a salvage title, the car cannot be legally driven, registered, or sold in its current state unless it is repaired and brought up to safe, drivable condition.

Other Reasons for Salvage Titles

A severe car accident is the most common reason why cars are deemed salvage titles, but there are other circumstances as well.

Theft recovery can sometimes be seen as conditions for a salvage title in some states. Normally, if a car is stolen and is insured, the insurance company will pay off the existing loan on the car, or pay the policy holder the worth of the car. If the car is located at a later time, a salvage title may be issued on the recovered car.

A car can be declared a salvage title if it sustains flood damage. Depending on the state you live in, the car may be seen as a salvage title or just have a designation on the car title that says it is flood damaged.

Hail damage can render significant harm to the surface of a car’s body and qualify it as a salvage title if the state does not have a specific category for hail damage on car titles.

Other reasons for a car receiving a salvage title designation are vandalism and “non-repairable condition,” which means the car is only good for scrap metal and parts.

Is a Salvage Title Car Worth Buying?

The answer to this question depends on several factors such as your capacity to take on the risks associated with a salvage title car, whether you want to go through the process of repairing it to make it legally drivable, and whether you want to put in the time and money to repair it.

You can save a good deal of money if you want to invest in a salvage title to bring it up to legal driving standards, but there are also some important downsides that you should be aware of.

If you insure a salvage titled car, and you get into an accident, the insurance payout to you will be less than if the car wasn’t a salvage title. If you decide to sell the car, car dealerships will flat out refuse to buy salvage titled cars. Sales made through private parties will get you substantially less than a “whole” car.

There are also legal implications for the seller of a salvage titled car as well. If the car’s title condition is hidden from the buyer during purchase, this can be considered fraud and the seller could be liable for damages.

A Safe Way to Sell Salvage Titled Cars

If you have a salvage titled car and want to sell it, carbidnow.com will take it off your hands for a good price and tow it away for free. They’ll help you with signing the papers for transfer, and have a check ready in your hand, in most cases, the same day as the pickup time.

For more information talk to a car representative today at carbidnow.com.

Source: Edmunds.com

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1/31/2017 10:20:59 PM #

Very well explained Frank. Some <a href="https://www.salvagereseller.com";>salvage cars for sale</a> are worth salvaging. A salvage car is the least expensive option when buying a car, specially if you have a good mechanic, or you are not afraid of getting your hands dirty. The secret is to inspect it very well before buying, so you are pretty much aware of what you're going to spend in parts and repairs, buy it the cheapest possible and make a good repair. Always contact your local DMV for information on how to get a rebuilt title and and always inspect the cars before buying it.

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1/31/2017 10:21:50 PM #

Very well explained Frank. Some <a href="https://www.salvagereseller.com";>salvage cars for sale</a> are worth salvaging. A salvage car is the least expensive option when buying a car, specially if you have a good mechanic, or you are not afraid of getting your hands dirty. The secret is to inspect it very well before buying, so you are pretty much aware of what you're going to spend in parts and repairs, buy it the cheapest possible and make a good repair. Always contact your local DMV for information on how to get a rebuilt title and and always inspect the cars before buying it.

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