Nobody chooses to be in a car wreck and it is often out of your control. But once this unfortunate circumstance becomes your reality, the aftermath of dealing with an assessor’s accident report and hearing the ‘s-word’ may put you in a bit of a tailspin. But you do have a choice as to what to do next and how to take control. And despite the extensive damage and your car being written off, a salvage title shouldn’t herald the ‘end of the world’ for you or your car.
Let’s delve a little bit deeper into the world of these salvage title vehicles and explore how you can sell your accident-damaged or non-running vehicle for the best cash price. (i.e. Let’s find the silver lining to your salvage car situation).
Understanding salvage title cars 101
Knowledge is power, and armed with a little salvage title info will stand you in good stead to make an informed decision regarding the best course of action when looking to sell yours for cash.
A salvage title is a legal designation and industry term given to a vehicle by an insurance company or industry expert when the amount to repair it exceeds a certain percentage of its value. This serves as a warning to potential buyers that the car has been significantly damaged in the past – due to a collision, a flood, a fire or a hailstorm – and has undergone repairs to make it roadworthy again. (Cars that have been stolen and found will also be given a salvage title).
Here’s the positive side to you sitting with such a car; you are not just sitting with a pile of junk. There is a niche group of buyers out there who are looking to buy salvage title cars and see the potential of such a purchase which includes:
- Significant cost savings as they can be purchased at a fraction of their market value which is an attractive option for budget-conscious buyers
- Some salvage cars can be repaired and restored to roadworthy condition, which provides huge satisfaction for those who love to work on cars
- There is a buyer market out there that sources salvage cars for working parts
Don’t despair! Your piece of accident-damaged junk is someone else’s treasure. You just have to find the right buyer solution.
Selling your accident-damaged salvage title car
If you are looking to get cash for your written-off car, you have a few options. There are also a few crucial steps to take before you can actually get money in your pocket.
- Do damage control: If you are not insured, you will need the extent of the damage assessed (as well as potential underlying issues) to determine the car’s value and to provide accurate information to potential buyers.
- Have a paper trail: To sell your accident-damaged car and provide transparency with potential buyers, you will need to gather important documentation relating to the salvage title itself, repair invoices and any maintenance records.
- Get more than 1 quote: To get an accurate idea of the market value of your non-running car, it’s worth your time to obtain multiple quotes from reputable buyers. This allows you to compare offers and select the one that gets you the best cash price for your salvage vehicle.
- Choose the right buyer: You could sell your car to a salvage title car to a scrap yard, to a private buyer or to a reputable buyer that has a credible track record and industry experience in buying damaged vehicles (This is where reviews play a key role in your decision-making process).
Here’s hoping that you are feeling a little more optimistic about selling your salvage title car. Staying empowered and in control means having the knowledge and evaluating your options. Cash in your pocket is certainly an end goal, but finding an industry buyer that offers a little more than just cash (such as handling all the paperwork on your behalf and towing your car at no extra charge) is the best decision you can make.
