What is a Salvage Title Vehicle?
Posted by Angel on September 6th, 2019
A salvage title indicates that a car has suffered serious damage in the past due to accident or flooding. Cars with salvage titles means that over 75% of the value of the car has been eroded, cars in this category are cheap and an inexpensive option for car shoppers on a budget. However, you have to be sure of what you are buying. If you need a car that is trouble-free, you shouldn’t go for a car with salvage title.
When a car is involved in an accident with fatal damage exceeding 75% of the value of the car, the insurance company will declare that the car is not economically feasible to be repaired and it is totaled. The Department of Motor Vehicles (DMV) agency will issue a “junk” or “salvage” certificate of the car. This means that the car cannot be sold, driven, or registered in such condition. And this also rules it out to qualify for financing.
Often times this happen, the insurance company sells the car to a parts dismantler or a repair facility. If the car is repaired, it will have to pass a basic safety inspection by the state DMV before a new car title is issued. The title issued will be a branded title indicating that the car has been rebuilt or salvaged. Hence, anyone buying the car will have an idea of what it has undergone in the past. You can check your state laws and regulations for more information on salvage title vehicles.
Different Types of Damage
There are several damages that may result in a car getting a salvage title. We will consider some of these damages.
Other damages that may result in a car getting a salvage title include theft recovery, and a car damaged beyond repair.
What you Should Do Before Buying a Salvage Title Car
Before buying a salvage title, you should decide what you want. Here are some steps to take before buying a car with salvage title;
You must note that if you are buying a car with salvage title, you won’t be able to get financing and you also might find it difficult to get car insurance. Find out more at https://stevejamaris.wixsite.com/mysite/post/how-to-determine-vehicle-equity-value-as-defined-by-the-kelley-blue-book.
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About the AuthorAngel
Joined: August 28th, 2019
Articles Posted: 10
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