Before trading or selling your car after a major accident or natural disaster, you might want to find out how much it is worth as salvage. On a scale of 1 to 5, a serious accident that would rate as a 5.0 on an older automobile might rate as a 1.0 on a newer model with a higher price tag.
Frequently, a serious collision or body damage from a natural disaster can spell the end for your beat-up commuter car if its value is less than the cost of repairs or the damage qualifies it as a total loss. Natural calamities can also wreak havoc on a car, seriously damaging both the outside and interior. Following a natural disaster, such as a flood, hurricane, hailstorm, avalanche, or forest fire, for example, salvage title automobiles are fairly prevalent.
Every year in coastal communities across the United States, there have been a number of recent natural disasters. You might wish to check to see whether your car has a salvage title. Serious auto accidents occur frequently and can cause front-end collision damage, side impact damage, or rear impact damage, the latter of which may cause the vehicle’s steel structure to flex.
Once the vehicle’s frame is bent, it will no longer operate as it was designed to and may experience severe tire, shock absorber, braking, and alignment problems for the remainder of its life. Sadly, one serious car accident can turn a brand-new car into one with a salvage title.
Insurance companies typically send salvage cars straight to the junkyards, but on occasion, owners who do not want to part with their cherished car may receive a salvage title, which can then be sold at auction or rebuilt to nearly factory standards and sold again to the general public.
Value of a salvage car
More easily than you might imagine, you can figure out an automobile’s salvage value. Any vehicle’s salvage value will vary depending on the state, along with the year, make, model, and state of the vehicle. The following are the main factors to consider when determining your car’s salvage value.
To find out the retail and wholesale worth of your vehicle, consult a market resource like the Kelly Blue Book or National Automobile Dealers Association Used Car Guide. To determine the car’s current market value, add the retail and wholesale values together and divide the total by two.
For the proportion of market value that your motor insurance company uses to calculate salvage value, get in touch with them. Depending on the insurance provider, the proportion can change, but it is normally 75% of market value.
To establish your car’s salvage value, divide the earlier determined current market value by 0.25 (1.00 minus 0.75). Note that the outcome of this computation will never equal the car’s current market value.
Get cash for your salvage vehicle today
One of the greatest sites to sell your salvage automobile for cash is Instant Cash Offer if you are prepared to part with it. Our vehicle buyers offer some of the best salvage car cash offers in the country thanks to their years of expertise and current understanding of the local auto salvage market. Even though you can sell your salvaged car to a junkyard or other buyer, why would you want to deal with cleaning and towing your car? Instant Cash Offer handles all the paperwork and will make you a reasonable offer for your car’s salvage value.