Best meaning of what is a salvage title on a car. Should you buy a car with a salvaged title? How to check if an auto has been salvaged or has other related issues.
Buying A Car With A Salvaged Title
Meaning Of Salvage Title On A Car
- Auto was in an accident, stolen or weather-damaged.
- If the repairs exceed a certain percentage of the cars value.
- Then the insurance company considers it totaled and will take possession. If there is any value remaining you will be paid for that amount, or...
- You can buy the auto back for the value the insurance company has placed on it.
- Insurance company's auto records are obtained by the state.
- So the state issues a new title for that auto, stamped salvage!
Check Car For Salvage Title!
Buying A Car With A Salvaged Title
Pros
- You should be able to purchase the car at a discounted price because, salvaged title cars don't have the same value as a clean title car.
- DMV renewal fees are usually cheaper, due to the value of the vehicle.
- Vehicle insurance is usually less expensive, because in most cases you don't need to purchase full coverage on the vehicle. If you have an accident and total a vehicle with a salvage title, the insurance company will pay you pennies on the dollar for a vehicle that has a salvaged title.
Cons
- You will have more problems finding financing for the auto.
- Most auto dealers will not take the auto as a trade-in.
- The vehicle may have mechanical problems that you are not aware of.
Check Salvage Title Or Other Related Issues
Even if you know that you are buying an auto with a salvaged title, I would run a vehicle history report for other related issues. You can run this report quick and easy at VinAudit.com.
Other issues to look for in a vehicle history report? Record of flood damage, fire damage, hail damage, vandalism, previous rental car and much more...
I hope this information on; (What Is A Salvage Title On A Car) was useful.
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