Balancing Resources Should You Sell Your Car for Maximum Value or in the Quickest Manner Possible 1

When you have a car that has been damaged badly enough for the insurance company to determine it is too expensive to repair, it is considered salvage. These vehicles lose their regular titles and require the owner to get a salvage title. To sell a car like this, a salvage title is required to prove the person selling it legally owns it. Salvage cars are only worth a fraction of an undamaged car but the owner has already received an insurance settlement and can get a maximum value.

Balancing Resources Should You Sell Your Car for Maximum Value or in the Quickest Manner Possible 2

Selling Salvage Cars

After storm damage, theft damage, or accident damage, a car or truck can be considered totaled or too damaged to be worth the insurance company paying to repair. The insurance company will offer the vehicle owner an insurance settlement. Then the owner can decide whether to sell the car to the insurance company or keep it and sell it as salvage. Salvage means the vehicle can’t be driven or registered in the damaged state. It is often too expensive to repair the vehicle and apply for a new title.

So, the owner will get a salvage title according to the rules for salvage in their state. Selling a car for salvage is appealing because no repairs are required. Once a salvage title has been secured, it is time to decide where to sell the salvage vehicle. Each owner must decide if they want a quick sale or a sale that gives them the most money but may take longer. Newer vehicles bring more money because their drive train parts have more value.

One place to start is Selling a salvage vehicle online can be fast and convenient. Internet car-buying sites can give the owner a quote in a short time. Then, the buyer can check out other selling possibilities using that quote as a guideline.

Where To Sell Salvage Vehicles

1. The insurance company. After the accident, theft, or weather event, a person might just want the car gone and a little money so they can move on with their lives.

2. Salvage yards can be the U-Pull-It kind or the Full-Service Salvage Yard kind. You may need to get an appraisal from National Automobile Dealers Association or a Kelley Blue Book.

3. Online car buyers. Online car dealers have the system in place to give the owner a quick bid and move the purchase along quickly without a lot of effort by the owner.

4. A private party. Some people purchase salvage cars for parts for another car they are repairing, to rebuild themselves, or other reasons.

Deciding How To Sell the Salvage Vehicle

How do owners decide where to sell their damaged vehicles? One factor would be money. How badly does the owner need money? Is it worth waiting longer and putting in more effort to get more money? How quickly does the owner want the car gone? Sometimes speed is worth more than top dollar. That damage, an unattractive vehicle is taking up space in the driveway.

The type of damage and the usable parts left undamaged may be a deciding factor. The age of the vehicle might be a factor. A junker is a junker and won’t bring that much money but a newer vehicle may be worth a lot more. Another factor may be how much time and energy the owner has to put into selling the damaged vehicle.

The Selling Process

Know your state’s salvaged auto requirements. Don’t try to hide the car’s salvage status because it is a misdemeanor crime in most states. It can result in big fines or the buyer could sue for damages. The best policy is to inform any prospective buyer of the car’s salvage status. Just to be safe, contact the state’s Department of Motor Vehicles to get information on the owner’s legal responsibilities.

Take the time to get a list of all the damage the vehicle has sustained. This can protect the seller after the sale. It might also be a good idea to have a list of usable parts. Salvage yards and private parties might be looking for certain used car parts and having the list will save time.

Some owners are willing to sell the car parts separately to make more money. Depending on the type of car and the damage on it, the parts may be worth more than the whole car. This is the most labor-intensive and time-consuming way to sell a salvage car. If a person has mechanical ability and the time, they may make more money doing this.

Donate The Car For Tax Deductions

If the salvage car is in good working order, you might consider donating it to a charity and taking the tax deduction. Some charities to consider are Make-A-Wish, Kars4kids, and Cars For US Troops. This option depends on what the damage is and how possible repairing it to be drivable is.

Be Practical

Remember, the goal here is to get that damaged salvage car out of the garage or driveway. Be realistic about the selling price so the car is gone as quickly as possible. A salvage yard might require the owner to tow the car to them or it might be willing to pick up the car. Check the final purchase bid to see which option results in the most money.

Before deciding which way to sell the salvage car decide how much time one can spend on the project and how quickly the money is needed. Or maybe a person doesn’t need the money as much as being rid of the vehicle. Some people feel they are better off letting the insurance company give them a settlement that includes the insurance company owning the car.

But, if the owner has the time and needs additional money, it might be worth calling local salvage yards and contacting an online car buying site to compare purchase quotes from all the possible buyers. Advertising car parts online or in the newspaper is another possibility. There may be a buyer that will take the whole car for the parts they need.