You see a car is listed for an excellent price, looks great, and has low miles. Is the offer too good to be true? It’s possible! Often cars with salvage-titles have these characteristics. So, does it really matter if a car has a salvage-title? Yes. Here’s why:
If a car has been totaled, insurance companies will take possession of the vehicle and sell it at auction or to salvage yards. It will be issued a salvage title so buyers will know the insurance company considered the car a loss. Even though salvage-title cars are priced below market value, the true value of the vehicle is much lower. Something could be wrong structurally. We suggest asking a professional mechanic to check out the vehicle before deciding to purchase.
Often times you won’t be able to finance or get collision and comprehensive coverage. There are too many variables and unknowns, so it’s hard to put a value on salvage-title cars. Don’t be surprised if you can’t resell your vehicle either. The few interested buyers will demand a significant discount on the price because of the risk they’re taking.
To put it simply, you can’t trust rebuilders or resellers. Issues are common with salvage-title vehicles and many rebuilders are looking only to make a profit. If you do decide to purchase a vehicle with a salvage-title, first check the vehicle history report and with your insurance company in regards to coverage. Next, talk with someone from your local DMV to see what the salvage title laws are. Most importantly, get the car inspected for safety hazards.
There are times when valuable cars are given salvage-titles. It’s just difficult to identify these vehicles. If you take a risk on vehicle, and regret your choice, Top Dollar For Cars will take the car off your hands. Like our website explains, we accept all kinds of vehicles… any year, any model, working/running or not! We can also take or change ownership of a vehicle immediately upon purchase in case of a lost title. For more information check out www.topdollarforcars.net!