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How does a salvaged title effect the value of your vehicle?In: Vehicle Titles |
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It does'nt really it just means the motor was changed and it wasn't recorded or something simalar.
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Having a salvaged title usually means that an insurance company has determined that it was a total loss from a collision. This will significantly reduce the value and insurance companies will be reluctant to provide collision/comprehensive coverage. If you know and trust the person who rebuilt the vehicle, it can be a good deal but if the rebuilder didn't know what he was doing, it probably won't.
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A car is totaled/salvaged when an insurance company determines the repair costs exceed appx 75% of the car's actual cash value (percentages vary from state to state). A salvage title car that is restored and roadworthy is worth 60% of the value of a comparable clean titled car. If it's still salvage/unrepaired maybe 25%. Buying a salvage car is just like buying any other used car. Have it inspected by a pro and if it checks out and is cheap enough buy it! Keep in mind that an older car is easily totaled by insurance companies since they're worth less. A new car with a salvage title could mean its damage exceeded $15,000 and that is major.
First answer by ID1203791303. Last edit by Tobeginwith. Contributor trust: 34 [recommend contributor]. Question popularity: 55 [recommend question]
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