Salvage Title

March 31, 2011

I get asked a lot about salvage titles. I generally do not recommend buying cars with a salvage title but there are exceptions. First, what does a salvage title mean? Generally it means that the insurance company has deemed the vehicle a total loss, and that the cost of fixing the damage surpasses the value of the car. It doesn’t mean all cars with a salvage title are worthless.

Some states, for example, require a salvage title for stolen vehicles, even though the damage to the vehicle may be minor. This is the kind of car you want to look for. Since selling cars with salvage titles are very hard to sell, you should buy one only if you plan to keep it for a long time. Also make sure that the state you live in allows cars with salvage titles to be insured. Of all the potential risks with these types of cars I generally stay away from them.

 

{ 1 comment… read it below or add one }

remove scrap car free April 12, 2011 at 8:55 am

Hi All, I’m in need of several options for fixing an old car or maybe scrapping it. Could somebody point me in the best route where I might locate some positive assistance.

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