Everyone wants to save money when buying a car, but you might have trouble finding a bargain used vehicle. In that case, you may choose a salvaged title vehicle. But what does a “salvaged title” mean? This article will describe what a salvaged title is and the advantages and disadvantages of purchasing such a car.
A salvaged title means the car has suffered substantial damage, most often in an accident. The car was probably deemed a total loss by the insurance company and the title was branded as salvage. In most cases, the owner is paid off by the insurance company and the title is with the insurer, who wants it off their hands ASAP. This where you, the buyer, come in. If you review the car and think that the damage has been repaired and the car is drivable, you can get quite a deal.
But you really need to do your homework before you pull out your wallet. Here are the pro’s and con’s of buying a car with a salvaged title:
Pro’s of a Salvaged Title
First of all, the price on a car with a salvaged title is low. Some salvaged vehicles can be sold for pennies on the dollar. The potential low price has two possibilities. You can use the vehicle for spare parts, which can save you a lot of money if you are rebuilding another vehicle.
Another possibility is you might want to fix the car and use it as an inexpensive ride around the town. Some cars that have been declared total losses may not have been closely inspected, and the damage could be less severe. This is where you could come out ahead.
Con’s of a Salvaged Title
The price could be wrong. What do we mean? Buying the car could be cheap, BUT you may have to sink thousands of dollars into it to make it drivable. Sometimes the damage in a vehicle can be major, but it is hard to see. Unless you are a mechanic, be certain to have a skilled person look over the car for any invisible, serious damage.
Second, a salvage title is forever. Even if the car is in full operating order, you will have to have it inspected and approved by DMV to drive it. The title is then rebranded as ‘rebuilt.’ But everyone knows the car was salvaged. This means you will have to ask for a lower price if you decide to sell it later.
Sometimes buying a car with a salvaged title can be worth it; other times, it’s not. In a case where you bought one and didn’t know it, you may have a legal case.
Have You Bought a Salvaged Vehicle and You’re Having Problems?
Sometimes, people buy a car with a salvaged title, and they did not know it. They could be having serious problems with the vehicle and do not know where to turn. Neale and Fhima can help. We have the experience to help you with getting the compensation you deserve in a situation where you have a salvaged title without your knowledge. Call us now.