While salvage title laws vary according to the state you’re doing business in, they generally all work the same way. If a car is stolen, vandalized, or in an accident, and the insurance company deems the car’s value is less than the total amount of damage, it is given a salvage title by that state’s department of motor vehicles (DMV). If you purchase a salvage title vehicle from an auction or as a trade-in from a customer, what can you do with that salvage title vehicle? While there are several options available, take a look at the three options below, courtesy of Consolidated Automotive Services of Indiana.
1. Get a New Title
While it can be a long and arduous process, it is possible to get a new title for a salvage vehicle. Once a salvage title vehicle has been properly repaired or rebuilt, it can be given a new title by your state’s DMV and then driven again. Of course, you’ll need to weigh the options. Will you make a profit if you have a salvage title vehicle repaired and then re-sell it? At Consolidated Auto, we can help you find the answer to this question and many more.
2. Sell It to a Salvage Yard
One of the easiest things you can do with a salvage title vehicle is to sell it to a salvage yard or junkyard. A salvage yard may either scrap the car and re-sell the parts, or they may recycle the entire vehicle and make a profit from the metal. Be sure you have all the proper paperwork, such as the car’s title, before calling the salvage yard.
3. Sell It to a Private Buyer
You can find a private buyer who will purchase the salvage title vehicle. Many individuals enjoy fixing up or collecting old vehicles. They may be in need of a salvage vehicle for its parts or they may want to take it on as a fix-it project. Either way, if you choose this route, it is possible to sell a salvage vehicle to an individual.
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Source: “Selling Salvaged Cars Guide.” Web article. Autolist. 06 May. 2019. Web. 09 Dec. 2020.