If you are under the impression that your severely damaged car is no more of use then you are absolutely wrong. You would become glad to know that even these cars can be sold out in the market and buyers are available to purchase the same too. However, these cars are known as salvage car. Though selling your salvage car can be a little risky but it is legal and hence, you can proceed to auctioning without any hesitation. If you bid for your car then you will be able to see how various kinds of cars are being auctioned at the salvage car auctions program.
What is a salvage car?
Before getting into the details of how selling your salvage car is possible it is important for you to have a clear idea about the definition of a car that has salvage title. The cars that have any one of the features mentioned below can be described as salvaged cars:
- A car 75% of which is damaged or has no value
- A car is so severely damaged that its repairing costs are higher than the value of the vehicle itself
- A car that was either stolen or lost and now has been recovered after a long time
- A car which was in past a reason behind a dreadful accident or any other similar sorts of collisions
- A car that is now damaged due to a natural disaster took place like floods etc.
- If the car is repossessed by someone else preferable a financial institution due to the previous owner’s inability to pay
What buyers look for in a salvaged car?
- Buyers check the following points very carefully before purchasing a salvaged car from the previous owner or a financial institution:
- First of all, which are the car parts damaged or completely ruined
- Secondly, whether the salvage title given to a particular is justified depending on its condition or not
- Sometimes they may even ask for a Car-Fax report. Though these reports do not contain all the valuable data but most of the information required by a buyer is available in it.
- Obtaining a qualified inspection is another important task performed by all the buyers.
What the sellers should do before bidding?
Selling your salvage car means you are dealing with a damaged vehicle. Hence, it is important to remain aware of the essential facts associated with the same. Being a responsible and honest seller, it is your responsibility to let your buyer know everything related to the condition of your car and the parts individually. For that the first thing you would need to do is learning about the basic things like what are those things that your state would want you to provide them. Each state has their own rules and regulation and being a devoted citizen you must abide by the same. Usually all states ask the sellers to submit a written notice so that a prospective buyer (if there is any) becomes alert of it.
There are four simple steps following which you can sell your salvaged car properly –
- Let the government do a lien search for your salvaged car – contacting the state’s department of motor vehicles (DMV) you would need to provide a representative the Vehicle Identification Number (VIN) of your car.
- Price should be a justified amount – after making an extensive research of the value of your car you should fix the price for the same.
- Give advertisement – negotiating a sale can be done in the best way through advertisements. Give ad of your car in the classified sections of newspapers and auto magazines where details of such junk and salvaged are given usually.
- Have a conversation with the interested buyers – it is natural that the buyers would declare an amount as low as possible. However, keeping in mind your price you should negotiate until they offer something close to the price you have asked for.