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Cash For Cars: Determining The Salvage Value Of Your Car

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You may total your car at some point due to a natural disaster or a traffic accident. However, despite the damage, you can still get some value out of the smashed vehicle by selling it to a junk car buyer. The money can help you pay for a new ride or cover other expenses. Before making the sale, consider the estimated value of the car. Here's how to estimate the car's salvage value.

How a Car Qualifies as a Salvage Vehicle

Your car may qualify as a salvage vehicle if its repair costs exceed its value. It attains this state if the repair parts are costly and require a highly skilled mechanic.

You need a state-issued salvage title for your car to qualify as a salvage vehicle. An insurance adjuster must also intervene to determine if the car is repairable or salvageable.

If your car was in a traffic accident, it might get a salvage title depending on the impact of the accident. It can also get the title if its parts wear out due to severe weather conditions like hurricanes and tornadoes.

An insurance adjuster may also label your vehicle salvage if the accident involved an uninsured motorist.

Estimating the Salvage Value of a Car

A motor vehicle will always carry some value despite its condition. A cash-for-cars buyer will take it apart and recover its metal parts for recycling.

As you estimate its salvage value, the following elements matter:

  • Auto industry resources that list wholesale and retail values of vehicles.
  • A rough estimation of the car's fair market value
  • The market value percentage insurers use to determine the salvage value.

Who Can Give You a Fair Offer for a Salvage Vehicle?

Consider getting a quote from a cash-for-cars buyer to determine your salvage vehicle's value. You can get the quote by calling their telephone number or filling out an online form. The junkyards will then give you offers for the salvage vehicle.

With these quotes, decide how and where to dispose of your junk car. Once you accept an offer and arrange a convenient pickup time, the dealer will process your payment. 

Selling your junk car for cash can help you get fast cash for a salvage vehicle without depending on auto insurance. It's also convenient if there is no one to file a liability insurance claim against.

To learn more about getting cash for cars, contact a professional near you.