Buying salvage cars is not rocket science, but it’s not a walk in the park, either. You need to have the basic information regarding the whole process and, ideally, some experience in the field.
Wondering what to do if you’re not entirely sure what you’re getting yourself into? All you need is great tips for finding the best crashed cars for sale. Well, this article will give you more than a few pieces of advice on that matter.
Who Sells Salvage Vehicles
Apart from some car dealers, the biggest variety of salvage cars for sale can be found at salvage auto auctions, such as our website – BidExport.
This automotive sector has been booming. That’s because insurance companies write off more vehicles each year, mainly due to high repair costs. The process results in millions of salvage vehicles waiting to be bought. Good deals are waiting at these auctions for those who are willing to risk it and put in the work afterward.
Talking about risk, there are several things to have in mind when browsing for crashed cars for sale and bidding on some of them later.
What to Consider When Searching for the Best Salvage Vehicles Out There
There are many key points to consider if you are determined to strike a great deal on a salvage vehicle. The most important ones are listed below:
#1 Trust a Reliable Auction
Choosing a trusted auto auction with an immaculate reputation is crucial. Except for the probable good deal with no hidden secrets, you will have a wider variety of cars to choose from, too. Buying a crashed car from a dealer might turn into a nightmare, so check their background and any feedback if possible.
#2 Check the Market Value of the Vehicle You Are Interested In
In most cases, salvage vehicles are significantly cheaper than equal ones in perfect condition. The difference in their value in pre-accident or pre-theft condition is key, as it will determine your profit.
If you are looking to buy a salvage vehicle for yourself, this tip is equally important. Otherwise, you might end up with a crashed car at the price of a running one.
#3 Find Support from A Mechanic
Even if the particular salvage car you are interested in looks relatively good on the outside, nobody can tell what it’s like under the hood. You can buy the vehicle in the condition you see it, with no option for a test drive of a thorough inspection.
A mechanic might notice things that you didn’t, and you will know when to walk away and when to bid.
#4 Calculate the Repair Costs
Let’s assume that you are sure about what the actual damage of the vehicle is.
In this case, you need to make all the calculations about the upcoming repairs it would need to be road-legal again.
It doesn’t matter if you intend to sell it when repaired or keep it. You still need to know if placing that bid makes sense in the first place.
#5 Make Sure You Know What You Want, and Go After It
If you decide you need a certain crashed vehicle for its parts, for example, then buy exactly that. Set a budget and stick to it. Deciding to repair it and to get it back on the road would ultimately change the initial reason why you need to make that deal.
Salvage vehicles insurance is not exactly cheap, not to mention that not all insurers would agree to insure such a car in the first place. If you are after a crashed car to repair and sell on, keep in mind it needs to pass your local state’s DMV inspection. It gets retitled as “rebuilt salvage” after that. Needless to say, even a perfectly good vehicle in full order but with a rebuilt title is always cheaper than an identical one with a rebuilt title.
#6 Always Choose the Vehicle That Needs the Least Repairs
If you have the option to choose from a few different salvage cars of the same make and model, always choose the one that needs the smallest amount of work. Even if the price is slightly higher, you will end up with a better deal after calculating the repair costs.
If you have the chance to buy a vehicle that you could restore yourself, it’s best-case scenario, no doubt about it.
#7 Be Patient, and You Will Be Rewarded
Always try to wait for the perfect salvage car. Keep in mind that not all salvage vehicles for sale have been involved in some kind of accident or a flood, for example.
You could be lucky enough to come across a vehicle that has been previously stolen, with no damage whatsoever. A theft recovery vehicle would cost a lot less than its real market value simply because it was deemed a total loss by an insurer.
#8 Make Sure You Know All the Details
What would really help you to strike a great deal on a salvage car for sale is knowing everything about it in advance. If you know that it was flooded, for example, then you should definitely expect the unexpected.
Even if it looks brand new, you have no chance of knowing its mechanical state, not to mention the sometimes-devastating damage to electrical components. As suggested earlier, you need to assess the situation, and see if it is worth the risk.
#9 Calculate All the Additional Costs
We already mentioned the expensive insurance costs related to every salvage title vehicle. Repairing the damage will not wipe off the car’s history, and it will always be there. This means that its market price will be lower, and its insurance will always be higher.
There are, however, additional costs, such as auction fees, transportation, etc. Make sure you calculate those as well.
#10 Don’t Be Emotional About the Auction
Even if you happen to see the car of your dreams at an auction site, be careful and don’t place that bid too soon.
You don’t want to end up disappointed and frustrated when it turns out it is a total wreck that’s not worth saving at all. Do the math and if it all looks okay, then go with the flow and bid on it.
The Bottom Line
Well, there you have it: buying salvage cars requires some thought, calculation, and patience above all.
There are plenty of good cars out there, and you have a huge chance of either bringing home a bargain to enjoy or making a hefty profit after selling it to another. The choice is yours.
To facilitate your choice, we’d like to invite you to sign up at our website – BidExport – where 150,000+ salvage vehicles await you.
