Be it New York or Nevada, the vehicles featured in salvage car auctions generally go for unbelievably low prices but the challenge lies in finding a deal that suits your prerequisites. The vehicles up for sale have different title brands, which also influences their market value. So, if you are planning to buy a car from salvage car auctions, it is important to be aware of the different title brands. On that note, we’re presenting an overview of different car title brands you can find in salvage car auctions. Read on.
This is the most common title brand you will find in salvage car auctions. A vehicle may be given a salvage title due to a number of reasons, but the most common is severe damage. The title is generally given to cars that have sustained major damage and have been declared as ‘total loss’ by an insurance company. This usually happens when the cost of repair exceeds 60 percent of the fair market value of the vehicle, but that changes for every US state.
As the name suggests, the flooded title is given to those cars that have sustained extensive water damage that will cost too much to repair or has compromised the safety of the vehicle. These cars generally go for exceptionally low prices and are often used to salvage working parts. Before buying a car with a flooded title, conduct a thorough inspection to determine how extensive the damage is, and if the vehicle can be returned to operable status.
A reconstructed or rebuilt title is given to cars that have been extensively repaired or restored after being given a salvage title. Although vehicles with a reconstructed title are generally safe to be used on the road, it is important to remember that they may still retain their salvage title in some states, as the laws vary from state to state. So, if you are unsure about the laws in your state, contact your state’s DMV.
A car receives a repossessed title if its owner of a car is unable to pay back the loan taken out to finance its purchase. The repossession is generally enacted by the lending bank. Having been partially paid-for by their previous owners, cars with repossessed title are sold for unbelievably low prices, and the best part is that, unlike salvage cars, you do not have to worry about significant repair expenses as they are often mechanically sound.
Buying a car from a salvage car auction can certainly help you save a significant amount of money, without having to compromise on the car you wish to own. If you are looking to buy your dream car through salvage car auctions, the search ends at AutoBidMaster. We have helped thousands of people get their hands on their dream machines, and the next story could be yours! If you have any questions about our auctions or the vehicles listed in our inventory, simply call +1 (503) 298-4300, Mon to Fri, 6am to 4pm (GMT-8:00) or email support@AutoBidMaster.com.