Late Model Salvage
If you have looked at the price of new cars in the past few years, the thought of having to replace your old car with a new one probably terrifies you. Even the price of a late model used car in tip top condition might be beyond your budget. A reasonable solution to this problem is to look for late model salvage cars an online auction broker site such as Auto Bid Master.
If you know a lot about cars, or if you know a reasonably priced car restoration expert, you could save a lot of money by purchasing your next car from among the thousands of late model salvage listings that you can find online.
Advantages of Buying a Late Model Salvage Car
You may be able to find an ideal car for your purposes, even though it has been declared a total loss by an insurance company. Insurers have to make decisions on claims based on their judgment of whether a car can be easily repaired or whether it would cost more for them to fix it than the car’s book value.
If a car has a book value of five thousand dollars and the insurance company could repair it for five thousand two hundred dollars, they will declare it a total loss and send it to an auction house for sale to the highest bidder. A knowledgeable buyer could get the wrecked car for a few cents on the dollar at auction and then use his expertise to repair the car for much less than the insurance company would have to pay for the same work.
Before You Bid on a Late Model Salvage
Check with your state motor vehicle department to see what their rules are regarding salvage titles. Regulations vary by state, with some states prohibiting clean titles for cars that have been wrecked and restored, and others allowing a new title to be issued. If you work with an auction broker company to look for a salvage car, they will have experience dealing with title issues and can help you work through them.
Physically inspect any car you may be interested in, or have someone inspect it. The auction listing is not going to be as detailed as your personal observations will be. Be sure the damage to the car is repairable without incurring unreasonable costs. A bent frame or other serious structural damage might keep you from bidding, whereas cosmetic damage to the body that resulted in the insurance company calling it a total loss might actually be inexpensive to repair.
Estimate as accurately as you can what all of your costs in the project will be. Include transportation fees, auction fees, title work, parts and labor in your projections. Then place a bid so you will get a great deal on the car if you are the winner. If you will spend as much from start to finish on the project as you would spend to buy the same car in good condition on a used car lot, then you are bidding too high.