As you look for a used car, you might come across the phrase “salvage title” in a used car advertisement. The price is going to seem right and you’re really going to buy it. Used car salvage titles are not bad idea at all, but make sure you know what you’re getting into before purchasing a used car with a salvage title.
Here you have four things for you to do before buying a vehicle with a salvage title:
• Understand What a Salvage Title Is
• Get a CarFax report
• Get a Qualified Inspection
• Weigh the savings vs. future costs
Understand What a Salvage Title Is
Basically salvage title is given to any vehicle that has persistent damage worth 75% or more of its value. For example, if you drive a 2003 car $9415 and it suffers $7061 in damage in a collision, it’s going to be branded with a title stamped “salvage.” In other words, it’s not considered fit to drive. Sometimes it is also called a junk title.
Normally it is fraud to sell a vehicle without disclosing that it once had a salvage or junk title. That’s why titles will be branded “resalvaged” or something similar to denote a vehicle that has been repaired from a salvage title.
Here you have a chief tip when dealing with a “resalvaged” title. Make the seller demonstrate what work has been done. In some states, revenues for parts and repair work have to be submitted in order to get the resalvage title.
Get a CarFax Report
Usually, CarFax reports aren’t the be-all and end-all, but you’ll find them useful when dealing with vehicles with salvage titles. They give basic facts about a vehicle’s history if you know what you’re looking for.
