Guide to Purchasing a Salvage Vehicle
Learn the essential steps to purchase a salvage vehicle, including registration, bidding options, and market considerations. This guide covers auction procedures, vehicle valuation factors, and legal requirements for salvage titles, providing a comprehensive overview for buyers interested in salvage cars.
Guide to Purchasing a Salvage Vehicle
Salvage cars come in a range of conditions, from nearly intact to heavily damaged, and are often available at salvage yards and auction houses. Buyers interested in acquiring such vehicles should follow a specific process to ensure a smooth purchase.
First, register with the auction house either online or in person. A minimum deposit is usually required to participate in bidding; ensure your name or dealer number is listed on the account. This deposit is refundable if your bid does not win.
There are several ways to buy vehicles at auction:
- Place a bid online. If your bid exceeds others, it proceeds to a live auction. Winning depends on meeting the seller's reserve price.
- Participate in live bidding over the phone with a sales rep, who will inform you of auction dates via email. They will call five minutes before bidding begins to update you on current offers.
- If you prefer a straightforward purchase, choose the 'Buy Now' option to acquire the vehicle instantly with a single click.
During live auctions, deposit funds and log in to bid or request assistance from a sales agent. There is a vast selection of over 40,000 salvage vehicles from more than 170 auction houses, with expert guidance available throughout the process.
Vehicle prices depend on condition, damage extent, mileage, repairs, and modifications, as well as current market values. New cars typically depreciate 30-60% within five years. The value of used vehicles hinges on make, model, and manufacturing year, which can be found through market research.
Insurance companies may declare a vehicle a total loss when repair costs surpass its value, due to factors like flood, hail, theft, or vandalism damage. Only the DMV can issue a salvage title, which restricts ownership to authorized buyers. Some salvage vehicles require special inspections before resale.
