10 Things to Consider Before Buying a Salvage Car
With the current economy, people are constantly trying to save as much money as possible. Saving money does not only entail eating out less. It can also mean not buying brand new vehicles. There is a large market for used and salvage vehicles. However, unlike most used cars and reconditioned cars, salvage cars may require more than just an automotive technician to come to assess the vehicle. Salvage vehicles could require lots of elbow grease, time, and search for parts. However, it can be a viable option. This article lists 10 things to consider before buying a salvage car.
1. Look for vehicle history and a clean title
You should not take anybody at their word when it comes to salvaging cars. Request a report of the vehicle’s history either through a third party service such as CARFAX or send the VIN to the National Insurance Crime Bureau for inspection. As well, if you come into possession of a vehicle without a clean title, then you are putting yourself in a position in which you could be holding onto a stolen vehicle or will need to get a restored salvage title.
2. Consider the cost of parts
Once you have inspected the vehicle, one of the things to consider before buying a salvage car is making a list of all parts that will need to be replaced in order to get the car into show quality. If the list looks daunting, then you shouldn’t expect the resale value to be higher than what you are paying for it. Consider the salvage title of the automobile into the cost.
3.Think about the cost of labor
After you have made your parts list, consider if those parts are easy to find at a salvage yard or if you will have to shop around salvage yards in order to find them. Also, consider how much each part is worth. If you have to put in an extra $1000 to get the car running, then you need to factor that price into what you will ultimately be paying.
4.Have a professional inspect the vehicle
To get help, advice, and a second opinion on pricing and what parts you may or may not need, bring an automotive technician. Bringing an expert can not only help your parts list be more accurate but could also help you leave with a price that makes sense for the condition. If it is deemed a car that is a total loss car, then reconsider buying. If the titles are salvage titles cars, then consider the cost to get clean titles.
5. Is the car worth the payments?
There is nothing worse than bringing a car home and realizing that your car insurance payments have skyrocketed. As well, if you are transporting the vehicle across state lines, then the car will be subject to your state’s taxes. These taxes can add up quickly. Do this research before-hand so that there are no surprises. You may even be able to use these high prices as a bargaining chip.
6. Don’t accept the “firm price”
Many times dealers use vehicle title branding to help sell the car. As well, they are looking to get rid of the vehicle, but want the full price. They will likely start out with a higher price than what they think they can get. Many times this firm price doesn’t signal the owner’s trust in the vehicle, rather the owner’s desire to make money off of the car.
7. Make deals
You may be able to negotiate a reduced price if you agree to take the vehicle immediately. It is likely that the dealer has a holding policy in which the dealer will hold onto the car for a period of time to give the buyer time to set up a mechanism to transport. If this applies to you, then you should use this to get a reduced price. The dealer will be able to free up space.
8. Look for warranties
Among the things to consider before buying a salvage car is look for warranties. The warranty could mean the difference between you paying thousands of dollars versus the dealership fixing the vehicle for free. Maybe even negotiate a warranty if needed.
9. Consider total worth of vehicle
Sometimes experts are able to take a salvage car and restore it back to perfection. In this case, the salvage rebuilders may be able to make a significant amount of money on resale if they do the manual labor.
10. Make yourself walk away
If the deal isn’t right, you need to walk away. No matter how much you want a certain vehicle, never get trapped in a car that has been mistreated. Bring a friend who can help convince you to walk away from a bad deal.
This list of 10 things to consider before buying a salvage car will hopefully open your eyes to the mindset that you should be in before closing a deal of salvage cars in Miami.