Were you recently in a car crash and found out that the insurance company now considers your vehicle to be totaled? If so, in this article we will provide you with several tips you can use for selling a totaled vehicle.
What Is A Totaled Vehicle?
About one in seven car accident claims results in a “total”.[9] Except in extreme circumstances, a vehicle that has been written off will not be completely worthless. This is because such a vehicle will usually still contain salvageable used parts, or at a bare minimum will still have value as scrap metal. All that is required for a vehicle to be a write-off is that it would cost more to return to marketable condition than the market value it would then have. So a vehicle of low value may even be written off when fully roadworthy, for example due to damage to paintwork or upholstery.
A severely damaged automobile with repair costs greatly exceeding its value.
In many jurisdictions a vehicle designated as a total loss is sold by insurance companies to general public, auto dealers, auto brokers, or auto wreckers. The metrics insurance companies use to make the decision include the cost of the repairs needed plus the value of the remaining parts, added to the cost of reimbursing the driver for a rental while the car in question is repaired.[citation needed] If this figure exceeds the value of the car after it is repaired, the vehicle is deemed a total loss. In most jurisdictions, a decision by an insurer to write off a vehicle results in vehicle title branding, marking the car as “salvage” or (if repaired and re-inspected under subsequent ownership) “rebuilt”. If the vehicle is not severely damaged, however, it can be restored to its original condition. After a government approved inspection, the vehicle can be put back on the road. The inspection process may not attempt to assess the quality of the repairs.[10] This function will be relegated to a professional mechanic or inspector. However, if the vehicle is severely damaged as per standards set by state or provincial governments, the vehicle is dismantled by an auto wrecker and is sold as parts or scrapped.
Once a vehicle has been written off and repaired the vehicle may still lose value. Diminished value is the reduction in a vehicle’s market value occurring after a vehicle is wrecked and repaired, otherwise called accelerated depreciation. To collect diminished value after a car accident, insurance companies usually ask for a diminished value report.
Tip #1 – Sell Your Vehicle to A Car Dealership
In today’s world, there are many car dealerships in cities across the United States that purchase totaled vehicles because they take those totaled cars, trucks, or vans, strip all of their parts from them then use those parts on other vehicles.
Most dealers will typically give you a cash offer for your totaled vehicle or a credit that you could use towards purchasing another vehicle that they have on their lot.
Tip #2 – Private Party
Besides selling your totaled vehicle to a car dealership that purchased totaled vehicles, another option is to sell your totaled vehicle to a private party because most private buyers will strip the parts from your vehicle then sell what’s left for scrap.
Tip #3 – Scrap Yard
Last of all, another great way to sell your totaled vehicle is to sell it to a scrap yard. This is an excellent way to say goodbye to your totaled car, truck, van or RV with as little headaches as possible.
If you bring your totaled vehicle to a scrap yard or have them pick it up for you, make sure you have the registration and title of your vehicle ready because you don’t want there to be anything that could potentially stop a scrap yard from buying your totaled vehicle.
Contact Fred’s Auto Removal
Want to save the time, money and hassle of getting rid of selling your totaled vehicle? Sell it to Fred’s Auto Removal! We will take that vehicle off your hands and pay you cash for it! Learn more about how much your totaled vehicle is worth by calling us at (503) 810-3061 or connect with us online by clicking here.