There are different types of auctions and certain types of cars up out there for bidding. However, have you heard or have you ever tried participating in salvage car auctions?
You don’t have to worry — you don’t have to take part in something violent. This is all clear and legal. Risky, maybe, but it is legal.
If you’re wondering what ‘salvaged cars’ means, it actually means a lot of things. It could be any of the following:
• This car’s cost for repairs is higher than the value of the car itself.
• This car may have been lost, stolen or both; then, the car was recovered.
• This car may have been involved in collisions or other accidents.
• This car may have been damaged due to floods or other natural disasters.
• This may have been repossessed by a financial institution due to its previous owner’s failure to pay.
Some auctioneers are unable to confirm the real state of the vehicles being auctioned; however, the buyer still has the ability to inspect and check all potential vehicles prior to the salvage car auction taking place. They even encourage the bidders to look at the vehicles before they place an offer to make sure they are aware on what they are bidding for.
Tips in Buying a Salvaged Car
There are several tips to take note of before bidding for a salvaged car. These points to ponder are as follows:
• Check which exact parts of the car have been affected or damaged.
• Understand first what a salvage title is (a title given to a vehicle with damages more than or equal to 75% of its value) — as it’s given with the vehicle in most cases.
• You may want to consider getting a CarFax report. It may not have all the information, but it would contain most of the details that you need to know. The ‘details’ part of the report contains both frame damage and airbag deployment check, which is important if you want to check a car’s status.
• Obtain a qualified inspection, both frame and mechanical. It also determines the car’s value.
• Compare the cost of possible repairs to the cost of your savings. It has been said that the more work you are willing to do to your vehicle, the more you are able to save.
• The vehicle you are getting may or may not come with a key. In cases that the car won’t have a key, you can still take the car’s ignition to a locksmith — they may be able to make a key for you.
• Be careful when choosing the salvage car auctions where you’re going to buy your car. As much as possible, check for dealers with reputable names.
Purchasing a salvaged car can sometimes be a good option, as long as you are aware of what you’re getting into. There are some advantages as well, such as not having a middleman that usually comes with buying used cars. If your budget is the main priority, then it’s best to buy a salvaged car.