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Fraud: Many people selling salvage title cars claim the damage was minor and cosmetic, but it can be hard to know who's telling the truth. And there's little the buyer can do if the car turns out to be in poor condition.
Difficulty insuring or financing: Most car insurance companies offer only limited coverage for salvage title cars — or refuse to cover them at all — since it's so hard to assign them accurate values. Banks also look at salvage cars as a risk and rarely provide financing for them.
No resale value: Dealerships almost never accept salvage vehicles as trade-ins, and private sales can be just as difficult. Cars that are inexpensive to begin with experience a much larger drop in value.
Finding a diamond in the rough: There are times when a salvage title car is only slightly damaged but still being sold for a low price. A hailstorm might damage the body but leave the engine and interior untouched. Older model vehicles might have lost market value to the point that they're totaled even if they require only small repairs. Cars recovered after being stolen might receive a salvage title without ever having been in an accident.
Getting a source for parts: Some people buy salvage title cars to use as a "donor car" for parts. Others enjoy fixing up the salvage title car themselves. Given the pros and cons of buying a salvage title car, the pool of ideal buyers is small. It includes buyers who:. TheStreet Recommends. By Rob Lenihan. By Eric Reed. By Bret Kenwell. By Veronika Bondarenko. By TheStreet Staff. See More. How Do Salvage Titles Work? By Lorraine Roberte. Learn about our editorial policies.
Reviewed by Khadija Khartit. Article Reviewed July 27, Khadija Khartit is a strategy, investment, and funding expert, and an educator of fintech and strategic finance in top universities.
She has been an investor, entrepreneur, and advisor for more than 25 years. Learn about our Financial Review Board. Lower price Might get lucky and find one with minimal damage Can use it for parts. Might initially overlook important damage Repairs could be costly Could be difficult to acquire insurance. Key Takeaways A salvage title indicates that the car has extensive damage and is no longer roadworthy.
A salvaged vehicle that has been repaired and passed a state inspection might qualify for a rebuilt title. Buying a car with a salvage title might be worth the effort if you have the time and money to restore it.
Just know that finding a loan for it may be difficult. Article Sources.
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