When you want to sell a broken down vehicle you may contact a salvage buyer to see what your vehicle may be worth. The value of a salvage vehicle can greatly vary and is calculated on different considerations. To better understand how a salvage is calculated, KB Towing Service would like to share some of the major considerations that determine the value of a salvage car.
Details of the Vehicle
One of the first steps to determine the value of a salvage is listing the vehicle’s basic details. You will need to provide the vehicle’s make, model, year and the value at the date of purchase. You want to also determine the current value or retail price of the vehicle.
Reduce 50% Retail Cost
One way to determine the value of a salvage is by automatically reducing the value between 50% to 40% of the retail price of the vehicle. This equation is not he automatic value of a salvage. It will, however, give you a better figure of your vehicle’s value. There are other considerations that will need to be addressed. For a final quote of the vehicle you will want to get the vehicle appraised by a licensed salvager.
Calculate Current Market Value
Estimating the current value of a vehicle may not be as easy as some may realize. When seeking the current value of the vehicle, you will need to add the retail cost to the appraised value or estimated value of the insurance company. With either the appraisal or the estimated value from the insurance company, divide that value with the retail cost to calculate the current value of the vehicle. After you have finally got the current value of the vehicle, you will want to multiply it by the percentage used by the insurance company. The result will be your approximate value of the salvage.
Considerations of Appraisal
With the value of the salvage, there is one last consideration before you are given a check for the sale of your vehicle. The appraiser will inspect the vehicle for body damage as well as the cost of repairing the vehicle. The cost of repairing the vehicle will often reduce the value of the salvage. If the vehicle cannot be repaired, the appraiser will then take a new approach to the value of the vehicle. Useable parts have value as well as the value of recycling the vehicle. The vehicle’s usable and recyclable parts will determine the value of the salvage. This will take a bit more time to determine. However regardless as to the vehicle’s state, you can sell anything to a salvage buyer.
Towing & Roadside Assistance Services & More in Rowlett, Garland, Mesquite, Rockwall, Wylie, Sachse & Greater Dallas, Texas
When you have a junk car one that either cannot be fixed or costs too much to be fixed up, you can sell to a junk car buyer or also known as a salvager. Make sure to sell your vehicle to a licensed and reputable buyer to ensure all of the proper steps of a sale are ensured. If you have a junk car you wish to sell for cash, contact KB Towing Service today.