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If you’re looking to score an incredible deal on a used car, don’t necessarily make the first thing you do a trip to the local used dealership. Instead, take the time to research the many options you have for buying a used car online, especially services like online car auctions!
When you do, though, you’re likely to see a number of so-called “salvage vehicles” that are available for a cut-rate price. These are vehicles that have been, for whatever reason, totaled by an insurance company.
Provided you’re willing to put in some work into a vehicle (either yourself or by hiring someone else) some of the best used car deals are to be had by purchasing a salvage vehicle. Below, we’re going to look at the pros and cons of making such a purchase.
The Pros of Buying Salvage Vehicles
As already touched upon, the biggest benefit when buying a salvage vehicle is the cost. On average you can stand to purchase a used car for 70 to 80 percent less than what you might otherwise pay.
Of course, a salvage automobile is going to need work after it’s finished, but here’s the thing: While some salvage vehicles may require extensive work, many find themselves under a salvage title simply because an insurance company totaled a car as a matter of business and not due to the actual state of the car. As you might imagine, this creates the potential for getting an extremely good deal!
Ultimately, provided you’re savvy about the salvage vehicles you’re bidding on and understand the costs associated with repair, you can get behind the wheel of a great used car at a fraction of the price you’d pay for buying a comparable used vehicle that’s in ready to drive condition.
The Cons of Buying Salvage Vehicles
Of course, not all salvage vehicles are created equally. Some, as you might expect, have extensive damage and have been totaled for a reason. Here, a good rule of thumb is to avoid salvage vehicles that have frame damage, as this will often be the costliest aspect of repair.
Aside from that, though, there’s really only one true con to purchasing a salvage vehicle, and it’s something you should keep in mind. Once a car has a salvage title, it will always be marked as such. Therefore, the resell value of the car will always be less than a non-salvage vehicle in a similar state, and it may be more difficult to secure insurance for the vehicle.
Where to Find Salvage Vehicles Online
If buying a salvage vehicle sounds like something that could work you, your budget and your needs, then you’ll need to participate in online used car auctions. Through these services alone, you’re able to gain access to the very same databases that dealers across the country use when stocking their inventories. Because of this, you as a consumer can enjoy the same kinds of deals that dealers use to turn a profit each and every day.