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The cars with title savage They are those who were involved in accidents that severely damaged their structure and made them a dangerous means of transport or unsuitable for driving on the road.
When a vehicle has been involved in a severe or serious accident (also flood or other natural disaster), an insurance company adjuster will declare it as “total loss”since the cost to repair it exceeds the value of the vehicle in its entirety.
Only a person who works for the insurance company and assesses the status of the damage can declare a vehicle a total loss, and a special title is assigned to the vehicle called a “salvage title.”
However, these cars can be repaired and put back on the streets once they go through a series of reviews by the corresponding department of vehicles.
Salvage title: what care to have when buying this type of car
If you are thinking of buying a car with this type of title, you should not forget any detail and you should review it thoroughly. So here we tell you some things you should know before buying a vehicle savage.
1.- Resale or exchange value
A vehicle with a title savage it will not have the same resale value as one with a clean title. That’s on top of the fact that you’ll likely have to hold hands with the prospective buyer to cover the condition and history of the vehicle.
2.- Car insurance
Some companies, if they agree to cover a car with a salvage title, will not be able to offer more than simple coverage or what the law requires. Higher coverage would force them to pay the original value of the car, which was lost when it was declared as a savage.
Remember that salvage cars are cheaper, but they can have a lot of problems.
3.- Vehicle history
A pre-purchase inspection can clear up many of those questions and can also give you an idea of the severity of the damage to the vehicle.
4.- Financing
Your bank or credit union may not be as enthusiastic about financing a car savage. Financial institutions first want to make sure that you can repay the loan as promised, but they are also concerned about the value of what they are financing.
Salvage-titled cars can have shaky resale values, which means banks may not get all your money back if you default.
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