What is Auto Salvage Value?
After your car is damaged from an accident, it’s logical that it’ll be worth less than it was before the collision. But, it still has some value, which is known as its salvage value. The definition of auto salvage value is the value of a damaged car that isn’t going to be repaired because it’s a total loss (the cost of repairs outweigh the value of the car) or can’t be sufficiently be repaired. A car in this situation is often referred to as a salvage car or salvage vehicle.
When your car is declared to be a total loss or totaled by your insurance company, there are a couple of scenarios that can play out. First, the insurance company can pay out a settlement check for the actual cash value of the car pre-accident less any deductible. In that case, the insurance company takes ownership of your car. The second possibility is that you opt to keep your salvage car and sell it to DamagedCars.com.
Salvage Value Formula
If you do opt to keep your salvage car, the insurance company will calculate the salvage value of your car and reduce any settlement payout by that amount. You’re essentially buying your salvage car from the insurance company.
Is there a clear salvage value formula? Well… no. There’s no easy, clear-cut formula for calculating a car’s salvage value, as there are quite a few variables at play. Pre-accident condition of your car, extent of damage, year, make, model, mileage, demand for parts from your car and your location will all have an impact on your car’s salvage value.
Salvage Value Calculator and Depreciation Calculator
So, if there’s no easy salvage value calculation, what’s your salvage car worth? At DamagedCars.com, we specialize in buying damaged cars and cars in less-than-perfect condition. Fill out the form on the left, and we’ll give you a quote on what your specific salvage vehicle is worth. There’s no fee for a quote and no fees if you choose to sell your car to DamagedCars.com.
Do you know the salvage value of your wrecked car?
With DamagedCars.com you can keep your insurance check and sell your wrecked car for its full salvage value. Are you concerned about making extensive repairs? Can you profit by keeping your total loss car and selling it? The best solution is to get rid of your car by selling it to DamagedCars.com.
Why should you sell a wrecked car?
- Avoid expensive, lengthy repairs
- No worries about driving a wrecked and repaired car
- Sometimes taking the salvage value and your insurance check are a better value than selling a repaired car
Why should you sell a wrecked car to DamagedCars.com?
- Our professional staff will make you a great offer within hours
- We make all the arrangements for pick up at no cost to you
- You get rid of your car “as is” and get money for it on the spot
With convenient locations throughout the continental US, and our professional approach, we are able to make you an offer, take care of car removal and pay you within days of your decision to sell your car, so stop worrying about whether to repair your car. Get your full salvage value by contacting DamagedCars.com today.
To get a free quote just enter the basic information in our vehicle submission form.