You may think that your old, unwanted and damaged cars have served their purpose and are worth nothing anymore, but that is not true anymore. If you have faced a crash, an accident or your car is worn out and totaled, then it would be advisable to find out the salvage value of your car. Some people often try to get old and damaged cars repaired rather than replaced, and if this is what you need as well, then knowing the salvage value and the salvage title that will be issued to your car is essential.
The salvage value of your car is the amount you will receive from the insurance company if they you’re your car to any salvage yard for reconditioning parts and frames.
Here’s how you can determine the salvage value of your car-
- Know your car and its features- Make sure you are aware of the make, model, mileage and current condition of your car, as that is required to calculate salvage value. If you are unaware of this information, then you can find it on the vehicle title or you purchase contract. Alternatively, you can also find it on the instruction manual.
- Calculate the ACV of your car- The Actual Cash Value is very helpful in determining the salvage value. There are a lot of websites that will help you calculate the ACV of your car. You can even use alternative methods to determine the ACV, like comparing sales of recent vehicles.
- Determine salvage calculation- Insurance companies have their own formula for calculating the salvage value of your old cars. You can approach multiple insurance companies and get the ACV for your car, before picking the quote you prefer.
The salvage value of your car will determine how much you stand to earn from your insurance company. They will also deduct a certain percentage for the salvage value and then determine the final amount.
Selling car for scrap removal
Your old cars may be unwanted to you but there are car scrapping and recycling companies out there, who will actually help you earn top dollar for turning in your wrecked and totaled cars as well.
Before you actually decide to send your car away for recycling, it is essential to know how much it is worth. The valuation of your car, depending on its make, model, and current condition, would be the salvage value of your car. You need to know the valuation of your car, as you will know how much to expect from the scrap car removal companies, when you sell your car to them. If you are still wondering why you should be selling your car for scrapping, reconditioning and refurbishing, then here are a few reasons that will convince you!
- You will earn top dollar even for a car hat is defunct and not functioning anymore
- It won’t be a difficult task to transport your wrecked cars to recycling units and salvage yards, as most car wrecking companies transport them for you
- You don’t even have to go through hefty towing charges as some car recycling companies will pick your car from your home, for free!
- You can do your bit towards keeping the society clean and green, by opting for eco-friendly scrap car removal processes
Your car will no longer take up space in your garage, and pollute the environment while it is rusting away. Besides, you will also get paid enough to make a down-payment for buying a new car, by simply recycling your old and unwanted car!