What Determines The Value Of A Salvage Car?
Normally, after a car accident, the next step would be to have your car repaired by an auto service technician. But if the cost of repairing the car is greater than the value of the car, your vehicle will be considered a salvage car. If you are thinking about getting rid of your car at this point, it might be difficult to sell it. But you might be able to get cash for your junk car through a junk car removal service such as Kwik Towing LLC. But you might wonder how much your salvage car is now worth.
Find Out if Your Car a Salvage Vehicle
Whether or not your car is officially considered to be a salvage car depends on whether your auto insurance provider decides that the state should issue a salvage title. When this occurs, your car will still have some value. There are parts that could be sold and installed in another vehicle. Your car is also filled with valuable scrap metal.
Calculate the Value of Your Salvage Vehicle
Resources such as the National Auto Dealers Association and the Kelly Blue Book will allow you to determine both the wholesale and retail value of your car. The average of these two values will give you a general estimation of the fair market value.
Next, you'll need to find out what percentage of the market value is used by your auto insurance provider to determine the salvage value. This is because your car is worth less than the market value due to the amount of damage caused by the accident. You can use this percentage to determine how much your car should be worth.
Get Quick Cash for Your Car
A junk car removal service will take your car off your hands for free and will give you cash for your car. Depending on the extent of the damage, you might find it difficult to drive your car to a junkyard. but a car removal service will simply tow the car away.
In some cases, the junk car removal service drives you to their business location and will then evaluate your car to determine how much it is worth. However, in other cases, the junk car removal service will perform the calculation and pay you on the spot.
Remove All Your Belongings
Before selling your car to them, make sure to remove all of your personal belongings. If there is anything you'd like to keep, such as a sound system, make sure to remove this also. Then, your car will be taken off your hands.