Determining the Value of Your Salvage Vehicle

Posted by on Jun 18, 2015 in Aftermarket Parts | 0 comments

If you plan to purchase a vehicle with a salvage title, you have to make sure that you double check the appropriate value to ensure that you will be paying the right amount.

So for you to get the salvage value, you need to know what the market value. To compute, you have to know the present retail and trade-in value. Add the 2 figures and divide it into 2 so you will get the market value. For example, the retail value is $8000 and the trade-in value is $6000, that’s a total of $14,000. So the current market value is $7000.

Once you have computed the market value, it is now time to check the salvage value. Contact your insurance company for the percentage used for a salvage vehicle. It could only be an estimation of the price because every insurance company has its own computation, mostly about 75-80% of the current market value. Knowing the range will give you an idea if you are given the right price.

Using the market value of $7000 and 75%, the salvage value of your vehicle is $5250.

It could still change depending on the condition of your salvaged vehicle, like if it is still repairable or not. If you are looking for salvaged vehicle, you can visit New York City Auto Salvage & Glass for well inspected salvaged vehicles offered at reasonable costs.

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