Although accident damaged vehicles need repair before they get back on the road, an accident damaged vehicle can be a cheaper alternative when buying a car.
How bad was the accident? Figuring out the magnitude of the accident will help make a decision on whether to buy the car or not.
The level of damage is a factor to consider when buying a damaged vehicle; if the cost of repair is almost the value of the vehicle you should forsake the deal.
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Buying rebuilt or accident damaged cars has its advantages and disadvantages. The number one advantage is that the car if far cheaper compared to a car of the same make, model and year. The idea of buying a nice car or a luxury car at half price can be exciting, but may pose some disadvantages.
Buying:
Before offering a price for the car, the buyer should find out why the car was salvaged and what kind of damage was sustained. Cars can sustain damage from various things such as natural disasters, car theft, car accidents and other scenarios. If a buyer finds out that a car sustained water damage and the damage is the cause of the salvaged title, one may want to keep looking for another car as there may be hidden and costly electrical damage.
When to consider a salvage:
There are some ways a Salvage titled car can be useful. If you are looking at a vehicle for extra parts, then a salvage title is not a problem. Salvage and Irreparable titled vehicles are great sources for parts. This makes Salvage titled vehicles an excellent purchase for those looking to revive, or extend the life of another car, should you have a place for the donor vehicle. On the other-hand, some cars are written off after being stolen, or having items stolen from them. These cars, called theft-recoveries, can be a huge steal, budget-wise, since the car was likely not involved in a huge crash or problem.
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Two Car Strategy
Another way that drivers profit from owning a salvage title vehicle (insured in the above fashion) is with a two-car strategy. The household buys a really nice new vehicle for combined trips, family trips and some kinds of long distance travel. They can also take out pay-as-you-drive insurance to keep premium costs down. Then, they use the salvage title vehicle for commuting (at the negotiated insurance rates). The use of the salvage title vehicle keeps mileage down on the new vehicle, so that, at the time of resale, the odometer reads low.
Disadvantages:
Poor/ Bad repair
One common disadvantages of buying a rebuilt vehicle is that, the mechanic doing the repairs didn’t do a good job. A poor job on the repair may result to a lot of wear and tear in the long run, which will end up being costly for the owner.
Uninsurable/ written off vehicles
Insurance companies write off vehicles if the damage is almost or equal to the value of the vehicle.
Just because a car has been written off by an insurer, it doesn’t mean it won’t be a usable vehicle. Just bear in mind that some of the damages on the vehicle may not be visible from the outside of an accident damaged or rebuilt car. You should know what you are getting before buying car. It is important you get a professional to check it for you, or check the vehicle’s history.
When a vehicle is written off, there are documents that indicate the damages on the car and what needs to be done to repair them.
Having a qualified mechanic will give you assurance that the car is rebuilt properly and not just a poorly done job which will end up burning your pockets.
It’s almost impossible to guarantee that an accident damaged or a rebuilt car won’t have problems, but there’s no doubt they are amongst the cheapest cars in the market.
Resale Value
If you bought the car knowing it was in an accident, chances are that the next buyer will find out the same thing. So while you are paying less up-front for the vehicle, keep in mind you probably won’t get much when selling it. Know that your car may be a tough sell.