Why should I buy a salvage title or repairable vehicle?
Purchasing a salvage title vehicle allows you to save money on the car you want or allows you to buy a more premium vehicle than you would not normally be able to. Purchasing a repairable vehicle and doing the repairs yourself can save you even more money.
Why not buy a new clean title vehicle?
New and clean title vehicles are more expensive. The higher purchase price also results in more sales tax and more finance charges over the life of the loan. When you purchase a Salvage/Repairable vehicle, you are dodging the depreciation that occurs as soon as you drive a new vehicle off the dealership lot. A new car drops thousands of dollars in value as soon as you purchase it and will lose approximately 15% per year thereafter. A salvage title vehicle on the other hand will suffer less from depreciation due to the lower initial purchase price.
The data for the graph above was obtained by comparing similarly Chevrolet Equinox LTZs for the Model years 2010 through 2014. What this graph demonstrates is that over the course of four years, the new Equinox purchased at a dealer could expect to see almost $17,000 worth of depreciation. The used Equinox purchaser could expect to see $12,000 worth of depreciation, while the salvage title buyer could only see $5,500 worth of depreciation.
What is the price comparison between new, used, or salvage title vehicles?
Cost Comparison for purchasing a 2014 Equinox LTZ AWD V6
|Estimated Monthly Payment at 2.5% for 72 Months||$578.19||$496.97||$286.51|
|Total Finance Charges||$3,009.06||$2,586.38||$1,491.07|
|Total Cost at 2.5% for 72 Months%||$41,629.56||$35,781.88||$20,628.57|
Can I get financing for a salvage title vehicle?
YES, you can get financing for a salvage title vehicle. Some of the bigger banks won’t provide financing for a salvage title vehicle unless you set up a personal loan, but most of the smaller banks and credit unions will. These smaller banks and credit unions will usually finance them at the same rates that they would a clean title vehicle. Oftentimes, these rates are lower than the big banks as well. Typically any bank that will finance a salvage title car will usually only finance 70%-80% of the same car with a clean title. For example, if you are looking to buy a car with a clean title and the Blue Book Value of that car is $10,000, then that same car with a salvage title will only be able to be financed for about $7,000-$8,000.
Can I get insurance on a salvage title vehicle?
YES, you can get insurance for a salvage title vehicle. We have never heard of any insurance company who wouldn’t insure a salvage title car. In fact, once your salvage title car has been inspected by your home state DMV, your state then will mark your title as “Rebuilt” or “Prior Salvage” and thus meaning the salvage has been cleared.
Will I be able to resell a salvage title or repairable vehicle?
YES, once the vehicle has been titled in your name and inspected by your home state (if required), you will be able to sell it the same as you would any clean title vehicle and it will transfer just as easy in any other state you might sell it to with out any additional inspections.
Will I need to get salvage title car inspected by my home state? If so how much of hassle is it?
MOST LIKELY YES, Most states do require a salvage title car to be inspected after all the repairs have been completed. In Indiana the inspection process is very simple and takes no longer then getting your oil changed. There is a small Salvage Restoration Packet that needs to be printed out and signed by a police officer. We at Floras Auto Sales will walk you through the rest of the very basic steps in filling out the packet so that you wont have any problems getting it rebuilt. Once you have your car inspected, it will never need to be inspected again (even after you sell your car to someone else, or if it is transferred to another state). If you have any questions about the Indiana inspection process, we are more than happy to help you. Should you live in another state besides Indiana, please contact your local DMV for their requirements.
How is Floras Auto Sales different than other car dealerships?
Florasauto.com locates vehicles nationwide and works directly with insurance companies to secure the lowest prices and we pass these savings on to you. Most car dealerships offer their vehicles for the MSRP or for full book value. We maintain a low overhead and apply a small mark-up to sell more cars at lower prices. Since we also repair repair cars, we have more knowledge about the build process, where to get parts, and the inspection process than most other salvage dealers. With over 15 years of building salvage title cars, we have aquired knowledge and established relationships with our vendors, we can assist you in locating more affordable parts, shipping your vehicle, or helping you with any software programing needs.
Is a salvage title vehicle safe?
Not all vehicles that are salvage title were involved in a “Total Loss major Collision”. Some Vehicles can receive a salvage title as a result of being vandalized, hail damaged, a theft recovery, legal settlement, the terms of the owner’s insurance policy, or local laws. These vehicles are just as safe as a clean title vehicle. As for collision vehicles, Florasauto.com seeks out vehicles that have not suffered a major collision. Florasauto.com secures vehicles that have sustained mostly cosmetic damage, not structural damage. Furthermore, all repairs to the vehicles have been conducted by experienced and trained professional to ensure the roadworthiness and safety of all Florasauto.com repaired salvage title vehicles.
Does a salvage title vehicle have a lower resale value?
It is true that a Salvage Title vehicle will have a lower resale value but you are paying a lower purchase price upfront.
Am I better off purchasing a new car with a warranty?
Some people want to purchase a new vehicle so that they have a warranty, but with the guaranteed money you save now, you have already offset the cost of any possible future repairs. Besides, someone needs to go buy new cars so that when they get damaged, we can buy them at discounted rates and sell them to you for much less money.