How To Salvage Your Money After You’ve Got A Wrecked Car

The impact of wrecking your car beyond repair is an unforgettable loss. It can be stressful to deal with the events that led to the wreckage and to also deal with your insurance company or salvage buyers. In the aftermath of the wreckage, your only available option is to refocus your attention on getting the best value for whatever remains before you retire your car forever. We’ve compiled a list of the most important tips you’ll need to get the best deal for your wrecked car that possibly salvage your efforts.

Manage Your Expectations

You know how different car brands, models, and other factors affect the resale value of your car, the salvage value is also the same. One of the main determiners for your wrecked vehicle is going to be your car model’s year. Depending on how far back you need to time travel to find the year of make, the impact on the salvage value varies. Here’s how you can map the salvage value to timeline:

Least Value = above 20 years old

Less Value = 10 to 20 years old

Good Value = 5 to 10 years old

Best Value = 0 to 5 years old or high-end cars 

Pinpoint Where To Sell

Once you’ve understood the kind of vehicle you’ve got on your hands and what you can expect for it, the next step is to understand the sources where you can sell and which is the best for you. You can choose from a variety of salvage buyers:

Insurance Companies: Your insurance company is open to buying your car with a settlement price if they declare it as a complete loss or if it is repairable, but you choose to sell instead.

Pros: ease of selling, a moderate price offer.

Cons: you may not end up getting the most money.

Salvage Vehicle Auctions: Auctioning your wrecked car gives your car a spotlight for multiple offers. Almost anyone can sell at these auctions and you stand to get a fairly good audience that could help you get a good offer. However, they are a “middleman” between you and the buyer, so they get a slice of your cake that you could’ve had yourself. 

Pros: potential for a high price offer as multiple buyers bid for your car.

Cons: towing to the auction, paperwork, auction fees. 

Tow Companies/Haulers: If you need a quick and easy way to get rid of your car, many Towing Companies or Haulers buy and tow junk cars. For example, cars wreckers Sydney offer to tow your car for free and offer you on-spot cash, wherever you are in Sydney.

These companies mostly forward-sell to a salvage yard or auction after taking it from your hands, so make sure you do a quick search for the value you should get for your car before you accept any offers. 

Pros: quick and hassle-free experience.

Cons: potentially low offer.

Full-Service Salvage Yards: the people who run a full-service salvage yard come with a rich understanding of cars and they can be thought of as professional car part recyclers. They dismantle the vehicle, drain the fluids, and sell the parts to body shops, dealerships, and garages. These guys provide the service of removing, cleaning, and providing a warranty for the parts they sell. They have a reliable inventory process to find the specific part a consumer is looking for.  

If you have a fairly new model or a high-end car, you stand to get a better deal as they place good value on the latest parts that are in considerable condition.  

Pros: no middle-man fees, higher pocketed cash, great for latest or high-end cars. 

Cons: time-consuming.

Conclusion: Making The Best Decision 

Once you’ve adjusted your expectations and understood the variety of salvage buyers available in the market, contemplate and choose the most suitable selling place for your wrecked car. Use the above information so you don’t wreck your chances of getting a good deal!