With the prices of new cars still on the rise, many folks are turning towards other, more affordable alternatives. Online car bidding auctions have become a goldmine for those who are looking for vehicles and are on a budget. Online bidding auctions allow users to purchase salvaged as well as used cars at a fraction of the price of a new car.
However, the world of online car bidding auctions can be difficult for newbies. Here are some tips to help you find the best options while using online auction sites for salvage cars.
What Is a Salvage Title?
When looking at a salvage car, you should know that it is classified as such since the owner’s insurance company has paid out at least 75 percent or more of the vehicle’s worth to the policyholder. Such write-offs can occur at any moment and for a variety of reasons. Learn more
These cars have frequently been damaged in an accident or declared totaled by the insurance company, despite the fact that they have not been totaled and destroyed. Hail, wind, and fire can also cause damage to these vehicles. These aren’t the only reasons why a vehicle could be classified as salvage. If a car is stolen and the insurance company pays out before it is recovered, the automobile is given a salvage title, even if it is in perfect condition.
The most important thing to remember while browsing any online car auction site is that salvage-titled automobiles are not entirely off the table. If you’re interested in the amount of the car’s damage or what transpired, check out the vehicle history report.
Misconceptions about Salvage Vehicles
If you have already browsed an online auto auction site, then you probably already know what a salvage title is and why it is labeled that way. The truth is, you’ll never have to worry about getting a used automobile and a salvage car mixed up since the salvaged car will be clearly marked. In fact, the online auction firm will notify you BEFORE bidding begins.
The most common misconception about buying salvage cars online is that they are severely damaged, no longer function, or the vehicle is entirely totaled and ruined. The fact is that these vehicles aren’t always as terrible as their moniker suggests. More often than not, insurance companies put their vehicles up for auction as salvaged for various reasons, and not just because the vehicle has been totaled.
So, keeping that point in mind, buying a salvaged title on a used automobile could end up saving you a lot of money as compared to buying a brand new car.
Get Familiar with Salvage Cars
In order to find the best deals, you must first get familiar with the various types of vehicles that you will find when looking for salvage cars at online auctions.
- Vandalism – Vandalism may refer to anything from graffiti to bodily injury caused by an enraged neighbor. The majority of the time, the automobile will just be cosmetically damaged.
- Theft/Recovered – There may actually be nothing wrong with the car in these instances. After an automobile is stolen, the owner’s insurance company may be able to replace it. The car will be auctioned once it is retrieved. There may be some aesthetic damage, mechanical damage, or no harm at all – this all depends on how the car was treated when stolen.
- Restored – Because the original title has been lost, some restored cars may receive salvage titles as well. There may be no technical or aesthetic issues with these vehicles.
- Hail damage – This is often limited to aesthetic concerns with the car, which are relatively simple to fix, but it may be pricey depending on the total damage.
- Flood – An automobile that has been flooded may still be an excellent option. It is dependent on the type of flood damage and its severity.
- Accident – A popular salvage title is one that was involved in a collision/accident. It indicates that repairing the automobile would take too much time and money for the insurance company, so they chose to declare it a loss and replace it.
- Non-Repairable – These are the ones you really need to avoid. Salvage titles indicate that the vehicle is just being sold for components and that it will not be able to be put back on the road.
Types of Auctions
When it comes to online auction sites for salvage cars, there is no one-size-fits-all. There are different types of online auctions that you should be familiar with, such as auctions that are open to dealers and auctions that are open to the general public. Regardless of the sort of auction you attend, you will see a wide range of used cars, trucks, and SUVs available.
Depending on the auction and the inventory available, the kind of car, its make, and its condition will vary considerably. In general, you may expect to find a wide range of automobiles there, including everything from brand new cars to old cars and salvage titles.
An open-to-the-public auction is self-explanatory, and you don’t need anything special to buy a car there. An online auction that is solely available to dealers, on the other hand, is a little different. The public is not permitted to attend a dealer auction unless they have the necessary license.
This is another point that not many people are familiar with. It’s crucial to pay attention to this aspect since it might determine whether or not the automobile can be properly registered. An automobile that does not come with a title or certificate of title is known as a bill of sale car. You must get the certificate or title before you can register or drive the automobile on the road, and this can be a difficult and time-consuming process. Unless you’re eager for a battle, you’ll want to stay as far away from these vehicles as possible. The presence or absence of a bill of sale is clearly stated on the car’s profile on the online auto auction site.
Online used car auctions are a quick and simple way for you to get behind the wheel of an automobile that you want. You won’t have to deal with aggressive salespeople, and you won’t have to fight over the price. You just bid up to the price you are comfortable spending for the automobile. If the car’s price rises over that, simply stop bidding and move on to another vehicle.
So, how do you know if you’ll be able to bid in an online auto auction? You just register to bid on the automobile you want on the website. Vehicle bidding will begin at the given time and finish at the stated hour.
Bidding on salvage cars online is a great way for you to save money and get a car that works. If all this just seems too difficult for you, why not play it safe by heading to RideSafely.com to find the best salvage cars online.