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scrap cars go by a price per hundred pounds, example if the vehicle you have to scrap weighs in at 3,000 lbs and scrap iron is at $1.00 per hundred pounds.....then you would expect $300.00 for this vehicle. check out your current scrap iron prices by calling a few different scrap yards and asking what the going price is for scrap iron, then look at your scrap vehicles registration and calculate the price per hundred by the gross vehicle's weight.
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How do you calculate the price for a damaged vehicle?
You should contact one of the auto salvage yards in your area or city.
Do you have a right to retain a totaled vehicle for salvage value or can insurance carrier require you to give them car?
Yes, you have the right to retain you car at salvage price at time of settlement.
Is there a formula for determining the selling price of a vehicle with a salvage title as compared to the same vehicle with a non-salvage title?
Assuming it's reconstructed/roadworthy, take 40% off the value of a comparable clean titled car.
Is the salvage value of a vehicle the same as its book value?
NO, salvage value is subjective. The salvage price is usally set by bids. Depends. If it's salvage the price is very subjective. If it's salvage but reconstructed (i.e. roadworthy) it's typically worth 60% of the value of a comparable car with a clean title. Use kbb.com and edmunds.com to determine appx value.
Do you need to be advised it's a salvage car?
When buying the salvage vehicle, ensure that you search the history of the vehicle.
How does someone salvage cars?
A salvage vehicle is one that has received a certain percentage of the vehicle's worth in damage (determined by the state the vehicle is registered in). To salvage a vehicle in most states, one must be licensed to repair the vehicles and the vehicle, once repaired, usually has to be inspected. If the vehicle is salvaged and repaired to be sold, it is the responsibility of the seller to disclose the salvage title.
What is the value of a salvage vehicle?
The value of a salvage vehicle is roughly 60% of the value of a comparable car with a clean title.
What to do or should know when your auto insurance salvages a vehicle?
In the U.S., Auto Insurance companies do not salvage a vehicle. If the vehicle claim is paid out as a total loss it is sold or auctioned off to a salvage or a junk yard. The junk yard may crush the vehicle for scrap metal value or salvage parts from the vehicle or even to re-title the car on a salvage title but this is totally up to the salvage yard or whomever the yard then re-sells the vehicle too.
If a salvage yard owns a car is the title considered salvage?
Depends on the existing title, if the salvage company owns the vehicle and it does not have a salvage title then they would be just another owner like anyone else and this vehicle would have a clean title assuming that there are no lean holders. On the other hand if the vehicle in question has already received a salvage/non repairable or similar title then salvage/non repairable or similar title would follow the vehicle not a clean title.
How do you determine that the department of motor vehicles has issued a salvage title for a vehicle?
As of 2013, the best way to determine if the department of motor vehicles has issued a salvage title for a vehicle is on the title it will state that it is a salvage title. A salvage title is a note that states that the vehicle has been damaged or deemed a total loss.
Is the warranty still good on a salvage title car?
No, the warranty is void on a salvage vehicle.
How do they determine the amount to pay for a total loss vehicle with a prior salvage title?
Typically the value is 20% of the vehicle's value without salvage.
