If a vehicle is damaged in weather, stolen or if it has been in any accident and the cost of repair is more than total worth of car, a company of insurance totals it and take its possession. The insurers then sell the salvaged vehicles in the auto auctions it to the salvage yards or rebuilders. A salvaged vehicle can be in good condition, drive and run without any mechanical or physical issue. Even if the vehicle is titled as salvaged, then the price of it drop to about 70% which can provide you a good option for getting the vehicle which you wanted at a very low price easily.
What is the meaning of flood?
The flood title to a used car means that the car has been under the water or heavy rain according to the company of insurance. It is a common misconception that it is not worth to purchase the flood cars.
All the cars gone through collision can easily be repaired. . There isn’t any damage to the car that we aren’t able to fix. You can get the collision car which is at 40% less as compared to original car price.
Parts only or Non-Rebuildable
These vehicles are for parts only or export. These vehicles cannot be used within the US, means that they have a price which is as low as 20%. They cannot be drivable if the vehicle is titled as parts only. However, it is very cheap to purchase this kind of used car for the part than purchasing the new parts.
This kind of vehicle is the stolen one which was later recovered by the department of police and can drive or run. It might have some minor damages, but it is in generally good condition and considered a like new vehicle at a very cheap price. You can easily get stolen vehicles for 60% of the original cost.
Repossession means that prior owner did not pay for the vehicles purchased on time and it was repossessed by a financial company. These vehicles are in good condition like other cars but might not have keys, but you can get it at a lower price as compared to others and available up to 80% of the original price of the market.
These types of vehicles are affected by hail storm. The price will drop to about 30% and up to 50% of the original price. The damage due to hail is also fixable easily.
The vehicles falling in this category are normal used cars which have clean history and title. They can easily be easily purchased at a price which is 10% less as compared to original price. In some of the auto auctions, they are sold at a very high price because of the quality of cars. If you are looking for a good quality car which is for sale, then you should go for this type of vehicle.
Loss type definition