Diminished value on a salvage title

Diminished Value on an auto salvage by Expert Appraisal Group

A salvage titled vehicle is a vehicle that has been declared a total loss on an insurance claim due to a wreck or theft. In Texas it is possible to buy and drive a vehicle with a salvage or rebuilt title so long as the car has been inspected by the Department of Motor Vehicles and a certificate has been issued on the basis of the inspection. Many people are leery of buying a vehicle with a salvage title but there is definitely a market for them. Many buyers in the salvage market are looking for older vehicles or specialty vehicles to work on as a restoration. Some are looking for vehicles to gut and upgrade for racing. Many are simply looking for a good deal on a vehicle that needs a little work. It is possible to pick up a vehicle with a salvage title at a considerable discount, which creates an opportunity to pick up a good deal if one can have the vehicle repaired at a good price. However, salvage titles are widely regarded as less valuable on the market and insurance companies generally consider these vehicles to have extremely low market value. That can be a substantial problem if you are in an accident and attempt to make a diminished value claim on your vehicle.

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