How to Sell a Wrecked Car

Selling a wrecked car may be tough, but not impossible, as casual observers may not be aware that the wrecked car industry makes millions of bucks and is among the fastest growing businesses.

Many car owners are stuck with their damaged vehicle, so knowing how to cash on it is crucial. The condition of the car will be important, but one can always sell the vehicle parts if the overall repairing appears costly.

Instructions

  • 1

    Your first step will be to assess the overall damage, the extent of which will vary from car to car. This is an important step as you will get a fair idea regarding the overall condition before even considering contacting a potential buyer. If you feel that selling part by part is profitable, go for it.  Get in touch with an expert, preferably your repair man and ask him to check the car thoroughly before setting an asking price on it.

  • 2

    If you feel that repairing is needed, then ask your mechanic to do it. It will help you get good money. Keep a record of all the expenses you incur during that process, and give special attention to the driving performance and other security features, which people generally look for in a car.

  • 3

    If required, get a salvage title. It basically refers to the fact that the vehicle has been damaged and is deemed a loss by the insurance company. The criteria differs from state to state as many require a salvage title for cars which have been stolen, while  others obtain it after the value of the vehicle exceeds almost 75% of its market value at the time of the damage – in most cases accident.

    Salvaged cars are further needed to be inspected by the state’s Patrol Officer for safety measures before it gets a new title.

  • 4

    Advertise your car online or in a newspaper.  Make sure that you specify all the details to any potential buyer, informing him that the car has been repaired and that the car has been issued a salvage title. Salvage title must not discourage you as there will be buyers who will be comfortable in buying your car, if you provide them with all the necessary details.

  • 5

    Prepare the necessary documents for transfer of ownership. A notary must be present when the signatures take place, with both buyer and the seller giving a proof of identity, ID card or social security number.

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