How to Determine the Value of a Salvaged Car
Identify the year, make and model of the car., Determine the trim of the vehicle if possible., Look up the blue book value based on what you know., Reduce the figure provided by fifty percent.
Step-by-Step Guide
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Step 1: Identify the year
The value of a vehicle can be effected by a number of variables, but the most important information to start with includes the year, make and model of the car.
Locate this information in the car’s owner’s manual or on the salvage title itself.The value of a car can vary significantly from one year to the next, so it’s important to identify specific information about the vehicle.
The title should provide all of this information. -
Step 2: make and model of the car.
Many cars can be purchased in a variety of trim packages.
These trim levels determine things like interior accommodations, engine size and suspension components, as well as the appearance of the car.
The trim may be indicated on the title, or it may be included in the name of the car.Some automakers like BMW include the trim in the model.
The BMW 3 Series comes in a variety of trims indicated by the numbers after the 3; such as the 318 or 335i.
Other automakers will add letters to the model to identify the trim such as a Chevrolet Cobalt LT.
You may be able to find guidance on the automaker’s website to better identify the trim of the vehicle. , There are a number of websites that will allow you to enter the information you’ve gathered in order to see the current market value of the vehicle if it did not have a salvage title.
Use one of these sites to determine what the car would be worth with a normal title.Look up the value of the vehicle on a website like www.KBB.com, www.Edmunds.com or www.NADAGuides.com.
Be sure to include information regarding options the car has such as a sunroof, CD player or alloy wheels. , Once you have determined the market value of the vehicle if it had a normal title, take that figure and divide it in two (or reduce it by fifty percent) to establish an estimated value for the car with a salvage title.This method will only give you a ball park value for the vehicle.
Insurance companies often will reduce the value by 75 to 80 percent instead of 50 for claims purposes. -
Step 3: Determine the trim of the vehicle if possible.
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Step 4: Look up the blue book value based on what you know.
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Step 5: Reduce the figure provided by fifty percent.
Detailed Guide
The value of a vehicle can be effected by a number of variables, but the most important information to start with includes the year, make and model of the car.
Locate this information in the car’s owner’s manual or on the salvage title itself.The value of a car can vary significantly from one year to the next, so it’s important to identify specific information about the vehicle.
The title should provide all of this information.
Many cars can be purchased in a variety of trim packages.
These trim levels determine things like interior accommodations, engine size and suspension components, as well as the appearance of the car.
The trim may be indicated on the title, or it may be included in the name of the car.Some automakers like BMW include the trim in the model.
The BMW 3 Series comes in a variety of trims indicated by the numbers after the 3; such as the 318 or 335i.
Other automakers will add letters to the model to identify the trim such as a Chevrolet Cobalt LT.
You may be able to find guidance on the automaker’s website to better identify the trim of the vehicle. , There are a number of websites that will allow you to enter the information you’ve gathered in order to see the current market value of the vehicle if it did not have a salvage title.
Use one of these sites to determine what the car would be worth with a normal title.Look up the value of the vehicle on a website like www.KBB.com, www.Edmunds.com or www.NADAGuides.com.
Be sure to include information regarding options the car has such as a sunroof, CD player or alloy wheels. , Once you have determined the market value of the vehicle if it had a normal title, take that figure and divide it in two (or reduce it by fifty percent) to establish an estimated value for the car with a salvage title.This method will only give you a ball park value for the vehicle.
Insurance companies often will reduce the value by 75 to 80 percent instead of 50 for claims purposes.
About the Author
Doris Fox
A passionate writer with expertise in DIY projects topics. Loves sharing practical knowledge.
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