Determining a Car’s Value With a Salvage Title
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is a Salvage Title?
How Can You Check if Your Car Has a Salvage Title?
Signs of a major repair to the inner fender structures Mud, mold, or rust under the carpet in the trunk Vehicle identification number (VIN) plate attached with materials other than rivets Airbag system light is always on National Highway Traffic Safety Administration (NHTSA) labels which usually appear on the doors, inside hood, tailgate, and hatchback are missing
Can You Get a Salvage Title Removed?
Determining the Value of a Car With a Salvage Title
Factors That Can Influence the Value of a Car With a Salvage Title
Make and model Some car manufacturers have better reputations for durability than others, and some models are more popular than others – both can drive up price. This can also vary based on location. Mileage More mileage signals more overall wear and tear. Thus, a high-mileage vehicle is likely to sell for less than an identical car with half as many miles on the odometer. Reason for the salvage title This can have a significant impact on the car’s value. A car that’s been in a flood, for example, will generally have less value that a car that’s had body damage due to an accident. A car can also get a salvage title if it was stolen and not recovered for many weeks or months, since the insurer considered it a total loss. This type of salvage car will typically have a much higher value than one that was totaled in an accident.
Challenges of Cars With Salvage Titles
Safety of the Vehicle
Financing the Vehicle
Insuring the Vehicle
Selling the Vehicle
Can You Refinance a Car With a Salvage Title?
3 Auto Loan Refi Tips
Refinancing your auto loan could lead to lower monthly car payments and more money in your budget. Lantern by SoFi can help you find the right auto refi loan for you. Shortening the term of your auto loan may increase your monthly payments, but you’ll likely pay less in interest over the life of the loan. Generally, the newer your car, the lower the refi interest rate. This is because younger cars typically have a higher value than old or used cars — and the car serves as collateral for the loan.
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