Let’s start off by asking “What does “salvage title” mean? It’s common to see that title linked to a myriad of vehicles, including salvage cars, salvage motorcycles, and of course, salvage trucks for sale.
It doesn’t matter if the salvage truck is a Ford, Chrysler, Dodge Ram or a Chevy truck. The salvage truck will get this title because it has been damaged and/or deemed a total loss by the insurance company. But don’t let that discourage you. There are many options in the market, and if you do your research, you can find wrecked, repairable salvage trucks with very little damage and in great mechanical condition.
Remember that great finds require the bidder to put some time into it and a little bit of luck. Do your homework, go to salvage yards, talk to mechanics, and most importantly, take your time. It’s very common to make mistakes buying vehicles for sale when you’re in a hurry.
Another important piece of information to have is that the salvage truck – or any salvage vehicle at auctions – can’t be driven right off the lot. Even if it drives great. You will probably have to repair whatever needs repairing and have it inspected in order for it to be legally able to be on the road. The DMV will determine if your salvage truck is okay to be on the streets and issue a rebuilt title. The nomenclature may vary by state.
Salvage or Totalled. Who Gets To Decide?
Customarily, the insurer will deem a vehicle “salvage” when the repair of all the damages or replacement cost exceeds approximately 70% of its market value. The thresholds range between 50% and 95% of the vehicle’s market cost. The “total loss” title is up to the insurance company. It is harder to determine the actual percentage of the salvage status determination because it varies by state.
The salvage trucks for sale – or salvage vehicles – that get that title due to theft, can be a low-risk purchase at an auction. That’s because they have little or no damage. However, not every state will issue salvage titles to stolen vehicles. Currently, only 11 states will do that. They are: Arizona, Florida, Georgia, Illinois, Maryland, Minnesota, New Jersey, New Mexico, New York, Oklahoma, and Oregon. It is very common that a vehicle in great condition is declared a total loss by the time it gets recovered.
Some buyers find pleasure in repairing salvage trucks. It’s a nice hobby. Other people love to fix salvage trucks to resell them at a later date. If that’s your case, look into the legal requirements of it. Again, the rules may vary by state. It is wise to check your state’s laws regarding salvage vehicles before bidding on auto auctions online. Can you imagine? You bought a salvage Dodge Ram and the state will give you a hard time. You want to avoid that. Contact your DMV and ask them all the questions.
So, Should I Buy Salvage Trucks For Sale?
Truck lovers are something else. They are willing to invest in these vehicles for a different number of reasons. The most important factor is reliability. When you buy a salvage truck you need to “marry” reliable with affordable. And that’s very doable. You may very well find a salvage truck you love, that has everything you need for half the price. You can also save money if you need specific parts for your current truck and can’t find it anywhere else except on a salvage truck.
The sky is the limit when you participate in salvage auctions. The question is: do you have what it takes to find the perfect salvage truck for you? Luck is a part of it, but why count on luck when it’s safer to rely on yourself? Do your homework and take your time and you should be just fine!