How To Calculate Salvage Value Of A Car

Has your car been in a serious accident? Are you still wondering whether to get rid of it totally or fix

? Well, some simple maths will certainly help you take the final decision. Sometimes, it might turn out that fixing the wreck makes no sense economically, as footing the bill for the works might actually exceed the car's value. In order to take the right steps, you need to calculate the so called value of salvage. To put it simply, this is the amount of money you will get for your car in its current condition.

Before you start the actual counting, you need to gather all the basic data about your car. Here, it is the essentials that count, meaning that you have to be sure about your car's make and model, as well as the year it was built. In addition, you should remember about some other factors, like the size of the engine or the transmission type.

Now, having gathered all the data, you can finally start the counting. In order to estimate the car's value, you can refer to the blue books that are widely available on the market. When you finally grab one, look for the following terms: retail value as well as wholesale price (also referred to as the trade-in value.) The former is the sum of money you would have gotten if your car were in perfect condition. The retail value included in blue books is usually trustworthy, as it is the price for which cars like yours are sold through dealers. The wholesale price is the sum of money you will get for your car if you were selling through an auction (again, if it were in excellent condition.)

You might probably wonder, what do you need these quotas for. After all, they both refer to cars that have not been destroyed. Well, knowing both of these is essential for determining the current value of your ride. Having the two in mind, you can finally do this. So, just count the average between the two values referred to above.

This is not the end of the story, though. Now, having counted the average, you need to contact your insurance company in order to learn about the percentage they offer. Some providers offer 75 percent, others might give you more. When you have received the percentage, you need to multiply it by the average you counted previously. Thanks to this, you will know what the salvage value of your car is, so that you will be sure what to do next.

One word of warning: never do try to calculate your car's value without knowing the percentage. There is no one universal way of counting the percentage. Instead, every insurance company has its own. What is more, don't forget that the car's salvage value is also influenced by the damage it went through. This means, the more destroyed it is, the lower its actual value is. The same refers to mileage, as the higher it is, the value drops automatically.

by: Ted Pass

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