Roughly 6 million car accidents occur on American roads every year. Most of those accidents are minor enough that the involved vehicles sustain little to no structural damage. Sometimes, though, cars suffer extensive frame damage, making repairs very expensive.
These cars are considered “totaled”.
When you have a totaled vehicle, you have a handful of options. The most common course of action is to sell your damaged car so you can buy a new one.
Below, we discuss the process and ways to sell a totaled car.
1. Ensure That Your Vehicle Is Totaled
Just because your car was in a bad accident doesn’t mean that it’s totaled. For a car to be totaled, the cost of repairs must exceed the vehicle’s current value.
The easiest way to determine if your car is totaled is to have your insurance company assess its condition. If that’s an impossibility, getting an estimate from local mechanics and weighing repair quotes against the price that Kelly Blue Book has your car listed at is a good way to go.
2. Sell to Your Insurance Company
If your car is verified as being totaled, you can start looking into selling it. Hopefully, your vehicle has comprehensive/collision coverage through an insurance company. If it does, you’re in luck!
Assuming that your comprehensive/collision insurance limits are adequate, your insurance company will be obligated to purchase your car off of you at its full market value. After your insurance company writes you a check, they’ll pick up your totaled car and you can use your payout to buy a new vehicle.
3. Talk to the DMV
Not everybody has the luxury of being about to sell a totaled car to an insurance company since not everyone has adequate coverage. If that’s the case for you, your first step towards parting ways with your totaled vehicle will be to talk to the DMV.
The DMV issues special car titles called “salvage titles” to totaled cars that make a record of the fact that a vehicle has sustained significant structural damage. Having a salvage title attached to your car is a very important step that you need to take before selling so you’re not accused of withholding information from buyers.
4. Go to Local Dealerships
With your salvage title in place, you can start seeking potential buyers for your totaled car. The simplest way to part ways with your car, especially if you plan to buy a new one, is to talk to car dealerships.
In the same way that dealerships allow you to trade in any kind of car for credit toward a new one, most will let you trade in totaled cars for credit. Talk to multiple dealerships before trading in your car to make sure you’re getting the most credit possible.
5. Sell Your Vehicle As-Is Online
Don’t want dealership credit for your car? Looking to maximize how much cash you get for your vehicle? If so, the best way to achieve those ends is by selling directly to the public. Just be specific if you sell non running car online by making sure that they are fully aware of the condition of the car.
List your totaled car on Craigslist and share information about it on social media and car-buying marketplaces like AutoTrader. Be clear that your car has a salvage title, and describe its functionality so buyers aren’t disappointed when they see it in person.
Also, when selling to strangers, do business only during the day in densely populated areas.
6. Part Out Your Car to Private Buyers
Depending on how well your vehicle works after the accident, your car may be worth more in parts than as a complete package. Go through your car and itemize any parts that are still in good condition. Then advertise those parts for sale individually online.
Parting out your vehicle to private buyers can be an arduous process, given how long it might take to sell everything.
7. Seek Out Cash for Car Companies
Some companies make a living by buying salvage cars and paying sellers all cash on the spot. As a matter of fact, these companies can come to you, make you an offer, and tow your car away within 15 minutes, which makes them a great option for sellers that are looking to get rid of their junk cars quickly.
The big catch when you sell a totaled car to cash for car companies is that they tend to pay much less than private buyers do since their aim is to buy your car for as little as possible and resell it to another party for a profit.
8. Talk to Metal Collectors
Scrap yards purchase good metal off of the public for projects they work on, often offering cash for scrap car deals as well. While you won’t get top dollar for selling your car to a scrap yard, if you’re having trouble selling you car any other way, this sales method is a solid last resort.
Closing Out Our Tips on How to Sell a Totaled Car
Many people don’t realize they can sell a totaled car. In reality, there is a whole market for totaled vehicles, so many parties will pay good money for cars with significant damage.
We hope that our sales tips are helpful in getting you the most for your car, and our team invites you to read more of the content on our blog if you’d like to browse additional car-related tips and tricks.
