Regardless of how careful you can be when driving, it is unfortunate that you could get into a collision that leaves your car into a total loss. While the crucial thing after a crash is to ensure the safety of the people involved and ensuring that they are not hurt, you are bound to ensure that your vehicle is safe too. You need to have it repaired so that you can get back on the road.
However, it could reach a point where the vehicle becomes irreparable. This means that the cost of repairing the car is close to the car’s value. Yes, you read that right. Imagine paying such a high price just to get it fixed. At that point, your car could be deemed a total loss. For this reason, it is crucial to know the salvage value of your vehicle as it helps you in getting a fair settlement from the insurance company if you want to retain and repair the vehicle.
Also, it helps you determine the fair value if you decide to Sell the Vehicle to Cash for Cars. How exactly do you do that? Let’s have a glance at some of the steps to help you through the process.
Know the vehicle’s blue book value
To do this, you need to get the car’s make, model and the year of its manufacture. Good news is that you can get this information online. After determining the car’s possible estimate value, it is time to try and sell it. Remember that you are still on your computer. Click on the trade to dealer option. The option should give you a trade-in value for your car. Click here and see the trade-in value before going back and choose sell-it privately. This step should give you the retail value of the vehicle. At this stage, you can tell if the car is in good condition or not.
The retail and trade-in values
If you are not satisfied with the results you got in step one, you can still go other ways. You can get the trade-in and retail values from the National Automobile Dealers Association and let them give you rough estimates for these values. You can compare them with what you got by trying to sell the vehicle to know the average. Although the numbers may vary, they should at least be close to each other.
Determine the market value
This one is calculated by adding the retail and trade-in value from one of the sources and dividing them by two. This one will give you a rough estimate of how much your car could cost if you let in car removals to get rid of it. This value is what you use to compare with the repair amount after a collision to know if it is worth the sacrifice.
Consult your insurance company
Insurers use different methods of calculating the salvage value of a car, but the bottom line is; determining the costs associated with either retaining or disposing of the car by comparing the costs of its original price to that of repairing it. Let them inform you about the percentage used to determine the value they can recoup if the vehicle is deemed as a total mess. This percentage is determined by several factors other than the cost of repair which includes the availability of the repair parts, rental charges and the kind of repair needed.
Calculation of the salvage value
This is the final part, and the calculation is quite simple. You only need to multiply the percentage value you got from the insurance company with the market value.
As easy as it may sound, the process is critical and requires total concentration to ensure that you do not make a mistake. The best part is that if you are not happy with the value you get, you can negotiate it with the insurance company or the buyer to ensure that you get a fair settlement but you need to have excellent negotiation skills and proof to show why you think the value should be higher. Instead of all that trouble, contact Metro Car Removal Sydney and have the car sold for a good price.
Contact us on 0422 600 833