Know The Salvage Value of Scrap Car Before Selling in Sydney

Know The Salvage Value of Scrap Car Before Selling in Sydney
Posted on 28th, Apr 22

No doubt, a car is a valuable investment. When it breaks down, you take it to the nearest service center to fix an existing issue. But sometimes, damage in your car can be beyond repair. Keeping a damaged car in a garage for a long time is not a feasible option as it is likely to sit there and occupy a huge space. The best way to get rid of it is to sell it.

But selling a damaged car is different from selling an old car in working condition. The value of a damaged car is calculated based on the scrap metal it generates. That is to say, the salvage value of a damaged car constitutes the value that you would receive upon selling it.

You might want to be an informed seller while selling your junk car to get the best deal on it. The best way to know the actual value of your damaged car is to know its scrap value. By informing you about the salvage value of your junk car, we can help you get the best deal on cash for cars in Sydney.

What does a salvage car mean?

A salvage car may mean many things at once. It is an ambiguous term that can mean different things to distinct individuals. The common meaning of this term is a vehicle that has had a significant accident. Most insurers write off such cars or declare them to be a total loss. Two things can happen to such cars. They are either sold out or given to one of the nearby junkyards for scrapping.

A salvage car may also refer to a car that either has a huge mileage or an issue of considerable difficulty that is beyond repair. Regardless of whichever meaning applies to your car, the fact remains that most car dealers offer a cheap car for buying a salvage car. As a result, you are less likely to get your preferred value if you sell your junk car to a car dealer. Even if you head to one of the local junkyards, you wouldn’t get more than a low-ball offer.

We offer the best value on salvage cars in Sydney. We adopt fair and transparent practices, be it estimating the salvage value of a car or scrapping it safely with environment-friendly approaches.

How we calculate the salvage value of a car

  • You may have come to know about the salvage value of a car for the first time. Or, you may already know about it without knowing the details. In both cases, you would want to know the method to evaluate the salvage value of your car.
  • We follow a general method to calculate this value. To determine the market value of a car, we add its retail and wholesale values and divide it by 2. Next, we multiply the market value of the car by 0.25. This is the general method to determine the scrap value of junk cars.
  • A noteworthy point about the scrap value of a car is that it always remains lesser than the market value of a car. If the value of the former exceeds the latter, an insurer writes the car off as a loss.
  • A wide range of factors come into play to determine the salvage value of a car. These include its make, model, condition, and the year of its manufacturing. Knowing the scrap value will help you get the right deal based on the details and the condition of your car.

Get the best deal on your total loss and old vehicle

Oftentimes, an old car that is out of use sits in your garage for a long time. It can make space management for parking other cars in your garage a challenging task. While you would want to get rid of it, you would want to do so by grabbing a profitable deal.

Before you approach your insurer for collecting a settlement check, do not forget to determine the salvage value of your car. If you repair your old car after knowing its salvage value and then repair it before selling it at a salvage yard, you are likely to receive a better deal on it than the one that your insurer would offer. For more detailed information about the salvage value of your car and other aspects, contact us now!