How to Sell Your Totaled Car for Cash

June 9th, 2021 | By | Posted in Uncategorized

We Buy Cars Fort Myers FLCar accidents and wrecked cars are just one of life’s little surprises. Cars are “totaled” by insurance companies when the cost of the repairs exceeds the estimated value of the vehicle. But a totaled car still has value. Wondering, “how to sell my junk car for cash in Fort Myers, FL?” Here are a few tips for you:

Get a Second Opinion

As mentioned earlier, cars are totaled when estimated repair costs exceed the car’s value. Getting different opinions of both these variables might change the outcome. Before you make a final decision about salvaging the vehicle, it’s worth getting more than one estimate for repairs.

Getting Cash for Your Car

Once you’ve determined that your car is well and truly totaled, it’s time to consider options for turning your car into cash. You’ve got several different choices.

Insurance: The Easy Way

The first option to consider is your insurance company. Possibly the easiest, most effortless way to turn your totaled car into cash is to sell it to your insurance company. The insurance company will buy your totaled car and pay you according to your policy’s parameters. If you have a collision policy that will pay you replacement value for your car, this is often the best way to go.

Salvage the Car

Regardless of the condition of your totaled vehicle, in most cases, there’s still value left that can turn into cash. Here’s a brief look at a few scenarios.

Scenario 1: Drivable car

Let’s say a hailstorm damaged your car. It was in great shape before, but the body damage after the hail is so extensive that the insurance company determines it’s totaled. The car is perfectly drivable; it just doesn’t look so good anymore. After you and your insurance company agree on a settlement, you can negotiate to repurchase the car from them at salvage value. In this scenario, you walk away with cash from the settlement(less the salvage price), and you still own the car. Once you obtain a salvage title from the DMV, you can sell the car. If you think you can get a price that’s higher than what you pay the insurance company, this might be the way to go.

What’s a salvage title? A salvage title or certificate replaces your old title and indicates that the car has been totaled. Regardless of the future condition of the vehicle, it will always be considered salvage, which affects insurance rates and warranties.

You can sell a car with a salvage title to dealers, sell it at auction, or you might even be able to sell the car to a private party. But remember: to make this a good deal, you need to be able to sell it for a price higher than the salvage price you paid the insurance company. Even though salvaged cars require higher insurance rates, there’s a pretty good market for salvaged vehicles.

Scenario 2: Non-drivable car

Cash for Junk Cars Fort MyersSometimes accidents result in cars that are no longer drivable. These cars can still be sold for salvage value. Once you work with your insurance company and obtain a salvage title, you’ll find you have some viable options for getting cash for that old car in Fort Myers, FL.

  • Dealers. Possibly the easiest way is to sell your salvage car to a dealership. Many dealers buy salvage vehicles, and some dealers work exclusively with salvaged cars.
  • Charities. While donating a car to charity doesn’t put cash in your pocket, it does result in a nice tax deduction.
  • Scrap yards. Your car has many components that have value; the metal alone can be stripped away and sold. Call U Pull N Save to discuss how we can help with your totaled car. We’ll give you a fair price and even provide towing to get it here.

Get Cash Today

If you’re sitting on a totaled car and wondering how to turn it into cash, call the team at U Pull N Save. We buy any car, running or not. Call us 24/7 for a free estimate. Don’t wait; get cash for your junker today.

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