Copart / Salvage websites and the like...
Discussion
Welshwonder said:
If you're not 100% sure you know what you're doing with salvage cars, then just don't bother. Yes, it's a good way of getting the car you want for a low initial cost, but if you're thinking of doing it to make money - or break even, then forget it.
I got into the game a few years ago, when prices for salvage were still sensible. I got myself a bargain and I'm still running it every day. Finding a proper bargain now is extremely difficult, especially if you're not in the trade like me.
The cost of paint alone these days is high, so unless you're very lucky and find same colour panels (which, sure as s
t, don't come up when you need them) you will almost certainly end up out of pocket.
Don't do it!
I agree not good way to make money -better off taking risk and getting cheapy runabout from auction.Also selling one they will be worth far less than non write off -so that has to be factored in aswell .Another thing is parts -sometimes you will have to take hit and go to main dealer -ouchI got into the game a few years ago, when prices for salvage were still sensible. I got myself a bargain and I'm still running it every day. Finding a proper bargain now is extremely difficult, especially if you're not in the trade like me.
The cost of paint alone these days is high, so unless you're very lucky and find same colour panels (which, sure as s
t, don't come up when you need them) you will almost certainly end up out of pocket.Don't do it!
Salavgae yards are getting these cars for peanuts and making huge mark ups.
tali1 said:
Salvage yards are getting these cars for peanuts and making huge mark ups.
No they WERE - many buy at these salvage Auctions.Very few will have contracts directly with insurers.
Simply put if you were an insurer why would you sell direct to a yard instead of through Copart or similar auction as you want the best return.
Gavin_Essex said:
That has cheating husband written all over it.
redgriff500 said:
tali1 said:
Salvage yards are getting these cars for peanuts and making huge mark ups.
No they WERE - many buy at these salvage Auctions.Very few will have contracts directly with insurers.
Simply put if you were an insurer why would you sell direct to a yard instead of through Copart or similar auction as you want the best return.
with the exception of some of the more specialised stuff, most salvage now go through places similar to Copart. And as anybody who has bought from them will know, nine times out of ten, low hammer prices get rejected by the insurance company selling the car.Long gone are the days where you can make money out of repairing this stuff.
Best off selling it on "as is", damaged. If you repair the car, then 99% of buyers are put off by the "write off" stigma and even if you have photos of a minor bump, they aren't savvy enough to realise that it can still be a good car.
People buying damaged cars may not care - but "is it recorded" is the first question you'll be asked, and you're dealing with buyers who want something cheap so you'll get Messers/tyre kickers/stupid bids. Not ideal.
However it can be a good way of getting a car for yourself that you may not necessarily be able to afford otherwise (and a fun and enjoyable repair project)
Personally, now that predominantly everything gets listed on HPi it's not worth it -residuals are low and difficult to achieve plus salvage prices are pushed up by the Eastern European export streams. May as well by a straight example at auction (sometimes coming in less than buying damaged).
(beware of unrecorded - this just means it may not have made it to the register "yet"!!!!) ;-)
G.
Best off selling it on "as is", damaged. If you repair the car, then 99% of buyers are put off by the "write off" stigma and even if you have photos of a minor bump, they aren't savvy enough to realise that it can still be a good car.
People buying damaged cars may not care - but "is it recorded" is the first question you'll be asked, and you're dealing with buyers who want something cheap so you'll get Messers/tyre kickers/stupid bids. Not ideal.
However it can be a good way of getting a car for yourself that you may not necessarily be able to afford otherwise (and a fun and enjoyable repair project)
Personally, now that predominantly everything gets listed on HPi it's not worth it -residuals are low and difficult to achieve plus salvage prices are pushed up by the Eastern European export streams. May as well by a straight example at auction (sometimes coming in less than buying damaged).
(beware of unrecorded - this just means it may not have made it to the register "yet"!!!!) ;-)
G.
Edited by Gallen on Tuesday 17th April 20:12
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