If you are willing to invest the necessary time and resources to prepare for a salvage auction, there is a good chance you can bring home a great vehicle without breaking the bank. Car salvage auctions in St. Petersburg FL have slowly and consistently produce larger listings with each passing year. This provides you with greater opportunity to identify salvage vehicles which require very little additional investment and can be a reliable mode of transportation for years to come. In order to be successful at car salvage auctions there are a few things you need to understand.
There are 2 Types of Salvage Titles in Florida
The first thing you need to understand is that Florida has two different types of salvage titles. This means there are actually two different types of vehicles mixed together at car salvage auctions in St. Petersburg. The traditional salvage title is what most people think of when they picture a salvage vehicle. The traditional salvage title means the damage done to the vehicle is so extensive that the insurance company is forced to total it. In Florida this means the damage equaled or exceeded 80 percent of the vehicles estimated retail value. If you cannot repair the vehicle yourself then there is good chance this type of vehicle is not going to be your primary target at car salvage auctions in St. Petersburg FL.
The other type of salvage title is known as a “salvage rebuilt title”. Vehicles which get salvage rebuild titles did not meet the 80 percent rule; however there still was significant damage. In many cases, vehicles which fall into this category primarily suffer cosmetic damage which means they can be rebuilt easily. In fact, some vehicles with this type of title can be legally driven immediately. Additionally, many salvage vehicles which have already been rebuilt will be entered into car salvage auctions as well because they still have a salvage rebuild title.
The Type of Vehicle to Target If You Can’t Fix It Yourself
There are two types of people who attend car salvage auctions in St. Petersburg FL. The first are mechanics and shop owners who have the tools, knowledge, and capacity to repair the vehicles they purchase. They do this primarily to resell it and turn a profit. The second type of person is the average car owner who is looking for a good deal on a reliable used vehicle and is willing to tolerate noticeable cosmetic damage.
If you cannot fix a salvage vehicle yourself, then it is always important to focus on newer vehicles rather than older ones. While a newer vehicle must sustain more damage to meet the 80 percent rule, there is also less chance of needing to repair miscellaneous items due to normal wear and tear. Essentially, by targeting newer vehicles you know exactly what will need to be fixed. With older vehicles, you may end up needing additional repairs unrelated to the damage due to regular wear and tear. In the perfect scenario, you will be able to purchase a vehicle that has already been repaired but was entered into a salvage auction because it had not yet gone through the necessary testing to get a clean title.
2011 Cadillac DTS
At a recent car salvage auction in St. Petersburg FL a 2011 Cadillac DTS was purchased for $7700. It had a certificate of salvage and salvage rebuild. The damage was primarily cosmetic and many repairs were already completed. Once fully repaired, the vehicle would have a value of nearly $35,000. The additional investment the winning bidder would need to make in order to fully repair it was estimated to be nearly $16,000. This particular Cadillac had less than 28,000 miles, was a four-door sedan, and had a 4.6 liter V8 engine. While additional repairs were needed, the vehicle ran and drove well enough to be considered roadworthy.
2013 Nissan Rogue
Another great deal found at a car salvage auction near St. Petersburg was a 2013 Nissan Rogue. Once fully restored, the estimated retail value of the vehicle was nearly $26,000 although the winning bidder paid only $5500. No mileage was listed for this great 2.5 liter four-cylinder four-door sport utility vehicle. Is important to note that the primary damage was due to water, which means the engine may need significant work to be fully restored. At the same time, even considering the cost of replacing the engine of this vehicle, the winning bidder would still gain notable savings on a 2013 Nissan Rogue.
2011 Chevrolet Corvette
One of the reasons car salvage auctions are so popular is because people can get high and vehicles that extremely low prices. At a recent salvage auction, the winning bidder paid less than $4000 for a 2011 Chevrolet Corvette. The primary damage was to the rear end and side. The estimated repair cost to fully restore the vehicle was just over $23,000. While this does sound expensive, once restored the vehicle would be worth nearly $36,000