A Brief Look at the Types of Used Auto Titles

1. A Brief Look at the Types of Used Auto Titles The Department of Motor Vehicles in the US requires every vehicle on road to have a certain title. This requirement is to ensure that people don’t buy or sell vehicles that have major issues such as stolen vehicles that are not fit for sale. Although the title branding may vary from state to state, a few used vehicle titles are common everywhere. The blog discusses a few of these commonly used vehicle titles through this brief blog post. Salvaged Vehicles A that has lost almost 70 percent of its original value is given salvage title. The cost of repair of the vehicle is beyond its actual worth. That brings us to a question that a lot of people have in common is the value of the salvage vehicles. The answer depends on the type and extent of damage. Many salvage cars, despite their title, still have a lot of value to offer to the buyer. A salvage vehicle, for instance, can be a great deal for a college student looking to purchase their first vehicle at a dirt-cheap price. These type of vehicles that you can repair are allocated the “repairable” title. Similarly, there’s those cars that are irreparable, however, have valuable parts to offer. These vehicles are titled as “parts only” vehicle. Reconstructed Title The DMV gives reconstructed titles to a salvage vehicle that has been restored and is fit to operate. However, the exact title that the department assigns to the vehicle differs from one jurisdiction to another. Any salvage vehicle that has been restored in Utah, for instance, is good to operate if it is given “rebuilt/restored” title. Clean Title Clean titled vehicles are one of the preferred used vehicles as they are completely repairable and have no pending loans to their name. That’s why, unlike salvage vehicles, most finance companies are willing to finance them. Owner-retained Title Any vehicle deemed as a complete loss by the insurance company, which its owner

2. wishes to retain the possession of gets the title “owner-retained”. The owner can, however, retain the vehicle if it has an active registration and is capable of legally driven. Conclusion The first step to calculate the value of salvaged vehicles is to identify its exact title. This action would itself tell you a lot about the vehicle, and whether it's safe to purchase or not. Besides this action, always ensure that the VIN on the title matches the VIN on the car. Assuming that you take these essential steps, you would be safe to procure a used vehicle worth your buck. Wish you luck!