When a car can be called salvaged or totaled? If a car has a total of 75% or above damage by any natural disasters such as tornado, cyclone, hurricane, flood that car can be called salvaged car with a salvage title. Selling salvaged cars have been a good profitable business since last couple of years. To make money with salvaged car two things need to be remembered. Buying salvage car at a low price and selling them at a reasonable price.
Money making with salvaged cars
Salvaged car business has been very profitable as you can buy a damaged car for 40% or 50% of its original value. With some work and fixing issue, it can be made like a new car and selling it at a low price will satisfy both you and customers. Some steps need to be taken to make your investment worth it.
Let’s see how we can make money by selling salvaged cars
- First of all choose salvaged cars wisely which can bring you money. Fully inspect the salvage car with any experienced mechanic’s help and select a price for that car.
- Check the car’s history to get informed about the damage properly.
- Once you buy the car, repair it. Change several parts if it’s needed to. Then color it if necessary to make an impression at first sight for your buyers.
- Fix a reasonable and low price which makes you money as well as benefits your customers.
- Get a salvage certificate for your car following some legal steps to make it trustworthy for your buyers.
- Take all necessary and legal steps regarding selling a salvaged vehicle.
There must be some weapon on your hand which can gear up your selling. Let’s check them out-.
Tips to sell salvaged vehicle
- Have your car repaired if there are any issues to fix.
- Call for auctions for selling salvaged vehicle which will draw your buyer’s attention. Auction may results in selling many cars at a time.
- Give some discount or payback offer to draw customer’s attraction.
- Give a limited time warranty to ensure your customers.
- Try to sell it for 60-70% of its market fair value to benefit your customers.
Help customers to get insurance for salvaged car if necessary. Even help customers with advice about necessary steps that need to be taken to ride the car on the road such as getting certification, title, registration, insurance, road permit etc.
- Make a marketing strategy of your own to improve selling scale and margin.
- Reduce marginal cost and increase marginal utility to make more money out of it.
- Advertise in local newspaper or TV channel if you have a big salvage car yard to sell.
The main goal of a business organization is to maximize its profit through satisfying its customer. While selling cars the fact of satisfying customers should be kept in mind. With some easy marketing strategy it’s possible to make a smart amount of money through selling salvaged cars.