You've probably heard someone state that they “totaled” their car in an accident.
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This may conjure up images of a car that's been put through the wringer.
Maybe it's missing its windshield. Maybe the wheels have popped off. Maybe it's wrapped around a pole in such a way that it takes an expert to pull it off.
And while those images may mean the car is totaled, it isn't necessarily a foregone conclusion. In this article, we'll go over what constitutes a totaled car and when it's time to let your car go. Read on to figure out what a “totaled car” really means.
What Exactly is a Totaled Car?
As we stated in the introduction, some people may think a car has to be completely dead or irreparable in order to call it totaled and wash your hands of it. But that isn't exactly the case.
When a car is considered totaled is pretty straightforward. A car is totaled when it costs more to repair it than the actual worth of the car, in addition to the cost of the scrap value of the car.
For example, if you bought your car for $10,000 and the repairs to it are $12,000, the car is considered totaled by the legal definition. This may mean you're suddenly on the market for a new car, or that you're now taking the bus for a while.
In some states, the car is totaled when the repair price exceeds a certain percentage of the car's value. In this case, the car may look slightly damaged, and actually have been totaled by insurance definitions.
How Likely Is It That You'll Total Your Car in an Accident?
According to Forbes magazine, due to the inflated cost of car parts, it's becoming increasingly likely that you'll total your car in an accident. Although it can be repaired in many cases, it may actually be considered a full loss to an insurance company because of the price of parts.
The price of car parts has gone up dramatically in the past 20 years, to a tune of 61 percent. Additionally, the more recent the car, the more expensive the parts are to replace.
For example, many newer cars are “smart cars,” which come with a wide variety of features that are both for safety and for show. These parts, while they enhance the experience for the driver and passengers, are extremely expensive to replace.
In fact, they're so expensive to replace that for most people, it is often easier to scrap the car altogether and purchase a new one.
So, if you get in an accident beyond one that only requires a small repair such a fender bender, you may find yourself with a totaled vehicle.
What Happens If You Still Owe Payments on the Totaled Vehicle?
Unfortunately, if you don't own the car outright, you'll need to continue making payments on the car even if it is totaled, until you've paid it off. This can lead to a lot of financial stress for the person whose car was destroyed in the accident.
They may believe that there is no way they can repair the current car, or that there is no way they can continue payments on the car and purchase a new one.
What Can I Do with a Totaled Car?
That depends on you. If your car is totaled but you feel that you can pay the repair costs and you still owe money on it, you may wish to decide to go ahead with the repairs.
Or, you may decide to sell your car to someone who may be able to flip the car and sell it for cash.
Alternatively, you can sell your car to Cash Cars Buyer where you can get cash for your totaled car. It doesn't matter what condition it's in, you'll be able to get at least something for your car.
How Do You Sell a Junk Car?
Did you know automobiles are the consumer product that is most widely recycled in the United States? In fact, over 25 million tons of car material is recycled each year.
No matter the state of the car, Cash Cars Buyer will purchase your car within 48 hours of filling out your initial estimate. The car can be totaled, or it can be still running. It doesn't matter, as long as you want to get rid of it for cash.
You'll fill out a form which will take approximately 60 seconds. On the form, you'll let them know the make and model of the car, as well as the condition. Once you've filled it out, they'll give you a quote for what they'll purchase the car for.
If you accept the quote, you'll get that cash in your pocket as soon as humanly possible.
So, if you've totaled your car, it is up to you to fool with weeks of repairs, or to get cash immediately at put it toward a new ride.
Selling with Cash Cars Buyer
After you've accepted our offer, we'll come and take a look at your totaled car. If it's in the condition you stated it was, you'll get the cash we initially offered.
Cash Cars Buyer is so committed to our customers, that we'll tow your car to the lot for you. Many junk car companies will require that you pay an extra fee for this service, but we will never ask you to pay for our services out of pocket.
Read to sell your totaled car? Click here to start our free estimation form and find out how much money you could get today.