In 2018, the state of Oklahoma saw a staggering 71,280 motor vehicle crashes. Almost 30% (21,286) of these accidents occurred in Oklahoma County.
In Oklahoma City alone, there were already 1,813 fatal and injury crashes in 2018. While this is only 2.5% of all crashes in Oklahoma, it's still a lot, considering that there are over 80 cities in the state.
If you've been in a serious car accident in OKC, your ride likely ended up tagged as a “total loss vehicle”. Now, you're facing a dilemma on what to do with the resulting salvage title.
One of your options is to find junk car buyers and sell your totaled car to one of these businesses. You can also accept the payout of your insurance company. The latter, however, might only work if you have collision coverage.
The question now is, what exactly is the process for selling a totaled vehicle in OKC? How exactly does a car become a “salvage vehicle” in the first place?
We’ll answer all these questions in this post, so be sure to read until the end!
How the State of Oklahoma Defines “Total Loss”
Under Oklahoma laws, “total loss” is a loss equal to a vehicle's fair market value. This “loss” should be the value of a vehicle right after it has sustained damage.
What About “Salvage Vehicles”?
In Oklahoma, a car can become a “salvage vehicle” if the cost to repair its damages is more than 60% of its actual cash value. The damage could have resulted from collisions or other events, such as floods. However, the state requires the vehicle to be at least within the last 10 model years.
The Sooner State also limits “repair costs” to just labor and parts for certain components. These include the motor, frame, suspension, transmission, and other key structural parts.
All total loss vehicles in Oklahoma require a salvage certificate. The party who requests for the certificate is often the one who retains ownership of the car. This can be you (the owner) or your insurer (if they pay you to replace the damaged car).
Let’s say you decide to keep the car and have obtained the certificate from the OKC government. Once you get the salvage title, you can no longer drive the car, even if it still runs.
If you intend to make the car usable again, you first need to fix it to a “roadworthy condition”. To meet this condition, your car needs to undergo a “rebuilt vehicle inspection”. Only trained government officials can perform such inspections.
Should You Repair a Salvage Car?
If you can shell out money for expensive car repairs, then you may want to consider fixing your totaled car.
So, how costly is it to repair a totaled vehicle?
For starters, minor frame repairs alone could already rack up a $600 to $1,000 repair bill. This can go up to a whopping $10,000 if you have severe frame damages.
If the accident killed your engine, expect to spend up to $4,000 for a rebuilt engine. If you want a new engine instead, the costs can be between $3,000 to $7,500 for the engine alone.
To replace a dead rear differential, prepare yourself to pay $1,500 to $2,000 for a used part. If you want a brand-new rear differential, expect to pay between $3,000 and $4,000.
Unless you have thousands of dollars lying around at home, think twice about fixing a totaled car. Even if you do, it makes more sense to use your money to buy a brand-new car instead. After all, a damaged car is much likelier to break down sooner than one without damage.
Selling Totaled Vehicles to Junk Car Buyers: The Fastest, Most Practical Choice
The fastest way to make money from a totaled vehicle is to sell the car for parts to junk car buyers. Yes, you can sell the entire thing, as-is, to a cash for cars company. These businesses specialize in dismantling, repairing, and sales of salvaged vehicles.
By “as-is”, we mean that you don't have to carry out any type of repair to your wrecked vehicle. You can leave all the dents, dead car parts, or even the marks of a flooded vehicle. What's more, reputable junk car buyers pay cold, hard cash for junk cars and salvage titles on the spot.
Friendly Reminders When Choosing a Junk Car Buyer in OKC
In Oklahoma City, any person or business who buys salvage cars requires a license. They also need to undergo an Oklahoma State Bureau of Investigations background check. Moreover, a City staff should issue them with zoning approval and an OKC sales tax permit.
This said, make sure you ask a potential junk car buyer to show you a copy of their Junk Dealer & Collectors License. This will prove that they're a legitimate company.
Before you schedule the removal of your totaled car, make sure the buyer has given you a fair estimate. This quote should be non-obligatory, meaning that you can still walk away if you don't like their offer.
Speaking of removal, the junk car buyer should also offer to haul or tow your vehicle for free.
Sell Your Salvage Car to the Right Buyer Now
Ending up with a totaled or salvaged car is no doubt unfortunate, but you can still turn that wreck into cash. You can also repair it for future use, but it may be best not to, what with all the money and effort you'd have to expend. The simplest way to get any more use out of your damaged car is to sell it to a cash for cars company instead.
Ready to learn how much you can get for your totaled car? As junk car buyers, we can help! Give us a call now and we'll be more than happy to give you a fair estimate of your car's value.