Salvage Value Calculator Car

Car Salvage Value Calculator

The market value of your car just before the damage occurred.

The estimated cost to repair the damage to your vehicle.

The percentage of ACV at which an insurer typically declares a car a total loss (e.g., 75% means if repairs cost 75% or more of ACV).

If declared a total loss, what percentage of the Pre-Accident Value is the car typically sold for as salvage?

function calculateSalvageValue() { var preAccidentValue = parseFloat(document.getElementById('preAccidentValue').value); var estimatedRepairCosts = parseFloat(document.getElementById('estimatedRepairCosts').value); var totalLossThreshold = parseFloat(document.getElementById('totalLossThreshold').value); var salvageBidPercentage = parseFloat(document.getElementById('salvageBidPercentage').value); var resultDiv = document.getElementById('result'); if (isNaN(preAccidentValue) || isNaN(estimatedRepairCosts) || isNaN(totalLossThreshold) || isNaN(salvageBidPercentage) || preAccidentValue <= 0 || estimatedRepairCosts < 0 || totalLossThreshold <= 0 || salvageBidPercentage = totalLossThresholdAmount) { var calculatedSalvageValue = preAccidentValue * (salvageBidPercentage / 100); resultHTML = "

Calculation Result:

" + "Your car's estimated repair costs ($" + estimatedRepairCosts.toLocaleString() + ") exceed the total loss threshold amount ($" + totalLossThresholdAmount.toLocaleString() + ")." + "Therefore, your car is likely considered a total loss by an insurer." + "Its estimated Salvage Value (what it could be sold for in its damaged state) is: $" + calculatedSalvageValue.toLocaleString() + ""; } else { resultHTML = "

Calculation Result:

" + "Your car's estimated repair costs ($" + estimatedRepairCosts.toLocaleString() + ") are below the total loss threshold amount ($" + totalLossThresholdAmount.toLocaleString() + ")." + "Therefore, your car is likely NOT considered a total loss by an insurer based on these parameters." + "In this scenario, a 'total loss salvage value' does not directly apply. If repaired, its value would be close to its Pre-Accident Value. If you choose not to repair, its value would be its Pre-Accident Value minus the cost of repairs and any diminished value due to damage."; } resultDiv.innerHTML = resultHTML; }

Understanding Car Salvage Value

The term "salvage value" for a car often comes into play after a significant incident, such as an accident, flood, or fire, where the vehicle sustains substantial damage. It represents the estimated worth of a vehicle in its damaged state, typically what an insurance company or a salvage buyer would pay for it.

What is a Total Loss?

An insurance company declares a car a "total loss" when the cost to repair the vehicle exceeds a certain percentage of its Actual Cash Value (ACV) before the damage. This percentage, known as the "total loss threshold," varies by state and insurer, but commonly ranges from 60% to 80%. If your car is declared a total loss, the insurer will typically pay you the ACV (minus your deductible) and then take possession of the damaged vehicle, which they will then sell for its salvage value.

How is Salvage Value Determined?

For insurance purposes, the salvage value is what the insurer can sell the damaged vehicle for at a salvage auction. This value is influenced by several factors:

• Extent of Damage: Severely damaged cars will have lower salvage values.
• Make and Model: Popular models with high demand for parts tend to fetch higher salvage values.
• Age and Mileage: Newer cars with lower mileage might have more valuable components.
• Location: Demand for salvage vehicles can vary by region.
• Parts Availability: If parts are scarce, the damaged car's components become more valuable.

Our calculator estimates the salvage value based on a "Post-Total Loss Salvage Rate," which is a common way to approximate what a damaged vehicle might be worth as a percentage of its pre-accident value once it's deemed a total loss.

Why Calculate Salvage Value?

Knowing the potential salvage value can be useful in several scenarios:

• Insurance Claims: If your car is severely damaged, understanding how salvage value is calculated helps you anticipate the insurer's decision regarding a total loss and the potential payout.
• Decision Making: If you're considering buying back your totaled vehicle from the insurer (which is sometimes an option), knowing its salvage value helps you assess if it's a worthwhile endeavor for repairs or parts.
• Selling a Damaged Car: If you decide not to go through insurance or if your car isn't a total loss but you don't want to repair it, this calculation can give you a rough idea of what you might get by selling it "as-is" to a junkyard or parts dealer.

Example Scenario:

Let's say your car had a Pre-Accident Value (ACV) of $25,000. After an accident, the Estimated Repair Costs are $20,000. Your insurer's Total Loss Threshold is 75%, and the typical Post-Total Loss Salvage Rate is 25% of the ACV.

1. First, calculate the total loss threshold amount: $25,000 * 75% = $18,750.
2. Since the Estimated Repair Costs ($20,000) are greater than the Total Loss Threshold Amount ($18,750), your car would likely be declared a total loss.
3. The estimated Salvage Value would then be: $25,000 * 25% = $6,250.

This means the insurance company would pay you the ACV (minus your deductible) and then sell the damaged car for approximately $6,250.

Use the calculator above to input your specific values and get an estimate for your car's potential salvage value.