The salvage car business includes shipping, repairing, and selling accident cars. It is quite lucrative because after restoration you can sell it at almost the price as a tokunbo car. Mist tines, after shipping the salvaged title car, you will realise that the damage is not as great as one would think after consulting with a professional, you want to know about the business, stay tuned to the article.
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What is an accident/Salvage car?
Have you ever noticed a nearly new car in front of you? Well, a salvage car that was supposedly involved in a car accident abroad will not look like a new car or even a tokunbo car.
Cars are more than worth buying for an insurance claim owner. In developed countries, car owners don’t have to think about what to do after a car accident; they just contact their insurance company.
The most common causes of car salvage titles are accidents, floods, and fire accidents. When the insurance company does the maths and determines that the cost of restoring the vehicle to factory settings is greater than the value of buying a new vehicle for its owner, it simply declares the vehicle scrapped. We are sure you are wondering why people buy salvage cars and import them into Nigeria.
Why import salvage cars to Nigeria?
Some broken cars can be repaired. This means that the car can return to normal even if it has to lose one or two functions. Nigerians see this as an opportunity to purchase their dream car at a much lower price than usual. Yes, insurance companies sell junk cars for about 40–60% of the car’s normal value. There are many auto parts dealers and technicians who can reset the car to normal.
Easily find and buy the car you’ve always wanted with our salvage title and import it into Nigeria to repair or resell for your personal use. It is a way to save money on buying last year’s model car, as long as the damage to the car is repairable.
Are Salvage cars safe to buy?
Recovery Vehicles have varying degrees of damage. The amount of loss determines how cheap the insurance company will sell to the buyer. For example, in the United States, a wrecked car is considered a dangerous vehicle and not worth driving on the road until it is properly repaired.
These cars are very difficult to register and reinsure in developed countries once they have this salvage title, but not in Nigeria. The moment you ship a salvage car into Nigeria and repair it, the salvage title magically disappears.
This is why it is very safe to buy them, import them, and fix them for use or sale. Assuming Nigerian Road Safety and V.I.O. thoroughly inspect cars about to be registered in Nigeria, then maybe salvage cars would be ratted out. This is why the salvage car business in Nigeria can easily work.
How do I buy salvage cars?
Salvage Cars has websites that make it easy to trade. These websites contain lists of salvaged vehicles, their prices, and the number of repairs required. All you have to do is buy a car like you buy new shoes. Hire a transport company to ship your car to Nigeria for the necessary paperwork and customs clearance.
The customs duty for accident cars is the same as for ordinary cars. Only if you ship your car a bit, you won’t be charged normal car tariffs. Maybe you cut it in half, but it doesn’t make a difference. With Scrap cars selling for less than 50% of the regular retail price—this is an incredible saving.
You can see that the repair and sale of salvage cars imported from overseas are more profitable than ordinary car sales. This additional profit is the profit from the risk taken. Keep in mind that if you end up buying a wrecked car that still has issues to fix, it might not even cost a lot of money.
What is the profit from reselling Salvage cars?
Even if it’s in Nigeria, if the restoration goes well, they will resell the restored junk car at the normal market price. Customers don’t need to know they are buying a restored salvage car. If they know, it’s not your selling price. If you professionally restore your car, you’ve done what is called “title washing.”
Conclusion
Many of you have heard about the reasons for buying and importing salvage cars in Nigeria. Now, it turns out to be very profitable if done well. “Hopefully” means that you should only buy salvage title cars that can be fully restored.
