With an estimated retail value of around $60,000; the car was the best bargain I could ever find for the brand. I had to spend another $10,000 (approximately) to restore the car; but I am happy with the final product. I purchased the car through an online auto auction and believe me, it was a cakewalk.
The online car auctions are open to everybody and most auction websites offer free membership to interested buyers. While such auctions are gaining a lot of popularity; there are still a few misconceptions that people hold about them.
- Online auctions list vehicles that are beyond repair- I disagree very strongly here! When I came across the salvage Porsche on auction, it looked fairly good to me. The clear images and vehicle information described the damage as normal wear and tear; and the actual odometer reading was at 35,232. After doing some research using the Vehicle Identification Number (VIN) search tool, I felt that the car could be made roadworthy with some effort. Finding a great deal online is perhaps all about research!
- Insurance of salvage cars is impossible- When we talk about insuring a salvage vehicle that has been repaired to be back on the road, “tricky” is the right word; but definitely not “impossible”! It may seem difficult, but yes, it is possible to insure such a vehicle. Many companies offer liability insurance on these types of used cars. This means that if by any chance the car is involved in a collision, the owner could be protected against any lawsuit that the victim might slap on him.