‘Branded Titles’: Are You Really Getting a Deal?
When driving into the world of used cars, you might come across an intriguing term: “branded title.” At first glance, it might sound like a mark of distinction, but it’s another term for what many know as a “salvage title.” So, what does this mean for potential buyers?
Vehicles with branded titles have experienced an insurance accident that led to a total loss. Interestingly, the industry often uses “incident” instead of “accident.” This choice of words is not accidental. By using “incident,” sellers aim to soften the perception, making the vehicle sound less risky. However, this can be misleading for potential buyers.
The Repair Process
Now, let’s consider the repair process. Many might believe that if a vehicle is professionally repaired after an accident, it returns to its pristine, original state. Unfortunately, this isn’t the case. Especially when it comes to unibody cars, which lack a traditional frame, these vehicles can never be fully restored to their original condition after significant damage. This is a crucial point to ponder upon. Even with top-notch repairs, a car is never truly “as good as new.”
Moreover, the implications of owning a branded title vehicle extend beyond the car’s physical condition. For instance, some insurance companies might hesitate to offer full coverage for these vehicles. This limitation can be a significant drawback for many. Additionally, if you’re considering financing your purchase, be prepared for some challenges. Many financial institutions are wary of loaning money for branded title cars due to the associated risks.
The Appeal is the Price
The appeal of branded titled cars is their price. They often come cheaper than their non-branded counterparts. But, as with most things in life, you get what you pay for. While the initial price tag might be tempting, the potential long-term costs and risks outweigh the upfront savings.
Salvage-titled or branded-titled cars are harder to sell because many savvy buyers will not buy them. Many people who tune into Drive-Radio on a weekly basis will hear John advise them not to touch one or any of these.
Ready Radio is the show that prepares you for the What-Ifs of Life.
Find out more about the hidden realities of buying a car with a salvaged or branded car title, purchasing a rental, hail-damaged, or flood-damaged car, and why some dealerships will not buy cars coming out of Canada—this plus more in this episode of Ready-Radio. Grab a listen.
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