What qualifies as a salvage vehicle?

A salvage vehicle is defined as one that has been significantly damaged, typically to the extent that the cost of repairs exceeds a certain percentage of the vehicle's value—often around 75% to 80%. This classification often applies to vehicles that have been involved in serious accidents, flooding, or catastrophic events, making them unsuitable for normal use without extensive repairs.

Salvage status is important for buyers to be aware of because it affects the vehicle's resale value, insurance costs, and the potential for successful repairs. Such vehicles may also face restrictions regarding registration and insurance coverage.

The other options present scenarios that do not meet the criteria for a salvage designation. Minor repairs, high mileage, or missing parts alone do not indicate that a vehicle is classified as salvage. Therefore, the correct understanding hinges on the extent of damage and repair costs, which clearly aligns with the definition provided in the correct answer.