Definitions for "Salvage value"
Is the amount remaining after a depreciated useful life. It refers to the residual or recoverable value of a depreciated asset. Gross salvage value may be adjusted by a removal or disposal cost. This adjustment would lower the gross salvage value.
The amount which can reasonably be expected to be realized upon retirement of the asset.
Expected trade-in or market value when an asset is traded or disposed of (16.1).
the amount a salvage yard will pay for your damaged vehicle. This amount is used to determine whether your vehicle is 'totalled' or not. (See total loss, below.)
A title designation used when an insurance company purchases an automobile that has been severely damaged (totaled), and then resells it. Each state has different regulations on the sale of salvaged automobiles.