Salvage motor vehicle

Salvage motor vehicle means a motor vehicle, whether or not repaired, which has been:
(1) Wrecked, destroyed, or damaged, to the extent that the total estimated or actual cost of parts and labor to rebuild or reconstruct the motor vehicle to its pre-accident condition and for legal operation on the streets, roads, or highways, exceeds 75 percent of its retail value at the time it was wrecked, destroyed, or damaged; or
(2) Wrecked, destroyed, or damaged, to which an insurance company acquires ownership pursuant to a damage settlement (other than a damage settlement in connection with a recovered theft vehicle unless such motor vehicle sustained sufficient damage to meet the 75 percent threshold specified in the first sentence); or
(3) Voluntarily designated as such by its owner, without regard to the extent of the motor vehicle's damage and repairs.

Source

49 CFR § 591.4

Scoping language

All terms used in this part that are defined in 49 U.S.C. 30102, 32101, 32301, 32502, and 33101 are used as defined in those sections except that the term model year is used as defined in part 593 of this chapter.