Salvage title
Thread Starter
Intermediate
Joined: Nov 2014
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Salvage title
Just returned home after a 20 hr road trip to check out a 62, 2 top. Once on site the owner springs on me the title is a salvage no gm vin !! Yes I was pissed. My question is how much does this inpack value? By the way he said lost original title why not a duplicate instead of state issue?
Le Mans Master
Joined: Apr 2002
Posts: 5,476
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From: Kirtland Ohio
Just returned home after a 20 hr road trip to check out a 62, 2 top. Once on site the owner springs on me the title is a salvage no gm vin !! Yes I was pissed. My question is how much does this inpack value? By the way he said lost original title why not a duplicate instead of state issue?
Le Mans Master
Joined: Mar 2009
Posts: 7,993
Likes: 3,980
From: Cold Harbor, VA
He's full of baloney. If you have title and lose the document, you simply apply for replacement document. How much would he have had to lower his price for you to buy the car? That is how much value is lost with a salvage title for you. For me, about 90%.
Safety Car
Joined: Feb 2007
Posts: 4,782
Likes: 2,450
From: Northern California CA
To say I would be "pissed" is an understatement! Sorry you had to go through 20 hours of driving to find out something that significant.
Myself, I would do everything possible to not have a salvage title.
That being said, there's a lot of really nice cars that, due to one reason or another, do have a salvage title.
I would think a lot of the issue would depend upon the facts surrounding the salvage title and how it got there.
If the car suffered significant frame and body damage, I would look at that differently than if the car was stolen and needed a complete paint job due to scratches and so forth. Or the engine needed replacement because someone felt the need to run it till it blows etc.
Again, there are some beautiful cars that are under a salvage title that some very talented individuals have rebuilt.
Good luck on your search,
Pat
Myself, I would do everything possible to not have a salvage title.
That being said, there's a lot of really nice cars that, due to one reason or another, do have a salvage title.
I would think a lot of the issue would depend upon the facts surrounding the salvage title and how it got there.
If the car suffered significant frame and body damage, I would look at that differently than if the car was stolen and needed a complete paint job due to scratches and so forth. Or the engine needed replacement because someone felt the need to run it till it blows etc.
Again, there are some beautiful cars that are under a salvage title that some very talented individuals have rebuilt.
Good luck on your search,
Pat
Le Mans Master
Joined: Apr 2006
Posts: 7,034
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From: Limerick Pa
Can you insure a car for what you want with a salvage title? Will Grundy or any other company pay full value for that car?
If you are getting the car 25-35% cheaper and are going to keep it I wouldn't care. I always ask if it has a clear title because my azz was burnt on a 3 hour drive.
If you are getting the car 25-35% cheaper and are going to keep it I wouldn't care. I always ask if it has a clear title because my azz was burnt on a 3 hour drive.
Last edited by Bowtyeguy; Jun 28, 2015 at 12:24 PM.
Race Director
Joined: Oct 2000
Posts: 12,687
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From: Shamong, NJ
Is it a salvage title, or a state issued VIN? These are two completely different things.
A salvage title is usually issued to a car that was determined to be a total loss by an insurance company. These are normally either flood cars, or cars damaged in an accident, where the cost to repair them is more than the insured value. Cars with state issued VIN's, are most often theft recoveries, that weren't heavily damaged, but had the original VIN removed or falsified in some way.
Either situation, will have an adverse effect of the value of an old Corvette, but a salvage title is probably worse. As was said, in some states, you may not even be able to register a car with a salvage title.
How much a state issued VIN effects the value, really depends on the car, year, and buyer. To a purist, on a correctly restored car, you're probably talking about 30-50%, if they were willing to buy it at all. On a modified car, that's never going to be original anyway, it's more in the 20-30% range, and I'd say it may have no effect at all, on a well done resto-mod.
Obviously, a state issued VIN will have a larger effect on a older or rarer car from the 60's, than it will on a rubber bumper car from the 70's.
A salvage title is usually issued to a car that was determined to be a total loss by an insurance company. These are normally either flood cars, or cars damaged in an accident, where the cost to repair them is more than the insured value. Cars with state issued VIN's, are most often theft recoveries, that weren't heavily damaged, but had the original VIN removed or falsified in some way.
Either situation, will have an adverse effect of the value of an old Corvette, but a salvage title is probably worse. As was said, in some states, you may not even be able to register a car with a salvage title.
How much a state issued VIN effects the value, really depends on the car, year, and buyer. To a purist, on a correctly restored car, you're probably talking about 30-50%, if they were willing to buy it at all. On a modified car, that's never going to be original anyway, it's more in the 20-30% range, and I'd say it may have no effect at all, on a well done resto-mod.
Obviously, a state issued VIN will have a larger effect on a older or rarer car from the 60's, than it will on a rubber bumper car from the 70's.
Administrator
Joined: Jul 2000
Posts: 53,996
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From: About 1100 miles from where I call home.
Just returned home after a 20 hr road trip to check out a 62, 2 top. Once on site the owner springs on me the title is a salvage no gm vin !! Yes I was pissed. My question is how much does this inpack value? By the way he said lost original title why not a duplicate instead of state issue?
He's lying. Salvage titles have nothing to do with lost titles.
In Illinois for example, a salvage title means the car cannot be registered. It can only be rebiult if you are a licensed rebuilder, and then the title will be "rebuilt" which also has a massive value impact. From the DMV site:
"When a vehicle has suffered damage that would cost more to repair than the vehicle's market value, it may be declared salvage. It will be issued a salvage certificate of title ($4) and removed from the road―a salvage vehicle cannot be registered. "
This car has basically no value, beyond parts.
You also mentioned a 20 hour drive... does that mean you came all the way home, yet are still considering the car? In any rate, forget it, especially seeing how the seller screwed you in not telling you first.
Last edited by vettebuyer6369; Jun 28, 2015 at 02:44 PM. Reason: clarification
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Thread Starter
Intermediate
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It sounds like the seller is giving you a line of BS. Salvage tile is usually placed on a car that had been deemed a total loss by an insurance company. Bigger question is what did he have for a vin tag? Is it a state issued vin tag?? As far as value impact I would value the car at what the total amount of value of the some of the parts at wholesale pricing. Walk away and look for a car with far less issues because when you need to sell it the future buyer will be here asking the same questions.
Thread Starter
Intermediate
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Thread Starter
Intermediate
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That was my thinking!
Thread Starter
Intermediate
Joined: Nov 2014
Posts: 42
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Can you insure a car for what you want with a salvage title? Will Grundy or any other company pay full value for that car?
If you are getting the car 25-35% cheaper and are going to keep it I wouldn't care. I always ask if it has a clear title because my azz was burnt on a 3 hour drive.
If you are getting the car 25-35% cheaper and are going to keep it I wouldn't care. I always ask if it has a clear title because my azz was burnt on a 3 hour drive.
Thread Starter
Intermediate
Joined: Nov 2014
Posts: 42
Likes: 0
He's lying. Salvage titles have nothing to do with lost titles.
In Illinois for example, a salvage title means the car cannot be registered. It can only be rebiult if you are a licensed rebuilder, and then the title will be "rebuilt" which also has a massive value impact. From the DMV site:
"When a vehicle has suffered damage that would cost more to repair than the vehicle's market value, it may be declared salvage. It will be issued a salvage certificate of title ($4) and removed from the road―a salvage vehicle cannot be registered. "
This car has basically no value, beyond parts.
You also mentioned a 20 hour drive... does that mean you came all the way home, yet are still considering the car? In any rate, forget it, especially seeing how the seller screwed you in not telling you first.
In Illinois for example, a salvage title means the car cannot be registered. It can only be rebiult if you are a licensed rebuilder, and then the title will be "rebuilt" which also has a massive value impact. From the DMV site:
"When a vehicle has suffered damage that would cost more to repair than the vehicle's market value, it may be declared salvage. It will be issued a salvage certificate of title ($4) and removed from the road―a salvage vehicle cannot be registered. "
This car has basically no value, beyond parts.
You also mentioned a 20 hour drive... does that mean you came all the way home, yet are still considering the car? In any rate, forget it, especially seeing how the seller screwed you in not telling you first.
Team Owner
Joined: Apr 2008
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From: Middle TN by way of KY, OH, VA, IL, CA, FL, NY, SC, HI
First off, the seller was not dealing in good faith - so three facets are now in play - (1) what is the car (parts?) worth, and (2) what is the real story of on the car, the (3) the seller is not trustworthy.
If you cannot get the straight story, then be prepared to accept the lowest common denominator (LCD) - that you are beginning from ground zero on the car's title, and start from there. If the seller can provide any quality above the LCD then it helps their price point, but they have to "bring it to the table" to cash it in.
Unless the car is uber-desirable, and is worth any amount to acquire (not likely, or it would be selling on a different level), the seller has to come to reality, or be stuck with an unsellable car.
Lastly, the seller knew that they did not have a good title and hoped that any potential buyer "wouldn't notice" or "wouldn't care" and only a fool wouldn't care, meaning that they hoped that a fool and his money would come along. In the final analysis, that fool is your only competition to buy the car, and you can't account for what a fool might do - just don't let it be you.
If you cannot get the straight story, then be prepared to accept the lowest common denominator (LCD) - that you are beginning from ground zero on the car's title, and start from there. If the seller can provide any quality above the LCD then it helps their price point, but they have to "bring it to the table" to cash it in.
Unless the car is uber-desirable, and is worth any amount to acquire (not likely, or it would be selling on a different level), the seller has to come to reality, or be stuck with an unsellable car.
Lastly, the seller knew that they did not have a good title and hoped that any potential buyer "wouldn't notice" or "wouldn't care" and only a fool wouldn't care, meaning that they hoped that a fool and his money would come along. In the final analysis, that fool is your only competition to buy the car, and you can't account for what a fool might do - just don't let it be you.
Last edited by Easy Rhino; Jun 28, 2015 at 08:41 PM.
Le Mans Master
Joined: Mar 2009
Posts: 7,993
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From: Cold Harbor, VA
that seems like an ultra complicated way to say that this is a car with stories. Cars with stories need to be cheap or else need a buyer who does not do his homework. You seem like a buyer who wants to do his homework, so this is not the car for you, unless it is cheap. Real cheap.
If it is not, move along. There are cars out there without stories.
If it is not, move along. There are cars out there without stories.
Pro
Joined: Feb 2013
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Salvage title in some states doesn't mean damage. A sales lot I frequent gets a lot of cars from NJ and Il. He stated if a car is stolen and not recovered within a certain time period the insurance company automatically brands the title. He has cars with zero damage and branded titles.
If you check out the car and it appears to be in good condition ( remembering its a fifty year old vehicle ) and the price is reasonable ..... whats the big deal. If your a flipper or banker then it tips the scale the wrong way. Not everyone can afford a 50k plus C-1. Some are drivers, some museum pieces. The role they play in ones life has a huge bearing on the ownership papers. The car will drive / perform no different regardless of what the title states.
If you check out the car and it appears to be in good condition ( remembering its a fifty year old vehicle ) and the price is reasonable ..... whats the big deal. If your a flipper or banker then it tips the scale the wrong way. Not everyone can afford a 50k plus C-1. Some are drivers, some museum pieces. The role they play in ones life has a huge bearing on the ownership papers. The car will drive / perform no different regardless of what the title states.