okay, I know this is an impossibly difficult topic, but any guesses on how much salvage titles typically reduce the value of a vehicle even if they are correctly fixed, etc.??
thx guys -

 

Best suggestion would be to talk to a couple different car dealers, see how much they'd drop the trade in value for a salvage titled car. Fixed correctly or not most people will avoid buying a salvage titled car. The exception would be a ground up restoration on a classic car, but on newer cars

 

It would be hard to sell a totaled Vett, in my eyes

 

the insurance company totalled my 98 vert recently and it was a salvage title already. They gave me 29k for my car.

 

How many miles on the car? Anything special ( Custom)?
and which insurance company do you use?

 

Been In The Business 28 Years Half Book For Rebuilt Or Salvage Title

 

In my book the value of a salvage title car is 0!

 

This won't answer your question, but...
My mom recently bought a "salvaged" Infiniti Q45. It had been stolen from its previous owner and recovered with no damage after the insurance claim was paid. So the insurance company had to list it as salvaged/stolen when they sold it at auction. My friend has a dealer's license and thoroughly inspected the car before buying it. My mom paid less than 1/2 the retail value of the car and loves it.
So not all salvaged titles are horror stories, but I'd give 1 extra attention before even thinking of buying it.

 

Run Forest! Ruuuuun!

 

Salvage Title=== depends on what you wont the car for,
and how much you wont to pay.

 

Ohio new car dealers will not take a vehicle with a salvage title on trade, nor by it outright. They don't want it.

Like the post about the recovered Infinity, half the retail value or less. If you want it as your personal driver it might not be a bad deal. I'm sure there are many salvaged vehicles out there with washed titles, but if your caught doing that it's a federal offense.

 

No doubt about it. It would have to be real real I mean real cheap to get me to buy one. The insurance companies do not total them for nothing, I can assure you they are looking for the least expensive way out.

 

First thing comes to mind F L O O D !! Water damage...never ever will be right again..IMHO

 

Banks and Credit Unions will normally not loan money on a salvaged vehicle.

 

If you know the history of the car and it's not a flood car, then I'd say 25% of retail.

 

i wouldn't buy a salvage title for any amount of money.it'll always have that stigma attached!half book sounds about right though,if you know the true mileage on the car,if not,it's worth squat!

 

what's the difference between a "salvage" title and a "reconstruction" title???

 

i rebuild my own cars and have had half a dozen salvage cars, i know the work was done right so it did not bother me that they were salvage titles, i also got close to retail book out of five of them and made money on each one. in my opinion if its fixed right it doesnt have to be a horror story.

 

you could get it and be okay, or you could get screwed if the work was not done right. Electronic grimlins can be a nightmare to solve and you may never get everything working right, that's a risk you are taking and the reason you pay less for a car with a salvage title.

Speaking for myself, the only reason I would buy a salvage car is if I was going to strip it down to the frame and build a race car.

 

Hello "BBD",

This topic is extremely vast, comprehensive, and, even very subjective in scope. In fact, there are many circuitous and surprizing issues and practices involved in confering a "Salvage Title" that are typically unknown to the common retail automotive consumer. In fact, some of the practices, rules and regulations may vary from state to state, as well as, from one insurance company, insurance adjuster, dismantler, "holding yard", and, repair facility, as well as, used car dealer to another. However, I will offer a very limited scope and explanation, to help shed a little light on this topic. This helpful gesture is offered in an effort to bring about more awareness and understanding to concerned and interested parties.

As hinted to above, there is quite a long chain ("middlemen") of consumption and processing involved when a vehicle that has suffered damage, is first brought to the attention of one's insurance company. Today, most claims are generally dealt with in a timely manner. However, just how expeditiously a claim will be dealt with is dependent upon the originating states laws and issues specific to the individual claim, the established insurance companys management policies of your insurance provider, and, the specific internal and socially practiced procedures of an particular insurance company. As we know, there are those companies that truly procrastinate in resolving such issues. It may take a few weeks (or more) just to get an fair and experienced adjuster to examine the vehicle. And, possibly months more, if not longer (depending upon the specific circumstances), to completely resolve and close the "claim".

Interestingly, an adjuster may not have any real originating interest and familiarity at all with cars, let alone, the true design and scope of a car like the Corvette. Basically, the adjuster is trained to formulate a sum total figure based upon mileage, year, existing options (some of which may not be "covered" and recompensed depending upon your coverage), versus, the cost to repair and restore such a vehicle to it's previous and "undamaged" state. And, in general, if that figure is higher than what the vehicle would appraise at undamaged, the vehicle is then "totalled" out. Now, if that is not the case (car is repairable), the customer has the option to have the vehicle repaired at a facility of their choice.

However, when faced with this dilemma, there are some customers who have no mechanical knowledge and become intimidated and leery of this prospect. And, after experiencing an accident, and, then seeing its consequential damage to their automobile, may no longer see the vehicle in the same light. From this stance, an insurance company may offer to "pay out" the customer and "total" the car. And, at that point, the adjuster, whom is only human, may subjectively assign the vehicle to be branded and then retitled "rebuildable", "salvage", or, even stamped with the fatal "Certificate of Destruction" title onto a vehicle.

In my experience, I have seen cars confered "salvage" titles that have only suffered minor and easily repairable front end damage to the front bumper, skidbar, radiator, one wheel and a few underside body scratches and scrapes. And, yet unfairly be confered a "salvage" title. And, in many cases merely because the owner wanted to conveniently wash their hands of it (this is understandable). On the other hand, I have seen vehicles so severly damaged and mangled, and, that really do indeed qualify for a "Certificate of Destruction". However, they are yet left with totally clear titles. These vehicles are then repaired, rebuilt and totally restored to its undamaged state, and, then sold to the consumer public.

What may happen if you buy and then decide to "trade in" your salvaged title car? By social practice, dealerships discount (lower) the "perceived" value of such a car (even if it has been completely restored), by a percentage that may be merely 5%, or, even as low as 50%. Hence, shop around!. It is purely the subjective judgement of the used car manager. However, this bone of contention (trade in price of a salvage title vehicle of an obviously beautifully restored vehicle) is negotiable during trade in. In general, many top "A-List" dealerships will not even sell "salvage title" vehicles, because of the possible risk of encurring a long list of consumer complaints, liability, etc.

However, there may be opportunity waiting. In my example, I used the "salvage title" to my advantage when I happened to locate one of the now most beautiful C5's in my stable. The previous owner knew nothing about cars, let alone Corvettes, was caught in a high speed turn that he could not control, and, damaged the front end. The owner waited months to have to settle one way or another with his insurance company. And, became so frustrated that he bought another vehicle, and, did not want to have anything to do with the time that would be needed to repair the vehicle. Nor, did he wish to now be saddled with monthly payments for TWO vehicles. Consequently, his insurance adjuster totaled the car out imposing a "salvage" title upon it.

The insurance company is not only in the business of providing insurance policies, but, of also selling used and damaged cars. The vehicle was sold to a "rebuilder", whom was also a used vehicle dealer. The car was diligently inspected, and, damage photographed, documented and tallied. It was plain to see that this car would need very little in time and cost to repair. Therefore, I used the fact that it now had a salvage title and was still in a state of disrepair to negotiate an exceptional low price. And, with the advantage of my knowledge of the vehicle and wholesale parts resources, I was able to have the car restored at an amazing savings, to the beautiful vehicle that it is today. For me, it is a "keeper".

So, when considering possibly purchasing a vehicle with a salvage title, consider the following issues: What model and year is it? Is it under a year old with low mileage (like mine was)? Is the vehicle fully optioned (CD, Air, Manual, newer engine design, glass top, custom headers, custom leather interior, sport seats, added wheel upgrades, and, accessories, etc.)? What was the nature of the accident or damage: collision, fire, chemical, theft-recovery, flood? How extensive is, or, was the damage? Has the vehicle been repaired and restored (what parts, when, by what qualified restoration facility, and, where)?

If still damaged: What would it cost to totally replace/repair affected parts, body and chassis damage, etc.? Where can you go to have the vehicle thoroughly inspected before and after repairs? Is there merely body panel damage, or, actual frame, engine, mechanical, electrical, computer harnesses and other parts damage, too? Who could repair the vehicle competently? Is it possible to have the "salvage" title designation on a now repaired, and/or, now restored vehicle changed to "rebuildable", or, "rebuilt", etc.? Yes, and, no. It is essentially dependent upon the laws of the "home" state of the new owner. And, may/will involve a very intense formal case development and multiple (in depth) inspection procedures monitored by the CHP which may take months! Also, ask yourself: Is this vehicle going to be a "keeper", or, may you decide to try to sell it in the future? What value has been devalued from the vehicle? What carfax and dealership history does the car present? Does the vin number match to the engine and body parts? What DMV history (locally and out of state) does the car have? Who was its originating dealer, and, from what city and state in the country?

Furthermore, will the manufacturer warranty be affected? Yes. In general, it will be completely voided if a vehicle damage report becomes known to any dealership even without your say, by a local GM regional rep relegated to your area. Will your insurance company insure a salvage title vehicle? In general, yes. Most insurance agencies will offer full coverage. And, most especially so on "Specialty Interest Vehicles". Moreover, most large dealerships have a "preferred list" of at least thirty lending institutions. Most of these "grade A, B, and, C" lenders will lend upon a "used vehicle" within 11 years old with a very decent interest rate dependent upon your credit history and down payment. However, as any used car salesperson will tell you: "If its on the lot, the vehicle is lendable".

What would your recompense (from your insurer) be if you suffered a collision or total loss of such a vehicle? What partial percentage (if so, what %?) of reduced return will be imposed upon you (due to your insurers policies) because the title is "salvage"? Would your insurer cover your new aftermarket upgrades and custom parts (a very serious issue)? What perceived value do you personally see in this? What other repair issues may develop over time? Have you documented all damages ("before" pictures), and, pictures of the newly restored version after all repairs were completed? If you sell the vehicle in the near future, what value may it fairly retain? Will you maintain and keep a record of all receipts, parts repairs, and, services for a new buyer down the road? As you can see there is much to consider. Be prudent, careful and really research the issues discussed above by discussing this topic with experienced insurers, attorneys, appraisers, used auto dealers, creditors, dismantlers, auto body repair specialists, etc. Happy Hunting.

Best Wishes,
Eden