[Z06] Salvage 04 Z06 $$$ ???
Burning Brakes
Joined: Sep 2006
Posts: 1,102
Likes: 0
Yes, you do lose value on the car with a salvaged title. The best way to buy a salvage title car is to have an expert autobody technician go along with you to have it checked out. Try to find out what kind of damage was done to it. Was it a front end hit, rear end hit or rollover. You need to know if a front or rear clip was added on to it, if the front or rear frame had any damage and was pulled or new sections welded in. Also, check the record of the body shop that you're buying it from. I personally would stay away from a salvage title unless I saw it before it was repaired and I knew who was doing the work and could check in on it while the work was being done. Even though the car is cheaper due to the salvage title, you're never really ahead of the game. It might be good for a tradesman to buy a salvage title and repair it himself if he plans on keeping the car. He gets the parts at discount and the labor is his own. That's who would come out ahead. Then if there is any trouble after, as far as mechanical or electrical he'll still have enough room to have it repaired. If you buy a late model wreck and has some warranty left on the car, it would be voided. Good luck on your decision.
Last edited by mr-z; Jan 3, 2008 at 11:24 PM.
Team Owner
Joined: Mar 2001
Posts: 25,889
Likes: 7
From: Virginia Beach
CI 3-5-6-7-8 Veteran
^ Spot on reply... you need to know why it was totalled and who did the repairs.
Done correctly by a good shop the car can be as good as new, but you have no way of knowing that unless you do some homework.
Done correctly by a good shop the car can be as good as new, but you have no way of knowing that unless you do some homework.
Drifting
Joined: Jul 2005
Posts: 1,272
Likes: 54
From: W. Jefferson OH
Yes, you do lose value on the car with a salvaged title. The best way to buy a salvage title car is to have an expert autobody technician go along with you to have it checked out. Try to find out what kind of damage was done to it. Was it a front end hit, rear end hit or rollover. You need to know if a front or rear clip was added on to it, if the front or rear frame had any damage and was pulled or new sections welded in. Also, check the record of the body shop that you're buying it from. I personally would stay away from a salvage title unless I saw it before it was repaired and I knew who was doing the work and could check in on it while the work was being done. Even though the car is cheaper due to the salvage title, you're never really ahead of the game. It might be good for a tradesman to buy a salvage title and repair it himself if he plans on keeping the car. He gets the parts at discount and the labor is his own. That's who would come out ahead. Then if there is any trouble after, as far as mechanical or electrical he'll still have enough room to have it repaired. If you buy a late model wreck and has some warranty left on the car, it would be voided. Good luck on your decision.
Very well explained, I take the wholesale value and deduct 50% when I look at one on trade if that helps tell you what you will have when you trade it later on.
Advanced
Joined: Jan 2008
Posts: 94
Likes: 0
From: Provo UT
I've seen a lot of salvage cars that were theft recoveries. In such cases, sometimes the cars don't have any structural damage, just minor cosmetic problems. These days, if an insurance company pays the car off, and then later recovers it, they will sell the car at a salvage auction, and force an undamaged car to have a salvage title just so that there will never any repercussions from a buyer who found out his car was a theft recovery. It also varies from state to state how theft recoveries are handled. I've heard that in CA, if a car isn't recovered within 30 days, it has to be sold with a salvage title.
But, on a newer car, you can probably expect a 30 percent discount on the price if it's a salvage title. On older cars, it hardly matters.
But, on a newer car, you can probably expect a 30 percent discount on the price if it's a salvage title. On older cars, it hardly matters.
Burning Brakes
Joined: Mar 2007
Posts: 1,158
Likes: 1
From: St. Peters MO
Check into the repairs first.
It also depends on who the insurance company was.
In my case Geiko would only have paid 50% of the cars cash value in repairs
Which would have totaled my car 
AIG is doing up to 80% of cars value in repairs.
My accident isn't really all that bad but that fence did one hell of a job on the car and thus alot of cosmetic damage that has now put the repair cost over the $20k mark
This is another reason I've been documenting all the damage and repairs.
A car like mine is now perfect for modding the hell out of it
or doing strange things like cutting the roof off (Cobra4B
)If this was a water damaged car......
No way would I ever consider buying it unless it was a frame off restoration with compleatly new wiring and electronics.
Thread Starter
Burning Brakes
Joined: Sep 2006
Posts: 1,096
Likes: 1
From: Anderson South Carolina
St. Jude Donor '09-'10-'11-'12-'13-'14-'15-'16-'17-'18
Thanks for the replys. I was told the car had a fender and nose replaced but I've not seen it yet. Pictures looks good and the asking price was $24K OBO. I've already got an 04 but I was just wondering about this one if it was a steal.
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Michael S. Palmer
Race Director
Joined: Dec 2000
Posts: 17,786
Likes: 5
From: Florida
Buying a salvaged vehicle is a lot like going to bed with Pamela Anderson...you already know where her junk has been and you'll have to be prepared to deal with the aftermath. 
-Deano (aka Swami)
-Deano (aka Swami)
Team Owner
Joined: Mar 2001
Posts: 25,889
Likes: 7
From: Virginia Beach
CI 3-5-6-7-8 Veteran
^ A fender and front bumper doesn't total a Z06... I'm sure the frame was whacked too. If you can figure out who fixed it and get a print out from the frame machine you may find that it's straighter than from teh factory.
Safety Car
Joined: Mar 2000
Posts: 4,847
Likes: 10
From: Bartlett, IL
Cruise-In XI Veteran
St. Jude Donor '06-'07-'08-'09-'10-'11-'12
In my opinion a salvage car is great to make a race car out of or seriously modify. It is always gonna be difficult to sell and get money out of.
Drifting
Joined: Feb 2007
Posts: 1,993
Likes: 7
From: LaPine Oregon
Logg, not enough information ............
You don't supply enough information to address the question with an informed answer.
I buy salvaged vehicles with great success over the years, fact is that my current '01 Z06 has a salvaged title. But I NEVER buy a car that I have not seen the "damage" , and I NEVER buy one that has had body or frame damage. That's is just a pig in a poke.
Vinca1 has a the right idea, in that insurance companies will total a car or vehicle just to get out of the liabilities, this I know for a fact. I have had many vehicles that have had only slight cosmetic issues that were totalled and I bought for a song. My Z06 had the interior removed and was totaled. The car is in perfect condition and without a scratch. I was also able to contact the original California owner for all the history, plus GM history plus Carfax and Autockeck reports. The car has 25,000 and I paid $21,000 two years ago.
Buying a salvage from a repair shop that you do not know is also a no-no. The is no amount of money worth the headache to me and i know what to look for and can repair most any issue. If you are not an expert in this field, stay away.
I buy salvaged vehicles with great success over the years, fact is that my current '01 Z06 has a salvaged title. But I NEVER buy a car that I have not seen the "damage" , and I NEVER buy one that has had body or frame damage. That's is just a pig in a poke.
Vinca1 has a the right idea, in that insurance companies will total a car or vehicle just to get out of the liabilities, this I know for a fact. I have had many vehicles that have had only slight cosmetic issues that were totalled and I bought for a song. My Z06 had the interior removed and was totaled. The car is in perfect condition and without a scratch. I was also able to contact the original California owner for all the history, plus GM history plus Carfax and Autockeck reports. The car has 25,000 and I paid $21,000 two years ago.
Buying a salvage from a repair shop that you do not know is also a no-no. The is no amount of money worth the headache to me and i know what to look for and can repair most any issue. If you are not an expert in this field, stay away.
Burning Brakes
Joined: Sep 2006
Posts: 1,102
Likes: 0
I know with 43 years in the business.
When a tradesman or body shop owner looks to buy a salvage title. they would take the loan factor value, and deduct 30 to 40% depending on the damage, mileage and year
And a rear end hit is always better to repair.
GOOD LUCK.
Last edited by mr-z; Jan 4, 2008 at 11:36 AM.
Burning Brakes
Joined: Feb 2007
Posts: 925
Likes: 1
From: Las Vegas, NV
Just curious.
Drifting
Joined: Jul 2005
Posts: 1,272
Likes: 54
From: W. Jefferson OH
You lose when you do wholesale value.
I know with 43 years in the business.
YOU take the loan value factor and deduct 30 to 40% depenging on the damage, mileage and year when a tradesman or body shop owner looks to buy a salvage title.
And a rear end hit is always better to repair.
GOOD LUCK.
I know with 43 years in the business.
YOU take the loan value factor and deduct 30 to 40% depenging on the damage, mileage and year when a tradesman or body shop owner looks to buy a salvage title.
And a rear end hit is always better to repair.
GOOD LUCK.
I know with only 15 years in the business
Burning Brakes
Joined: Sep 2006
Posts: 1,102
Likes: 0
The Black Book, as you state, doesn't always reflect equal to loan. Depending on the year of the car and market value of that car at the time, there is a gap. As you stated before, we're talking about wholesale, so you should be specific when someone is looking into making an offer. Wholesalers usually buy between $2,000 to $6,000 below retail on a new low mileage vehicle, depending on how much demand there is for that particular vehicle.
Wholesalers go by volume, and dealers make up the difference when trading the vehicle in for the new one, by taking loan factor into consideration or Black book, so this way they have more room to sell to wholesalers or auction the product out. Looks like you may have another 20 years to go.
Last edited by mr-z; Jan 4, 2008 at 11:51 AM.
Race Director
Joined: Dec 2000
Posts: 17,786
Likes: 5
From: Florida
Drifting
Joined: Jul 2005
Posts: 1,272
Likes: 54
From: W. Jefferson OH
The Black Book, as you state, doesn't always reflect equal to loan. Depending on the year of the car and market value of that car at the time, there is a gap. As you stated before, we're talking about wholesale, so you should be specific when someone is looking into making an offer. Wholesalers usually buy between $2,000 to $6,000 below retail on a new low mileage vehicle, depending on how much demand there is for that particular vehicle.
Wholesalers go by volume, and dealers make up the difference when trading the vehicle in for the new one, by taking loan factor into consideration or Black book, so this way they have more room to sell to wholesalers or auction the product out. Looks like you may have another 20 years to go.
Wholesalers go by volume, and dealers make up the difference when trading the vehicle in for the new one, by taking loan factor into consideration or Black book, so this way they have more room to sell to wholesalers or auction the product out. Looks like you may have another 20 years to go.
You said-I know with 43 years in the business.
(Maybe I took this out of context)
I think the word almost and most of the time were used...not always- I am not stating I know more than anyone else here, just my opinion.
I would agree with your opinion as well, the 04 z's look like there is a 3k spread between avg/loan right now. The season here in OH helps that a little so you you may see a different spread in different areas and it will be a little closer in the spring when the blk book adjusts for the spring market.
Last edited by fasthwks; Jan 4, 2008 at 01:48 PM.
Burning Brakes
Joined: Sep 2006
Posts: 1,102
Likes: 0
You said-I know with 43 years in the business.
(Maybe I took this out of context)
I think the word almost and most of the time were used...not always- I am not stating I know more than anyone else here, just my opinion.
I would agree with your opinion as well, the 04 z's look like there is a 3k spread between avg/loan right now. The season here in OH helps that a little so you you may see a different spread in different areas and it will be a little closer in the spring when the blk book adjusts for the spring market.
(Maybe I took this out of context)
I think the word almost and most of the time were used...not always- I am not stating I know more than anyone else here, just my opinion.
I would agree with your opinion as well, the 04 z's look like there is a 3k spread between avg/loan right now. The season here in OH helps that a little so you you may see a different spread in different areas and it will be a little closer in the spring when the blk book adjusts for the spring market.
