hey guys, im new to the corvette world. i recently sold my 2001 ws6 to purchase my first c5. i found a good price on a high milage frc that i am very interested in and may purchase tomarrow. but then i found a 2002 coupe with 18k miles that has a salvage title, all the damage was cosmetic and no frame work was done. my question is how much is a car like this worth with a salvage title.

 

Go to KBB or Edmunds.com and get a price for an '01 with no damage. Then take about 50% of that price. Personally I'd stay away from a salvage title car unless you plan on keeping it forever or don't mind having a problem selling it at a later date.

 

 

Don't buy a salvage titled car unless you're planning on keeping it forever.

 

Only "cosmetic damage" and it has a salvage title?? Salvage titles are usually issed back to cars that have been declared a total loss (cost more to repair than typicaly trade-in value from a book) due to something like bad collision, flood damage, or some other sort of destruction.

Run, don't walk, away from that one. Sounds like it went through Hurricane Katrina.

 

If the car looks good, drives good and is offered at an excellent low price, the only problem you'll probably have would come when you try to sell it. The market would be very limited.

 

If you plan to never sell it: If it runs good, looks good, and it was only cosmetic damage, I'd figure out what its worth (50% off of Kelly Blue Book) and offer 2-3k less than that and see what happens. This way if for some reason you ever did have to sell it, you wouldn't be out that much.

 

Listen to Jack...He's right on the money...

 

[QUOTE=96CEC4;1564348136] Listen to Jack...He's right on the money...[/QUOTE

I'll double that.

Just remember if you are buying one, make sure you can get it registered BEFORE you buy. What works in one state might not work in another.

 

No insurance company salvages a car for cosmetic damage. Or let me say and stays in business long. The user aint going to sell you it at 1/2 of kbb. Now also if it gets damaged in your possesion how much will your insurance pay (if they will insure it) USAA will pay less than half of blue book. Hold out, the market is soft and cash goes a long way now.

 

Wrong, A lot of cars are salvaged because of cosmetic damage. Has anyone seen how much it cost to just repair a small scratch or to replace a scuffed bumper cover or headlight assembly. And usually cosmetically damaged salvage vehicles bring 75 to 80 percent of value in my area. I have also had a salvage title vehicle that was totaled again in a very bad accident and the insurance company paid off full value and that is the truth. A lot of statements are made about this without the writer ever having any real experience with it.

 

Check with your insurance company. They may not even give you insurance on the car. Possibly a liability policy only. These make great race car donors.

 

I have seen a car keyed that resulted in the car being totaled, bring the car somewhere and have it inspected by a qualified person. If you know what you are looking for it will be apparent what was fixed and what was not.

 

Go To The Head Of The Class!

In general, if said "Salvage Title" vehicle suffered ONLY cosmetic damage, this would be the preferred Salvage Title case-vehicle for any consumer to consider to purchase. Bottom Line: Damaged body panels are always simple to replace and paint. However, depending upon the model and make of the vehicle, body panel damage CAN be EXPENSIVE to replace and paint, AND, is a drastic major contributor (a nail in the coffin) to the practice of "totalling" out a vehicle due to the high auto-body repair cost. Period! However, if said vehicle has been beautifully, competently, and, completely restored, such a vehicle may STILL retain close to, if not, present virtually full value at most dealerships, and, insurance companies. Furthermore, such a vehicle is lendable (customer is able to obtain an auto loan to purchase such a vehicle), as well as, insurable.

Oftentimes, those vehicles that have suffered major frame, engine and interior damage, BUT, are completely restored MAY yet, unfortunately, still suffer the social scrutiny, and, practice of being afforded a lower perceived value by a consumer simply because of a "label" that socially may not be looked upon as favorably.

However, such a conferred title may become a powerful and convenient negotiating tool for interested parties/buyers who are knowledgeable and capable of competently rebuilding a salvage titled, un-restored vehicle, themselves. Nevertheless, buyer beware! Vehicles that have suffered far more extensive damage from chemical, flood, fire-electrical, roll-overs, crushing, etc. are emphatically well above, and, beyond the ability of the common consumer to repair, AND, may be relegated to merely serving as "parts" cars.

Lastly, Brad, it is essential that you really examine the "restored" vehicle, THOROUGHLY, AND, with the aid of an experienced mechanic and auto-body professional. Moreover, for your own peace of mind, do speak to those experienced individuals who are competent within the commercial automotive parts, custom, auto-body, and, rebuilding community. There are many of us who are willing to help enlighten you on this interesting endeavor. Brad, please feel free to PM me for further assistance and feedback. Finally, FYI, here is a link (see below) to another helpful CF thread where I have posted an important informative response. Do avail yourself of the search forum, and, if possible, take the time to fill in more info in your personal CF member file. Link:

http://forums.corvetteforum.com/show....php?t=1152049

Best Wishes to You!

 

Eden's answer is the best I've seen to this age old question. I've owned several "salvage title" cars in my life and they served me well. Even made money on some of them. Read his post carefully and the link as well. You have to know what you are doing.

 

I noticed an 04 Z06 on craigslist last week, car was in SC, if I remember correctly, it had a little over 20k miles and was around $22k, the picture looked ok. I called and it was a salvage title, I did not go check it out but I seriously considered it. It is not there anymore.

 

I wouldn't buy a salvage titled vehicle. You'll never sell it. I owned a salvage titled '95 Bronco for a few years. When it came time to rplace it I couldn't give it away. Ended up having it hauled off to the salvage yard because I couldn't sell the thing.

 

There seems to be a lot of mis-information about a totaled car and I'm seeing some of it here in this thread. I agree with Red and Eden in that a cosmetic damaged car CAN be totaled. It boils down to the TOTAL cost of the replacement parts, Paint, labor, shop supplies required to do the repair. If that TOTAL cost is more than 75% of the value of the car it is considered a total loss. Some insurance companies use 75% while others use more or less of that number. Now - It is very true that the cost to do a minor paint repair on a single part can run almost $1000 alone This includes paint prep and blending along with the finish coats wet sanding, etc. It is expensive work.

Now regarding purchasing a car with a salvage title - I have seen several cases where it is a great opportunity and I personnaly know a person who has purchased and sold Salvaged cars without issues. The biggest thing in purchasing a salvaged title is DO YOUR HOMEWORK. Where was the damage (front end, frame, cosmetic, etc)? Who did the repairs (a body shop that does this all of the time or someone making a buck that really doesn't know bodywork)? Check with the DMV in your area regarding Salvage title and transfer/inspection requirements. All states are different.

When you know the answers you can make a determination. For example: A car that has had frame damage where the air bags were deployed, we have a tendancy to stay away from as there are too many hidden problems that can come up later. We also stay away from cars that have had sever water damage - again the gremlins can be a nightmare. Lastly, I look more closely at the repairs done by someone doing the repairs themself than if a shop did it. There are a LOT of people (myself included) that are perfectly qualified to do rework on a car in my garage BUT there are a lot of people that can cut corners too. Just check the fit and finish of the final product.

This being said.... Check it out and be prepared with information like KBB data - It can be a good deal or not.

 

I've had a salvaged titled (cosmetic only) 99 Coupe for three years and it's been perfect, but as they have said every case is different. Have it inspected by a reputable body shop and/or corvette mechanic. As for insurance; AAA and American Family Insurance both cover a REBUILT title with full coverage at full KBB value.

 

he claimed that the insurance company was charging him like $30 for a bolt and this and that. it looked like a nice car with only 12,000 miles but i know there had to be more wrong for it to be a total loss with a book value of $24,000. i passed on it anyway he was asking $19,000 and didnt speak english very well so i couldnt understand everyother word.



on a side note i found a clean 99 frc that has high miles but is well in my price range.