It should also say on the title that it's a salvaged car. Take a look at the title.
Rebuilt Title Vette's?
Thread Starter
Instructor
Joined: Apr 2008
Posts: 210
Likes: 0
From: Tampa Fl
Rebuilt Title Vette's?
I promise that this is the last in the series of ignorant questions in my quest to find my car.
I think I have found a car somewhat near me and it REALLY has me intrigued! It's a 2002 Vette with only 24,000 miles on the odometer selling for $17,000. The story is (according to the dealer), the previous owner took off the doors and took out the seats and some of the interior to file a loss on his insurance claim. Insurance paid it off, the people that bought it state that the car is in pristine condition, no scratches or blemishes, the car drives and looks just as good as it did new, and all they had to do was reinstall the stuff and it has a Carfax that states that it wasn't in an accident.
I know this is stupid, but guys, help me see the light that I'm kinda hazy on.
Also, What is the deal with Rebuilt/Salvage Title Cars? Resale value drops I know, I heard that if you do file a claim with the insurance company, that they only reimburse you for half of what the vehicle is worth should you total it. Is there more to it than that? There's a shop here in Tampa (Corvette Shop) that rebuilds Corvette's and sells them for what I see "unwrecked" cars are going for?
Any input would greatly be appreciated!!
I think I have found a car somewhat near me and it REALLY has me intrigued! It's a 2002 Vette with only 24,000 miles on the odometer selling for $17,000. The story is (according to the dealer), the previous owner took off the doors and took out the seats and some of the interior to file a loss on his insurance claim. Insurance paid it off, the people that bought it state that the car is in pristine condition, no scratches or blemishes, the car drives and looks just as good as it did new, and all they had to do was reinstall the stuff and it has a Carfax that states that it wasn't in an accident.
I know this is stupid, but guys, help me see the light that I'm kinda hazy on.
Also, What is the deal with Rebuilt/Salvage Title Cars? Resale value drops I know, I heard that if you do file a claim with the insurance company, that they only reimburse you for half of what the vehicle is worth should you total it. Is there more to it than that? There's a shop here in Tampa (Corvette Shop) that rebuilds Corvette's and sells them for what I see "unwrecked" cars are going for?
Any input would greatly be appreciated!!
Drifting
Joined: Mar 2005
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From: Paducah KY
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Sounds like a BS story to me! I would shop around. For $17,000 you can get a decent clear title C5!!!
Melting Slicks
Joined: Mar 2005
Posts: 2,891
Likes: 4
From: North Port Fl
Are they saying the car was totaled because the interior was missing? That sounds like BS to me. Some insurance companies won't pay to repair a car with a salvage title. You need to check before you buy. If you are going to keep the car for along time, 7, 8 years or more go ahead and buy it, but have a mechanic check the car out first. If you don't plan on keeping the car long term look elsewhere because the resale of a car with a salvage title is very low compared to the same car with a good title.
Melting Slicks
Joined: Mar 2005
Posts: 2,891
Likes: 4
From: North Port Fl
Car prices in KY, must really be bad, even worse than here in SE Mi, where you can't hardly give a house or car away, because even here you couldn't buy an 02 C5 with 24,000 miles for anywhere near $17K, depending on condition it's closer to $22-$25K
Thread Starter
Instructor
Joined: Apr 2008
Posts: 210
Likes: 0
From: Tampa Fl
Are they saying the car was totaled because the interior was missing? That sounds like BS to me. Some insurance companies won't pay to repair a car with a salvage title. You need to check before you buy. If you are going to keep the car for along time, 7, 8 years or more go ahead and buy it, but have a mechanic check the car out first. If you don't plan on keeping the car long term look elsewhere because the resale of a car with a salvage title is very low compared to the same car with a good title.
The prices here are the same, $25K for a 25,000 mile car.
Melting Slicks
Joined: Aug 2006
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From: Issaquah WA
St. Jude Donor '08-'09-'10
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From: Parrish FL
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There are a lot of garage queens out there in the C5 fleet. Given todays pricing, I don't see any big advantage in buying a rebuilt/salvage car unless you get a super deal and plan on keeping it forever. Even then, I don't think I would. Just my $.02. Good luck in your search! 
Race Director
Joined: Feb 2008
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From: Maker of Sharp Objects, AL - Roll Tide
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I don't know if they will do it but if you can get the VIN and call to get a quote the insurance company surely sees what you see when you do a carfax report or autocheck. They should be able to tell if it has a slavage title. Maybe morso than you can with car fax--just a thought.
I have heard of people being able to buy a slavage title car and somehow sell it at an auction or something somehow in another state and get it a clear title. I don't know if I believe that though. I guess anything is possible though...
I have heard of people being able to buy a slavage title car and somehow sell it at an auction or something somehow in another state and get it a clear title. I don't know if I believe that though. I guess anything is possible though...
Melting Slicks
Joined: Oct 2006
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From: Los Angeles
