[Z06] Another Salvage Title question
Thread Starter
Pro
Joined: Feb 2009
Posts: 587
Likes: 0
From: Columbus Ohio
Another Salvage Title question
Yeah, I know this subject has been touched on a few hundred times in this forum but I came across an interesting car in my search for a Z within my budget restrictions.
Heres the specifics ... its an 03 Z06, mileage is in the mid-40 thousands. The owner (who seems to be a straight up kinda guy) tells me that the frame was NOT damaged and that the damages were to the front area of the car on one side only. The car will need tires pretty soon, other than that it appears to be well taken care of, garaged and adult owned. I am aware of the issues regarding the downside to a salvage/rebuilt title car but am not sure of what a fair price to pay for a car in this situation would be. Do I want to figure the fair price for this car to be 40,50,60% ??? of book value ? What do you guys think ?
Thanks,
B
Heres the specifics ... its an 03 Z06, mileage is in the mid-40 thousands. The owner (who seems to be a straight up kinda guy) tells me that the frame was NOT damaged and that the damages were to the front area of the car on one side only. The car will need tires pretty soon, other than that it appears to be well taken care of, garaged and adult owned. I am aware of the issues regarding the downside to a salvage/rebuilt title car but am not sure of what a fair price to pay for a car in this situation would be. Do I want to figure the fair price for this car to be 40,50,60% ??? of book value ? What do you guys think ?
Thanks,
B
Melting Slicks
Joined: Sep 2008
Posts: 2,389
Likes: 5
From: Northern Virginia
I wouldn't even pay half the book value for a salvage title.. if you ever do have to sell it you're going to lose your *** even more than this guy. Not only that, but you're taking a gamble that this guy that you don't even know is telling you the truth. Personally, I'd stay away from it. Good luck with everything, b!
Thread Starter
Pro
Joined: Feb 2009
Posts: 587
Likes: 0
From: Columbus Ohio
I would of course do the best I could to verify what the previous damages were by taking the car to a reputable shop and paying the fee to have the car put up on a lift and examined before purchasing. My main reason for considering this car is that if I could get it at a good price, I could go ahead and do the tires along with a cam/heads/intake and exhaust mod. right away and still be in my budget.
Melting Slicks
Joined: Sep 2008
Posts: 2,389
Likes: 5
From: Northern Virginia
If you wanted the car for a track only type thing then I would say have it checked out and go for it. Think about the resale of the car. Don't buy junk just to be in your budget for mods, because you might just end up using that mod money for hidden problems... That's the last of my .02.. good luck with it all, man.
Racer
Joined: Aug 2007
Posts: 335
Likes: 14
From: Fort Wayne Indiana
Insurance depends on your company; my particular insurance required the repairs to be completed, pictures sent to them to verify the work and that was it. In my case the car was totaled back in 2004 for supposedly 25k in damage out in California. The previous owner bought it from auction needing a new rocker panel and paint on the driver side. There was no frame damage, no airbag deployment (all verified by Carfax), literally nothing more than needing a new rocker panel as it was hit on the driver side just behind the door. Total cost from body shop: 1800 and that included paint. Moral of the story here i suppose, dont be afraid to ask questions. I did hours of research with a friend in the insurance industry who tracked down my car's history. A doctor in CA leased the car, apparently wrecked it and must have suckered some company into totaling the car for value. Great for me as i got a fantastic deal on a rebuilt titled Z06. had her 3 years now and not a single problem! Mind you, i bought this car to drive and keep knowing that i would never sell it! Do all the research you can and good luck
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Pro
Joined: Sep 2005
Posts: 635
Likes: 1
From: Irvine CA
...just make sure you lowball the **** out of the guy. In this market, you should be feeling like anything you buy that you got it at a steal.
And, given the market, you probably can wait it out for a non-salvage if you negotiate.
Good luck and post pics if you pull the trigger
And, given the market, you probably can wait it out for a non-salvage if you negotiate.
Good luck and post pics if you pull the trigger
Thread Starter
Pro
Joined: Feb 2009
Posts: 587
Likes: 0
From: Columbus Ohio
Will do hellrazr ! It seems like the best deals seem to be in your part of the country, I broadened my acceptable search area and was amazed at how many there are to choose from and the lower prices. Z's seem to be lower by quite a bit on the west coast, especially the Bay Area. I might be able to work the numbers and do the mods I want right away as long as I am willing to travel a good bit of distance to get the car. The worst part about that is being somewhat dependent on pictures and owner descriptions up to the point of getting out there and looking in person but its beginning to appear as though its worth the risk of flying out and hoping the car was represented honestly. I think the best approach would be to have a few on the short list in the same vicinity and take a little extra time to make the choice.
Last edited by blazer427X3; Apr 23, 2009 at 12:41 AM.
Racer
Joined: Aug 2007
Posts: 335
Likes: 14
From: Fort Wayne Indiana
Heck, just another set of eyes in general is a must. I recently bought a 72 project car from a forum member over in OH. Great communication and excellent to deal with but i was so sure of the deal i didnt want the obvious to slip by me. Just go with someone else (preferably a car person) and they can be the level headed guide if you need the assist. Heck, if its close to Indiana i would be more than willing to help out. Just good advice for car buying.
of $HIT--If you like $hit buy it
Advanced
Joined: Dec 2007
Posts: 81
Likes: 1
From: Kalifornia
Another Salvage Title question
Don't waste your Hard Earned $Cash$
Would you invest in a home in a Crap area ?
Of course not.
Nor should you invest $Thousands$ of Stimulus Dollars into possibly a formerly Flooded,crashed,or theft recovery vehicle. Who really knows for sure ?
This guy is wants to stick you with his problems is all.
Also you probably will never be able to get rid of it.
No one wants to buy a salvage vehicle.
Peace Bon
Would you invest in a home in a Crap area ?
Of course not.
Nor should you invest $Thousands$ of Stimulus Dollars into possibly a formerly Flooded,crashed,or theft recovery vehicle. Who really knows for sure ?
This guy is wants to stick you with his problems is all.
Also you probably will never be able to get rid of it.
No one wants to buy a salvage vehicle.
Peace Bon
Intermediate
Joined: Oct 2008
Posts: 33
Likes: 1
From: snohomish washington
rebuilt title
Yeah, I know this subject has been touched on a few hundred times in this forum but I came across an interesting car in my search for a Z within my budget restrictions.
Heres the specifics ... its an 03 Z06, mileage is in the mid-40 thousands. The owner (who seems to be a straight up kinda guy) tells me that the frame was NOT damaged and that the damages were to the front area of the car on one side only. The car will need tires pretty soon, other than that it appears to be well taken care of, garaged and adult owned. I am aware of the issues regarding the downside to a salvage/rebuilt title car but am not sure of what a fair price to pay for a car in this situation would be. Do I want to figure the fair price for this car to be 40,50,60% ??? of book value ? What do you guys think ?
Thanks,
B
Heres the specifics ... its an 03 Z06, mileage is in the mid-40 thousands. The owner (who seems to be a straight up kinda guy) tells me that the frame was NOT damaged and that the damages were to the front area of the car on one side only. The car will need tires pretty soon, other than that it appears to be well taken care of, garaged and adult owned. I am aware of the issues regarding the downside to a salvage/rebuilt title car but am not sure of what a fair price to pay for a car in this situation would be. Do I want to figure the fair price for this car to be 40,50,60% ??? of book value ? What do you guys think ?
Thanks,
B
If you guys all think c5s will somehow be worth something besides a fun car to drive I have 40 acres of prime real estate for sale in the desert of arizona for saleNow if it was a c1...c2...maybe c3 with a salvage title Id be concerened.By the way I own a rebuilt title of a custom zo6 vert.And have no problem keepin it insured.Have a nice day.