2002 Salvage title purchase ???
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Instructor
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From: Homer NY
2002 Salvage title purchase ???
I found a 2002 with a salvage title. It was a flood car out of texas so no parts were replaced. Car is in great shape with red exterior and black interior,auto trans and 82,000 miles. Car runs and drives great and has been on the road in NY since 2008. I can buy the car for around $12.5K. I know some of you guys would not buy a salvage car no matter the price but just wondering if the price is good for the car with a branded salvage title. Just wondering since I found a 98 coupe, auto with 113k for the same price but not as nice as the 02 with a salvage title. Kind of a hard decision for me to make. What would some of you guys do and which car would you choose?? Thanks
Last edited by ROBCAR; May 15, 2011 at 10:54 AM.
Le Mans Master
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From: Knoxville Tn
Making an assumption or two here.
If you plan to keep the car for a long period of time (say over 5 years),
if the car has been on the road with the salvage titile since 2008 and has accumulated substantial miles since then, and if you can verify the mileage accumulated since the salvage titile was issued, then the price seems right. Flood cars can be a nightmare (IMHO) with a car that relies on electronics. The verified mileage since the issuance of a new title would ease my mind a bit, but remember, when you want to sell the car, every prospective buyer will have the same questions you currently have, even when looking at a lower than average price.
If you plan to keep the car for a long period of time (say over 5 years),
if the car has been on the road with the salvage titile since 2008 and has accumulated substantial miles since then, and if you can verify the mileage accumulated since the salvage titile was issued, then the price seems right. Flood cars can be a nightmare (IMHO) with a car that relies on electronics. The verified mileage since the issuance of a new title would ease my mind a bit, but remember, when you want to sell the car, every prospective buyer will have the same questions you currently have, even when looking at a lower than average price.
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From: Homer NY
Thanks Phanni, Not sure how many miles have been put on since 2008 but i will ask today. I have found some c5 cars for the same price but only 97-98 years. No 2002 cars for the price of non salvage 97-98 years from What i can find. I know thecars are pretty much the same from 97-04 but the 98 I found for $12k does have 30k more miles than the 02.
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From: Oklahoma City OK
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Flood cars are generally an electrical nightmare as stated above. The price would have to be practically nothing to ever come out on a salvage titled car as you'll get absolutely nothing for it when you want to sell it.
Melting Slicks
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From: Richmond, Ky
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From: Homer NY
Just not sure waht the better deal would be. Plan on driving for a few years anyway.
2002 82k,auto,victory red,nice car $12.5k
or
1998,113k,auto, black on black(want black), has a few mods(cam,full exh) Pretty sure I can buy for $11,500
The salvage part does not bother me at all just worried about resale in the future.
2002 82k,auto,victory red,nice car $12.5k
or
1998,113k,auto, black on black(want black), has a few mods(cam,full exh) Pretty sure I can buy for $11,500
The salvage part does not bother me at all just worried about resale in the future.
Burning Brakes
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From: Chesterfield Michigan
St. Jude Donor '08-'09-'10-'11-'12-'13-'14
Just not sure waht the better deal would be. Plan on driving for a few years anyway.
2002 82k,auto,victory red,nice car $12.5k
or
1998,113k,auto, black on black(want black), has a few mods(cam,full exh) Pretty sure I can buy for $11,500
The salvage part does not bother me at all just worried about resale in the future.
2002 82k,auto,victory red,nice car $12.5k
or
1998,113k,auto, black on black(want black), has a few mods(cam,full exh) Pretty sure I can buy for $11,500
The salvage part does not bother me at all just worried about resale in the future.
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Burning Brakes
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From: Simi Valley Ca
St. Jude Donor '12
Something else to consider, you may want to look into insurance as well, some companys may not offer it on a salvaged title or, if they do, it may be at a much higher premium.
Personally, I would not take a chance on a salvaged vehicle. Not to say that you won't have problems with a vehicle that isn't, but the odds are greater imho.
Plus, as others have stated, the resale is going to be a hard sell with potential buyers asking the same questions.
Personally, I would not take a chance on a salvaged vehicle. Not to say that you won't have problems with a vehicle that isn't, but the odds are greater imho.
Plus, as others have stated, the resale is going to be a hard sell with potential buyers asking the same questions.
Melting Slicks
Joined: Apr 2009
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Personally, I would stay away from a flood damaged car at any price. With the multitude of electronic components and the iffy ground points, these cars do not survive water damage too well. It will eventually come back to bite you in the a$$.
Drifting
Joined: Aug 2006
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From: Oregon
A Salvaged FLOOD C-5???? The only thing I would think of is how fas I could run away from this one.. Its bad enough owning one that hasn't played submarine. You do know, the computers are basically JUNK once they get soaked.. There are way too many good deals out there for NON Salvage C-5's.. My advice is KEEP LOOKING and run like hell from this one. If not, offer the guy $5k for it and see what he counters at.
Thread Starter
Instructor
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From: Homer NY
Just got back from looking at it, Very nice car and runs and drives like new. NO electrical gremlins and no codes or problems. Car has been driven 14,000 miles since branded salvage. He will not come off his price of $13.5. Car is worth the money but I am going to wait and look at the black 98 before I make a decision. He turned down a 12.5k offer yesterday for the car.
Drifting
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From: Plano Texas
St. Jude Donor '08
yep... I would say the value on the car should only be about half what the normal car value would be, so maybe around $9k-$10k
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Flood car title ?
Just not sure waht the better deal would be. Plan on driving for a few years anyway.
2002 82k,auto,victory red,nice car $12.5k
or
1998,113k,auto, black on black(want black), has a few mods(cam,full exh) Pretty sure I can buy for $11,500
The salvage part does not bother me at all just worried about resale in the future.
2002 82k,auto,victory red,nice car $12.5k
or
1998,113k,auto, black on black(want black), has a few mods(cam,full exh) Pretty sure I can buy for $11,500
The salvage part does not bother me at all just worried about resale in the future.
Thread Starter
Instructor
Joined: Apr 2011
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From: Homer NY
Thanks, I'm sure it was not flooded but most likely a insurance fraud to get out of the payments. Not your typical "flood" car but still a salvage title no matter how you look at it. I knew some guys would say run away right off the bat, but of course they have not seen the car. If they did they would be really surprised how nice the car really is. The car condition isn't the issue,The issue is what I am getting for $13,500.
Last edited by ROBCAR; May 15, 2011 at 08:40 PM.
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My thoughts exactly. No way I would want to deal with a flood car -even if it had a lot of miles on it since it was fixed.