[Z06] Rebuilt title 01 z06
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1st Gear
Joined: Feb 2017
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Rebuilt title 01 z06
I'm new to this site. I found this 01 z06 with 126k mIles and a rebuilt title. I like the car it handles fine and sounds good. I'm taking it to my Chevy dealer friend to have it checked out. Should I run away or offer less or any thoughts?
Race Director
Joined: Jan 2008
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From: oregon
Safety Car
Joined: Feb 2013
Posts: 4,346
Likes: 755
From: Greensboro Nc
I'm pretty sure the whole "insurance companies only offer liability on rebuilt title cars" is just a story that keeps floating around.
At least 50 people told me This while I owned a rebuilt title car with full coverage. I asked most of them if they had ever tried and none of them ever claimed to have even tried.
I also got loan for that vehicle too, since people like to pretend like that's impossible too. My loan required that I had full coverage... soooo......
At least 50 people told me This while I owned a rebuilt title car with full coverage. I asked most of them if they had ever tried and none of them ever claimed to have even tried.
I also got loan for that vehicle too, since people like to pretend like that's impossible too. My loan required that I had full coverage... soooo......
Melting Slicks
Joined: Nov 2004
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From: Olive Branch Mississippi
Winner 2020 C4 of the Year - Unmodified
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I've had a salvage title corvette insurance was full coverage and pays full amount if totaled or stolen.
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Racer
Joined: May 2016
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From: Lafayette LA
It's got some high mileage, but look at the damage on it and see if it seems reasonable. If it looks like it's a decent ride, lowball the ever living hell out of it. They're gonna struggle to sell that salvaged title and if you're going to take a chance on it, you're not going to want to spend big. I'd take the value that it's rated it (non-salvaged), and lower my offer 5-7K. If it's worth 15K, I'd offer 8K. See what they say and plan to walk away.
Safety Car
Joined: Mar 2016
Posts: 3,534
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From: Atlantic Beach FL.
I rebuilt mine from salvage. It had a bent connecting rod from hydro-locking. Someone ran into water and water got into the intake. I just had to rebuild the engine. I bought it like this because I wanted to mod the engine any way.
I have full coverage for 100%. There is a lot of urban legend out there regarding this. Some banks wont 100% finance them.
I would steer clear of one with any potential frame damage. Look out for salt water damage too.
If you look at the final Car Fax entries you might see the number of the shop that had it before it was declared a total loss. Call that shop and get all the information you can.
Study the repair work. Drive it fast over some bumps (like highway speed).
Don't pay anywhere near retail for the vehicle. Save some money for potential repairs.
I have full coverage for 100%. There is a lot of urban legend out there regarding this. Some banks wont 100% finance them.
I would steer clear of one with any potential frame damage. Look out for salt water damage too.
If you look at the final Car Fax entries you might see the number of the shop that had it before it was declared a total loss. Call that shop and get all the information you can.
Study the repair work. Drive it fast over some bumps (like highway speed).
Don't pay anywhere near retail for the vehicle. Save some money for potential repairs.
Last edited by Rob 02; Feb 6, 2017 at 12:59 AM.
Melting Slicks
Joined: Aug 2013
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St. Jude Donor '15-'16-'17-'18-'19-'20-'21-'22
If you can do the repairs yourself and plan on keeping it a while, it makes sense if you get it at a good price.
Remember that buyers do not like to see "salvage" on a title. They imagine the car being either in a major flood or in a horrific accident.
Remember that buyers do not like to see "salvage" on a title. They imagine the car being either in a major flood or in a horrific accident.
Last edited by laurent_zo6; Feb 13, 2017 at 01:27 AM.
Safety Car
Joined: Mar 2016
Posts: 3,534
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From: Atlantic Beach FL.
The mega banks like Wells Fargo, Bank of America, Chase etc... generally don't. But your credit union or community bank probably would. The reasons for this would open a socioeconomic can of worms.
I don't mess with the big banks because they charge fees to sit on your assets. Then they want bailed out of debt.
I don't mess with the big banks because they charge fees to sit on your assets. Then they want bailed out of debt.
Advanced
Joined: Oct 2014
Posts: 65
Likes: 4
Indiana here, My insurance carrier is Western Reserve and I have asked specifically and they will not pay out the same value on rebuilt as clean title. It is fair as the value is usually 25% to 30% less depending on what it is and how new. I assume they charge the same either way, lets face it ins. cost is not relative to car value or it would go down quarterly with depreciation, but they do not lower rates.
Safety Car
Joined: Mar 2016
Posts: 3,534
Likes: 432
From: Atlantic Beach FL.
I think it is fair to devalue a car that has a salvage title by 25-30% if every thing else checks out.
People say that they don't have the same resale value but it cost less to buy too.
If want a stock Vette then get one that is low mileage and pristine.
If you are going to build one then a usable core will do.
Bank loans and insurance for a custom vehicle or street rods vary from state to state. There is some gray area.
People say that they don't have the same resale value but it cost less to buy too.
If want a stock Vette then get one that is low mileage and pristine.
If you are going to build one then a usable core will do.
Bank loans and insurance for a custom vehicle or street rods vary from state to state. There is some gray area.
Last edited by Rob 02; Feb 15, 2017 at 04:05 AM.
Advanced
Joined: Oct 2005
Posts: 71
Likes: 6
From: Sugar Land Texas
Well, maybe I'm a dunce and a rebuilt title means exactly that - the car has been rebuilt. Duh. I was thinking a 'salvage' title.
Last edited by Hooker; Feb 21, 2017 at 12:16 PM.
Melting Slicks
Joined: Aug 2013
Posts: 2,491
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St. Jude Donor '15-'16-'17-'18-'19-'20-'21-'22
Couple of things .... what caused the loss - and how long ago did it happen? If it was like water damage 10 years ago you might consider it 'cured' by now and a non issue. If it was wrecked that's another story and I'd shy away and keep looking unless it drove really good and I could steal it.
Well, maybe I'm a dunce and a rebuilt title means exactly that - the car has been rebuilt. Duh. I was thinking a 'salvage' title.
Well, maybe I'm a dunce and a rebuilt title means exactly that - the car has been rebuilt. Duh. I was thinking a 'salvage' title.
When you rebuild a vehicle to make it capable of being driven again, it is considered to be a rebuilt titled vehicle. First this vehicle has been determined to be totaled by the insurance company, given a salvaged title, and then rebuilt or fixed to become drivable again.