Hey everyone,

A C5Z has always been one of my dream cars when I was younger and I'm finally in a position to make that dream into a reality. I had my heart set on a C6Z, but I still check for the C5's, as I still wouldn't be able to afford it for awhile and I came across an ad for a salvaged 04 Z06 with 55k miles that looks like it's been well taken care of. Coming from a past of all Euro cars, I wouldn't touch a salvage title with a 10 ft pole... But I've been doing a lot of reading on various Corvette forums/Youtube and these seem to be pretty reliable cars with low cost maintenance. I have an E39 M5 that I've probably dumped as much money as I bought it for up to this point, with my 5 years of ownership. I love that car and will keep it til the wheels fall off, but it's my only car and I want to get something else to keep the miles from climbing so fast. 2 seater is fine with me (no kids), better MPG than the M5 (I drive from Socal to Norcal a lot, so that's a big plus), and it'll fulfill my childhood dream lol, so I see it as a great DD (or at least that's what I've convinced myself). So my question is, would you get a salvaged Z06 and if so, what price would it have to be to buy it? Keep in mind, I'm not looking to flip it, but I also don't want to deal with a car that's going to be undrivable for months because things keep breaking. My M5 was under for half a year and I don't want to go through that again. From what I've seen, these cars can go a long time without major problems.

Owner claims that the salvage title came from the original order being sideswiped while the car was parked. Body looks straight from the pictures and 55K miles on an LS sounds great to me. But again, I've never owned one so I wanted to get some insight from the experts here. I'm obviously going to check it out in person, but I also don't want to waste my time as it's 1.5 hours away from me.

Apologies if this isn't the right place for this post.

 

1) It better be cheap. Insurance companies have been known to sell salvaged vehicles back to owners for 18% of actual cash value.
2) Make very sure it's not a swimmer (flood car).
3) Ask for photos or prior damage.
4) Be very prepared to get spanked when you want to sell it.
5) Ask your insurance company about coverage on a salvaged car.
6) Registration requirement vary by state. Make sure you can register it in your state.
7) Suitable for race car, maybe not the best DD

Good luck!

 

I just recently purchased a 99' FRC. During my 2-month search, I found a salvaged titled car or two along the way. I actually starred out looking for a Z06. I bought mine at $16,500 .... with 25k original miles. Interior and exterior are in magnificent condition. The 'salvaged' one I liked, could have been had for $14,500 and it had 40k on the clock. Similar situation on a 2001 Z06. Around here they are averaging $19 to 20k, but the salvage titled one was at $18k but the owner said he would take $17,500.

Based on those two examples, I would say you should anticipate a 2-3k price reduction, over a non-salvage titled car with similar mileage, based upon your market.

But, as you know, YMMV.

Good luck!

YetMan

 

This is just my own 2 cents.

I would only be interested in a salvage title car for either parting it out or making a trailer only race car. Of course the price would have to be appropriate.

For any other use and I don't care how good the price is, I wouldn't touch it with a thousand foot pole.

 

That's absolutely crazy right there. Zo6 or not.

 

Yikes, I'm in Cali so I'm assuming it's a no flood car and the frame is straight. (Owner states fender, door and rear quarter panel was replaced from the sideswipe). Of course, I would verify all this (carfax, receipts, pictures, etc), but he didn't own it at the time that happened. Thank you for the heads up on insurance/registration for salvage cars. I've never dealt with one, so that's definitely good to know.

I haven't even made contact with the owner yet. I just want to get a general idea if I should even go after this, so I don't waste my time, nor his/hers. I would only buy it if it were a great deal on my end. I was thinking $9-11k? For a <60K mile '04 Z. (Again, assuming everything is straight). Or for that price is that even not worth the possible headaches?

 

18k?! That's definitely a no for me. I've seen plenty of clean title ones for around that price with not much more miles. But based on what you're saying, anything under $15k would be fair?

 

That's how I've always felt, so everything is telling me no. But I also don't want to miss out on a sweet deal. Assuming everything is straight and it's an '04 with less than 60K miles, I could drive it for a long time without worrying about big $$$ repairs. At least that's what I would think?

 

I bought a 2000 frc rebuilt Ks. title in Nov. 2013. St. Farm insured it Full coverage it had 99,700 miles and now it has 119,400 miles.Replaced oil sender, heater fan res. and normal service. I give 10,000 dollars and a 2000 6 cly. mustang with 150,000 miles. I did talk to my St. Farm agent before I traded,he said no problem ,it has a KS. rebuilt sticker on the door jamb.

 

To add on to my original question....

Are there any big repairs for the C5Z? "Ticking time bomb" type of repairs (e.g. VANOS on BMW's, dropped valves on LS7's, etc). From what I've read, I've just seen normal maintenance with mixed complaints of the tranny and clutch pedal issues.

 

Have to do your homework. Verify the reason for salvage title, where repaired & what was repaired. Talk to original owner if possible. Check with your insurance company that they will insure salvage title vehicle. Would not pay more than 70% average retail. Plan on keeping the car forever - difficult to sell as some banks will not finance salvage title vehicles. If repaired correctly, salvage titled vehicles can be a reliable bargain. Your homework is the key. Good luck.

 

I would think, it would depend on the pricing in your market. EVEY market has its own pricing.

 

The car was declared a total loss--not worth the cost of fixing it, so pretty extensive damage. Any owner has the right to keep the salvage, most don't because it makes no economic sense. When it's cheaper to buy a running example than to fix a car, typically somebody has to severely cheat on the repairs to make economic sense. Sometimes a desperate shop will agree to a CONTRACT PRICE to repair a vehicle, that means a flat amount. But, often with extensive damage, the adjuster has to come back and write a supplement to the estimate once it's apart and allow for additional previously unseen damage. With a contract price, no more money is coming, forcing cheating on repairs. Some states have outlawed contract price deals due to dangerous repairs. I've seen cars repaired so poorly that the insurer voluntarily paid the insured for the car and sued the offending shop. Keep in mind you're talking about a high performance car! You're walking into a sewer and expecting to come out smelling like a rose--good luck!

 

I am not a fan of a salvage title unless its super cheap and you know what the damage actually was. re sale value will be low no matter what kind of money you put in it

 

I will echo what most of the others have said - unless it is a smoking deal, pass and find one that does not have a branded history.

 

A couple of things to consider...
1) How many miles since the repair? The more miles the better to sort out issues. If the car was fixed then sold and now this owner hasn't driven it much, then there is something going on.
2) A Corvette is a car you want. You don't need it. If your gut doesn't feel right about the deal, it is time to walk. Wait until you find "the one". You'll know when you do An 1.5 HR drive is not a big deal.

Read the stickies on what to look for when buying a Corvette. Salvage title or not the information is the same. Want to know what the current owner thinks of the car? Ask him; if he were to keep the car, what 3 things would he do to it? He won't be expecting the question and will likely be more candid in his response.

 

I would only buy a salvage title car if it was half the price of one in similar condition. Only then, would it be worth the hassle to me.

 

I think 3sACROWD comment about miles since the repair is good.
I especially liked the "Ask him; if he were to keep the car, what 3 things would he do to it?" Nice way to pick up info that the answer to the innocent sounding question might provide you.
Unlike some of the others, I wouldn't automatically dismiss a salvage car. However, there are a lot of "ifs" with it. If you can verify the damage. If the car is insurable. If the car can be registered. If you plan on keeping the car long term. If you can get '"the world's greatest deal." And whatever other "ifs" you may come up with.
Best wishes in your search for the C5 right for you.

 

Can you insure a salvage in CA? I didn't think so, but I haven't lived there in many years. It'd be a moot point to me anyway; I'm with some of the others who are of the mind that a salvage is no bargain. The only circumstance I can think of for buying a salvage is to part it out if I couldn't find parts I needed elsewhere. Passing Carfax report or no, my rule on a bargain (any bargain) is "never buy someone else's 'headache' ". "Salvage" means the insurance company marked it as a permanent loser.

 

I bought a flood damaged 44k mile '03 Z06 off ebay, sight unseen, back in April. It was a bit of an impulse buy and was extremely risky and dumb to purchase it this way.
Luckily it has worked out OK, I had to address a couple minor things but now everything works as it should and you could not tell it apart from a clean titled one. My plan is to start doing some track days so it made sense to me to go this route as there is a chance I could wreck the car. It is not my DD I insure the car through Haggerty no problem. I paid $12k and probably overpaid by around $1k
If you're OK the the branded title and the price is right I think it's worth checking out. I would want to see photos of the damage prior to the repair. If this car went through an auction site like Coparts there could be pictures still around is you search the VIN.
Here is a site you can do a free VIN check https://www.vehiclehistory.com/
Realize the car will be worth less when you resell it and also many potential buyers will pass on it so it could take longer to sell.
These cars are fairly robust but a few people have had some electrical issues and they can be difficult to deal with so I would check that everything works. Check the AC blows cold and blows out the proper vents. windows , mirrors, power seat, check everything. You can check if there are any diagnostic fault codes set using the instrument cluster. Here is a how to http://www.stengel.net/diccodes.htm
Clutch replacement is about $1500 - $2000 job. The Balancer pulley should be checked, see that it runs true. Leaks around the side door glass drip rail are not uncommon on FRC (mine leaked here and soaked the interior therefore the flood title) Check the headliner around the A pillar and B pillar by the side window, if it had leaked or is leaking still the headliner could be damaged and they are hard to find a replacement.
Good luck.