Found a real nice 2003 Corvette convertible with 63000 miles, auto. Looks like it was never hurt but it has a salvage title. Person said they bought it that way. Said they were told it was stolen but who knows. Should I run? What kind of offer should I offer if I decide to pull the trigger. Thanks guys and stay safe. Dave

 

Start with a car fax or similar since you can do that from home. If the report comes up acceptable then pay for a professional inspection — preferably one that will let you look around when the car is on a lift.

 

Just my opinion but unless you are getting a HUGE discount on what that C5 should be going for I would take a pass on it. Cars with salvage titles are problematic. If you should decide to consider going forward a thorough check by a knowledgeable shop/tech should be done. Performing your due diligence can save you a lot of trouble. Just keep in mind that salvage title cars are hard to sell when it comes time.

 

60% of book price, maybe $7k

 

I agree that a good pre-purchase inspection is an absolute MUST. Salvage titles aren't just hard to sell. They also can be a bit tricky to insure. That's not to say you can't insure them, but it is different than with a normal car. I'd want to know the real reason it was totaled (I doubt it's just because it was stolen). If it has flood damage, I would walk away. After inspection, if you're okay with everything, I'd say offer $6500.00 - $7000.00.

 

I would ask why does it have a salvage title?
You might have it for life, hard to sell with salvage title. You should really low ball, expect unforeseen problems

 

I agree. Even if you never have any issues with the car, sooner or later OP is going to have to sell it. If he only pays 7k now, in 4 or 5 years, or whatever, it will be that much older, with who knows how many miles on it. In other words, it may bring only 5k, or less at that time. If, and when C5s start appreciating in value, a salvaged car probably will not......

 

Salvage titles are extremely common for stolen/recovered cars. If the title is from being stolen there is nothing wrong with the car. It will be as good as any other vette. You will have issues with selling it and insuring it will be a little tougher because of the prejudice towards salvage that you will see here. Frankly putting a salvage title on a recovered stolen vehicle should be illegal. Even a stripped stolen car. We don’t put salvage titles on cars that have been completely disassembled for restoration and In reality rebuilding a stripped car is no different.

 

Thanks guys, I think I'll pass. It's on FB Market place in Phoenix if any one else is interested.

 

Probably a good decision on your part. As mentioned, salvage titles make the car hard to sell and you would have to see if your insurance company would even insure it. Plenty of nice, no problem C5s out there for sale - including here on the forum.

 

I'm surprised they're honest. A lot of titles get washed. My insurance wouldn't cover any car that had 2 accidents no matter how minor.

 

Smart decision. I think you'd just be opening a can of worms. As the other members state, there are a load of nice C5's out there to see and buy...

 

^^^

 

Every purchase situation is unique, but I have to agree with those who think a salvaged title is not worth the financial exposure to unknown risk and return on investment, unless you are building a vehicle that will never need to be insured.

Leave that stuff to the pros. I don't mind a good buy, I bought a damaged used 03 myself, and price was a motivating factor.

But if a salvaged title is the key to a low priced ownership deal , these are not cheap cars to keep on the road, and are not getting less costly to repair , only the return on repair investment is lower. In my densely populated town, there are tons of aggressive car flippers, and any car that could be an unusually profitable buy was sold yesterday.

Consider the increased insurance costs, over time , any financial purchase gains because of the queer title might be offset to a some extent by the extra insurance over the years. If it gets smacked hard, your total loss check will not be anywhere near the check cut for a cleanly titled car.

Insurance cost are figured according to risk, the average repair cost according to the statistical history of the model, and other risk factors. A salvaged title throws a wild card into the mix, fixing damage in a car already written off as a total loss could present a lot more unexpected repair problems than the usual , remove , replace and paint . Once you get outside the known risk model, and into unknown repair costs, the risk goes up, along with your rates. For instance, the California auto club will not offer insurance on a car with a salvaged title, a common position , they also decline drunk drivers because of the increased risk. Once you go to insurers that handle high risk insurance, the rates go up, and the service goes down, they figure you as a low motivation client, since a lot of these places advertise on daytime TV, for just that type of , I need insurance today to clear a legal issue, client.

I once had a guy call me over to check the car had had up on the rack. He was taking off a section of red epoxy over rust on the frame rail when he broke through , and when he found old tightly rolled up newspaper stuffed inside the frame used as a structural support, he called me over , so I also wouldn't believe my eyes. I broken frame is pretty serious, but could be an easy repair financially, compared to trying to keep a previously submerged salvage title car on the road. And there are a lot of flooded cars in the aftermath of the broken weather systems.

 

Assuming it is an AZ title and didn't come salvaged from another state here is the way it works for AZ

A Salvage Certificate of Title is issued to a vehicle that was stolen, wrecked, destroyed, water damaged or otherwise damaged to the extent that the owner, leasing company, financial institution or insurance company considers it to be uneconomical to repair.

So.... just cuz' it was stolen would not make it salvaged unless it was striped or damaged

 

I purchased a 05 C6 w/ salvage title back in 2014 for 15K. I took it to a local Corvette shop and he said it was worth the money. I kept it for a coupe years and sold it for 13K and had plenty of people interested. Certainly depends on how much you pay for it.

 

Not only insure, but ABSOLUTELY NO FINANCING....

 

I agree on stolen salvage titles. In Michigan, it used to be if a car was stolen, recovered, and totaled, you had the option of buying vehicle back from insurance company, and that process assured a clean title. It may still be the law. I had a 1985 IROC Z stolen and recovered. I knew I had at least $5,000 in just the motor (in 1990 $$$!), a 383 stroker, forged internals, custom intake, injectors, etc., of which insurance company was unaware, of course😁!! Buying it back was a no brainer. HOWEVER.....Until I actually started it, I worried what could've happened to the motor. Did they overrev it? Ya never know until you hear it run. I got lucky...

 

Just curious, what insurance company is it that won't insure a vehicle thats been in 2 accidents?

 

Just my opinion but I think you are making a smart move on letting that one go. As has been pointed out by others very nice and well kept C5's can be found without an awful lot trouble. Many years ago I learned that cheap cars can often turn out to be very, very expensive. C5's are no exception. Best wishes and good luck with your search.