Just purchased a 2014 C7 1LT "flood car"...or is it?
11-26-2016, 11:21 PM
#42
you really cant go wrong. You will know if it smells inside. I do notice the car looks all sealed up and no water vapor on the inside glass thats a good sign.
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kornbal07 (11-30-2016)
11-27-2016, 10:38 AM
#45
Burning Brakes
Based on the pictures and the price you paid, even if it doesn't run, you are way ahead of the game. Insurance companies KNOW there will be issues, that's why they 'total' them out.
With that said, even if you decide to just sell the parts, you will still be way ahead of the game.
You did good......
With that said, even if you decide to just sell the parts, you will still be way ahead of the game.
You did good......
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kornbal07 (11-30-2016)
11-27-2016, 10:47 AM
#46
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11-27-2016, 12:30 PM
#47
My cheapo brother buys that way. He found a guy/store that specializes in minimal depth flood cars. They have been around for awhile, he goes to them over the years with no problems. He tries to find mileage cars above 10,000 under 15,000 so they have the warantee problems behind them.
11-27-2016, 12:47 PM
#48
Le Mans Master
Any copart, or other salvage dealers sell cars for the insurance company's. Most flood cars are cleaned and detailed so you do not see the flood damage. A real good trained professional can pick out flood cars, lots of stuff can not be hidden. Beware . You will also get a branded title that will follow the car forever. Branded title's, rebuilt title's, salvage title's all take 25 to 50% from the cars retail value. There is a very small market for branded title vehicle's making them hard to sell, the newer the harder.
33 years auto damage appraiser for 2 insurance company's and 14 years working at GM dealers.
33 years auto damage appraiser for 2 insurance company's and 14 years working at GM dealers.
Last edited by Phanni; 11-27-2016 at 12:50 PM.
11-28-2016, 08:21 AM
#50
Burning Brakes
Something else to think about: most insurance companies (this varies from state to state as well) will not sell you comprehensive insurance on a car that was an insurance write-off. Which generally means that you can't finance it.
But hey, if you're a dealer, you should know what you're doing. Is this for you personally, or are you planning to flip it?Please excuse my ignorance - what does "hit it in the head" mean?
11-28-2016, 08:41 AM
#51
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There are two states still, where you can mask a title from branding as a flood car. I think they are okla and Alabama. My friends that owned New Orleans dealerships in Katrina sold hundreds to wholesalers from those states for 80 cents on the dollar. Caveat emptor.......
Last edited by Glen e; 11-28-2016 at 08:47 AM.
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Steve Carter (12-06-2016)
11-28-2016, 11:48 AM
#52
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Owner history is kind of irrelevant for a flood car, don't you think?
Something else to think about: most insurance companies (this varies from state to state as well) will not sell you comprehensive insurance on a car that was an insurance write-off. Which generally means that you can't finance it.
It's still not a new Corvette. But hey, if you're a dealer, you should know what you're doing. Is this for you personally, or are you planning to flip it?
Please excuse my ignorance - what does "hit it in the head" mean?
Something else to think about: most insurance companies (this varies from state to state as well) will not sell you comprehensive insurance on a car that was an insurance write-off. Which generally means that you can't finance it.
It's still not a new Corvette.
But hey, if you're a dealer, you should know what you're doing. Is this for you personally, or are you planning to flip it?Please excuse my ignorance - what does "hit it in the head" mean?
I am planning on keeping it for myself most likely, i do salvage cars here and there and as long as the title is marked salvage rather than certificate of destruction you can get a inspection from Highway Patrol here in MO and get a rebuilt title, yes it will always show the prior salvage brand and the flood info will always be on carfax, but for 19k, do i mind? Absolutely not. As far as financing, ive sold several prior salvage titles that were financed through banks or credit unions so i do believe as long as it has the Highway Patrol inspection and proper titlework there is no problem getting a loan or full coverage insurance (the only thing i have seen is if totalled again insurance only pays out 80% of value next time around). I've been a dealer since 2012, so im sure there are scenarios i havent came across yet, but thats how it is here in MO. As far as owner history, if i was buying close to retail price, i would definitely want it, in cases like this, for less than 50% of retail, it is what it is.
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cam30era (11-28-2016)
11-28-2016, 05:11 PM
#55
Drifting
Just let it sit in a large pan of rice for several days. 
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11-28-2016, 05:52 PM
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11-28-2016, 10:00 PM
#57
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I hope it works out well for you. I know someone who had purchased a flood car and someone else prior to the sale tried to run it and the engine was hydro-locked and blown up. Good luck with your car and let us know how you turn out.
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kornbal07 (11-30-2016)
11-30-2016, 05:58 PM
#60
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Took a few extra days to round up a trailer, looks like if everything pans out like im hoping it will, i can head out late tomorrow night and pick up friday. Its about a 12 hour drive from my lot to the copart location it's at. I couldnt be any more excited to get this thing picked up!