Salvage title
Thread Starter
3rd Gear
Joined: Jan 2021
Posts: 3
Likes: 2
Salvage title
Good morning gentlemen I have a question and was hoping you could provide me with some good advice I’ve been thinking about purchasing a 2019 Grand Sport Corvette it has 4K miles the seller is asking 60K. The car has a salvage title due to being in a wreck however the car has been professionally repaired and has passed all state inspections, the car looks and drives perfectly should I move forward with an offer or walk away and if so what do you think is a fair price to offer the seller since the car has been in a wreck and has a salvage title? Thanks in advance for your advice. Just FYI I’m not going to finance this purchase I plan to pay cash.
Intermediate
Joined: Feb 2020
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Likes: 31
Race Director
Joined: Aug 2015
Posts: 12,253
Likes: 4,743
From: SE WI
Not surprised. They're trying to sell all sorts of dilapidated cars at ridiculous prices these days. Salvage title should lop off a huge amount of money. Like should be more in the $40's? You didn't mention trim or options so that will affect the price.
Advanced
Joined: Feb 2007
Posts: 82
Likes: 3
From: Phoenix
Correct me if I'm wrong, but I believe that getting full coverage insurance on a salvage (or rebuilt) title car is difficult too. Insurance companies have a hard time with the value of the vehicle once it has already been "totaled".
Race Director
Joined: Aug 2015
Posts: 12,253
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From: SE WI
And try to get a loan on one that's over-priced like this.
Le Mans Master
Joined: Feb 2006
Posts: 5,979
Likes: 4,142
From: Kansas City, MO
I agree with everyone else. 60 is too high for salvage. This car is 60 and it doesn't have a branded title. It's a stripped down 1LT, but I'd still consider that as a reference.
https://www.carmax.com/car/19972793
The only way I'd even entertain paying that much is if it's an absolutely loaded car with a very particular combination of options you insist on having. Like a 3LT with the Z07 package, and it's got absolutely every specific option you could ever want. I'd also want very specific details of the nature of the damage and how it was repaired.
There are plenty of other fish out there.
https://www.carmax.com/car/19972793
The only way I'd even entertain paying that much is if it's an absolutely loaded car with a very particular combination of options you insist on having. Like a 3LT with the Z07 package, and it's got absolutely every specific option you could ever want. I'd also want very specific details of the nature of the damage and how it was repaired.
There are plenty of other fish out there.
Race Director
Joined: Apr 2017
Posts: 13,602
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From: Virginia
I guess some's idea of stripped down is different than others. 1LT Trim/Equipment Package: Including 8” touchscreen, Bose AM-FM 9 speaker stereo, 3 month Sirius/XM,MP3, MyLink, OnStar, 4G LTE, 8” HD driver info screen, leather power GT sports seats, power break set/release, power locks/windows, active handling, dual-zone AC, keyless access/start, power tilt/telescopic, leather wrap steering w/flat bottom wheel, cruise control, tire pressure monitor, driver, passenger and side airbags, carbon fiber hood, Bremo 4-piston disc brakes, rear view camera, coup- body color painted carbon fiber roof panels, convertible- power soft-top which can be lowered remotely.
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Race Director
Joined: Apr 2017
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From: Virginia
Personally, I wouldn't even consider a C7 with a salvage title, even if it were priced accordingly and the one you describe DEFINITLY ISN'T PRICE ACCORDINLY. It's just too much risk and too much PITA getting insured and what you will have to go through if/when you go to sell it.
Instructor
Joined: May 2020
Posts: 210
Likes: 88
I would take it to a respectable body shop and have them inspect the repairs that were done. I would not trust a state inspection as those inspection's are only checking to if it will pass a safety check, i.e. lights, tires, horn, exhaust, etc. I believe a car with a salvage title is worth anywhere from 10% to 25% less than the blue book value.
Le Mans Master
Joined: Feb 2006
Posts: 5,979
Likes: 4,142
From: Kansas City, MO
A stripped down 1LT, I guess some's idea of stripped down is different than others.
1LT Trim/Equipment Package: Including 8” touchscreen, Bose AM-FM 9 speaker stereo, 3 month Sirius/XM,MP3, MyLink, OnStar, 4G LTE, 8” HD driver info screen, leather power GT sports seats, power break set/release, power locks/windows, active handling, dual-zone AC, keyless access/start, power tilt/telescopic, leather wrap steering w/flat bottom wheel, cruise control, tire pressure monitor, driver, passenger and side airbags, carbon fiber hood, Bremo 4-piston disc brakes, rear view camera, coup- body color painted carbon fiber roof panels, convertible- power soft-top which can be lowered remotely.
I guess some's idea of stripped down is different than others.1LT Trim/Equipment Package: Including 8” touchscreen, Bose AM-FM 9 speaker stereo, 3 month Sirius/XM,MP3, MyLink, OnStar, 4G LTE, 8” HD driver info screen, leather power GT sports seats, power break set/release, power locks/windows, active handling, dual-zone AC, keyless access/start, power tilt/telescopic, leather wrap steering w/flat bottom wheel, cruise control, tire pressure monitor, driver, passenger and side airbags, carbon fiber hood, Bremo 4-piston disc brakes, rear view camera, coup- body color painted carbon fiber roof panels, convertible- power soft-top which can be lowered remotely.
Safety Car
Joined: Nov 2005
Posts: 4,366
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From: Huntsville Alabama
A rebuilt title is what your looking at if its been inspected and back on the road. Salvaged means not inspected and back streetable yet.
also many say that about insurance and loans but insurance is normal, loans will not normally be a issue either BUT the loan value will drop as the value of the car is not the same as one not rebuilt.
Buying rebuilt title cars is a way to get into something that you normally could not afford, or into something that resale does not matter. it will be 15-25% less of normal and sell for that much less. but still can be a fine car.
also many say that about insurance and loans but insurance is normal, loans will not normally be a issue either BUT the loan value will drop as the value of the car is not the same as one not rebuilt.
Buying rebuilt title cars is a way to get into something that you normally could not afford, or into something that resale does not matter. it will be 15-25% less of normal and sell for that much less. but still can be a fine car.
Le Mans Master
Joined: Feb 2006
Posts: 5,979
Likes: 4,142
From: Kansas City, MO
A rebuilt title is what your looking at if its been inspected and back on the road. Salvaged means not inspected and back streetable yet.
also many say that about insurance and loans but insurance is normal, loans will not normally be a issue either BUT the loan value will drop as the value of the car is not the same as one not rebuilt.
Buying rebuilt title cars is a way to get into something that you normally could not afford, or into something that resale does not matter. it will be 15-25% less of normal and sell for that much less. but still can be a fine car.
also many say that about insurance and loans but insurance is normal, loans will not normally be a issue either BUT the loan value will drop as the value of the car is not the same as one not rebuilt.
Buying rebuilt title cars is a way to get into something that you normally could not afford, or into something that resale does not matter. it will be 15-25% less of normal and sell for that much less. but still can be a fine car.
I've had two salvage title cars here. Both of them together added up to well under 10 grand, so financing never came into the equation. Nationwide didn't give me a problem about insuring either one though.
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The concerns expressed above about a salvage title car are excellent points. A 20-25% discount would be what I would expect and $60K is way too high. I would also just check with your insurance company and see if they will even insure it, plus consider the difficulty of selling it down the line.
Melting Slicks
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Pro
Joined: Apr 2005
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From: Ronkonkoma NY
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There are lots of low mileage Corvettes for sale with a clean title. Walk Away!
Good morning gentlemen I have a question and was hoping you could provide me with some good advice I’ve been thinking about purchasing a 2019 Grand Sport Corvette it has 4K miles the seller is asking 60K. The car has a salvage title due to being in a wreck however the car has been professionally repaired and has passed all state inspections, the car looks and drives perfectly should I move forward with an offer or walk away and if so what do you think is a fair price to offer the seller since the car has been in a wreck and has a salvage title? Thanks in advance for your advice. Just FYI I’m not going to finance this purchase I plan to pay cash.
Racer
Joined: Jan 2017
Posts: 367
Likes: 70
From: West Coast
I agree with everyone else. 60 is too high for salvage. This car is 60 and it doesn't have a branded title. It's a stripped down 1LT, but I'd still consider that as a reference.
https://www.carmax.com/car/19972793
The only way I'd even entertain paying that much is if it's an absolutely loaded car with a very particular combination of options you insist on having. Like a 3LT with the Z07 package, and it's got absolutely every specific option you could ever want. I'd also want very specific details of the nature of the damage and how it was repaired.
There are plenty of other fish out there.
https://www.carmax.com/car/19972793
The only way I'd even entertain paying that much is if it's an absolutely loaded car with a very particular combination of options you insist on having. Like a 3LT with the Z07 package, and it's got absolutely every specific option you could ever want. I'd also want very specific details of the nature of the damage and how it was repaired.
There are plenty of other fish out there.
lol
Le Mans Master
Joined: Feb 2006
Posts: 5,979
Likes: 4,142
From: Kansas City, MO
The CarMax car was a 1LT. You can tell by the VIN. OP didn't specify what he was looking at. I was merely including it as an example of an easily available clean title car at the price point we were discussing. That's why I also said that specific options may change the price equation a bit.