How big of a deal is a previous salvage title that is now clear? I am looking at a very nice 88 iroc vert. I was going to go see it this weekend, but ended up not being able to make the trip.I am also told the care has 56,000 original miles, but the last odometer reading on car fax was in 1998 at 16,000 miles, so I cannot verify this. No frame damage reported. The rest of the car is looks beautiful, I am told no leaks, car runs like a top. Very nice original interior. No modifications. How much should a previous salvage title drop the value? Not to mention our sputtering economy. Thanks for any help. Vehicle looks nice, but I don't want to overpay.

 

If there was no frame damage reported, how was it totalled? And how did it get a clear title?

 

You may want to check state laws on it. I would talk to the DOT in your state to see what they say.

 

my car was totaled simply because the repair cost was greater then the blue book value, now ive got a salvage tittle but im also curious as to how it got a clear tittle after being totaled

 

In Michigan you can have the car inspected see the state's web page http://www.michigan.gov/sos/0,1607,7...9755--,00.html
For the details but as I recall the title still says that it has a salvage title just that the inspection lets you get plates for it as to the insurance for PL/PD you should not have a problem however for full coverage you would at least need to have the car inspected by the the writing insurance agent I would strongly suggest that you have photos and an appraisal by a car club or classic car dealer to set the value. You probably would have to insure the car with a "stated value" to have it fully covered in case of an accident. The "Blue book values" really are low for a good 3rd gen as once the car is 10 years old Kelly Blue Book and others do not really have an accurate value as the cars vary so widely because of the condision.

I personaley would deduct something from the value of the car as the car will never have a true clear title (at least if it were in Michigan)
Just my $.02 worth...
Dave

 

The title is a rebuilt title. It has been cleared with a note of prior salvage. Car fax said no reported frame damage. I am told there was minor front passenger fender and door damage, both were replaced. I am just a little nervous, and not sure if I would be overpaying at $5600.

 

As always values are in the eye of the beholder... I would have the car up on a hoist and look very closely at everything. It very well may have been repaired correctly and be better than new but... As to the resale down the road if you buy it and want to sell it I would think that the rebuilt title will hold down the value. By how much I have no idea my guess is about 20-25% but that is just a guess. If you would like PM me your e-mail address and I can e-mail you the page from my Helm manual for the "frame" deminsions of an '88. You can then measure the unibody to see if it is tweked at all
Dave

 

Some states, from what I understand, will total a car if the car is not able to drive away on its own power. So you get into an accident and blow tow tires, or a fender is rubbing on a tire and cannot drive away, then it gets a "Salvage Title" Ohio was this way when I bought a 95 Formula Vert, salvage title...

Another possibility is the car was stolen and after 30 days the owner takes the money, when the car is recovered it gets a salvage title, even if there is nothing wrong with the car...

It really depends on who did the repairs, and what the problem was and why it was totalled...

A rule of thumb is a Salvage title car is worth about half of a Clear title.. Of course a Clear title means nothing as I have VINS from junkyard cars that were never declared as totalled, even though they were burned badly, crushed by a dump truck etc...

If you REALLY REALLY like the car then go for it. If you are planning on selling it, the sale will be more difficult...

There may or may not be anything wrong with it, I would have someone who rebuilds cars to look at it and see how good of a job they did if it was reaired. Check how the wheels sit, whether they are centered in the fenders, look at everything and look for evidence of damage...

Its all you can do...

 

Thanks for the replies. I am looking to buy the car as a Sunday driver. Not to resale. Problem is the car is about 200 miles away so I will not be able to have someone look at it. I guess I will have to eye it real carefully.

 

Find a shop in the area the car is in, have them do a prepurchase inspection. Probably cost you 150-200 bucks. Make sure they know u wont b having the work done there so they give you an honest look and not try to ring up other items. If you like the car, you can use what they find to negotiate down. I think 5600 for a salvage title is a bit high, especially in these time it is very hard to sell any car. But if you buy right, it would be okay if you just plan on keeping it to drive. But if you r like me, I get bored and often sell ( 2 the tune of about 7 cars in the last year lol)

 

If you do decide to buy the car, the best thing you can do to help it's salvage title value compete closer to a clear title value is documentation, documentation, and documantation.
If you can, get and keep all paperwork and receipts from . . .
- any claims made against the car.
- any claims that explain the why a salvage title was applied (accident, vandalism, etc. What was damaged, etc).
- any receipts of repair work that has been or will be completed.
- any inspection reports (from insurance agents, mechanics, etc).
- Any appraisals (get one done if one hasn't).
- any other paperwork or pictures that's relatd to the ride.

The biggest factors effecting a decent drivable salvage title car's value is . . .
- a potential buyer's fear of buying a lemon/wreck. A car that may look fine but have hidden dangers or costs.
- a potential buyer's fear for his/her own safety.
- a potential buyer's fear of not being able to offload/sell the car later for a reasonable $$$.

Good documentation will help greatley to reduce or even get rid of many of those fears. It's your rides best friend no matter what it's condition or history. However, you could have two identical cars, but if one has a salvage title, it will never be the same value as the one with the clear title. But with good documentation, it can still be worth buying and selling later (if so desired).
It's an individual's decision.

 

I wouldn't buy it simply because you couldnt get your money back out of it.

its a plain fact throughout the U.s No matter what economy were in is that not everyones going to buy a salvage title vehicle. they dont want it. I dont want it and dont think it would be worth 5600$. if you pay 5600$ for a salvage vehicle, Thats almost what 4th gen salvage title ls1 lowmileaged cars go for.

IMO pass it up save a little more and make the drive to something thats worth it.

 

The Trans Am I bought has a rebuilt title. I got it pretty cheap as a result. I knew it was going to be a driver and pretty much worthless to most people. That is why I didn't have any issues with changing the color from White to Black. With a salvage / rebuilt title, you're a little more free to make the modifications you want without hurting the value, as it is already down.

I'd personally go look at the car if you really wanted it. Don't rely on someone else. Then decide for yourself if it's worth $5,600 to you. Keep an eye out for others also. It will be harder to sell or you will sell at a loss if you decide to get rid of it. But it will sure be a heck of a lot of fun while you have it.

 

You shouldn't have worry to much about selling a salvage title you bought for a loss. After all, that salvage title's lesser value should already be reflected up-front in the cheaper purchase price. In other words, you would likely be buying for less than a clear title and selling for similar.
Unless you plan to make a lot of mods. Money spent there would be a lot harder to recoup compared to a clear title.

I agree with 91 Ragtop, "I'd personally go look at the car if you really wanted it. Don't rely on someone else. Then decide for yourself if it's worth $5,600 to you."

 

Here is the vehicle on ebay. What do you guys think by the pics.
http://cgi.ebay.com/ebaymotors/Cars-...=p4506.c0.m245

 

In so many ways I go back & forth about it... On the one hand you will not be able to sell it for as much, BUT in theory if you got a good deal and the car is actually a nice car then you have more money to spend on it & modify it if you want... I would not buy it for a collection, or to turn a profit, but I would do it for a driver if I thought it was safe...

John

 

THere is no mention of a Salvage title on the listing... or are you referring to another car that your looking at???

John

 

it mentions it only on the place where it says title"Salvage" under where it shows specifications on it.