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So, for the sake of arguement and entertainment, let's say I take a '73 911T and cut off the front clip (front accident damage and rusty), remove the floor pans and longitudinals (rusted out) and cut off the torsion housing to replace it with a G50 unit. And while we're at it remove the roof to get rid of the sunroof and drip rails. Is it still a 73 911T? I think most people would agree it is legally still a '73T.
Now what if I use my '87 Carrera tub for "parts" and replace all of the above onto what's left of the 73? So far we are "legal" and "moral" as long as there is documentation?
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I'll add my perspective to the argument. If you take all that stuff off of the 73 T, and graft on the replacements from the '87, in my opinion it's still a 73 T as far as the VIN goes.
But the question is, how much of the chassis can you replace before it becomes the OTHER car? What if you cut both cars up into little pieces and then build one car out of the pile of shredded sheet metal without knowing which pieces came out of which car...which car did you build?
This leads me to look at the bigger picture - the law is just there to prevent dishonesty isn't it? As long as you give up title to one car and tell the state it's salvage, do they really care which one you keep? Will they even know? Who's going to go after you? How will they prove it? How will they even suspect that you might have done something illegal? All they need to know is that car A was repaired and car B is now salvage. They'll be perfectly happy with that, case closed. The little old lady behind the counter at the DMV doesn't care and wouldn't have any reason to suspect you did anything wrong. Just tell her you replaced a fender. She wouldn't even flinch.