Salvage Title

dangerdean · 04-15-2007, 04:47 PM

How much would a salvage title that is now clear subtract for market value?

Thanks,
Dean

jjflash · jjflash's Garage

I don't understand what you mean by a salvage title that is now clear. Seems like an contradiction in terms. Do you mean that the car has a salvage title, but has been repaired to factory specs?

Generally a salvage title affects value by about a third. It also makes selling more difficult. Your mileage may vary...

dangerdean · 04-15-2007, 07:04 PM

Sorry for being unclear. Here is what the ad states:

"The car had a salvage title issued on the car for this damage. That title has been cleared and we have a clear clean title. No marks on the title. "

I know it effects the value, and resale. Is the resale concern most due to the car being "straight"? Is there a way to make sure that it is straight other than eying it?

Thanks for everyone's thoughts.

Dean

Karb · 04-15-2007, 07:55 PM

I've seen quite a few ebay cars stating "salvage title" status. Not to get off topic , but I've wondered if one would have a problem with title transfer when they would get it to their state (if it was a different state). Does this even matter to DMV ?
Curious

Monza_dh · Monza_dh's Garage

You know what they say....Once a slavge car, always a salvage car....

I would stay clear. There have been lots of discussion about this since FL and TX do not have salvage titles (or somethin like that).

And just because the State "clears" the title, it doesnt take away that it was wrapped around a pole or under a lake for a few days.

Jay H · 04-16-2007, 07:06 PM

In my state, if you buy a salvage car, you must fix it and then have the State Patrol inspect the car before they will issue a registration for the car and allow it to be licensed. The title continues to be "branded". You can sell the car with no penalties or hassles from the DMV, but they never remove the 'salvage' status from the title.

Once a salvage car, always a salvage car. Definitely check with your state's DMV to see what's up with the salvage status on titles and how they are handled.

dangerdean · 04-20-2007, 03:45 AM

Thanks for everyone's thoughts. What do you guys think about value? I have heard from 20 to 30 percent.

Thanks,
Dean

Jay H · 04-24-2007, 06:25 PM

Quote:

Originally posted by dangerdean
What do you guys think about value? I have heard from 20 to 30 percent.

Thanks,
Dean

Dean,

I think the reason for the car being totalled may come into play on these older Porsches. A car totalled for vandalism is different from a car being hit hard in an accident. Most vandalism cars are cosmetically damaged and don't have tub/frame damage.

It will help if the reason for the title being branded as 'totalled' is known and documented.

trader220 · 04-26-2007, 09:15 AM

Careful with Financing and insurance on salvage cars too

dogslovetrucks · 06:59 PM

- Depends (seriously)- What is the car? If it's a late model 911 verses a 65, it can make a pretty big deal. LOTS of early 911s were totaled in the late 80s due to engine fires and fender benders as they really had no numismatic value. My how times change

Cause of total definitely makes a difference (old or new). Summary- vintage; buy the car, not the title. If it's nice, it's nice- title is a separate issue. Newer- do your homework- Don't buy a flood car for 10% off market but at the same time don't run from the same car at 40% off. Good luck JC

aigel · aigel's Garage

Generally a salvage title means the car was in very rough shape. The repair cost exceeded the value of the vehicle. We are not talking fender benders here. I would stay away unless the car is HALF PRICE. Only at half price will it be worth your hassles down the line to resell. Also, often cars are indeed not put together as well as they were from the factory. Just inquire with owners of salvage cars. In the days of Carfax, that title will stick out like a sore thumb and 90% of buyers would not even consider buying it, no matter how much they save.

Just my two cents,

George

topgub · 05-12-2007, 09:30 PM

KBB allows -40% of private party value for a "Salvage" title. I'd steer clear of cars from the aforementioned states and a couple others; that's were dishonest car dealers run their cars through to "wash" the titles clean. FL does have a "Rebuilt" title for salvaged vehicles that have been rebuilt to proper specs but good luck insuring it. The insurance industry would still consider it a "Salvaged" vehicle. I'd only by one if I was going to part it out or make a track car.

dangerdean · 05-13-2007, 03:56 AM

Well, I purchased the car in question. I had a very through PPI. It is also a local car so I have/had great access to the car and the owner. So far so good, sure there are things about the car that are prefect, mainly the repaint. But the car looks pretty darn good.

I guess what pushed me over the edge on this one was the ability to buy a local 1992 with 64000 miles which recieved a good review from a mechanic that races Porsches at a cost of $18,900.

My largest concern is if I have to or want to resell. But I did not buy the car to resell, it is a toy to enjoy.

Thanks for everyone input, I did take it to heart.

Thanks,
Dean