Salvage titled cars...what are the issues?

[jaded1364]

I found a 99 towncar, beautiful, low miles, mechanically sound but it's got a salvage title.

I understand that from a resale standpoint it's something to steer clear of. People hear "salvage title" and they run for the hills.

How true is that? Are salvage title cars still getting the bad rap?

Getting them insured, is there an issue with getting coverage on a car with a salvage title?
I'm guess in my case, just getting PLPD bare bones insurance, it wouldn't change my rate but what about getting full coverage on them?

If anyone has some recent knowledge and experience with cars with salvage titles, please reply.

This car is really priced to sell, I need a better car for myself even if it is the kiss of death to resale.

Thanks,

Wayne

 

[Stangman]

It could have had a minor front end collision and the insurance co totalled it out. Some thing like the combination of a headlight/grille/header panel can total a car out.

GET A CARFAX and see if it says how bad it was hurt.

I totalled my Mark Viii, and rebuilt it. No issues, except things that were wrong before I totalled it.

You can insure it with full coverage if you choose. But know this, unless you get it appraised or submit lots of photos to your insurance co prior to coverage, they won't give you much if something happens to it. I have my Mark covered in full just in case, but its a gamble.

Depending on what happened and what was replaced/broken, I wouldn't have too much of a problem buying one. If it was a daily driver sure why not. But a car you want to keep nice. Probably not worth. The hassle.

 

[jaded1364]

Thanks Jesse.

My uncles and I are trying to get a little business venture going. Buy em cheap, do a little sell em cheap enough to make a few bucks, grow a little, rinse and repeat. I've got a building to work in so overhead will be cheap.

Idealy I'd by cars even with salvage titles to resell but most people aren't going to buy em that way I'm guessing.
Like you said, if it's been "totalled" even fully covered the insurance company is going to be reluctant to give you what it's worth.

I considered getting this car, seeing if it'll sell with a salvage title and if it doesn't no biggie, I end up with a really nice car I got CHEAP ($1800) and then we know what the market will do when presented with an "orange titled" car.

I haven't seen the car, just the picture. The seller says 71k, non smoker, runs great, yadda, yadda, yadda.
Assuming it's as good as it appears, it's a bargain. At least for me. It's probably worth as much as $3500 with a green title. If I got $2500 out of it I'd be happy, again, assuming it is what it appears to be.

I think if it's a stolen and recovery or repo it would be much easier to re sell then a total.

My uncle spoke to the seller long enough to find out it was a salvage title and gave up. I think he said the owner said something about "so in so had it for 7 years and didn't pay" or something like that and so I'm guessing he somehow ended up with an orange title in the process of reposessing the car. I put a call in to the owner but haven't heard back yet.

At this point I'm leaning towards passing on it. I need a better car but since we're just starting out it's probably not the time to buy a new car.

I'll post back when I find out the story on the car.

Thanks again,

Wayne

 

[V-Tally]

on a town car I dont think its worth it buying salvage. They lose their value so quickly its rediculous. I bought my old 2000 town car in 08 for 4000 with 80,000 miles. It could be a flood car. my 06 in 2011 was 19000, But I went to a dealer, who overpriced it by a good couple of thousand. now that same town car can easily be had for less than 10. You can get a good condition 06 or 07 ex limo with 200k+ miles for 2000, and most everything mechanical would be close to new (Limo guys take good care of their cars, and when they need to replace a bushing or a lower ball joint, they just replace the whole control arm, its faster that way). Most of the limo guys would still be driving their town cars for as long as they can if it wasn't for them having to replace them every 6 years.

 

[V-Tally]

What do they want for the car?

 

[Conti94]

Depends on the car.

My 99 is a salvage title. No insurance trouble. As long as you pay the premiums the company does not care. Mine had a full history though the owner i bought it from had all receipts and details on what was replaced on the car. The job was done well i'm happy with the car. Be sure everything is sound on it though there could be hidden issues. Get as much info on the cars past as you can from the seller.

What do they want for it? Got any pics?

 

[jaded1364]

I called on it and the guy never called me back. The next day the add was deleted.

It sold, cheap!

From the research I've done it's a bit of a hassle getting them plated and if you're buying cars to re-sell, it's probably not worth it. People hear "salvage title" and they run for the hills.

My partners were not interested in taking the risk. I considered going for it anyway because I need a better car for myself. So if there was an issue with selling it I would just have kept it for myself.

Thanks,

Wayne