OT: Salvage titles, What's the skinny |
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OT: Salvage titles, What's the skinny |
Hammy |
Mar 31 2012, 11:04 PM
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#1
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mr. Wonderful Group: Members Posts: 1,826 Joined: 20-October 04 From: Columbia, California Member No.: 2,978 Region Association: Northern California |
So a friend is in the market for a used 2nd gen Prius, and have been noticing a huge amount of them in private sale are salvaged title, usually due to the owner not wanting to pay back registration fees and salvaging the title??
I'm a bit uninformed on the subject, so What's the downside to a salvage title, is it higher insurance rates? I've been searching and have yet to find a definitive answer. Any info appreciated! (IMG:style_emoticons/default/beer3.gif) |
phatnine11 |
Mar 31 2012, 11:10 PM
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#2
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Member Group: Members Posts: 286 Joined: 22-March 05 From: Rancho Cucamonga, CA Member No.: 3,798 |
Hammy,
A salvage title has more to do with the cost to repair the car VS the value of the car. I don't think it has anything to do with the registration. Salvage titles are usually put on by insurance companies when cars that are damaged beyond their worth are resold. Just my $.02 and I'm probably wrong. Phatnine11 |
TravisNeff |
Mar 31 2012, 11:12 PM
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#3
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914 Guru Group: Members Posts: 5,082 Joined: 20-March 03 From: Mesa, AZ Member No.: 447 Region Association: Southwest Region |
Salvage title means the car was a total loss from the insurance company. Getting full coverage may be a chore. And when you decide to sell it, the title issue alone will dramatically cut the price you will get for it. Stay away, unless its too good of a deal to pass up.
Also, someone must have rebuilt the car to be road worthy. Depending on the type of loss, you may have big issues down the road (accident, flood damage, etc). |
1970 Neun vierzehn |
Mar 31 2012, 11:25 PM
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#4
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Advanced Member Group: Members Posts: 3,199 Joined: 16-March 06 From: cincinnati, ohio Member No.: 5,727 |
Salvage title means the car was a total loss from the insurance company. Getting full coverage may be a chore. And when you decide to sell it, the title issue alone will dramatically cut the price you will get for it. Stay away, unless its too good of a deal to pass up. Also, someone must have rebuilt the car to be road worthy. Depending on the type of loss, you may have big issues down the road (accident, flood damage, etc). (IMG:style_emoticons/default/agree.gif) (IMG:style_emoticons/default/agree.gif) And if you suspect flood damage, run away from the car as fast as you can. Paul |
Hammy |
Mar 31 2012, 11:28 PM
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#5
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mr. Wonderful Group: Members Posts: 1,826 Joined: 20-October 04 From: Columbia, California Member No.: 2,978 Region Association: Northern California |
Ok, makes sense. How come so many sellers claim they salvaged it due to back registration fees? Plain dishonesty?
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TravisNeff |
Mar 31 2012, 11:34 PM
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#6
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914 Guru Group: Members Posts: 5,082 Joined: 20-March 03 From: Mesa, AZ Member No.: 447 Region Association: Southwest Region |
Their stupid or lying. Do a carfax, that should show the type of loss
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orange914 |
Mar 31 2012, 11:43 PM
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#7
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http://5starmediaworks.com/index.html Group: Members Posts: 3,371 Joined: 26-March 05 From: Ceres, California Member No.: 3,818 Region Association: Northern California |
Salvage title means the car was a total loss from the insurance company. Getting full coverage may be a chore. And when you decide to sell it, the title issue alone will dramatically cut the price you will get for it. Stay away, unless its too good of a deal to pass up. Also, someone must have rebuilt the car to be road worthy. Depending on the type of loss, you may have big issues down the road (accident, flood damage, etc). (IMG:style_emoticons/default/agree.gif) But if you get it cheap enough and you don't want full coverage it could be worth buying it. If anything just for the value (cost to what you get) of newer reliability for the new family (if it checks out). Get a carfax Why would they salvage (total) a car over past due reg.? Sounds fishy to me. Get a jetta TDI (IMG:style_emoticons/default/smile.gif) Mike |
Hammy |
Mar 31 2012, 11:51 PM
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#8
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mr. Wonderful Group: Members Posts: 1,826 Joined: 20-October 04 From: Columbia, California Member No.: 2,978 Region Association: Northern California |
Salvage title means the car was a total loss from the insurance company. Getting full coverage may be a chore. And when you decide to sell it, the title issue alone will dramatically cut the price you will get for it. Stay away, unless its too good of a deal to pass up. Also, someone must have rebuilt the car to be road worthy. Depending on the type of loss, you may have big issues down the road (accident, flood damage, etc). (IMG:style_emoticons/default/agree.gif) But if you get it cheap enough and you don't want full coverage it could be worth buying it. If anything just for the value (cost to what you get) of newer reliability for the new family (if it checks out). Get a carfax Why would they salvage (total) a car over past due reg.? Sounds fishy to me. Get a jetta TDI (IMG:style_emoticons/default/smile.gif) Mike Jetta TDI's are nice! But she's currently has an '03 2.0 Jetta she's tired of and wanting something else. Salvage over past registration sounded way fishy to me too, which is why I had to ask. Lots of dishonest folks these days!!! |
TravisNeff |
Mar 31 2012, 11:52 PM
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#9
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914 Guru Group: Members Posts: 5,082 Joined: 20-March 03 From: Mesa, AZ Member No.: 447 Region Association: Southwest Region |
Oh yeah, if the buyer wants to finance the car, they are probably going to be in a world of hurt.
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Mike Bellis |
Mar 31 2012, 11:52 PM
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#10
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Resident Electrician Group: Members Posts: 8,345 Joined: 22-June 09 From: Midlothian TX Member No.: 10,496 Region Association: None |
The batteries went dead on my Mom's Prius. Insurance company totaled the car and salvaged it. That car gets sold at auction to someone that replaces the batteries and sells the car to your buddy.
Salvage Title... |
TravisNeff |
Mar 31 2012, 11:55 PM
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#11
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914 Guru Group: Members Posts: 5,082 Joined: 20-March 03 From: Mesa, AZ Member No.: 447 Region Association: Southwest Region |
Then that scenario would be the safest purchase (next to a stolen/recovered car). Keep in mind insurance, financing and resale value
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Hammy |
Mar 31 2012, 11:56 PM
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#12
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mr. Wonderful Group: Members Posts: 1,826 Joined: 20-October 04 From: Columbia, California Member No.: 2,978 Region Association: Northern California |
The batteries went dead on my Mom's Prius. Insurance company totaled the car and salvaged it. That car gets sold at auction to someone that replaces the batteries and sells the car to your buddy. Salvage Title... Hmmm. I worked at Toyota for a while and those batteries are pricey when they go out. There would be no financing. Just cash. |
Hammy |
Mar 31 2012, 11:57 PM
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#13
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mr. Wonderful Group: Members Posts: 1,826 Joined: 20-October 04 From: Columbia, California Member No.: 2,978 Region Association: Northern California |
How much more for insuring salvaged title? NOT full coverage, no financing.
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TravisNeff |
Apr 1 2012, 12:00 AM
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#14
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914 Guru Group: Members Posts: 5,082 Joined: 20-March 03 From: Mesa, AZ Member No.: 447 Region Association: Southwest Region |
If liability only, no change in price as they wouldnt be paying you to replace the car - you would be on your own there. And for a liability only policy they don't check your title
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Hammy |
Apr 1 2012, 12:35 AM
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#15
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mr. Wonderful Group: Members Posts: 1,826 Joined: 20-October 04 From: Columbia, California Member No.: 2,978 Region Association: Northern California |
Interesting. Thanks for the great info everyone.
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Black914_4 |
Apr 1 2012, 07:57 AM
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#16
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Member Group: Members Posts: 272 Joined: 11-January 12 From: AR Member No.: 13,994 Region Association: South East States |
Reg. fees have nothing to do with titles that I know about.
I would not have a problem buying a car with a salvage title myself. Just have to find out why it was salvaged. It could be simple and stupid or something major. Some states will salvage over a dented fender. No biggy, it was repaired and is good as new. Guy on ebay selling a 914 has that problem. I know one state is real bad about that, N. Carolina maybe. Can't remember. Fender bender and they salvage it!. If it was flooded, or bent frame, or cut in half, etc I would be concerned. I tried to buy a 911 a couple years ago. Salvaged title due to fender bender when it was only 1 yr old. Repaired to new condition. Only had 30K miles on it, Show room condition. Booked at $40k, Had them talked down to $23k. I tried 10 banks & credit unions and could not get anyone to finance it! Even at half price. Biggest problem. IDk about insureance. Call yours and ask. I'm sure they would give you info. I don't think it would be an issue. |
cary |
Apr 1 2012, 08:46 AM
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#17
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Advanced Member Group: Members Posts: 3,900 Joined: 26-January 04 From: Sherwood Oregon Member No.: 1,608 Region Association: Pacific Northwest |
Hammy, A salvage title has more to do with the cost to repair the car VS the value of the car. I don't think it has anything to do with the registration. Salvage titles are usually put on by insurance companies when cars that are damaged beyond their worth are resold. Just my $.02 and I'm probably wrong. Phatnine11 I bought a 2001 Powerstroke last year. Best I can tell its the value vs. the repair. But there has to be a formula of some kind. This truck had a trade in of $14k. It sold at an auction in Seattle for $6600. Changed hands again here in PDX. This guy fixed it for $2000. I bought for $8800. Because of the stigma. I'd only buy a salvage titled car unless you plan to keep it till the wheels fall. Going to be a challenge with the truck. I'm looking for 550k miles. Bought it with 88k. Just turned 102k. |
EdwardBlume |
Apr 1 2012, 08:55 AM
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#18
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914 Wizard Group: Members Posts: 12,338 Joined: 2-January 03 From: SLO Member No.: 81 Region Association: Central California |
I agree with driving it until the wheels fall off. A salvage title car with little or no history is a non-marketable car IMHO.
Pay more and get a clean title if you think there's any chance you'll want to sell the car in the future... |
orange914 |
Apr 1 2012, 10:33 AM
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#19
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http://5starmediaworks.com/index.html Group: Members Posts: 3,371 Joined: 26-March 05 From: Ceres, California Member No.: 3,818 Region Association: Northern California |
Hammy, A salvage title has more to do with the cost to repair the car VS the value of the car. I don't think it has anything to do with the registration. Salvage titles are usually put on by insurance companies when cars that are damaged beyond their worth are resold. Just my $.02 and I'm probably wrong. Phatnine11 Well put. It's all about benifitting the insurance co. But whats worse? A newer car thats worth $20k that had 10k damage (having a non salvage title), or a lower dollar vehicle that had a minor repair that brought it past the inurance co.'s value to cost and is now a salvage? I own 2 old rabbit p/u's... the one that has a salvage title that is tighter than the everything original one, I can't even find any damage. Salvage may be worth buying to drive the wheels off? Not so sure about a sissy prius tho... (IMG:style_emoticons/default/poke.gif) (IMG:style_emoticons/default/lol-2.gif) Mike |
monkeyboy |
Apr 2 2012, 09:34 AM
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#20
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Senior Member Group: Members Posts: 808 Joined: 8-June 08 From: Los Angeles, Ca Member No.: 9,147 Region Association: None |
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