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> OT: Salvage titles, What's the skinny
Hammy
post Mar 31 2012, 11:04 PM
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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)
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phatnine11
post Mar 31 2012, 11:10 PM
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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
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TravisNeff
post Mar 31 2012, 11:12 PM
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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).
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1970 Neun vierzehn
post Mar 31 2012, 11:25 PM
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QUOTE(Travis Neff @ Mar 31 2012, 09:12 PM) *

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
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Hammy
post Mar 31 2012, 11:28 PM
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Ok, makes sense. How come so many sellers claim they salvaged it due to back registration fees? Plain dishonesty?
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TravisNeff
post Mar 31 2012, 11:34 PM
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Their stupid or lying. Do a carfax, that should show the type of loss
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orange914
post Mar 31 2012, 11:43 PM
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QUOTE(Travis Neff @ Mar 31 2012, 10:12 PM) *

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
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Hammy
post Mar 31 2012, 11:51 PM
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QUOTE(orange914 @ Mar 31 2012, 10:43 PM) *

QUOTE(Travis Neff @ Mar 31 2012, 10:12 PM) *

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!!!
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TravisNeff
post Mar 31 2012, 11:52 PM
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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
post Mar 31 2012, 11:52 PM
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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...
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TravisNeff
post Mar 31 2012, 11:55 PM
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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
post Mar 31 2012, 11:56 PM
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QUOTE(kg6dxn @ Mar 31 2012, 10:52 PM) *

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.
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Hammy
post Mar 31 2012, 11:57 PM
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How much more for insuring salvaged title? NOT full coverage, no financing.
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TravisNeff
post Apr 1 2012, 12:00 AM
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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
post Apr 1 2012, 12:35 AM
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Interesting. Thanks for the great info everyone.
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Black914_4
post Apr 1 2012, 07:57 AM
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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.
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cary
post Apr 1 2012, 08:46 AM
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QUOTE(phatnine11 @ Mar 31 2012, 10:10 PM) *

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.
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EdwardBlume
post Apr 1 2012, 08:55 AM
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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...
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orange914
post Apr 1 2012, 10:33 AM
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QUOTE(phatnine11 @ Mar 31 2012, 10:10 PM) *

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
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monkeyboy
post Apr 2 2012, 09:34 AM
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QUOTE(Hammy @ Mar 31 2012, 10:57 PM) *

How much more for insuring salvaged title? NOT full coverage, no financing.


You need to check with your agent, but some companies will not insure a salvage title.
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