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 |
cary |
Apr 1 2012, 08:46 AM
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#3
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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. |
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