Salvage Titles (CA), do they bother you? |
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Salvage Titles (CA), do they bother you? |
McMark |
Oct 6 2004, 09:58 AM
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#1
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914 Freak! Group: Retired Admin Posts: 20,179 Joined: 13-March 03 From: Grand Rapids, MI Member No.: 419 Region Association: None |
I'm trying to get my green venison car ready to sell. I've been thinking of building an engine for it and trying to sell it as a runner. I think I could make it into a $4-$5k car (new paint, new engine, good tranny, decent interior, guranteed* no rust) but the problem is that it has a salvage title from when I hit the deer.
How does finding out a car has a salvage title affect your purchasing? * If you find rust within 6 months, I fix it free labor. |
Howard |
Oct 6 2004, 07:00 PM
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#2
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Incontin(g)ent Member Group: Benefactors Posts: 5,785 Joined: 24-July 03 From: Westlake Village, CA Member No.: 943 Region Association: None |
About the only time I see a salvage title in CA is when an insurance company has declared the car a 'constructive total loss' and buys it from the owner/bank. You give them the pink slip, they give you the $$. This usually does not present any problems with a newer car, but if you have an old gem, make sure to get 'stated value' coverage. That's another subject.
They then usually auction the car and the buyer does what he will. He may buy it for its parts or to fix the damage and keep or resell. Bad news: Insurance companies are notoriously cheap, so if they don't think it's worth fixing, you may be getting a dog. We've all followed cars down the road that don't point exactly straight ahead (IMG:style_emoticons/default/ohmy.gif) Good news: The car may have been stolen and recovered more than 30 days later with little or no damage. In CA, the insurance company has to pay the owner if it's not recovered within 30 days. So a perfectly good car is for sale cheap. The biggest problem is resale or if you have an insurance claim. Dealers will rarely buy them, and insurance companies will usually discount the value by 25% or more. I'm sure someone will have a story completely different from this, so this is just a guide, and only in CA. |
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