HELP!! SALVAGE TITLE?? Any Lawyers out there?
09-28-2002, 08:49 AM
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HELP!! SALVAGE TITLE?? Any Lawyers out there?
I just stopped in at a local independent dealer who had an s4 out front. Its an 01', ~10K miles, all the trimmings (except nav). He says it's a theft recovery vehicle that he picked up at an auction in Jersey (Big Surprise). He claims that the only thing missing was the ignition, spare, and the headlights. The car looks to be never modified (stock) and in mint condition (ie: no accidents, scratches, dents.. etc.) It currently has a salvage title (issued by the insurance co. I presume), but apparantly now, once the he registers it (for whoever is going to buy it), the title will read "repair". Also the warranty is still good till end of '05. or 50K mi.
He's asking ~30K, is this a good price? If not, what is a good price? What will be the implications/restrictions on a car with that title designation? If bought, would it be impossible to sell privately? Basically, would it be foolish to buy this car?
He's asking ~30K, is this a good price? If not, what is a good price? What will be the implications/restrictions on a car with that title designation? If bought, would it be impossible to sell privately? Basically, would it be foolish to buy this car?
09-28-2002, 10:50 AM
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I know, (from experience), that Salvage/Repair titles...
...can be used to void original warranties, legally. I also know, (from experience), that many insurance companies refuse to underwrite, or charge fat premiums to insure such cars.
Also, logically, there was a whole lot more done with that car than a stolen spare, a pair of headlights, and an ignition cylinder. If those were the only issues, the car would not have been totalled, and would not now have a salvage title. (So, the salesman is probably not telling you the whole truth.)
A good rule of thumb is, a car with a title with is not "clean" is worth about fifty percent of the bluebook value of a clean equivalent car. So, 30K is too much under all circumstances, especially since one can find a clean '01 car for just a bit more than that.
Also, logically, there was a whole lot more done with that car than a stolen spare, a pair of headlights, and an ignition cylinder. If those were the only issues, the car would not have been totalled, and would not now have a salvage title. (So, the salesman is probably not telling you the whole truth.)
A good rule of thumb is, a car with a title with is not "clean" is worth about fifty percent of the bluebook value of a clean equivalent car. So, 30K is too much under all circumstances, especially since one can find a clean '01 car for just a bit more than that.
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09-28-2002, 12:36 PM
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Where do you come up with this 50% bluebook nonsense?
If that were true there would be all sorts of Salvage title cars for sale at 50% of blue book. Show me all the $15,000 S4s for sale. How about a nice new Rebuilt M3 for $16,000? If you work in the Salvage/Rebuild business and know (from experience) that cars go for 50% of book and you can point some out to me that would be great. Your 50% rule of thumb might work for a mid-eighties Honda Accord but in the world of semi-rare/exotic cars it all boils down to the car sells for what someone is willing to pay.
09-28-2002, 12:47 PM
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Ever wonder what these guys pay at auction?
Even better, have you ever BEEN to an auction? I have. I worked my way through the first two years of college at an auto insurance company. 50-60% of midway between wholesale and retail book is what these cars worth, post-repair. The former Why? Have you ever tried to sell a car with anything other than a clean title? It's not easy.