Salvage vehicles, are they worth the effort?

[JoeNational]

Alright, who has done this before. I'm looking at getting a car but I'm done with payments. I have turned over a new leaf the past couple of years and that is not to owe anybody anything except for home, student loans. Now, I'm looking at Salvage vechicles that are mechanically sound but just have a junk title and need some minor auto body repairs. Most of which I can do myself.

The reason why I'm looking at salvage is because they are fairly newer and with loads of options. Almost like going to the dealer and getting a pre-owned but for a lot less...

Has anybody else done this before?
Was it worth it?
I have checked with my local DMV and aware of the process (which isn't that bad since I have had to do it for my old harley).

Thanks,

 

[rmar]

Sure is if you are going to keep it forever......:biggrin:
Run the wheels off of it and depreciate it out.

 

[JoeNational]

Why, lets say a year down the road I wanted to sell it? I wouldn't be able to or due to the junk title history it would not fetch any real money?

 

[rmar]

In a word, yes

 

[Little6pack]

Why, lets say a year down the road I wanted to sell it? I wouldn't be able to or due to the junk title history it would not fetch any real money?

You should be able to sell it.. Look at it this way if you bought it then there are others like you that will buy it in a year. Especially if it is priced right.

The only people you will loose a sale to is a mental case purist.

 

[blue-t]

check with your d.m.v her in ct you have to show what was repaired other then that i would do it

 

[blue-t]

opps i should read the hole post

 

[WH1_T-Type]

If you end up wanting to sell it and only have labor and a little bit of funds tied up in it...just approach the sale the same way you are looking to buy one...CHEAP because of the title! Don't expect to get a lot of money out of it, there is a reason it is available to you cheap...next person would expect the same.

 

[chopped39]

Check with your insurance company. Make sure they will pay out at least what you have into it. I would buy them. They are not easy to flip unless the price is right.You could always wash the title just kidding.

 

[Rivical]

The real b!tch is that now EVERYthing is put into the catch-all category of "Salvage"!

You can't even pull some old car out of a backyard that nobody even remember's who really owned last, but they're probly dead now, without gettin a salvage title. No more Abandoned, it's ALL salvage now. I don't look unkindly on 'salvage titles' just because of that. I've run em, I've found ways around em. They don't have the same value as a "clean" title on resale. No matter what was or wasn't wrong with em in the first place. Whatever...

 

[Aztlanahauc]

My TR is a salvage title. I would get more parting it out then selling the whole car because of the branded title.

 

[JoeNational]

Thanks so much guys... yeah I'm looking into this more because for the money it just make sense... I'm not trying to really flip it to make money... I just want a car that has a lot of life left in it so I can use for years to come and not break the bank.

 

[Nick Micale]

....
I have checked with my local DMV and aware of the process.................Thanks,

Probably should check with your insurance company to find out if they will cover it?

If so, what is their position if it is in an accident or stolen?