Assuming all repairs were done correctly....are there any negative implications with buying a salvaged vehicle?

Discuss please...

 

Harder to get insured (some ins. companies wont insure a salvaged title)
MUCH harder to sell it later on.

 

basically lowers the value by half

 

My gf is looking into some used cars and there are a few with salvage titles that look really nice.....

....although it would suck to get one and never be able to sell it or not be able to get insurance.

 

The only salvage titled cars I've owned got driven into the ground, so resale wasn't an issue.

Insurance isn't a problem unless you are trying to get comprehensive or collision, but liability should still be about the same as on a regular car.

The big worry is like you mentioned, knowing that the repairs got done right and safely.

And from what I've heard there are a lot of flood damaged cars from katrina showing up used, flood damage can be really insidious.

My suggestion would be to run CARFAX before buying anything, but especially on salvaged titles, find out why they have that designation, and make sure you get an expert opinion on the quality of the repairs.

 

Unless you're stripping parts from it, I would *highly* recommend against a salvaged car. Like psoper said - run CARFAX on it before you buy it.

My insurance company (USAA) won't insure a salvaged car. There's usually a good reason it has "salvage" on the title!

Just remember- if you work hard enough you can buff out a turd and make it shine like a diamond. That won't change what's underneath though.

 

If you are trying to get a loan on a car with a salvaged title... not going to happen.

Avoid it, cars with salvage titles have been totaled... meaning someone would have to put more money back into the car than it was worth to get it running properly and they probably didn't pay a shop to do legitimate work. I wouldn't ever buy a salvaged car for anything but parts....

 

I disagree with the "don't do it" crowd, if you can confirm what the situation was that led to the salvage status, or for that matter if you're a decent mechanic and want a beater car that you can walk away from, a salvage title might be the way to go.

Don't expect to get a loan for it, and don't expect to get anything other than the legally required liability insurance written on it.
But also don't expect it to be as reliable or "trouble-free" as a properly cared for used or new car.

It's certainly not for everyone, but for some people it is the best way to get into the model they want at a price they can afford.

 

I think if cars are stolen they salvage them too right, so it may not necessarily have to do with mechanical/weather/whatever issues...

 

That would be the other reason, if you are building up a track or rally car, a couple of salvage titled cars are a great way to stock up on spares

 

Thanks guys, she would be financing and needing full coverage so that rules out a salvaged car!

 

I have a salvaged 05 WRX if anyone wants one for $12500

Mike

 

cut the price in half then ill take it lol

 

If her credit is strong enough, dependant upon the amount, she can get an unsecured personal loan? Just a thought/option for her

 

Possibly, though some personal loans explicitly say that you cannot use them to purchase a car.