Should I buy back my car with a salvage title?

[Swenson97]

I've never posted on here before and I need to make a choice soon as insurance companies are pushing me. I have a 2018 Mustang EcoBoost premium with a lot of modifications including a brand new engine put in during the summer of 2023, Borla atak exhaust with a catalytic converter, upgraded turbo (putting out almost 25 psi of boost), brand new Ford performance suspension kit. It's been tuned, has Roush cold air intake, and some nice vision 5-spoke wheels which blizzak winter tires on. It has a custom carbon fibre interior, with all the premium upgrades.

All I'm trying to say is I have sunk a lot of money and time into this car and some idiot crashed into me and caused cosmetic damage to the front right of my car. Their insurance accepted liability but wants to total the car. It's all cosmetic and has no structural damage. I'm estimating with the salvage cost, that I will have to pay around $4K to cover the cost of repairs but I will keep the salvaged title or get a rebuilt title. The repair shop I deal with is super supportive and wants to help out any way they can, they specialize in higher-end cars and custom modifications so I know it's in good hands.
From other people's experience, is it worth having the salvage title, or should I take the money they are offering and look to find another car (obviously a Mustang)? The insurance company can't give me a quote but from what I have seen online, I can get the same coverage but at around a 20% higher premium.
This car has A LOT of sentimental value. Every time I get in it I smile, I wouldn't want to drive anything else. But am I being too blind and is the risk too much?
I don't plan on reselling it, I imagine I will keep it as long as I can.

Anything you guys have to say I would really appreciate.

 

[89ripper]

Ive had my original mustang since I was 16 years old, bought in july 96. I have had lots of friends who have crashed mustangs, got rid of them, or moved onto other cars....now pushing 50 always regretting their first loves.

If it means something to you, then screw the money.
There is something to be said about putting the time, energy, sticking with a car through all the years. My car is nowhere as nice as everyone else's car on here or at any car show, but I dont care, she's mine.

 

[Swenson97]

Ive had my original mustang since I was 16 years old, bought in july 96. I have had lots of friends who have crashed mustangs, got rid of them, or moved onto other cars....now pushing 50 always regretting their first loves.

If it means something to you, then screw the money.
There is something to be said about putting the time, energy, sticking with a car through all the years. My car is nowhere as nice as everyone else's car on here or at any car show, but I dont care, she's mine.

That means a lot, I appreciate that!

 

[85GTStangGuy]

Yes (buy it back).

 

[90sickfox]

I also say buy it back. Ot adds to the story of your car. Maybe now its time for some more goodies. Might be cheaper than oem ford body parts....and better than cheap replacement parts.

 

[greg94]

Let it go. Most insurance companies will not write comp and coll on salvage titles. Also if hit again in non fault accident the other carrier will offer less (as total loss or minor accident because they can offer less if salvage history). Even though you may never sale should you change your mind value will be approx 50% less than clean title. Maybe some parts installed could be removed and reinstalled on your next one. Just a thought. Ask your current carrier if you fix it will they put comp/coll on it.

 

[Noobz347]

I hate these kinds of threads. Nothing at against the OP but it's a hard decision and I been there.


I would say:

If you plan to rebuild the car to [stock] and just cruise it for sentimental reasons or turn it into a track car, then sure... Buy it back and do the deal.


If you had it in your head that you were going to modify this car, maybe supercharge it, maybe suspension upgrades, maybe get sick of it one day, and sell it... Let it go and buy another one.


On a side note: I think your estimates for repair are low and that it will cost more.

On another side note: I would be more inclined to keep it if it were a V8.

 

[Swenson97]

I also say buy it back. Ot adds to the story of your car. Maybe now its time for some more goodies. Might be cheaper than oem ford body parts....and better than cheap replacement parts.

 

[Swenson97]

Yeah I was planning on putting a couple upgrades on it since it’s already in the shop. Want to get the RTR grille. The owner of the repair shop said they might be able to do a carbon fiber hood instead of oem to save money. I thought that would be more expensive….?

 

[Swenson97]

Let it go. Most insurance companies will not write comp and coll on salvage titles. Also if hit again in non fault accident the other carrier will offer less (as total loss or minor accident because they can offer less if salvage history). Even though you may never sale should you change your mind value will be approx 50% less than clean title. Maybe some parts installed could be removed and reinstalled on your next one. Just a thought. Ask your current carrier if you fix it will they put comp/coll on it.

My insurance said I can keep the same coverage and I’ve done a lot of research saying you can dispute how much the premium will go up if you can prove it is back to 100% restored and safe to drive. My shop did say something about moving parts that I like across to a clean car, which I would definitely consider upgrading to the 5.0, but that sounds like it would cost a hell of a lot more money…no? I don’t see myself ever selling this car. I think if this car gets into another crash the writing is truly on the wall and it will be time to move on, I think I’m willing to take that risk.

 

[Swenson97]

I also say buy it back. Ot adds to the story of your car. Maybe now its time for some more goodies. Might be cheaper than oem ford body parts....and better than cheap replacement parts.

Yeah I was planning on putting a couple upgrades on it since it’s already in the shop. Want to get the RTR grille. The owner of the repair shop said they might be able to do a carbon fiber hood instead of oem to save money. I thought that would be more expensive….?

 

[Swenson97]

I hate these kinds of threads. Nothing at against the OP but it's a hard decision and I been there.


I would say:

If you plan to rebuild the car to [stock] and just cruise it for sentimental reasons or turn it into a track car, then sure... Buy it back and do the deal.


If you had it in your head that you were going to modify this car, maybe supercharge it, maybe suspension upgrades, maybe get sick of it one day, and sell it... Let it go and buy another one.


On a side note: I think your estimates for repair are low and that it will cost more.

On another side note: I would be more inclined to keep it if it were a V8.

It is my daily driver, however I still like making modifications to it. It’s a pleasure to drive everyday and I don’t want to lose that.
The repair costs are a lot higher, I think I messed up my terminology a bit, I won’t need to buy the car back I will just get the salvage value of it which is roughly $4k less than the cost of repairs it’s been quoted.
I 100% see myself buying the V8 in the future but this thing is putting out around 370 hp which is plenty of horses for me right now! You’d be amazed at the fuel economy in these things as well, they make a great touring car!

 

[Noobz347]

I 100% see myself buying the V8 in the future

In that case, just do it. Rip off the bandaide, get your salvage money and go buy a V8.

 

[Noobz347]

You're not buying it for the HP (only). You're buying it for modification value and longevity.

 

[greg94]

To keep vehicle they will have you re-register with dmv. Dmv may require an inspection with State Police ( depending on state law) for road worthiness. Dmv will also brand the title as salvage and any dmv fees. Sometimes the insurance company will do most or the ppwk. But they will not register the vehicle for you. Get them to tell you the whole process to confirm everything required.

 

[Swenson97]

In that case, just do it. Rip off the bandaide, get your salvage money and go buy a V8.

I don't think I'm ready to buy one right now. I'm planning on doing it a little later in life—I'm 28!

 

[Swenson97]

To keep vehicle they will have you re-register with dmv. Dmv may require an inspection with State Police ( depending on state law) for road worthiness. Dmv will also brand the title as salvage and any dmv fees. Sometimes the insurance company will do most or the ppwk. But they will not register the vehicle for you. Get them to tell you the whole process to confirm everything required.

That's great advice thanks. I'm in Indiana and my repair shop said they can approve it for roadworthiness, but I will check with insurance about the paperwork.

 

[Noobz347]

I don't think I'm ready to buy one right now. I'm planning on doing it a little later in life—I'm 28!

They have a deal going now where US customers get employee pricing.

 

[scudzuki]

I've never posted on here before and I need to make a choice soon as insurance companies are pushing me. I have a 2018 Mustang EcoBoost premium with a lot of modifications including a brand new engine put in during the summer of 2023, Borla atak exhaust with a catalytic converter, upgraded turbo (putting out almost 25 psi of boost), brand new Ford performance suspension kit. It's been tuned, has Roush cold air intake, and some nice vision 5-spoke wheels which blizzak winter tires on. It has a custom carbon fibre interior, with all the premium upgrades.

All I'm trying to say is I have sunk a lot of money and time into this car and some idiot crashed into me and caused cosmetic damage to the front right of my car. Their insurance accepted liability but wants to total the car. It's all cosmetic and has no structural damage. I'm estimating with the salvage cost, that I will have to pay around $4K to cover the cost of repairs but I will keep the salvaged title or get a rebuilt title. The repair shop I deal with is super supportive and wants to help out any way they can, they specialize in higher-end cars and custom modifications so I know it's in good hands.
From other people's experience, is it worth having the salvage title, or should I take the money they are offering and look to find another car (obviously a Mustang)? The insurance company can't give me a quote but from what I have seen online, I can get the same coverage but at around a 20% higher premium.
This car has A LOT of sentimental value. Every time I get in it I smile, I wouldn't want to drive anything else. But am I being too blind and is the risk too much?
I don't plan on reselling it, I imagine I will keep it as long as I can.

Anything you guys have to say I would really appreciate.

I have 2 R title cars, one is my Infiniti G37X that I supercharged, did the suspension, brakes, and exhaust, only to have some idiot kid tailgating me mash in the back end totalling it. Cosmetic only damage and pricey to fix but it's a great car R title or not. The other is a freshwater flood damaged C6 Z06 I bought with 37k miles. I reasoned it was a solid car and I've had it completely apart while I added a blower, clutch, and all the other little mods I did. it is as mechanically perfect as any car on the road and it is the most fun car I've ever owned. Resale value of both is lower than if they were not rebuilt titles but I did not buy them with resale value in mind. The Infiniti cost me $3k to buy back and besides the low miles (30k) I had $15k in goodies on it. It was a no brainer to buy it back.

 

[ponixpress]

I also own salvaged title cars. I have never had any issues with insurance thru State farm . One issue with salvaged title vehicles is there value they will always be less valuable than cleaned title equivalent car by about a third of the value.Second issue is trying to resale the car most banks won't loan on salvage titles so these cars become cash only sales and most people can't get the cash together.I do drive salvaged title they can be great deals but in my opinion only as daily driver's that's the only way to get your money out of these good value cars is to drive them and invest as little cash. I would personally recommend to never buy salvaged title collector cars , muscle , hot rod .

But buy it back part it out keep the good parts find a clean title car and swap the parts cover