Ok i know this has nothing to do with classic cars but what happends to a new car when it is salvaged. is insurince harder to find is it any cheaper or more expensive?
pLZ HELP ?????? :OT:
pLZ HELP ?????? :OT:
Salvage???
- Thread starter A67StangMaster
- Start date
shotsy
New Member
A67StangMaster said:
YMMV but I belive that if the cars title is salvage, means that the car was hauled out of a junk yard and restored, and a salvage title is created, because the original is probably lost forever, I've had cars that had salvage titles and insurance was just as cheap as a car with a clean title? Call your ins. rep to be sure.
in california a salvaged title on a new car means that is was declared a total loss and then rebuilt. i know that vehicle financing is just about impossible on a salvaged title vehicle, not sure about insurance. a good rule of thumb on a newer car that is salvaged is to stay far away from them.
A67StangMaster said:
Not sure what your particular situation is....but I know a guy that was salvaging cars....hiding their past and passing them off as otherwise. Don't know how successful he was at it....but he was definitely doing it. If I shook his hand, I'd count my fingers when I got my hand back.
Might be more helpful if you explained your situation
65fastback2+2
New Member
pushrod power said:
it just depends on who restored them. i work for a junkyard and my boss is just a super nice guy. most of the salvage vehicles he gets fixed he actually drives several months before he sells them. All his salvage vehicles he sold were just like new when finished. Salvage doesnt always mean bad either. My boss had a Dodge 1/2 ton Crewcab and a 2001 Chevrolet Tahoe, both with salvage titles. The Dodge supposedly had water damage, i drove the truck several times, the truck was just like brand new, but it had a salvage title. The tahoe, had a salvage title, it was a theft recovery, someone broke into it and stole the sound system and some of the interior pieces. It was already lowered about 2 inches, had escalade door handles, limo tint. He put new interior in it, and sold it. 50k miles on it, 2001 Tahoe with the 327 v8. I think he paid $7000 for it cuz it was "salvage".
65fastback2+2 said:
your boss is definitely the exception to the rule. without exception every salvage title car i saw when i was in the auto biz was junk. water damaged cars are very scary because they were usually submerged for a period of time and you can get anywhere from long term electrical to mold issues. may not show up now, but it will. like i said before, a good rule of thumb is to stay away from salvage title cars because for every good guy like your boss there are literally hundreds of guys that aren't. not good odds for any buyer unless he knows the seller personally.
69 Rustang
Member
Every situation is different. Cars get totalled because the "repairs are not economically feasible". What does this mean? On a four year old car, it could mean that both front air bags were blown ($2000), both Xenon headlights were destroyed ($2800), all the front sheetmetal needs replacement ($2000), then there is paint, mechanical parts, sensors, labor, etc. These items could quickly add up to make the car too expensive to repair based on what the car is worth. It does NOT in every case mean the car cannot be safely repaired. When these cars are declared a total loss the title is tagged by most States as "Salvage" and the car is generally auctioned off which results in dismantling, crushing, or rebuilding depending on who buys it at the salvage auction.
Insurance companies have different thresholds, but generally when repair estimates are around 70% of the actual cash value of a vehicle, they will declare the car to be a total loss. Once a shop takes the car apart they are likely to find additional items that will push repair costs higher, so the insurance company cuts their losses and limit their liability exposures.
I do agree there are cars that should not be repaired for safety reasons and there are cars that are going to have inherent long lasting problems, such as a flood car. But there are cars that can be safely put back together, it is just a matter of how much it will cost.
Insurance companies have different thresholds, but generally when repair estimates are around 70% of the actual cash value of a vehicle, they will declare the car to be a total loss. Once a shop takes the car apart they are likely to find additional items that will push repair costs higher, so the insurance company cuts their losses and limit their liability exposures.
I do agree there are cars that should not be repaired for safety reasons and there are cars that are going to have inherent long lasting problems, such as a flood car. But there are cars that can be safely put back together, it is just a matter of how much it will cost.
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