Should I buy a salvage title?

Looking at a 6cyl 5spd 4x4 w/ salvage title. It's in better condition than most trucks I have looked at and about $3000 less. Frame is straight, airbags are non deployed. Guess I'm just wondering possible negatives other than resale? Thanks Tyler

 

I thought about getting a salvaged rig, i think you insurance could be a litter higher but dont quote me on it

 

I would suggest salvage if you plan on doing some serious mods to it. Water damage? does it run? i would find out why its salvaged before jumping on it.

 

You should be able to get a salvage title vehicle for about 60% of the same thing with a good title. My rule of thumb. Would I buy a salvage? Yeah if I know what the reasons were.

 

Ok thanks guys I am gonna check the carfax and take a mechanic with me if I can get one. From what I gather I just really need to be careful of frame and water damage.

 

find out why its salvaged. i almost considered getting one but when i called about it a kid answered and gave me the run around and said his dad gave him the truck and that his dad wasn't there blah blah blah.

but as long as you don't plan on flipping the car or anything and the reason why its salvaged isnt too bad go for it

 

The biggest problem is that dealers won't take them as trade-ins and most insurance companies want eyeball proof that it's been fixed, cosmetically, and see the parts receipts before they'll write a policy with comp/coll. (They don't want to pay out for the same vehicle twice, or more)

Agree with a little background check. This is a particularly apropos time to watch out for flooded vehicles to hit the market from Sandy. Some states don't issue salvage titles even when vehicle has been submerged. Last I heard there were over 240,000 vehicles claimed.

There's a stigma attached to the salvage title, many don't warrant that concern. Like if the vehicle hadn't had comp/coll coverage, it never would have been reported as wrecked by an ins company.

...In my experience anyway.

 

i've purchased both salvaged & clean titled cars. Fact is, really you don't have any idea what the car has been through. Thats the reality. You can go by what the seller is saying but most people have interesting reasons why they're selling the vehicle. Know what to look for: bondo residue in/around the engine bay, zip ties, duct tape, suspicious welds, and accident photos. Also place a magnet around the doors, bumpers & flares. If the magnet doesn't stick, then there is bondo and the vehicle has been repaired. Most "LEGIT" sellers won't have any problem showing any/all of these details. Also be sure to perform a leak down & compression test. This a true way to see how the motor is performing & a good indicator of how the owners have treated the vehicle. Don't be afraid to get your hands dirty if you feel that you're getting a bargain. Get under the car & see what you're potentially in for.

Even with a clean title car, there is a great possibility that there has been an unreported accident. Most people nowadays try not to go through ins simply bc they want hide at fault & police reports & quite possibly have no insurance(common here in socal). Trust your gut, pay for piece of mind by asking the seller to meet at a dealership for an inspection & be ready for any suprises that come whether clean title or salvage

As for resale value, well no car has value until someone buys it. On a salvage title car, the purchase price is drastically lower than a clean title price, or should be. No matter what the mods, miles, or warranty attached. Another reality point, very rarely do you ever get back in the sale price what you put into it.

Happy hunting & dont be shy about asking questions.

 

Okay thanks guys I am going to stay away from salvages. My line of thinking being that if I spend a couple more grand I will get it back if I ever sell it, and if not I have piece of mind. I am just going to look for a nice 2000 or so V6 4x4 5 speed. I only drive once or twice a week and when we go on trips. So I don't want to worry about being stranded. Thanks for all the help, Tyler

 

I'm driving one now. Bought it off a rebuilder, he said it was a theft and recovery. They ran it through a barb wire fence and got stuck on the get away. Been driving it for 2 years now. Had 270K on it when I got it and has 290k on it now. So far no probs at all. Hope this don't jinx me. This will be my second salvage I've had since 1988. The only thing is my clear is popping off on the hood. But I can live with that. Just like buying used, if you want it bad enough your going to buy it.

 

I bought bought new and salvage cars, I agree with what RJ Macready said - if you buy a new one, there is no guarantee that there has been an unreported accident, there is always a risk but just smaller. I purchased my tacoma at toyota salvage about a year ago, of course I had to repair it, change the title and so on, but so far I didn't have any issues with it.

 

I don't know if this has been mentioned.... but....

It depends on your STATE laws on registering/insuring a vehicle with salvage title.

In PA ...you can buy a salvage title, but you need to convert that into a Reconstructed Title before you are allowed to register & insure the vehicle. To do that - the vehicle must pass certain inspections in order to be allowed to have a Reconstructed Title.

 

Another little note on salvage and reconstructed titles is that sometimes the bank or credit union won't give you a loan for the vehicle so it might have to be a cash transaction.

 

nice added point.
All banks/credit unions in Ca don't offer a loan with a reconstructed/salvage title.

 

there are just to many what if's with salvage titles. I wouldn't buy one but i know people that it doesn't bother in the least. look the truck over the best you can. good luck.

 

Be careful there are a lot of Hurricane Sandy vehicles out there right now with salvage titles.

 

My truck has a salvage title. I've put 40k on it since fall of 2010. Frame is fine. Rust free. Only issues so far have been the rack and pinion, which was changed right after purchasing, and the LCA's, which I destroyed on my own time. Other then that... No issues! It's still a Toyota!

 

Just curious ...What did you have to do to register and insure it to drive on the road legally (in Louisiana)?

 

Nothing special. Meet the qualifications just like any other vehicle. My insurance doesn't mention anything aboit it being reconstrcted or salvaed.

 

Your truck is registered with a salvage title?

Your insurance company will know automatically (by VIN) that its a salvage title. Obviously, your state isn't as critical as PA.