Previous Salvage Title Affect Value?
07-10-2005, 09:51 PM
#1
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Previous Salvage Title Affect Value?
I would really appreciate your help here. I am about to buy a '95 993, but when I ran a Carfax on it, it shows a salvage title issued in 1997 in Oregon. The title was "issued or updated" the next year (to a normal title I guess), then sold to the current owner (in CA). It has been registered in CA ever since.
The mechanic who looked at it found no indication of accident repair, so it could have been theft which earned it salvage title.
Does the old salvage title affect the value of the car? How much?
TIA
Bruce
The mechanic who looked at it found no indication of accident repair, so it could have been theft which earned it salvage title.
Does the old salvage title affect the value of the car? How much?
TIA
Bruce
07-10-2005, 10:27 PM
#2
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Unless this car is priced really low, like in the low $20's, I would pass on it to be honest. Would be really diffcult to sell and may be hard to insure. Many higher-end sports cars easily 'total' due to theft recovery, but still carries a salvage title nonetheless.
Just my view.. Be patient, there are plenty of 993's available that should suit your needs
Just my view.. Be patient, there are plenty of 993's available that should suit your needs
07-10-2005, 11:13 PM
#4
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Salvage titles can save you some money if you're careful with a PPI, you intend to keep the car forever, or can sell it to a non-enthusiast. I bought my 964 at a significant discount, put 40,000 miles on it over 3 years and sold it for $3500 more than my purchase price because the buyer didn't care about the salvage title, as the theft that resulted in the salvage title was so long ago and the car had proven itself since. I'd only recommend a salvage title car if you get a smoking deal.
07-10-2005, 11:39 PM
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Good advice from MonkeyBoy. I agree. Old salvage title or recent it DOES effect value, both to you as a buyer factoring it into the price and the next owner (in a variable degree)who will buy the car from you when you're through with it. I would get a second or even third opinion on the "damage". Some shops can be very clever in covering their tracks.
07-10-2005, 11:44 PM
#6
Nordschleife Master
Talk to your insurance company before you purchase. They will probably charge you as if it were a "full-value" car, but if it is ever stolen or totalled, they will only pay a percentage because it was a previous salvage. That percentage is a guide for you to use when negotiating a price.
On another note, I once had a Toyota pickup that had a salvage title... when I went to trade it in, the dealer would only give my half of the normal trade-in value. I sold to a private party who didn't care (and signed a disclosure).
On another note, I once had a Toyota pickup that had a salvage title... when I went to trade it in, the dealer would only give my half of the normal trade-in value. I sold to a private party who didn't care (and signed a disclosure).
07-11-2005, 02:55 AM
#7
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Yup, "salvage" is the kiss of death. Only good if you know that:
a) you're getting a killer deal (not just a "good" one, but killer!)
b) you're not planning to sell it, ever (though would make a great gift)
c) you're not planning to insure it fully (or are willing to get a laughably low settlement if you ever have to make a claim)
d) want it for a track car and it passes a VERY close PPI inspection, especially by a good body man.
Wait for the right one; you'll be happier in the long run.
Edward
a) you're getting a killer deal (not just a "good" one, but killer!)
b) you're not planning to sell it, ever (though would make a great gift)
c) you're not planning to insure it fully (or are willing to get a laughably low settlement if you ever have to make a claim)
d) want it for a track car and it passes a VERY close PPI inspection, especially by a good body man.
Wait for the right one; you'll be happier in the long run.
Edward
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07-11-2005, 03:32 PM
#9
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Thanks, all. This forum is awesome!
I called my ins co this morning. They would insure it for liability only. I don't know if the seller is aware of the salvage title or not, but it really doesn't matter because this is a deal breaker.
Thanks again!
Bruce
...back on the hunt for a black/black coupe...
I called my ins co this morning. They would insure it for liability only. I don't know if the seller is aware of the salvage title or not, but it really doesn't matter because this is a deal breaker.
Thanks again!
Bruce
...back on the hunt for a black/black coupe...
07-11-2005, 04:58 PM
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The problem with a salvage title is it can be as simple as a theft recovery or as bad as a roll over. Unless you know what the reason for the salvage title or know the damage that was repaired, stay away from it. If you know those facts and are going to save a lot of money AND plan on keeping the car for a long time, then it's not a problem. Six out of my eight cars are salvage titles including my 993. But I either did the work or had it done and know exactly why it was salvaged. I also documented everything with photos. I will keep them so long too that it's not an issue. With the info you have on this one I would stay away from it. Good luck....
