I'm not worrying much about resale value right now since I plan on driving it for a long time. I just have to be 100% sure it's decent before I purchase it.

 

Yup, the fact that the warranty is void could cost you dearly in the long run when you run into multiple maintenence repairs for tire feathering, blown trannys, etc and don't have those covered under warranty. Buying any car with a salvaged title is a mistake, if you can't afford the car without the salvaged title, then just don't bother buying a Z. Wait patiently because the car will still be around through 2008-2009, keep saving money, who knows 2007-2009 models may even come with the 300hp engine standard and by then you can afford a brand spankin new one.

 

Well, I don't agree with wide broad statements like that in principle. Is not always a mistake, and it can work out. But it depends a lot on many things, so it takes a more informed buyer.

What is a "salvage" title? The insurance company declared it a loss at some point. Don't we agree/disagree with this all the time? What we expect to be a total loss isn't, and what we think can't be repaired is?

To the original poster, the initial info you got on the car is already suspect. A "minor fender bender" would have NOT produced a salvage Z. So, the guy is hiding the truth. So, beware. Also, I agree that 20K is too high for a salvage. 50% of blue book sounds a good place to start, and it better be in really good shape.

I have also purchased used cars that should have been salvage. So, it is just a title issue. It is important because of all the warrantie and resale repercusions, even if the car is in perfect shape.

Borrowing the car for an inspection shouldn't be a problem, or the guy is hiding something. Most shops can tell you right away what kind of damage they repaired and to what extent the car was damaged. You can then decide if it is worth the money for that kind fo risk.

I don't tell friends "if it says salvage walk away". I tell them it depends, but definetly there is much more to look into before a decision is made.

One more comment : if you are willing to spend 20K, you should not have to consider a salvage.

 

First thing that comes to mind when I hear "salvaged title" is "what could have happened so bad that did not warrant a clean repair?" Most salvage titles are simply a result of someone having a car totalled and then repurchased. If that's the case, the wreck damage exceeded or came close to exceeding the fair value assessment.

Having worked with a diminishing value expert, I highly suggest paying $300 to have the vehicle appraised. They usually go over the car in detail and provide a summary of their assessed value. The one I worked with used a video camera, digital pics, and other outside resources to determine the value in your given market. Even if you decide to buy it, you may need a similar document to have a bank secure the loan for you.

Should it pass with flying colors and you get financed, then a "salvage title" is just a notation on the title itself. Plan on keeping the vehicle for a few years, so if you do decide to sell, you won't be taking the majority of the depreciation.

On rare instances, people reside in a community that have some natural disaster (flood) and the insurance co merely assumes that all the vehicles in that area are a total loss and they don't even bother to send someone to survey each policy holder's particuliar case. That's when you'll find a few salvaged titles with no actual damage for CHEAP. I've seen some people get a few luxury vehicles for less than $10K due to a salvaged title. After all, the policyholder has been reimbursed for their "loss" and they also get fair pay for the amount that the vehicle was bought back for. Win-win situation, except for the policyholders who pay the across-the-board premium increases

G

 

best help ever. every situation depends you're right.

 

well guys, im still gonna have a look at it tomorrow or so. doesn't hurt to look

 

Are all cars involved in a flood etc always totaled?
Whenever I see a salavage title on a car it's almost always due to some kind of water damage, I'm assuming a bit of water really screws things up

 

Most flood vehicles are salvaged, I assume its just because theres alot of stuff to repair, interior, powertrain, electronics, etc. I've seen a Supra that had its interior, some electronics and ECU stolen, that was a salvage title at an auction. Salvage cars are great deals, but I wouldn't buy one thats been repaired. I'd rather buy the crashed car, have it repaired by trustworthy people and then drive it. There are alot of shady people repairing these things. . .I'd watch out.

 

It seems odd to me that you asked for advise and the majority of people advise you do not buy a salvaged car yet you seemed to want to buy it anyways. It looks like to me and others you are buying another person's troubles. Just remember, wisdom comes from experience, experience comes from making mistakes. You might become a little wiser after owning this car. Good luck.

 

Guess that makes sense, but also may depend on how long it's been in the water?
Then again I guess as soon as the water hits the engine, electronics etc things go down hill pretty fast

 

if it was from flood damage there'd be pretty obvious evidence still on the car.

i was told by some that salvage title doesnt necessarily mean trouble. i understand that maybe 80% of the time that is true, i'm still going to go through a lot having it checked out and make sure it's totally legit like no missing airbags.

 

Yeah, I'd assume it depends on how long the cars been flooded. But its usually not good.

Good luck buying that car.

 

If a car has been repaired and it wasn't a salvage, what is it called on the title? Repaired?

I would say don't buy it for 20k. Don't let the hurry of getting a new sportscar rush you into problems.

 

+1

 

it's outrageous he's asking for 21k. i'm considering it only if its 15k or less.

 

If a car is merely repaired, then most of the time, it will just be flagged and noted by an agency, such as Carfax. The title remains clear, but the VIN is noted for the accident . . . usually the Carfax will note the date of repair and label the extent with Minor, Moderate, etc . . .

If this vehicle is salvaged, I can't imagine anyone paying $20K. Think about it. To have it labeled salvaged, means that the owner paid the insurance company a small premium to keep the remains of the vehicle, which I guestimate to be $12K - $15K, depending on the extent of course. I could realistically see the owner parting ways for $16K. In either case, just have it inspected / appraised.

G

 

In CA, you will be responsible for getting it smogged (with a clear, normal title, it's on the seller to make sure it passes.) BEFORE you can register it. When you sign the paperwork on a salvage title, you are accepting responsibility for making sure this vehicle will pass all CA vehicle regulations.

Yes, you will have to smog this car after you buy it, doesn't matter what year it is. With a salvage YOU are responsible for ALL repairs the DMV decides it needs before you will be able to register it. If you are on a student budget, I would highly reccomend against this; little things get real expensive real fast. You really don't want to own a car that you can't register.

 

hey guys

i decided to call the seller to tell him that price is outrageous. well not in those exact words and he got all mad and said "well thats the price i'm selling it for." stupid *******... not only is he not gonna sell his salvage car he's stupid as well.

 

This just means his car hasn't been for sale very long.

Trust me, it will be on the market for a VERY.....LONG......TIME. The best thing you can do is ALWAYS MAINTAIN YOUR COMPOSURE. When you offer the price, don't be apologetic. Just state your offer plainly, and tell him that if he doesn't get any better offers, to give you a call. He's thinking, "What kind of low-ball fzcking offer is this," but when he starts listing his car on about 20 sources including websites, local newspapers, local flyers, at his work, or to his relatives and friends, he will ultimately realize no one is going to pay his price. Finally he will reconsider. Again, if someone does accept his price, power to you for not getting ripped off.

 

The bad thing is, there will be some unlucky person that does purchase this car. I have a friend that purchased a salvaged title vehicle and there was just the feathering problem with it, but that is with a majority of the Z's anyways. Im pretty sure there is someway that some car dealer will clear the title and make money off of it.