Buying salvage cars good/bad idea?

[JerryLSX]

Been looking into getting a Corvette for the first time and looking into getting one from either Dashub or Copart. I've been doing a lot of research and it seems like getting a Salvage Title car could be a good deal IF you intend on keeping it and not doing resale and IF the car is repairable and not a total wreck.

Here's a video on the subject.


I have an account with Dashub, here's some of the stuff I find.

1998 C5 Corvette w/ 49,000mi
Run & Drive / Has Keys
$1,705 current bid + $797 fees

2007 C6 Corvette w/ 152,000mi
Run & Drive / Has Keys
$5,610 current bid + $1,167 fees

The only issues I can think of is insurance. I don't think there's much of a downside to it, that's if you keep the car and not sell it. When I get a Corvette anyway I want to modify the hell out of it, I'm no stranger to taking things apart.

What's your thought about buying a salvage title car? I'd like to hear what you guys think.

Click to read more...

 

[10sec]

If you're going to keep it (like you said) there's really no downside to either one of those Vettes IMO. I'd definitely go for it, fix them up and beat the shit out of them.

 

[DEEZUZ]

also curious of salvage/rebuilt title and how one could finance if needed

 

[10sec]

You'd probably need a personal loan, I doubt you can get a car loan for a car that technically has no retail price.

 

[JerryLSX]

also curious of salvage/rebuilt title and how one could finance if needed

When it comes to auctions, cash or credit/debit is the only way to pay. The yard wants to be paid for the car before they release it to give you the title and some won't even let you remove the car without paying a tow company or having the yard do it (for a fee of course). But even after adding up everything, you're still getting a car at half price.

 

[DEEZUZ]

I like g8s

 

[GTPpower]

My gto was a salvage title. It was great, except when I sold it. But, I bought it cheaper too....

 

[HILROD]

Salvage titles can be financed but not with every normal loan. The only other thing is in this lovely state to get plates it would have to be certified re-built. Also some companies will not insure said vehicles. That said I like the idea otherwise.

 

[GG Allin]

I had a 1993 RS America that had a salvage title. Bought it, enjoyed it and sold it for exactly what I paid for it. That was 10 years ago. I bet it's worth more now.

 

[JerryLSX]

Salvage titles can be financed but not with every normal loan. The only other thing is in this lovely state to get plates it would have to be certified re-built. Also some companies will not insure said vehicles. That said I like the idea otherwise.

Issue with Indiana as well. We have to complete various forms and inspections to get things plated (if salvage). It took me various forms, 4 visits to the BMV, 2 days, and faxing back and forth to get my truck plated and registered having a clean Illinois title. When I do buy a salvage Corvette I want to pay for it cash and get it "rebuilt" according to our state's law within a month.

 

[DEEZUZ]

Issue with Indiana as well. We have to complete various forms and inspections to get things plated (if salvage). It took me various forms, 4 visits to the BMV, 2 days, and faxing back and forth to get my truck plated and registered having a clean Illinois title. When I do buy a salvage Corvette I want to pay for it cash and get it "rebuilt" according to our state's law within a month.

Never had an issue with mine. I 'filled' out a mechanic inspection and signed off on it. Salvaged title

 

[Bad00ss]

My dad used to buy salvage cars in Oklahoma and ship them here and we would fix them and sell them. Illinois it comes back as clean title when you put it in your name for some reason. Illinois must not recognize Oklahoma salvage process. We picked up a few cars for $2,000, put $3,000 in parts in them and sold them for $9,000-$10,000. doubled what we paid. Our body guy that had a paint booth at his house moved away so we kinda stopped for now since we cant paint cars very well.

But those vettes look good. I think you could repair them and drive it every day with no issue. If your keeping it for a long time even tho it has salvage title its worth it.

 

[PANDA]

Are you in the auto body business? [MENTION=12580]JerryLSX[/MENTION]

 

[JerryLSX]

Are you in the auto body business? [MENTION=12580]JerryLSX[/MENTION]

Never painted a car. Gonna try it out on my truck this summer though. I sold my Caprice to try out the car flipping game and it hasn't worked out too good (also really didn't need a sedan with hard to get Aussie parts).


I think once our garage gets built (which keeps getting pushed back due to weather) I will get a Salvage Corvette and work on it this year. Not sure if I'm getting a C5 or C6 though...

 

[PANDA]

Never painted a car. Gonna try it out on my truck this summer though. I sold my Caprice to try out the car flipping game and it hasn't worked out too good (also really didn't need a sedan with hard to get Aussie parts).


I think once our garage gets built (which keeps getting pushed back due to weather) I will get a Salvage Corvette and work on it this year. Not sure if I'm getting a C5 or C6 though...

Not sure about IN but in IL I am pretty sure you need a rebuilders license to title a salvage car after you fix it.

 

[Kaeghl]

I worked for IAAI.com (insurance auto auctions) for about 3 years.
way better than copart.

You are in luck, the state inspection facility is in villa park. the other I think is way the hell down state.

 

[JerryLSX]

Not sure about IN but in IL I am pretty sure you need a rebuilders license to title a salvage car after you fix it.

There's no mention on the IN BMV website needing a re-builders license. Although on one of the forms you need the "restorers" name and signature (which you're allowed to fill in). It does need to be inspected by a Police Officer and signed. There's definitely more paperwork involved but as long as you do everything to the BMV's regulations, everything should be "ok"

Here's what the IN BMV says:

A salvage restoration title application is required to request a rebuilt brand for a previously branded salvage vehicle. All applications are processed by the BMV Central Office Title Processing to improve the security and efficiency of these transactions. Prior to submitting each application, please verify that all required information is included. Contact 888-692-6841 with any questions.

When submitting paperwork, include the following:

Application for Certificate of Title – State Form 44049
Original Salvage Certificate of Title. Odometer statement must be completed on title if vehicle is transferring ownership.
Affidavit of Restoration for a Salvage Motor Vehicle – State Form 44606
Proof of ownership and/or proof of purchase required for each major component part used in restoration. If restoration was completed by using parts on hand, complete a general Affidavit – State Form 37964. Include vehicle information (year, make, and VIN) and each part used with serial number, if applicable.
Proof of Indiana Residency. Examples include an Indiana driver’s license or identification card or a utility bill dated within the last sixty (60) days. Download a list of all acceptable documents.
Sales tax is 7% of the purchase price. Include the ST108 - Certificate of Gross Retail or Use Tax Paid – State Form 48842 from the dealer or an ST108E - Certificate of Gross Retail or Use Tax Exemption – State Form 48841, in lieu of sales tax payment, if applicable.
Download complete Salvage Motor Vehicle Restoration - Rebuilt Vehicle packet
Mail the completed packet to:

Central Office Title Processing
100 North Senate Avenue, Room N411
Indianapolis, IN 46204