How much discount for salvaged title?
Posted by ze11ez@reddit | askcarguys | View on Reddit | 14 comments
How big of a discount would you want for a salvaged title? Lets say same car without salvage title (rebuilt title) is $25,000 and runs/drives/passed inspection, passed PPI with no issues, and has third party warranty.
Has anyone dealt with this type of situation on private sale? what type of discount are you going for?
scbiker21@reddit
Value is realistically between half and two-thirds what a similar clean title vehicle is worth.
ze11ez@reddit (OP)
Have you sold vehicles this way?
scbiker21@reddit
Yes, I have sold a few vehicles with a salvage title. I currently have a 2001 BMW with a salvage title that I bought for myself and paid $2000 for it. If the title was clean, it would be $6500 or more. It was totaled for nothing more than a dent in the hood and cracked bumper cover. I repaired for under $1000 in parts doing the work myself. With todays prices for parts and labor, it doesn't take much to total a car.
ze11ez@reddit (OP)
I gutted the question if you paid 2000 for it. Once you decide you have driven it enough and want to sell it, is the sale price 1000 or closer to 2000. Let’s say the initial salvage purchase is 50% off, is the next buyer also getting 50% off?
scbiker21@reddit
With a salvage title, it is only worth what someone is willing to pay. In my case, I've done several upgrades, so it's still worth more than I paid originally. What I paid for it has no bearing on its value. If you bought something worth $1000 for $100 and decided to sell, would you sell it for less than you paid or its true value. Last summer, I was offered $6500 for my Z3.
ze11ez@reddit (OP)
ight thanks
RedVikingOg@reddit
I buy fix and sell salvage. I’ve done literally hundreds. I usually get close to nada rough trade out of them. More lately as the market has changed.
ze11ez@reddit (OP)
I looked at nada rough trade and used that as guidance. If sold multiple times is that still a fair assessment? Let’s say you sell it to me as a salvage title using Nada rough trade. I sell it to Bob. And now Bob wants to sell it to Batman. Assuming you plug in all the data (year, miles) is it still a fair assessment using nada?
Thanks
RedVikingOg@reddit
Multiple sales is usually a bad sign of shoddy repairs as most people aren’t buying a salvage title to make money other than the original repairer. They are buying them to save money. I always provide before and after photos to my buyers so they can see what was done and have the repairs inspected. If you don’t have before photos, google the vin# and you should be able to find archived auction photos. Otherwise, number of owners does not have much bearing on value.
lethalnd12345@reddit
Start by checking with your state and finding out if there's any restrictions on registering a salvage title. Next, check with your insurance company and see what limitations or impacts a salvage title will have.
Assuming you get a favorable outcome on both of those questions, then you have to ask yourself how much you're willing to save in order to sacrifice a pretty substantial peace of mind?
Me personally I would not buy a salvage title for any reason
RedVikingOg@reddit
Pretty much every car I’ve ever owned has been salvage. I’ve never had an issue licensing registering or insuring them. Many with full coverage.
ze11ez@reddit (OP)
i own a salvage title vehicle. Because it was towed by another state then sold off after it was abandoned. The tow yard got the salvage title and sold it. It had nothing to do with it being wrecked. I"ve owned it since around 50k miles and now its at 155k miles with no issues. So when you say "any reason" there are ways that a car can have a salvage title but its not always a damaged car, obviously you can decide to buy whatever you want.
That was more FYI but that is NOT what im talking about in the above scenario. In the above OP scenario it had some minor collision and insurance totaled it out.
I dont have a $ number that's why im asking if anyone has done it before
Galopigos@reddit
50% off
TX-Pete@reddit
Minimum.