Thread: What is a Salvage Title
08-28-2008, 12:27 PM #1
What is a Salvage Title
Can someone tell me what a salvage title mean??? If you own a car with a salvage title and you fix it back to great condition and somewhere down the road you decide to sell it how does it affect the value of the car to sell it with that type of title. Once you fix up a car with a slavage title can you change the title back?????
Thanks for any help anyone out there can give me!!!!!!!!!!!!!
08-28-2008, 12:32 PM #2
A salvage title is an automobile title with a notation that the vehicle has been damaged in excess of approximately 70% of its previous market value. This notation gets applied to a title when an insurance company pays a total-loss claim on a vehicle, but then allows the owner to retain or buy back the vehicle at its post-damage market value, which is often negligibly low. Often a vehicle is still safely driveable even if technically considered a total loss by an insurance company, particularly with older vehicles where even minor cosmetic damage would cost more to fix than the vehicle's original market value.
08-28-2008, 12:33 PM #3
Salvage means it was wrecked
once a title is salvage in most states it stays as salvage or rebuilt title when you repair it. I am sure there is some ways to make it regular title again. Some states reassign a new VIN #
I have done 4 salvage rebuilds and I was not hurt on resale but I drove them to the point were the vehicle was only worth a few thousand due to mileage. IMO salvage title kills the value on resale if low mileage.
Stay away from frame damage and water damaged vehicles as there is too many unknowns.
hope this helps
08-28-2008, 03:20 PM #4
My motorcycle had a salvage title on it. It was repaired and inspected and now has a normal title. If you do a car facts report on the vin, it comes back and says it was repaired. Some states will not allow a salvaged title to be re-titled in the state it was originally titled in. My snowmobile was also a wreck when I bought it, mostly cosmetic and one structual item. You would never be able to tell now. But the snowmobile title says nothing about being a wreck.
08-28-2008, 07:16 PM #5
Cant re-title a salvage in Texas, unfortunately. The title will be a different color (bluish if I remember) and yes it will effect the resale value.
08-28-2008, 09:05 PM #6
08-29-2008, 12:19 AM #7
- Join Date
- Sep 2006
well as long as your upfront about who your selling too , they wont care i dont think it will be able to insured under full coverage ,
when car shoping we saw a nice 97 ish cobra mustang , they dealer ship said it was stolen and the wheels were taken off but the bastards were prolly hideing that it was wrecked while stolen
i wouldnt really care as long as the value of the car wasnt messed with to much
bent frame/unibody , unpainted or poorly paint body parts , burn smell due to fire , front and rear suspension in good condition and are inline and the ac works , squeks or wiggels when driving ,
if your thinking about buying a car with one better play hard ball ,
if your selling one better take the best offer that comes your way
08-29-2008, 10:25 PM #8
It has all been pretty well explained here and yes it will make it much harder to sell. There are however some deals to be had if you know what you're looking at and plan to keep the car. Consider this, would you rather own a $5,000 car that had $3,500 in collision damage or a $30,000 car that had $15,000 in repairs? The $5,000 car would of been totaled by the insurance company and the $30,000 car would be repaired and still have a clean title
I've been in the collision repair business for well over 30 years and $10-20,000 repair bills are not uncommon in this world of $50,000 vehicles.
08-29-2008, 10:36 PM #9
- Join Date
- Nov 2007
- Odessa, TX
Unfortunatly here in TX Salvage is forever. Now if you were to have the vehicle titled in a state that doesn't have a Salvage Title policy and then were to register it back in TX that can clean the title. It can also be called fraud depending on how a DA wants to look at it.
08-30-2008, 07:47 AM #10
We are "fighting" with the insurance company to number one, NOT total the car, number two to pay for the damages that occurred in the hit and run. And it will be dragged out as long as it takes. The body shop says he sees insurance companys do this to people with older cars all the time. So we are gathering information on what the car is worth and what it would sell for in the market and my agent is going to help me fight for "what is right" in this deal.
Plus, luckily when I brought my agent into this whole deal this week, she found out how unprofessionally this whole situation has been handled by the insurance company so far. SO, hopefully thats a plus in our corner.
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