Salvage Titles

[Blaze]

So my 1971 2002 was totalled from a guy who ran a red light. I finally got a decent amount of money from the insurance company (it was a battle but I refused to give up). However, it's not enough to avoid making this a total loss. The repairs are mostly body related and it might not cost me much more on top of what the insurance company gave me to fix it. But I'm trying to assess what the most logical thing to do is: fix it or get a new car. One thing that will factor into my decision is the salvage title. My question is: how will the salvage title affect the value/resale of this car? Does it play much of a factor with classic cars?

[jerry]

speaking only for myself, i consider salvage title cars less appealing. unless you have a very rare exotic one-of -kind car, the salvage title will decrease resale.

however, as MOST 02's are not collectible to the extent that the 356 Porches have become, don't rebuild ANY common 02 with any hope of reaping a tidy payoff in the end.

money is made by the parts and suppliers to the car hobby. think of how much Eastwood's has grown since i used to get small pamphlets of their products in the mail. now they're a full fledged business with glossy catalogs.

salvage title cars are good platforms to rebuild a car that you will enjoy DRIVING without an obsession to replace everything with new. enjoy it as is or sell it to someone who may or may not repair it or part it out.

[quinnfiske]

I would take lots of "before" photos. This will give a future buyer an idea what the damage is. I have bought "salvage cars" before and some had very minor damage. But many people are wary of them.

[02fanatic]

I'll come at you guys that are worried about salvage titles from a different perspective:

My beloved "Hugo" (pictured) has a salvage title, and I'm real proud of it! The alternative would have been to totally destroy this "one of the earliest production tii's" in existence. It really wasn't that bad, but it doesn't take much for the "book value" to be way beneath the "repair cost" on these cars. It "looked bad", but after pulling out the front on a frame machine I can honestly say that Hugo is "more to factory spec" than my never wrecked '73tii. I know because the body shop checked both cars by measuring during Hugo's restoration. And, by the way, I didn't throw away ridiculous amounts of money in Hugo's restoration - which is easy to do.

Remember, back in the days when these cars were produced computers didn't enter the equation, and this is one reason the tolerances in the build specs will make each and every '02 "different" than their counterparts. This is precisely why some wheel & tire combinations will work fine on one car but rub on another.

Hugo was rebuilt better than stock in many ways, and for a rare car, or one that isn't rare - but you like very much & want to restore to near perfection, I would "not" hesitate for one minute to have a salvage title.

Now, if you have a late model car with a salvage title, it won't be worth near as much as the same car (in the same condition) with a non-salvage title. But, I don't believe the same reasoning holds true for classic/vintage, and especially "rare" classics.

For an '02, if the wreck is not full of rust, and you like the car, I would take a serious look at restoring it.

A couple final comments: getting a car returned to "roadworthiness" with a salvage title is not easy..it takes time, but it's worth it if you have the right car.

And there's the satisfaction of saving a vintage or classic car when you restore it after a wreck...believe me, you will learn alot more about the car by putting it back together again! :-)

Good Luck,

John

[Armond]

you'll make a great salesman John...

[ben7402]

A new car?? Do you mean a "new car" or a new 02?? 02's aren't exactly common anymore as a matter of fact they are hard to find. If it were me I would spend the extra money and just fix the car the right way all the way through once and for all. Then drive the wheels off of it with a big smile on my face!! DAMN I need another 02!

Theres my 02 cents worth,

Ben

[SteveJ]

There is no 'advantage' to having a salvage title. If you were given the choice between identical cars with a salvage title and one without, which would you choose.

John makes very valid points.

If the car is for your use and not as an 'investment', then do what you will. If it's repairable and you have the desire to do it, then do it.

As they tell new drivers at the SCCA orientation- If you can't afford to total your car and just take the loss, then you should just get up and walk away now.

Our cars are not commanding six figures at the car autions, and probably never will. Although, many of the parts price increases make me wonder. Build it, drive it, enjoy it

[f1reverb]

Accidents are only one reason for having a salvage title. These days a lot of 90's cars get totalled just because the airbags deployed, not because of damage to the car. 'Bags cost about 2500 bucks each to replace, so both bags deploy on a car worth 6k you've got a total. A car can be stolen and found three months later in perfect condition, but an insurance company paid off on it and assumed title, so you've got another salvage vehicle.

When you've fixed your salvage vehicle and want to get it back on the road that's where the trouble starts, as insurance companies do not like the idea of a salvage car having a mechanical failure in the future that was a result of some missed/improper repair, which would put the liability onus on them. A good lawyer would make the salvage title an issue and attack the repairs and roadworthiness of the car, and the idea that you knowingly drove a vehicle that was unsafe and endangered others on the road.

Here in California, most insurance companies (before ballot Proposition 103 which was passed) would not insure a salvage title vehicle at all. Today, if you are a "Good Driver" as defined by Prop 103, they have to at least give you liability insurance, but not necessarily physical damage coverage, and most require an inspection and attestation of roadworthiness by a licensed repair facility if they have to insure the salvage car. The inspection shop then has a liability trail back to your car if you crash, as any shop that worked on it or you yourself if you did the repairs.

I'd be asking for comments from people who've taken a salvage car back onto the road and then had an accident with the salvage vehicle. Food for thought and grounds for further research.

[scottt]

In NH, cars over 15 years old are exempt from titling. They won't even issue one upon request.

In the end, a title is only a document indicating ownership, it really has little connection to the quality of the vehicle.

[dubois]

on 30 year old cars, salvage titles, start loosing their purpose. Conversely, a clean title (or a clean Carfax for that matter) on a newer car, is not a guarantee either, that the car is free of "history". On both cases, a good pre-purchase inspection has no substitute.