How much will a salvage title lower the value of the car compared to the book value once it has been repaired?
? about salvage title
- Thread starter lazerred96
- Start date
15-20%
Have a friend that's been in the auto recycling business for 25 years. He says it depends on how it is repaired and how much and what kind of damage there was. If it is professionally done then the value may only be effected by 10%to 15%. If it is done in someones garage then the percentage could be much higher. He also says it can be harder to get loans and insurance. Also, you should plan on driving the vehicle for a long period to get your value out of it, because finding another buyer to take a chance on the car could be harder for the same reasons your asking the question. This is just what I have found, because I was once looking at a rebuilt vehicle myself and asked him the same question you are.
Forget about getting a loan on a salvaged vehicle. Very good 93lite value could decrease more depending on prior damage
I actually own it. I bought it a year and a half ago and my bank loaned me 90% of the NADA clean retail.
Salvage or rebuilt makes a difference.
My 04 Mach was 'salvage" with only $4600 damage,
when KBB was over 18k on it.
Bought it, spent the 5k for repairs, title now says "rebuilt",
been driving it ever since.
I am selling it, but everyone who has seen or driven it,
including body shop folks,
cannot believe it was ever touched.
No issues with insurance either.
My 04 Mach was 'salvage" with only $4600 damage,
when KBB was over 18k on it.
Bought it, spent the 5k for repairs, title now says "rebuilt",
been driving it ever since.
I am selling it, but everyone who has seen or driven it,
including body shop folks,
cannot believe it was ever touched.
No issues with insurance either.
I've had Many many salvaged vehicles and had loans on all of them.
+1
It used to be "salvaged" on all titles even after rebuilt.
Now most states issue a "salvaged" title until it is repaired and then issue a "rebuilt" or "reconstructed" title.
Some states don't allow rebuilding and/or other states will honor that.
If you have a "Certificate of destruction" title from somewhere like Florida then Louisiana won't let you bring it here and rebuild it.
It is all a lot different than it used to be when I fooled with them a lot.
NYS banking laws may be diffrent.. I finance over 1,200 cars a year and every bank I have ever dealt with they will not take a salvaged car. I assume if your credit score is great, they may have written as a personal loan... Again banking laws vary from state to state so check with local lending inst. BEFORE purchasing a salvaged vehicle
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