What exactly does this mean?
Rebuilt Title
- Thread starter Cobra_GATA
- Start date
Pretty much means that the car was in a wreck that totaled it and was rebuilt
Gotcha. I understood the wreck part but not that it was totaled. Good info thanks. Looking at a minivan for the wife and ran across a good deal for an odyssey and it said rebuilt title. Now I have doubts as if I should go through with it.
Depending on the year of the car... the damage could have not been that bad and they salavaged it due to the price of the car.. they take 75% of the value and if it goes over that.. they total it out... My firebird i have was totaled out simply because of a door and fender (no frame damage... nothing.. just those two components....) so depending on how old or new.... its a possibility its worth buying.. just take it through the necessary channels... (frame shop, alignment check, motor check.. etc..)
I have bought many cars to flip in the last 10 years, a few of which are rebuilt titles. Some things to consider (at least what I do).
1. To me, a rebuilt title vehicle is worth half of KBB compared to an identical car with a clean title. Generally speaking, that's what my re-buyer is going to feel, so that's a starting point for me to still make some money off the car.
2. I won't buy a rebuilt title car without an inspection, period. Test drive, on a lift, wheels off. Alignment rack.
3. Documentation of the damage to the vehicle, costs, repairs, where parts were sourced from, what shop did the work are absolutely vital. If they can provide pictures, even better.
A quick example - I looked at an 04 Redfire because an auction turned out to be a bust and it was local. 20K miles, rebuilt title. Lightly modded, when I saw it in person needed some minor TLC and a wash. Young kid was the second owner, took something that was probably mint, modded it a bit, didn't care for it as he should, got into an accident. Got it fixed and parents pressured to sell. He was asking $16K for it. For clean title cars, people were getting $21-22K on here for what he had (granted, I'm not paying that, I'm trying to make money, but a starting point).
I dealt mostly with the parents. They were OK with inspection and it looked pretty good on the lift. Hit in RF corner and basically everything forward of the firewall sheetmetal was taken from a donor. Overall car was in really great shape minus needing a wash/vac and some minor things. Told them straight up how I deal with rebuilts, and offered $9K cash that day because they thought they may have some paperwork on it but were not sure. They laughed, and I told them that if they could find it call me and that offer would go up a lot. A few weeks later I got the call, they found it and had no other serious offers. Receipts, shop phone number, etc. Shop was 10 minutes away so I stopped in. I got lucky, since it was a "sporty" car and good looking they took before/after for their own records. Ford parts, drilled out the spot welds to replace the panels, ASE certified shop, painted the engine bay with engine out, etc. I called back and offered them $13K cash firm and they bit. Put under a hundred bucks into the car to do a few small things, cleaned it up, and flipped it in under a month for $15.5K. The documentation I had to present to the new buyer is what made the sale. I normally try to sell stuff not local so it goes away and I don't hear from it again, but I've seen the owner a few times since he lives about an hour away. Very happy, shows the car, did some bolt ons.
4. When in doubt, WALK AWAY. There are too many fish in the sea.
thank you very much for the insight guys. I relaly try to learn all the ins and outs of cars (especially mustangs) and this site has been very helpful.
He says it was an accident involving the passenger side of the car. Had it repaired at a Honda dealership. KBB says 33k under excellent. He is asking 25k. Assuming I can get everything you guys mentioned, sound like a fair price or no?
He says it was an accident involving the passenger side of the car. Had it repaired at a Honda dealership. KBB says 33k under excellent. He is asking 25k. Assuming I can get everything you guys mentioned, sound like a fair price or no?
That's a bit high for my taste (even being that you are keeping the car and not buying to flip). IF, and that's a huge IF, everything was correctly documented and the repairs were legit to as-new standards, I would want to be somewhere in the very low 20s (especially if you are financing the car through them, they make a ton on that).
During discussions, hammer them on the title issue (every buyer will, justifiably). Keep reminding them that enough damage was done to a car to exceed it's $33K value.
rebuilt dont mean it was wrecked but totaled for some reason.( anytime the repair was more or close to the value of the car), like with mine it was a interior fire. bought it back and replaced interior. does that make it worth half the value i dont think so. but say it was wrecked i might think different.
I have read multiple articles stating with a rebuilt title the value drops 1500-3000 depending on the repair.
I have read multiple articles stating with a rebuilt title the value drops 1500-3000 depending on the repair.
Rebuilt/Salvage title is when the car was totalled out by an insurance company. Cost to repair higher than value of vehicle, or integrity of car is compromised. The car is bought back or auctioned off, and fixed. Then gets a rebuilt/salvaged title.
Make sure to tell your insurance company also. Some wont insure, some have limitations on payouts.
Make sure to tell your insurance company also. Some wont insure, some have limitations on payouts.
Thanks again. I am not going to touch it. These odysseys are expensive as mini vans go and for being two years old and have a rebuilt title, sounds like the damage must of been pretty extensive based on what I have read.
yea but another thing is on a estimate that the insurance company gets is for full retail parts and labor. Have you seen the mark up on some parts.. its crazy
At $25k I wouldn't even think twice about it. Screw that. Maybe at $15k. Resale value will be shit and who knows how that repair job will be a looking a few years from now.
Not many people can do quality body work.
just look at it this way... the car is 33k right now kbb.. that means for insurance to say im not touching this car... the payout on damage would have been right at 30k to fix it... properly....
that sounds like a ton of frame damage... axle damage... air bag replacement (if side bags equip) doors.. fenders... runners... possible drivetrain failure....
that sounds like a ton of frame damage... axle damage... air bag replacement (if side bags equip) doors.. fenders... runners... possible drivetrain failure....
Google the VIN. If it was bought at auction recently, you should be able to find pictures of it wrecked. Autobidmaster and Easyexport often get cached by Google which show pictures from cars at Copart and IAAI.
Make sure if your insurance company will insure it they reduce your premiums. If you total this van again your insurance won't pay you full market retail due to the salvage title. You don't want to be paying premiums on a clean title car.
I am not a fan of salvage title cars. They are never repaired correctly and always have some issue. The asking price is ridiculous. If you really want it and after a thorough inspection it is ok then offer him no more than $20000. If you are financing make sure the bank will finance a salvage title car. Some banks don't want any part of them.
I am not a fan of salvage title cars. They are never repaired correctly and always have some issue. The asking price is ridiculous. If you really want it and after a thorough inspection it is ok then offer him no more than $20000. If you are financing make sure the bank will finance a salvage title car. Some banks don't want any part of them.
If an insurance company will insure it, they will pay the same premium as if it were a clean title, and yes likely a reduced payout.
Really?
How many have you had?
Out of the dozen or more I've had over the years I am willing to say that they have been more reliable than every new car I've bought off the lot.
The rest of your info could be off also.
Insurance has paid me book value for the only one I needed to claim on.
I have to ask every time this topic comes up how many who comment actually have dealt with salvage stuff and not mearly comment on what they hear.
I've been through more than I can count, everything from wreck, water, theft recovery.
Hell, 1 was a brand new car in a slight fender bender.
Why was it totalled? Because the guy just bought it, sued the other guy's insurance and as part of the settlement they bought him a new car and took possession of his wreck.
That is correct, it was damm near perfect but because of the way it was settled it got a salvage title.
Look it over, have a shop look it over, drive it.
Find out where the damage was and see how it was repaired.
Hope you have cash. Finding a bank to finance a rebuilt title car is nearly impossible.
I can only think of 1 or 2 banks out of hundreds of banks that will- and they'll usually only loan out less than 1/2 the value.
I can only think of 1 or 2 banks out of hundreds of banks that will- and they'll usually only loan out less than 1/2 the value.
This also has never been an issue.
Maybe they think this is normal for crazy southern people to drive other people's wrecks.
Lol
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