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Is the gap in price intentional?
I've seen between 10-20% reduction on both common cars and more rare cars. Race cars seem to not be so affected as people may expect race damage.
Interesting poll. I wait for others to reply.
I've seen between 10-20% reduction on both common cars and more rare cars. Race cars seem to not be so affected as people may expect race damage.
Interesting poll. I wait for others to reply.
Whats really interesting is the ablity to buy-back an otherwise "totaled" car from the insurance company and bypass the salvage title altogether.
How would you like to buy such a car without knowing it was totaled at one point during its life?
How would you like to buy such a car without knowing it was totaled at one point during its life?
My company bought back a wrecked truck that our insurance company didn't want to fix. We repaired all the damage mostly sheet metal. and the truck looks and is better than new. The title is clear. I quess because it was a buy back with out going thought the DMV.
I would not be afraid of a salvage vechicle. In fact I would bet that a good percentage of those Barret Jackson Auction cars have had more frame work and Panel replacement than some late model cars that have a salvage title attached to them. Its all about the quality of the work.
I would say 10 to 20 % discount for salvage title. Not that the car is worth any less.
Its just that a salvage title is just as bad as a rust bubble under new paint. However the title can never be fixed.
I would not be afraid of a salvage vechicle. In fact I would bet that a good percentage of those Barret Jackson Auction cars have had more frame work and Panel replacement than some late model cars that have a salvage title attached to them. Its all about the quality of the work.
I would say 10 to 20 % discount for salvage title. Not that the car is worth any less.
Its just that a salvage title is just as bad as a rust bubble under new paint. However the title can never be fixed.
I worked as the arbitration manager at a wholesale auto auction here in Tucson and can tell you first hand that the "average" automobile was greatly affected by having a "salvage" title. 30 to 50% loss in value was the norm. I understand that we are not talking about the average auto here.......Panteras are a rare breed of car and are in a rare class. This is evident by how insurance companies handle or don't want to handle claims with these types of cars. (I saw this first hand as a Bodyshop Manager for a production/custom shop In NV.)
I agree with Mr. Perry to a point. I would not want to find out after spending hard earned money to buy the car of my dreams that the car had been totaled and put back together by someone who was not certified to rebuild such a car and totally missed hidden secondary damage that a professional shop or builder would have found. That being said....I would not have a problem buying a car that was a total if it was inspected and rebuilt by someone who knows cars first....and Panteras second. I met Kirk Evans when I was in college and he gave me a tour of his then facility. I saw first hand what he was doing and would fully trust someone like that to rebuild my salvaged Pantera.
The point is....with proper documentation and proof of a quality rebuild the value that is lost on a Pantera may be minimized and the integrity of the car and seller will be maintained.
Just my two cents.
I agree with Mr. Perry to a point. I would not want to find out after spending hard earned money to buy the car of my dreams that the car had been totaled and put back together by someone who was not certified to rebuild such a car and totally missed hidden secondary damage that a professional shop or builder would have found. That being said....I would not have a problem buying a car that was a total if it was inspected and rebuilt by someone who knows cars first....and Panteras second. I met Kirk Evans when I was in college and he gave me a tour of his then facility. I saw first hand what he was doing and would fully trust someone like that to rebuild my salvaged Pantera.
The point is....with proper documentation and proof of a quality rebuild the value that is lost on a Pantera may be minimized and the integrity of the car and seller will be maintained.
Just my two cents.
Well accident damage is one concern, but much worse than that is one that has been through a flood. Very hard to get at all the problems caused by flood water and cleaning up the car is just not adequate.
A salvage title can also result from a vehicle being stolen and stripped to some degree. A car can be stripped down to a shell and not be damaged. It would be like buying someone's 'been restoring it for years and lost interest' project. This type of salvage titled car can actually present one who might not otherwise be able to afford a Pantera with an opportunity to own an 'undamaged' one rather inexpensively. The missing parts could then be added as the budget dictates.
Just another side to the 'salvage' coin.
Michael
Just another side to the 'salvage' coin.
Michael
Something else to take into consideration when buying a "salvage" title car, was the vehicle a economical total, or a structural total.
An insurance company can use their discretion to total a vehicle. A Pantera for example would be very difficult for a insurance adjuster to accurately estimate, and more than likely create more hassel than they desire, they would deem it a economic total.
A structural total on the other hand, is a vehicle that is so badly damaged that it's not save to repair.
In either case, I would want a whole PILE of photos, before, during, and after.
Just another opinion
Regards Mark
An insurance company can use their discretion to total a vehicle. A Pantera for example would be very difficult for a insurance adjuster to accurately estimate, and more than likely create more hassel than they desire, they would deem it a economic total.
A structural total on the other hand, is a vehicle that is so badly damaged that it's not save to repair.
In either case, I would want a whole PILE of photos, before, during, and after.
Just another opinion
Regards Mark
I agree there is a BIG difference between a "financial" decision and a engineering (structural) one.
I know of more than one Pantera that received "cosmetic" damage only, but the amount (plus a large fudge factor) was more than the "agreed value" so the car could have been considered a "total".
(not my car.)
However the damage was truely minor and undeserving of the "Salvage Title" blemish.
Flood damage is another thing entirely!
I know of more than one Pantera that received "cosmetic" damage only, but the amount (plus a large fudge factor) was more than the "agreed value" so the car could have been considered a "total".
(not my car.)
However the damage was truely minor and undeserving of the "Salvage Title" blemish.
Flood damage is another thing entirely!
They have trouble with "thieves" stripping good cars, and dropping the "carcus" in an alley. Then the thieves buy the car at action with clear title, put it back together and sell it.
G
G
quote:How would you like to buy such a car without knowing it was totaled at one point during its life?
Whether or not a vehicle has a salvage title is no indication of whether or not it's been in a serious accident. There are a lot of poorly repaired vehicles out there with whole titles, and there are a lot of beautiful solid vehicles out there with salvage titles.
I would not consider a salvage title vehicle unless it was accompanied by full documentation of a correct repair/restoration by a quality shop. I'm tired of reading vehicle descriptions on eBay auctions explaining a salvage title as the result of "wheel damage" or "car was keyed." These explanations are absolutely ludicrous.
FWIW - My brother in law was a DA who busted a ring of car theives who would steal a vehicle and dismantle it at a local wrecking yard. The shell was dumped off in an alley that evening, and all the parts were put on a truck and sent to a partner body shop in another city. The wrecking yard also had a contract to pick-up/tow vehicles for the police. They would then get the call from the police to haul away the recovered shell. They would then buy the shell with a salvage title, put it on a truck and send it to the partner body shop in the other city to be rejoined with all the stripped parts, and resold.
Note that if you purchase a vehicle with a salvage title that turns out to be stolen, you have no legal claim to the vehicle or compensation for your purchase price. You are out! The law provide you no recourse, other than to seek remedy against the seller, but you're on your own in that matter. The vehicle will be impounded and returned to the rightful legal owner.
Caveat emptor! - buyer beware!