Why would anyone buy a repaired car with a salvage or rebuilt title?
I am forced to sell my dream car a 2007 Ron Fellows Corvette, but the car is a rebuilt
wreck and it has a Rebuilt Title. I have learned that dealers can not take them in trade and
banks can not loan money to buy them. Yet I have saved a very special vehicle from the
chop shop, but why would anyone else want to buy my rebuilt wreck?
Rebuilt title cars cant be financed because you can no longer carry full coverage insurance on a car that has been totaled. That's why dealers don't want them. That doesn't mean it cant be a good car for someone. There is a market out there for them, but you cant get the same amount of money that you can for an insurable car. whoever buys it will likely have to pay cash.
That is not true. It may depend on your state, but here in Missouri dealers can buy them and customers can get full coverage. Not every company or dealership will. Companies can decide by themselves if that is what they want to do. We do it at our dealership all the time and are able to easily find insurance for our customers. Maybe try selling in Missouri....
PS... As far as loans, that is another rule that is decided by the lending company. It is harder to find a lender that will take them, but there are some.
Where I live it is true, you are correct, laws vary by state. However, there will be some kind of difficulty in selling the car because of the salvage title. That said, it doesn't mean nobody wants the car, it just means that it will appeal to a certain type of buyer. Generally it means that you won't get as much money for the car as a clean title vehicle, for people who aren't scared of salvage titles, there are good deals out there.
If I couldn't afford to buy my used dream car. And found one salvaged that was affordable and I planned on driving it forever, I would buy one if it was properly rebuilt and had cash on hand to make the deal.
And yes murpheyd , I am glad you saved that Corvette from the chop shop she is beautiful.
I agree Steve, but anyone buying a salvage title car needs to check with their insurance company to make sure they can get the coverage they need.
You have to remember, insurance compainies will total a car IF the cost of replacement or money given for a replacement is far less than repairing the vehicle wrecked. What used to be totaled, had major frame, suspension, and replacement body parts cost way too expensive. As the labor costs went up, total body parts were replaced instead of hammering them out, the insurance totaling went up. So what may be wrong with say a Ron Fellows Corvette was a Porsche driver doing the elevation on just fiberglass repair, or a stolen stripped car needing tires, wheels, engine and transmission. $24000 bill on a $20000 or less total. In California where the back of the junk yard cars are being turned into RAT cars, most have been totaled, yet the DMV will give a complete, through inspection and issue a special tag and allow them back on the street. So it really depends on the reason the car was totaled. Corvette lovers always pour more into their love, compared to what it is worth in the real world. I'm $15,000 upside down on my corvette, but it's worth it. It has never been in a wreck. 1969 with over 350,000 miles.
How much for your car?
I just added a dual FiTech throttle body EFI system to it. Spent 4 1/2 days doing a top to bottom/underneath detail on the car. 10 grand for the engine, 2 for the 5 speed trans, 10 on the paint, (14 years old) 3.5 grand on the EFI and new parts, new tires, and the original American racing S200 rims, new drive train and breaks. Inside new, but original gauges, and working on getting the temp gauge replaced. $45,000? Show winner or placed in a lot of car shows. It have this listed in my will to go to my daughter. Original owner, and never wrecked or crashed. Mechanically sound. Has not seen rain since 1987.
New EFI dual throttle body
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