Salvage Titles | MotorWeek FYI
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- เผยแพร่เมื่อ 5 ก.ย. 2024
- You really need to be cautious if you’re shopping for a used car online from a third-party like Craigslist or Facebook Marketplace because in the end it could be hard to get a license plate. Stephanie Hart shows that there are resources that can help you before you sign on that dotted line.
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A year ago i took my truck to get aligned. The tech doing my alignment got into a wreck on the shop property with my truck and a Suncoast utility truck. Their insurance wanted to total my truck since it was a 2002 with 250k+ miles. My truck is in perfect mechanical and body shape since I'm a 25+year diesel mechanic and automotive enthusiast. I refused their claims of being totaled and wanting to label it salvage. The truck will stay with me for my lifetime and never be sold. It's ridiculous what insurance companies will total your vehicle for...
Sorry about your truck. Well I guess if they label it salvage at request I think it's okay because most people don't want a car that's been in an accident. There are of course cases like yours where that's not preferable.
@@imnotusingmyrealname4566 i appreciate that. There's no way i was allowing a salvage rating. I'm a car enthusiast and I've already replaced the doors, bed, rim and tire. I've also acquired all the body cladding to convert it to an SRT10 clone. I'll see if i can get the paint started this year.
@@PANTYEATR1 I’d follow up with the DMV after all the dust settles. Each state is different and if there wasn’t an official police accident report, you may avoid it, but most states have laws that once it’s in the system as a certain percentage loss as deemed by certified companies, it’s an automatic title designation.
@@maples328 thanks for your input. This was nearly two years ago. My truck has been consistently insured. There was an official police report and video surveillance proving the alignment tech at fault while operating my truck. I will look into the DMV records to see what's on the books.
I totaled my truck over a year ago, they want to total it, hoping you buy a new one, and therefore, charge you more for a more expensive vehicle.
Not all cars that been in an accident are salvaged titles. The insurance companies just don't want pay to fix it.
Another key point imo is what state the car was registered in. In the past, I looked hard at places like South Carolina, Louisiana, Mississippi, and definitely Florida. Most recently that would be California and Texas. I try to look at even the town to see if a flood happened while the car was registered there .
Bought a Honda Accord with a salvage title, had it for over 3 years. Best car I have ever had so far.
Salvage Hondas can be a terrific deal. Back in college, I had a Honda Accord hatchback with a salvaged title. It was a great car. Drove the wheels off it!
Salvage cars are usually a nightmare, but buy one ONLY as a second car or beater car..
depends, you can get a good deal sometimes depending on the damage
My SUV was hail damaged and due to the amount of dings it was totaled, my insurance company gave me the option to buy it back with a salvage title, (came out 10k ahead) so that's what happened, although i had to wait 4 weeks and was not able to drive it until i could get state inspection then was issued a rebuilt title through BMV, hail damage isn't noticeable from a distance the dings didn't break the paint and you have to be right up close to detect the damage, still driving SUV today after 5 years since the storm all good!
Hail damage are the BEST deals !! I live in the south where we get LOTS of hail storms in spring. Got hit in a BAD hail storm and I was able to keep 3 hail damaged cars after state farm paid off with CLEAN titles also !! Made $$$$$$$$$$$$$ on those cars when I sold them lol
This is actually educating because I am planning on buying my first vehicle
To insure and register A salvaged title car so it can be back driven legally on the road you have to get the car fixed then take it to a state certified station where it will be inspected . If the car pass the inspection then it now can be registered and insured to be legally driven. My car got a broken front bumper and head light , insurance didn't want to pay for new replacement ones cause the cost would exceed the value of the car since my car is 16 years old. Therefore they total my car, got my money ,got my car fixed, passed inspection and registered and insure it, still driving it till this day.
@@antrinh5525 Thank you for the advice
My rule of thumb on salvage/rebuilt titles is the trade-in value is the "new" retail value.
Buying a salvage titled car in itself is not a bad thing, as long as you know what you are getting into, and pay the appropriately reduced price. Over the years I have always made it a habit to take the seller to the DMV and do the transaction of money for title while standing at the counter, that way there are no surprises. It also doesn’t hurt to run a full vehicle history report of your choosing before agreeing to purchase, they can sometimes catch stuff that might get missed otherwise.
Some cars with salvage titles have been restored to their original conditions and are definitely worth it as long as you don't plan on selling them in the future.
the minute the seller show u his pink slip u would know right the way if the car has a salvage title cause it would said salvage on the pink slip.
Didn't know you could do that
3:44 that poor miata!!
In South Carolina, you can register and insure a Salvage title vehicle, however only with liability insurance. So if you have to carry full coverage you are SOL
I bought a "clean" car that ended up being salvage with a laundered title years ago. Apparently it was possible by having a car re-titled in certain states to clean it. Hopefully they closed that loophole. I'm wary of any used car now.
My brother in law bought a Salvaged 2020 Denali truck here in California for his dad in Missouri, he shipped it over, when his dad registered there it came out as a clean title.
It would most likely still be on the Carfax though, which makes it seem even shadier to the next buyer.
I was a collision facility manager for years and dealt with this on a daily basis. Here in the state of Wisconsin a current model year vehicle and back 7 years (2016) would be considered a total loss when the damage hit 70% of the vehicles current value. Vehicles older than 2016 had a 100% threshold. This gets to be a very touchy subject as you never know what damage you are going to find even once repairs have started or what kind of crazy price increase you may uncover. I remember a Dodge Ram that needed a new frame. All of our collision estimating software said that the frame was $1,200.00. When I called to order the frame (this was right after Daimler got involved with them) I was told that the frame was now $5,200. Scratch one Dodge Ram.
I bought a salvage title car last year but it was priced accordingly. I also do my own mechanical work. For the most part though, Id advise normal people to stay away. Haha.
I always do a CarFax using the VIN number.
The more u know! !!👍👍 thanks. Do more stuff like this. ☆☆☆
Thank you for a very helpful and practical video!
First don’t buy any flooded vehicle
When is is a vehicle that was in a accident and was fixed properly and passed your state DMV inspection then this vehicle became a rebuilt title vehicle and then can be insured no problem
This is a terrible video and a perfect example of media fear mongering. 1 - buyer beware. MW assumes the buyer has been duped in this story which they often aren't. If you know you're buying a salvage titled vehicle, then it's all good. 2 - most states won't insure salvage titled vehicles. that's a lie, to get a salvage title means the car has been rebranded. If it gets rebranded and the DMV does it's inspections for it to pass their requirements, you're good 3 - most insurance companies won't insure salvage vehicles, again a lie. They will. what the buyer has to realize is they bought it for less than market and should expect to sell it for less than market. If the buyer is good with that, there is no harm. I will say that if the buyer is not a mechanic and has no intention of understanding anything about the damage or what caused the vehicle to get a salvage title, they should steer away from these types of vehicles and let the rest of the informed public buy their cars at a massive discount.
All great points! 👍
Hi,i have a 2012 Chevrolet impala LT that was branded with a salvage title. All that was wrong with the car at the time was the hood, front bumper cover right side headlight and right front fender were damaged in an accident. I replaced all the damaged parts and got the car inspected. The car had 97000 miles on it in 2018. It now has 132000 miles on it. It has been THE most dependable, & most reliable car ive ever owned. Car runs and drives perfect ive been down south and back on it several times. I use it to go back and forth to work everyday.
There is ABSOLUTELY nothing wrong with a salvage titled vehicle if one has the resources to get them repaired and inspected so they can be roadworthy once again. Unless the vehicle is of course, beyond a state of repair.
This response is the most educated reply to this video. Uneducated people will buy cars at crazy prizes (even ones with the same damage and repaired but not salvaged). Educated people will buy salvage cars for 35% their retail value...😂😂😂😂
Salvaged toyotas with 150k miles are still going for over 20k from 'reputable' dealers..
Check the gaps In the body too. Unless it was made In early 80s, then uneven gaps were factory original. "Looks good to me!!" -GM employee on a Friday at 4:55 pm.
Very true. GM quality was wacky back in the 80s. Or any domestic for that matter.