My one brother in law years ago worked at a junk yard. He would get cars in that they called 10 percenters. The cars would be classified as totaled by the insurance company. But the damage vs value vs cost to fix wasn't that far out of balance. He would buy the car from the junk yard, and the parts need to fix it. He had some really nice cars that he did. BUT he could never sell them for what the blue book listed because of the R title. But he made money on them.

What I'm getting at. You will never get out of it what you think it's worth. Plus you have to look at the price of the car, add the price to fix it. If it costs more then what the low listing is. It's not worth it.

If you know the history and plan to keep the car a long time, it can be a good value, but here's things to consider:

Most insurance companies won't insure full coverage on them.
You can't get a loan against one to buy it
Its resale is horrible

Pricewise they should never be more than 50-60 cents on the dollar to KBB due to the factors listed above.

:iagree: buying a salvage title is a poor decision in general IMO

:facepalm:

He formed it because you bought a salvage title. You gave no justification or information to believe that it was not a poor decision.

lol wut?? :icon14: just because you are happy with your car is not a legitimate reason to buy salvage title vehicles :shakes head:

How about next time you don't create a thread to ask for opinions and then bitch about those opinions :rolleyes: :ugh2:

As Rusty points out, one can do OK with salvage title vehicles if they are savvy enough. But based on this thread, I'm going to guess that the OP did not thoroughly inspect the salvage status and repair quality prior to purchase. Even a blind hog finds an acorn now and again...

I don't know - I think some of these are myths; or, maybe it varies from state-to-state.

I've owned at-least 15 or so "rebuilt" titled vehicles & motorcycles that I've either repaired myself or purchased them already repaired ...

- I've always had full coverage on all w/ never a questioned asked
- I've financed three, there are banks that will. In fact, my wife currently drives a 2017 Chrysler Pacifica, decked out, that I got from Copart as a recovered theft w/ 4k miles on it - we financed it via LightStream.com
- I've never had trouble w/ resale. Now, if your talking a run of the mill Buick or something - yeah, resale might be an issue. In my experience though, with desirable vehicles with desirable options, there's always a market. Will you get full retail? No. But lose thousands? Only if the repair is obviously shoddy.

All my experiences of course, and I'm aware they vary.

Rebuilt IS fixed. Not that I'd buy it, but some people are definitely confusing "rebuilt" for "salvage" in this thread.

Some cars get totaled out with basically superficial damage. Look at our Z, if you get hit in the rear quarter, it's probably totaled, without any frame damage.

Buying rebuilt, as with anything, comes with full awareness of your intent of where you're trying to go with it.

Keep the car short term and be able to trade it in? Not a good idea
Keep the car long term as a lasting cost effective toy? Probably not good either.

For the above, there is a *chance* it works out well, but you shouldn't expect it.

Now if you're buying it as a platform to beat into the ground and aren't too tight with budget otherwise? Yeah that could work, because the idea here was that you acquire the car at lower cost, knowing you're going to replace a lot of things anyway.

But looks like the car is holding up fine for you OP.

Guessing the interest rates you got on those loans was significantly higher.

I've financed three loans through LightStream (SunTrust Bank) and, although the purpose of those loans were listed as auto purchases, the lender never once put a lien against any of the vehicles, nor did they request the VINs. I asked them about this and was told that they make credit decisions based upon the borrower's credit score and ability to repay. Further, I was told they are not interested in collateralizing these types of debt (auto loans) due to the administrative costs and low risk due to their credit decisioning model.

All that noted, did you have a different experience with LightStream? Did they request your VIN and place a lien against your Pacifica?

Same experience here; and, the rate I got was as competitive with any used car rate elsewhere.

I finance once with a local back and the rate was a tad higher; but, it was a local bank and I didn't expect the best rate in the nation. In this case, the vehicle (title) was held as collateral - and they were fully aware of the title status. Only extra step required was a visual inspection.

That's interesting. Most big lenders won't touch them with a 10 foot pole. Small banks FTW.

I suppose the bottom line is cost.....

If you want to buy one with rebuilt/salvaged history for 30-40% discount to the market value and willing to take the risk, go ahead.

I personally would not take the risk.

BTW: there is only 'salvaged' title in California regardless.

We have R title in Pa. Dealerships will not touch a car with that on it.

Unfortunately , most of the comments on the issue of rebuilt title and salvaged titles are false. Car fax has stated that more than 30% of cars that have been in an accident hav never even been reported to a insurance company. So any vehicle you buy can put your life in danger, but a rebuilt title is safer because it was inspected by the state after repairs are done. goes trough a state inspection .

I have been buying salvaged vehicles and repairing them for years, i have never bought a flood, fire or severe frame damaged vehicle. If the vehicle is correctly repaired and you have all the receipts and you have a licenced mechanic check the vehicle, it is more than worth it. I just finish my second 370z, 2016 370z with 18k miles. paid only $3,600.00 bucks. initial issue was the front pass spindle, hood, front bumper , radiator support, fender, drivers airbag and roof airbag. All items were purchased from the dealer at a cost including body work for 6k. With title taxes and fees i'm in it for $10,300. The book value even with rebuilt title is 800.00 less than a clean title, Why? because its still a sought after vehicle . Book value is 21k . But guess what i'm having so much fun driving it that i already put 2k miles on it .
I think the rebuilt title is a much better buy. my experience you ask ? I'm on my 185 salvage vehicle and i have plenty of customers lined up waiting for cars to be finished while saving 5k or more.