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Let's say you can a classic American muscle car costs $60k new. You can buy a used one a few years old with 5k miles for $45k. Or you can buy one also with 5k miles with a rebuilt title for $30k. Would you go for the one with a rebuilt title if it's just a weekend cruiser?
It depends on what you consider a classic car. Something rare and valuable from the sixties can be worth a lot of money even if they were once totally destroyed.
65-66 Shelby Mustangs are worth a lot of money even if they were resurrected from the dead. The same goes for some early Corvettes and special muscle cars.
I know of one 65 Shelby R model that was once a total wreck then rebuilt and was sold for over 250K a few years ago.
A classic car that is not rare is probably not worth buying if it is considered rebuilt.
What do you consider "classic" many people believe a car has to be at least 25 years old to be considered a classic.
A classic car
A classic car is an older automobile; the exact definition varies around the world. The Classic Car Club of America maintains that a car must be between 30 and 49 years old to be a classic, while cars between 50 and 99 fall into a pre-antique class, and cars 100 years and older fall into the Antique Class.
So what you're saying is, its a good idea if you saw the vehicle prior to repairs? Because I'm sure that's possible for most people.
And when you haven't and ask what happen, you'll get the full story with photos and invoices supporting prior repairs?
Dub D...relax.
he's giving you an example of one time when it worked out.
Cars that are stolen for a period of time and then recovered by the insurance company ARE USUALLY BRANDED with a SALVAGE TITLE. Regardless of the extent of the damage.
Like others have said, when the cost of repair exceeds the value of the car, the car then is declared a "TOTAL LOSS"...meaning that the insurance company will pay the fair market value of the car + taxes/title/licensing. The insurance company usually gives the insured the first right to buy back the vehicle at it's salvaged value.
Let's look at an example. You have a car worth $10,000. The salvage value is $4,000. In this case if the vehicle has more than $6k in damages...it is considered a total loss. Why? Because the insurance company is not going to pay more than it needs to under the contract of insurance. The whole reason of insurance is to indemnify...which means to make whole financially.
So your $10k car has $8k in damages. They will total the car so you get the $10k, and you decide to keep it (you are actually buying it back) for $4k...So they will let you keep the car + $6k. So you are out of pocket for $2k to repair it. The insurance company has paid you the $6k.
Same scenario but you decide not to keep the car. The pay you the $10k.
The insurance company sells the salvage for $4k. The net they have paid is $6k.
In both cases the insurance company has paid out the same amount.
There are deals to be had...but there are also nightmares out there. Due Diligence is your friend. Caveat Emptor...and Good Luck.
Last edited by midwestlaxer; 08-17-2014 at 10:56 AM..
A classic car
A classic car is an older automobile; the exact definition varies around the world. The Classic Car Club of America maintains that a car must be between 30 and 49 years old to be a classic, while cars between 50 and 99 fall into a pre-antique class, and cars 100 years and older fall into the Antique Class.
In CA, classic cars are pretty popular because they don't need to get smog checked. No one really uses the term pre-antique. I inspected alot of old bad ass vehicles, Model T's and Bel Air's with my old job. They all fall under classic car. 100 years and older....what even exists with that term? Maybe an Oldsmobile?
So what you're saying is, its a good idea if you saw the vehicle prior to repairs? Because I'm sure that's possible for most people.
Actually, in some states you are required to have pictures of the vehicle before the repair for the rebuilt title inspection, so it actually *is* not only possible, but a state law to keep pictures. Some dealers will show before/after, especially since they are already disclosing an ex-salvage car in the first place.
Quote:
Originally Posted by Dub D
And when you haven't and ask what happen, you'll get the full story with photos and invoices supporting prior repairs?
Which is no different than buying any used vehicle.
Actually, non-branded cars can be even more of a mystery. A new $75k car can have $35k of collision damage 5 miles out of the dealer's lot, and no individual or dealer is required to disclose a repair at a later date. If it doesn't show up on a Carfax report, it never happened. At least that's how some people think.
Actually, in some states you are required to have pictures of the vehicle before the repair for the rebuilt title inspection, so it actually *is* not only possible, but a state law to keep pictures. Some dealers will show before/after, especially since they are already disclosing an ex-salvage car in the first place.
Which is no different than buying any used vehicle.
Actually, non-branded cars can be even more of a mystery. A new $75k car can have $35k of collision damage 5 miles out of the dealer's lot, and no individual or dealer is required to disclose a repair at a later date. If it doesn't show up on a Carfax report, it never happened. At least that's how some people think.
Photos don't mean anything. Plenty of "repairs" look right but with proper inspection, you can tell they cut corners ESPECIALLY with salvage titles. Bondage work looks good on the outside but on the inside, its garbage. Not properly aligning the frame. I can go on and on. Most people don't even know what to photo.
Seriously...just stop. You're using your one experience to justify your stance. It's rather pathetic. I've never purchased a salvaged vehicle myself but Iv'e worked within the auto / insurance industry. I know exactly how total losses / appraisals are done. And when they aren't done right, it doesn't matter how nice the vehicle looks on the outside, you'll lose money from the poor work on the inside.
Well, Confucius states do not solely refer to ones own experience to gain knowledge.
(insert mystical East Asian flute music in background)
*Confucius probably didn't say that
Indeed, one gain knowledge from OTHER's experiences instead of dismissing those experiences as "BS" and maintaining belligerent posture in the face of plausible elaboration.
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