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What exactly is a title that says 'salvage' and would you buy a car with such a title? I was looking at some really nice Ford Rangers tonight (just looking, but not considering to buy) and some of them looked good and had some really low miles, but their titles said salvage. And I'm someone who doesn't know beans about cars.
What exactly is a title that says 'salvage' and would you buy a car with such a title? I was looking at some really nice Ford Rangers tonight (just looking, but not considering to buy) and some of them looked good and had some really low miles, but their titles said salvage. And I'm someone who doesn't know beans about cars.
It means the vehicle has been declared a total loss by an insurance company. It could mean it was wrecked and repaired, or it could mean it was stolen and recovered, but the insurance company had already payed out a claim for it.
A salvage title means the car was "totalled"... in an accident, flood, etc., and that the insurance company decided that the amount to repair the car exceeded its actual value. Then, the insurance company sells it to a dismantler, or a place that repairs them, or to individuals, etc. But if the car is repaired and put on the road again, it has to go through some kind of safety inspection (varies by state), and then has a "salvage" title,which brands it as a car that was once declared a total loss due to damage.
My husband & I once bought back our own car that had been totalled, from our car insurance company...but this was only because he's a mechanic, & knew what to do to repair it. But, I remember taking it to be inspected, so that we could get the salvage title and insurance (liability only, no comp or collision on salvage) was a pain...had to take it to the Highway Patrol, a specific office, very time-consuming, lots of paperwork. It was in CA, everything regarding cars is more complicated there.
If you don't know anything about cars, I think it could be a risky purchase, especially if it's a private party, & especially off Craig's List. Was this from a used car lot?
What exactly is a title that says 'salvage' and would you buy a car with such a title? I was looking at some really nice Ford Rangers tonight (just looking, but not considering to buy) and some of them looked good and had some really low miles, but their titles said salvage. And I'm someone who doesn't know beans about cars.
The previous replies are correct. It has been in an accident. You'll want to research the extent of the damage, and also who fixed the car and how well.
Note that a salvage title should automatically drop the price of the vehicle by 30%. And when you go to sell it the same rule applies.
Also, some insurance companies balk at salvage title cars.
Not necessarily an "accident", just that the insurance company "bought" the vehicle with an insurance payout (which is what happens when they "total" a vehicle, they buy it).
I agree with the above, if you're having to ask about what it is, you should best avoid them. Or learn more, take the risk (there's always a risk involved) and jump in...
Me, I'm a mechanic and I avoid them for the simple reason they are nearly impossible to sell. There's simply a TINY pool of people willing to assume the risk. If I found one with Full documentation, photos showing the accident, damage, repair by certified professionals, and it met my other, personal, criteria.. I might consider it. But generally, no. I will say that chances are good I would buy back my own vehicle if it were "totaled", depending on the reason.
It should also be noted that the "salvage" designation varies from state to state. There are some states that differentiate between salvage, stolen recovery, or rebuilt. Rebuilt in WI for example, is inspected and declared fully functional and roadworthy, and insurance companies will offer full coverage on it. Salvage in that state is not allowed to be registered for driving on public roadways. In TX, salvage titles are issued for anything that has been paid out (purchased) in a claim by the insurance company rather than being repaired.
Personally, I drive a commuter that has a rebuilt title after being damaged in an accident as a rental. Most people won't touch it, but I bought it for a little over 50% of typical value so it was worth it to me as a car I can drive the wheels off and not incur a heavy loss. I saw photos of the original damage and the repairs, it drives fine and the structure was not damaged. It works for me. Your experience may vary.
I bought a salvaged vehicle that turned out to be a great, reliable car. Drove it for many years with few issues. The steering column was a different color, so I presumed it had been stolen and recovered. Price was very reasonable and it ran great, so I went for it ,and it ran and ran.
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If you need a truck for occasional hauling, and won't be commuting a long distance in it, then I would have a good mechanic do a safety inspection, and if it looks good go for it. Some owners will by back from the insurance company, have it repaired (or do it themselves) and then re-sell it. The quality of the work could be good, or they may have missed something like a bent frame or broken welds. Another problem is resale value. While you should get it for a good price, when you eventually sell it the value will be next to nothing. That doesn't matter if you intend to keep it until it dies.
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