My friend wants to buy a salvaged M3. He's thinking about it but there's one problem he doesn't know the resale value after he buys it and fixes it up. The damage is minor. Its hit on one side. The price is at 11,000 so far. How much would the resale be after he fixes the side?
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The car is worth about 4 grand not 11. -
You can never get rid of a salvage title on a car. Its a forever type of deal.
The DMV knows about it, and then insurance companies find out about it. I would never touch a salvaged car personally.Comment
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Tell your friend to forget it...if he's willing to spend $11,000 on a salvaged car he should just find a clean title M3 with a lot of freeway miles...better re-sale and all around just better.Comment
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he wont get a loan either to buy it if he needs one.Comment
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That car has been through way more than just an swipe on the door. They're salvage titles for a reason. At some point, more than ~50% of it's value was lost in damages. That's a minimum too; it could be much worse.
They'll try to tell you a story about why it's not a big deal etc. etc., but don't buy it. The fact is that it's salvaged.
IT's not worth the insurance headache either as everyone mentioned.Comment
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That car has been through way more than just an swipe on the door. They're salvage titles for a reason. At some point, more than ~50% of it's value was lost in damages. That's a minimum too; it could be much worse.
They'll try to tell you a story about why it's not a big deal etc. etc., but don't buy it. The fact is that it's salvaged.
IT's not worth the insurance headache either as everyone mentioned.
Not so! If a car is stolen and not recovered for a period of 30 days or more it can be legally branded with a salvage title, and more often than not will be!
rocComment
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Oh, and a Salvage title car is worth roughly 40% of a car with a clean title.Comment
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PLEASE TELL HIM DONT DO IT! I learned the hardway! My car was not a "salvaged" title but supposedly the seller said that she was in a minor accident. This minor accident didnt even show up on a carfax. Well that "minor" accident is now causing me either $4000-6000 to fix up some nasty body work, suspension repair, and drivetrain or sell her, which I am. :gun:Comment
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PLEASE TELL HIM DONT DO IT! I learned the hardway! My car was not a "salvaged" title but supposedly the seller said that she was in a minor accident. This minor accident didnt even show up on a carfax. Well that "minor" accident is now causing me either $4000-6000 to fix up some nasty body work, suspension repair, and drivetrain or sell her, which I am. :gun:
2k my man, you couldnt tell it had been in an accident? So what the outside was fixed up? But underneath was fukked. Just doesnt add up to me, any mechnic would have seen that kind of damage.Comment
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You can never get rid of a salvage title on a car. Its a forever type of deal.
The DMV knows about it, and then insurance companies find out about it. I would never touch a salvaged car personally.
I think you can get it retitled in mississiooi and the salvage part will dissapear. I know people who do that a lot with sport bikes.costs like 25 bucks.
My dad had to get a title for a benz that he had shipped over from Itaky. Never got the original, so we wrote up a bill of sale and sent it to Billy Bob in Birmingham AL (along with a check) and he sent us a title.
If you can fix the body work a clean title is just another small inconvience.Comment
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I think you can get it retitled in mississiooi and the salvage part will dissapear. I know people who do that a lot with sport bikes.costs like 25 bucks.
My dad had to get a title for a benz that he had shipped over from Itaky. Never got the original, so we wrote up a bill of sale and sent it to Billy Bob in Birmingham AL (along with a check) and he sent us a title.
If you can fix the body work a clean title is just another small inconvience.
How Do I get ahold of "Billy Bob" in alabama. I bought a car from cali (I live in az) and the dealership went outta business shortly after. I have all of the paperwork and the proof I bought it, I just can't get a title.Comment
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Billy Bob in Alabama can get you a title for any car that was manufactured prior to 1974. So can I. So can any resident of the state.
Anything else and you're SOL. We have the same salvage title deal that everyone else does.
For the record, I've rebuilt several salvage title cars. I sold every one of them to the first person that looked at them, and I sold them all for close to retail prices. I've never heard a single complaint from any of the buyers. I always take lots of photos of the cars before, during, and after, and I always show them to prospective buyers.
A few years ago, I sold a nice '93 325is w/sport package to a friend for $16K. A year after I sold it to him, he was T-boned by a drunk guy in a Buick. The BMW owner is an engineer, and he couldn't deal with having a repaired car. After he made a deal with his insurance company, he offered to sell the car back to me for $4K. I bought it on the spot.
When I picked up the car, the right quarter panel was crushed, the trailing arm was broken, and the rear wheel had been pushed up into the trunk floor. The back of the passenger's door was also caved in.
I found all three of the major parts used, and had the car in drivable condition within two days. I drove it up to a client's body shop, and they had the car repaired and painted in 6 days. I spent another three days and more money on OEM parts such as M3 rockers, '96 F & R bumpers, and all new trim.
The car looked awesome, and no one could believe it had ever been wrecked.
I sold it 6 months later for $12,500 to the first person that looked at it. I had a total of $8500 in the car. The car was never issued a salvage title because I bought it from my friend instead of letting the insurance company have it.
Rebuilt wrecks can be a good deal, but you have to know what you're doing.Comment
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Doese anybody in Mississippi have any insight? I have seen my budy leave to go down there with bad titles and come back with good ones(paperwork at least) I think a miss resident would mail him the actual titles a week or so later.
the benz we did was a 1977 but this was probably 1985.Comment
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I would never buy a salvaged car. I have personally seen what it takes to get that title.. and its not pretty.
Heres an example of a car that may get a salvaged title:Comment
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