Salvage title - At what point does it not matter (1 Viewer)

[musthave]

Considering the purchase of another great 97 land cruiser. It has 160K miles. Great service history. 1 owner, always garaged. No rust.

They had a front right accident and insurance totaled the cruiser. It’s always been their vehicle so they kept it and had it repaired by a reputable company that’s still in business. $2700 in receipts for front right fender, lights, paint.

She stopped driving about 10 years ago. He turned in his license this spring at 88 years old.

I’m likely to buy this land cruiser for me to keep. I think it is priced fairly, and will make a nice cruiser.

Obviously, it comes with a salvage title. I am wondering at what point do they not really matter. Considering where 80 series prices are going, and they’re scarcity, does it matter? Of course I am asking based on the possibility that I may resell this vehicle.

Obviously, if I was keeping it myself, which I may, I would have no issue at all with it being a salvage title.

I know a salvage title often demands much less than an average price in general. If I were buying a cruiser 10 years ago, a salvage title would have been a No-Go.

Given where 80 series prices are today, and their scarcity, is the value affected very much because of the salvage title?

Anxious to hear other’s opinions.

 

[White Sheep]

I think it depends on the end state of the LC, and what you intend on doing to it. Salvaged usually means bent frame/axle (or repairs aren't worth the car). If you want to dedicate it as a wheeler, it could be a good project. And if you plan on keeping it, who cares. It might just be different for resale because the person will be asking the same questions you are.

 

[retrofive]

Is it possible to get a reconstructed (think that is the term) title? I did that with a motorcycle that had a dent in the tank and ins totaled. Was able to repair, get inspected and fill out some forms to clear the salvaged branding.

 

[musthave]

I'm not sure on reconstructed title, that may be like the salvage title here in Florida. I've looked at the cruiser twice and figure I will buy it today. I could keep it, or I could end up selling it at some point. The frame is great. Looking at the pictures that he had I am not sure why they totaled it. The frame horn wasn't even bent that I could tell. Maybe the insurance company looked at the destroyed fender. It's worth 9K to me, who knows what that means in the future.

 

[Mixelplix]

I think R titles are very dependent on the buyer. I, like you, keep cars for a while.. so I generally don't care too much (assuming it's a similar circumstance like your potential truck - where it was minor repairs, and fixed responsibly).

However, make no mistake - it will limit your potential buyers if you decide to sell.

If you're getting it for a reasonable price, and you plan to hold on to it for a while then do it.

 

[musthave]

I think R titles are very dependent on the buyer. I, like you, keep cars for a while.. so I generally don't care too much (assuming it's a similar circumstance like your potential truck - where it was minor repairs, and fixed responsibly).

However, make no mistake - it will limit your potential buyers if you decide to sell.

If you're getting it for a reasonable price, and you plan to hold on to it for a while then do it.

That makes sense.

So if we said it was a 37' Willys. Sure, a LOT older. None can be found. Does a collector care if it was a salvage title? I know the 80 is nowhere near a 37' Willys, but it's getting mighty scarce, so at some point, people care less about an accident. Salvage title. Heck, even rust won't matter at some point. Maybe. If it's truly a collector vehicle, which I believe it is / will be.

 

[REKCUT]

If you keep it you'll have to deal with insurance issue involved with replacement value on truck. If is stolen or wrecked the insurance company will be paying you less money than on a non salave title.

In the "old" days a salvage title was because of a massive hit but repair prices and most importantly salvage value has increased dramatically. Parts are in need and salvage business are paying much more for wrecked cars. I am in the business and every day see cars that should be fixed but they are worth so much to a junk yard that they get totaled for small amounts. 15 honda civic with 3 k in damage totaled the other day because salvage value was over 8k.

Back to you question, selling one that has salvage title will always have an issue with resale issues but what that amount might be is an open question

 

[REKCUT]

The fact that your asking these questions is evidence you will have some issues with resale.

 

[REKCUT]

When it comes to a collector and in the instance a 80 becomes a very collectable item, most clean trucks with salvage title will have people spending big money to restore them and during that process they usually will find a donor vehicle in bad shape with a clean title and combine the two. If you gonna spend the money to do a big frame off restoration you will most likely switch out info.

 

[BILT4ME]

Typically, a salvage title will reduce value by 50%.

I would look into the "reconstructed" title if available in your state. Some states (like KS) will carry the salvage title the rest of it's life, regardless of the level of reconstruction. Also, the reconstruction title MUST be applied for in most states.

 

[vsatking]

Sounds line you made up you mind.

I don't have an issue with salvage title. I would look closely where the damage was and make sure the repairs bring it back to factory speck.

The one thing I would expect though is the owner knows most people don't want the salvage title and will need to discount the price to entice buyers. As the seller you could hold firm and wait for and educated and willing buyer.

I am pretty sure the this 250 GTO did not have a problem selling after it was totaled and had a full factory rebuild that too two years.

An 80 series shouldn't either

 

[REKCUT]

Typically, a salvage title will reduce value by 50%.

Been in the car business my entire life, either sales or repair and while you might see a %50 bargain once in a while, its not the norm. I would guess more like 20%. A clean 97 with 160k would be worth 20k , you and many others would jump at a chance to get it for 10k all things being equal. Cars are in short supply currently. Go on Copar and look at what wrecked cars are bringing. Salvage or not.

 

[REKCUT]

Typically, a salvage title will reduce value by 50%.

Not trying to pic on @BILT4ME but this is some of the thinking you'll deal with on resale. For Bilt4me to buy a salvage title, he is going to want a %50 reduction. Thats his valuation of the truck and nothing wrong with that. The car is worth to him what he's willing to pay. I would pay more. Somebody just valued a 1000 mile 80 series on Bring a trailer at 130k + and thats his value. I would pay less.

Bottom line is it just another hurdle to overcome when selling and thats why its worth some sort of reduction of value

 

[BILT4ME]

Not trying to pic on @BILT4ME but this is some of the thinking you'll deal with on resale. For Bilt4me to buy a salvage title, he is going to want a %50 reduction. Thats his valuation of the truck and nothing wrong with that. The car is worth to him what he's willing to pay. I would pay more. Somebody just valued a 1000 mile 80 series on Bring a trailer at 130k + and thats his value. I would pay less.

Bottom line is it just another hurdle to overcome when selling and thats why its worth some sort of reduction of value

That's OK.

If I'm buying a Studebaker, there is no "Carfax" report to tell me it's been in a collision. I would almost EXPECT the title to be a salvage title, however, those didn't exist on the old stuff.

It wasn't until the mid 1990's that the salvage title stuff started to be an issue and even in the last 10 years in the state of KS, where the vehicle owner is REQUIRED to have a salvage title if the vehicle has been totaled.

It may not be an issue historically, but you need to check your local laws and insurance representatives.

These trucks are now almost all considered "antique" sine they are almost all 25 years old or more. This may negate the salvage title issue altogether.

I have a friend here that had his 1981 2WD square body pickup stolen, stripped and found. He bought it back, but only with a salvage title and he cannot get a "rebuilt" title here. He does not plan on selling it, but it will affect his resale value, in spite of the amount of work he's throwing at it.

It has to be a calculated risk, as it will make it so it does NOT bring top dollar, no matter how you look at it.

In the case of one that has been totaled because the RF fender was crushed and it was easier to total it than to have it rebuilt and no one really cared, then go for it.

Most people have no idea how it really affects their values until it's way too late.

 

[Heckraiser]

Mine has a salvage title too. And I have bought several other vehicles with rebuilt from salvage in the past.

At least in my area (Denver metro), a good clean, well-repaired vehicle with a salvage title will tend to go for about 75% of market value. There's even a dealership that specializes in fix-and-flipping wrecked 4runners and they do a pretty good job. I don't think the 80's "classic" or "appreciating" status changes valuation. Buy it for cheaper and just understand that when you sell it you can't price it like a clean-title vehicle. Done and done.

Call your insurance agent and make sure you can get the coverage you desire given the title status.

 

[musthave]

Insurance for salvage vehicle is easy here. No issues. I’m headed to buy it now. Even if I keep it for 5 years and use it to go fishing and get parts, it’s worth it. I don’t think it can depreciate.

Great to hear the thoughts of the community.

 

[White Stripe]

Ive always heard you can only get liability insurance on a salvage title vehicle. That would be a definite no go for me. Maybe some insurance companies will allow you to put full coverage on it that Im not aware of. I hate dealing with title issues so I only deal with clean titles. Plenty of 80s to choose from for sale that have clean titles in my opinion.

 

[subzali]

Ive always heard you can only get liability insurance on a salvage title vehicle. That would be a definite no go for me. Maybe some insurance companies will allow you to put full coverage on it that Im not aware of. I hate dealing with title issues so I only deal with clean titles. Plenty of 80s to choose from for sale that have clean titles in my opinion.

Depends on the insurance company. My insurance company has no problems with full coverage on my salvage title 80.

 

[musthave]

My insurance company is ok with full coverage. 1M CSL policy but no DV. YMMV

 

[Ncrunner4x4]

I think having the history, one owner and details would help if you need to sale. I think you buy at the right price so when you sell(if ever) it is sold at the right price for Salvage. So you make your money by buying it for a good price. I would have no problem if fixed correctly owning one.