Cars, damaged but cheap

[RedGSR]

You guys make it sound so complicated. A salvage title means it costs more money to fix the car than it's worth. It's as simple as that. The insurance company can pay $4001 to have the car fixed or they can pay you $4000 which is the price of the car itself. Obviously, they choose the latter and a salvage title is slapped onto the car. Now, to fix up this car does not necessarily cost $4001. It costs that much because all the parts being replaced are new. Op's brother's purchase is a perfect example of how a car can be fixed cheaper. There is no way the state can determine whether the car was repaired correctly or if corners were cut so it just gets a salvage title.

 

[0roo0roo]

as long as it doesn't have major structural damage.
welding body structure can either make parts too strong or too weak. no more crumple zone for instance.

 

[RideFree]

Originally posted by: hans007
from what i remember my dad's friend used to say the "theft" ones were the best. the insurance companies would write them off, but they would later be found after the companies had paid out already. so usually nothing is wrong with them

Guess you never heard the expression, "Drive it like you stole it!"

 

[compman25]

I have an IAA within 5 miles of my house and I have a DAA within 1 mile. The DAA place is huge, and it is mainly for dealers. There are usually 20 to 30 car haulers being loaded everyday there. If you own a car lot or have a friend who does the DAA place is great for cheap cars.

 

[ctcsoft]

Buyer Registration
Buyer Registration is available for a $200.00 annual fee. Buyer Registration is required access to all of the features available in the Auction Center, and to bid on vehicles.



Guys its worded perfectly. $200 Annual Fee. That doesn't mean its a "1 time" fee. It means its $200/year!

Simple.

Now onto these auctions. They are worthwhile only IF you....

1) Buy the right cars - Not the junk ones that need too much work etc.

2) IF you have access to a mechanic and body man. Or if you can do the work yourself.

Thats the only way its worth it. You have to buy the right cars at the right price, then get the repair work done at min. cost. Otherwise WASTE OF TIME and its not easy work.

I know from experience here and I've re-titled 2 salvage cars in the past.

 

[DrPizza]

Originally posted by: ctcsoft
Buyer Registration
Buyer Registration is available for a $200.00 annual fee. Buyer Registration is required access to all of the features available in the Auction Center, and to bid on vehicles.



Guys its worded perfectly. $200 Annual Fee. That doesn't mean its a "1 time" fee. It means its $200/year!

Simple.

Now onto these auctions. They are worthwhile only IF you....

1) Buy the right cars - Not the junk ones that need too much work etc.

2) IF you have access to a mechanic and body man. Or if you can do the work yourself.

Thats the only way its worth it. You have to buy the right cars at the right price, then get the repair work done at min. cost. Otherwise WASTE OF TIME and its not easy work.

I know from experience here and I've re-titled 2 salvage cars in the past.

Agreed.

Originally posted by: RedGSR
You guys make it sound so complicated. A salvage title means it costs more money to fix the car than it's worth. It's as simple as that. The insurance company can pay $4001 to have the car fixed or they can pay you $4000 which is the price of the car itself. Obviously, they choose the latter and a salvage title is slapped onto the car. Now, to fix up this car does not necessarily cost $4001. It costs that much because all the parts being replaced are new. Op's brother's purchase is a perfect example of how a car can be fixed cheaper. There is no way the state can determine whether the car was repaired correctly or if corners were cut so it just gets a salvage title.

Actually, it's more like 75% (or something close to that) of the vehicle's value. Once damage reaches that value, it's declared a loss. Additionally, it doesn't require "new" parts. If available, used parts are just fine, especially for the body. Also, in regard to "there is no way the state can determine..." The car will still need to have a safety inspection. And (at least in NY), it will need an additional inspection for the salvage title. They'll go over the vehicle with a fine tooth comb looking for stolen parts. And, they don't do that out of the goodness of their hearts - it's going to cost you another $200.

So, with the $200 sign up fee, plus $200 for the inspection, that's already $400 added to the cost to obtain the vehicle. I don't mean to sound thread-crappish, because I'm sure that there are some bargains to be found. But 2 rules apply: you better know what you're getting yourself into, and if a particular deal sounds too good to be true... Personally, I think it's a big risk choosing a vehicle based on "collision front end" and not being able to really see what needs to be replaced in the vehicle. I glanced at Buffalo's listings: it appears you can view the vehicles prior to the auction.

 

[DrPizza]

Man, I know where I 'm going for the next car.
Just watched a 2008 Focus go for 4,000. Only had 99 miles on it.
Must have been wrecked on a test drive or a really unlucky buyer

In all likelihood, the buyer isn't planning on fixing that Focus. Junkyards often bid on such vehicles & sell the parts. They'll make their money back and then some. Where else are you going to get parts for a 2008 vehicle?

 

[SilentVixen]

There are some pretty good looking cars on there. Too bad there isn't a way to see what they're going for without paying the $200.

 

[kevinbaconrulz1232]

www.prestigeautobrokers.com

for the ones in texas

 

[Googer]

Most of these cars are not road worthy and may be hazardous to the driver or other others around him.

 

[nukleuz]

THE $200 fee is only for 1 year so i don't know how your brother did it and hasn't paid in 3 years
I've been using iaai since 2001 and the fee was never a one time fee

 

[STotaro]

Also cars inluded in large corporate "fleets" will often be totalled by the insurance company in order to keep large clients happy. I know a guy that got a full sized Hummer with a salvage title. It would be hard to total a brand new hummer, but this thing just had a small dent and broken taillight in the right rear side. Easily fixed and flew through inspection for dirt cheap.

Only problem now is the price of gas.

 

[ericlp]

This is like rolling the dice... Most cars you get easy into the 5-10K range even for a minor 5-10MPH Collision ... Air Bags are expensive... Usually the high end cars will have airbags for knees, heads, sides, etc...etc... replacing those must be fun. You can see a lot of these cars even on ebay. I see these all the time. I suspect people think wow! CHEAP! Then they get a car hauler to deliver it back for 3-400 bucks ... Then they really SEE and start adding up what it will cost to repair ... Think about this when buying one of these cars. Your not gonna see in those pictures if it got in a front end and the car may run / start perfect, but if it bend the u-joints that could have done expensive damage to the trans... Your not gonna know this till you look into it. Those are the biggest money eaters. Trans and engine work...Lot's of expensive parts when you gotta go buy them and consider a NEW car, used parts are not going to be available and get's SPENDY real fast...

That's why you see on E-bay. Never buy one on E-bay ... usually they are the ones that the bidders bid on and found out it would cost too much to repair.

I have bought a few vehicles and reconditioned the titles.. I've never lost on them... But I could see someone losing out on this type of "RISK"

 

[MadScientist]

Originally posted by: RedGSR
You guys make it sound so complicated. A salvage title means it costs more money to fix the car than it's worth. It's as simple as that. The insurance company can pay $4001 to have the car fixed or they can pay you $4000 which is the price of the car itself. Obviously, they choose the latter and a salvage title is slapped onto the car. Now, to fix up this car does not necessarily cost $4001. It costs that much because all the parts being replaced are new. Op's brother's purchase is a perfect example of how a car can be fixed cheaper. There is no way the state can determine whether the car was repaired correctly or if corners were cut so it just gets a salvage title.

It is a bit more complicated. The determination of whether or not a vehicle requires a Branded Title varies by state and may depend on a myriad of individual factors, including but not necessarily limited to: the age of the vehicle; the state in which the vehicle was originally titled; the extent of repairs required for the vehicle; the type of repairs needed; the actual cost to repair the vehicle; and the cause of damage to the vehicle, e.g., hail, theft and other factors.
Here's a table that shows how the laws vary from state to state: Link
I live in a state that lets the insurance company determine whether the damage to a vehicle is repairable.
A few years ago my wife totaled (per our insurance company) her car in an accident. All the damage was to the rear, the frame was not bent, it had only 30,000 miles on it, so I had it repaired. The estimate to repair it was $4800. My insurance company paid me $7600. retail. The repair cost was only 63% of retail. I bought it back from my insurance company for $460., the salvage price. I had to re-title it (salvage title), and get it inspected by a state inspector, which was no more then him checking that my driver side air bag was functional.
They did a great job repairing it, I made a few bucks, but it has a salvage title.