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...if you have the skills, knowledge and tools to do most of, if not all, the work,
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That is the key right there! Paying retail for the labor is a huge unknown can of worms that could quickly bury you in expense. With a salvage title your pool or buyers is reduced, the expected price is reduced, but not nearly as bad as a regular car would be. It is STILL a very desirable vehicle and there IS a market for it. Myself, I wouldn't plan on selling it, I'd do the car for ME and keep it.
I wouldn't replace the frame, by the way, unless examination showed it was just to far gone, which I doubt. The risk I would assume would NOT include replacing the frame. If I had to do that, whew, I'd be major bummed out.