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Your thoughts on a Superformance with salvage title.
The car in question is a 2200+ chassis and the damage was to the fiberglass in the nose. Buyer is a custom race car body builder/painter who repaired the damage and repainted the car. He said the frame checked out and there was no structural damage, just body damage which is why he bought it, because fiberglass and paint is what he does for a living. Car has 3600 miles, 351/427, new 18" wheels and tires.
Does anyone have experience with salvage titled and repaired vehicles or is this one to just steer clear of? My search has been narrowed down to three and this is one of the candidates and I'm looking at it in person in a week. Thanks! Simon |
It wouldn't bother me if there was no frame damage but I wonder why it ended up being sold with a salvage title in the first place. (At auction) If there wasn't extensive damage and could be repaired with glass work and paint, why wasn't it repaired after the accident?
That's my $.02 Larry |
If I were really interested I think I'd try to contact the previous owner.
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Modest body damage and salvage title seems to be a red flag.
Likely explanation might be previous, more extensive damage. |
You will also need to check with the Department of Motor vehicles to see what you will need to do concerning registering a car with a salvage title and also check with your insurance agent. In NY for example, a car with a salvage title is treated as a custom build and has to go through the same inspection process to make sure that the car is road worthy. It might also be something that comes down the road if you go to sell the vehicle and a potential prior owner finds out the car had a salvage title.
It would have to be a verrrrry good price for me to consider purchasing something with a salvage title. States and circumstances vary, just be cautious. I also wonder why it was auctioned as opposed to repaired? The original estimate may have been pretty high, or possibly the insurance company water to take possession so that they could get some of their money back at auction? If you can contact the original owner that might help. |
Having a salvage title does not necessarily mean that the car was purchased at auction. All it means is that the amount of damage to the vehicle was equal to, or more than, 75% of the value of the vehicle (varies by insurance company). Once a vehicle is determined to be a total loss by the insurance company, the owner of the vehicle has a choice to make. He can give the title to the insurance company and walk away with a check. Or, he can take the check for the value of the car and then use some of it to buy the vehicle back from the insurance company for a pre determined "salvage" value and then repair it himself. It will then have a salvage title.
So, assuming the SPF in question is worth around $60k, there would have to be at least $45k worth of damage to the car in order to be considered a total loss by the insurance company. That's a lot of damage but in reality, could be totally body related. When the nose of my SPF decided to kiss a concrete planter, it cost $17,000 for the fiberglass repair and to paint the front 2/3's of the body, so if this car had serious body damage, it could conceivably approach the 75% to value figure. If it were me, and if the car is priced significantly less than other similar cars, I would do an inspection. Put it on a rack and verify that there was no frame damage. Take it for a drive and make sure it tracks true and doesn't feel like each wheel is pointing in a different direction. Listen for unusual noises from the transmission and engine. If anything doesn't feel or sound right, walk away. Coukd be the bargain of a lifetime, or a nightmare. And remember, when it comes time to sell it, the salvage title will be a big negative to the next buyer so you'll have to price it properly. |
Only if I could buy it for $20k. Even then it would be a risk unless you are only into expensive garage art.
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Not without a professional inspection. It would be worth the money to pay someone from Hillbank to fly to the car to inspect it.
Sometimes cars are totaled because the adjuster is afraid of getting into an infinite loop of additional callbacks. Sometimes it's justified. Only a professional PPI (Pre-Purchase Inspection) can tell the difference. |
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But, the car as it exists today - is a work of art. The seller is a very talented craftsman, and drove this car for at least a year as his own. This isn't a slap together, put her back, paint and flip sort of deal. The car is better than new after a lengthy and very expensive restoration by (again) a very talented individual - as you will see. But, if the salvage title holds thing up..it is what it is. If not, the price is within reason for the quality of work this car includes. |
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David |
Hey Simon,
As long as you never plan on selling it, everything checks out 100% & your saving at least $20K compared to other SPF's ,It might not be to bad of a deal. Everyone who is selling a salvaged title car always has a dumbed down story. If it's located in the PHX area I would have Charlie check it out first. Dan |
For only a few dollars, put it on an alignment rack, scales, and measure everything.
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Thanks everyone for your thoughts and suggestions, they are really quite helpful. The search is proving to be quite fun and interesting :-)
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Check it out, if it is ok and what you want, buy it....you don't drive the title, you drive the car....
A Superformance is a very simple car, no air bags, computers, power equipment ect... The guys as Les Swab can check it out for probably 100 bucks. I have owned a couple cars with salvage titles (stolen but not damaged) they were a hell of a bargin... Of course when you sell them, they sell for less than a clean title but in both cases, I sold the cars for more than I paid for them.... A Porsche 993 and a Z06 Corvette. |
In Missouri with a salvage title, I had to provide receipts on all the things I replaced to make it road worthy and have inspected by the Highway Patrol before I could get the motorcycle licensed. Pretty big hassle, esp if you are using any used parts. I agree with several other posters...if you are buying it for you and are not looking to sell it down the line, that is one thing. But most future buyers in this price range won't even look at a salvage title.
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I had no problem insuring or licensing cars with salvage titles in Washington State, but of course it is essential to make a few phone calls as the laws vary from State to State.
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If you could sell the sum of the parts for more than the cost of the purchase, what's the big deal?
I'd take the punt... Provided I could live with it being a "Salavaged car", it may be a case of it haunting the back of ones mind, every time they looked at it. Else Salvaged cars are repairable, and if what bartruff1 says is true, then why not? Only questions remain- are you ok with it? And how does it compare to the othe two Cobras you're looking at? Good luck with your purchase! |
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