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Money on a salvage

 
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Old 02-27-2011, 03:22 AM
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Money on a salvage

I am pretty sure most of you here know what salvage is. I once was ignorant at the moment I heard the word "salvage" I would just say the car is useless. But this is not the point. After buying my first car, and it being salvage I have learned that the situation can vary greatly. My car was not as unfortunate at others. It had a very light incident on the drivers side near the rear fender. I even have the pictures of what happened. It was fixed and the original bumper that fell off is even still on the car now.

You can skip that if you don't want to read.

My main question is, my car is salvage-its still good and runs perfectly. But should I just keep driving and wait until I get another car or would it be ok to dump money into it.

Eventually I would get intake, exhaust, headers, rims which along with would come tires, rear bumper and maybe fix up a few scratches on the surface. All of that would most likely cost me about $2,500- $3000. Would it be worth it? Or what I was thinking, if I want a lude (as this is my first car and first lude and so far I like it) I can simply sell this and get one that is clean and maybe less miles and dump money into that car. As this one has changed my opinion I have great respect for it.

The issue about being salvage bothers me because of the idea itself, not about what actually happened to the car. This is true for most people.

Last edited by bgioan; 02-27-2011 at 03:29 AM.
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Old 02-27-2011, 04:38 AM
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Re: Money on a salvage

IMO you should do whatever you want to do. Keep in mind that any Vehicle is considered one of the worst "investments" anyone can make due to depreciation, maintenance cost, etc.... But like myself I love building up something and its gonna be a risk when you put as much money into something that is valued at much lower then what you put in it. Selling a modded car can be easy or hard. Do things right and a person that knows what hes looking for will know that the car is worth how ever much your asking for it. as opposed to some person who sees a car + some parts+ a salvaged title= just another car. Its your car, your money, your time.

I do decently well and the best advice ive ever received is "You dont get rich spending money" And now on the other side. I LOVE my cars and LOVE making them into nice ones (which costs money if you want quality)

Whatever you do I wish you luck but look long term and consider short term issues (ex. accident, theft,blah blah blah)
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Old 02-27-2011, 05:24 AM
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Re: Money on a salvage

Thanks for the good advice and I definitely agree with you that cars are one of the worst investments. Which is why I make money with my other investments ;). So I think if you have the extra money why not then?

My main thought was I would drive this car and if I do like it as much as I do right now I would get a manual one and put money into it. Since I originally wanted manual as opposed to auto but I live in southern CA and it is not the best place to be changing gears. But I wouldn't do a full overhaul. I prefer to keep my look stock, either what it looks like from Japan being JDM or if it was from Korea (Hyundai) or something. I would be completely upgrading the engine you know getting new rods,pistons, etc..
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Old 02-27-2011, 07:03 AM
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Re: Money on a salvage

Just cause a car has a salvage title doesn't mean it's a horrible car. All 3 of my Preludes have a salvage title, but yet I only drive 2 of them, cause the 3rd is still in the works of being coverted to right hand drive. I say if you want to dump the car is start having car payments, then go ahead, but me personally, I don't like having car payments which is why I haven't had one in 7 years.
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Old 02-27-2011, 10:44 AM
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Re: Money on a salvage

You could easily have a salvaged car running better than a new one. The problem is selling it. You're not going to get anywhere near your original investment. If you ever plan on selling it and want some money back, I wouldn't advise dumping into it.
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Old 02-27-2011, 12:36 PM
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Re: Money on a salvage

In my opinion, if your going to spend any money modding a salvaged car, you'll need to keep it for a while, or for ever. My buddy just picked up an Audi S5 that was flooded and they did an engine swap :O and now he drives it daily. Other friend also picked up an S2000 with front end destroyed. Frame was still good so he redid that and now it's his track car. They all came from the states from copart.com
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Old 02-27-2011, 01:09 PM
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Re: Money on a salvage

That's why I was going to keep it longer before doing anything to see if I actually like it and then decide. Prelude 1897 some of what you said I think you have a few typos but do you mean you would not dump money into a car that HAS car payments or you would not dump money into a car that does makes you have loans because of parts?
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Old 02-27-2011, 03:05 PM
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Re: Money on a salvage

My bad, I was really tired last night when I wrote everything....What I was meaning dumping money into a salvage title car is perfectly fine. Like others have mentioned, I hope you're planning on keeping the car for awhile, cause it could be hard to sell later. If the car is fixed right, then it'll drive just fine like any other car. Just cause it has a salvage title doesn't make it a bad car, just means the damage was more or very close than what the car was worth.
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Old 02-28-2011, 01:20 AM
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Re: Money on a salvage

Salvage is the next worst word to accident. 90% of the time means the insurance company will not cover the repairs. Which means if it's a sports car with a stripped inside, Someone just took the work out of making your new track car.

In this Back-asswards country, you can do a either a vin swap (same model car with no accident history, but no longer works) or Scrub the title... meaning you take the car to 3 separate states and have them issue a new title. By the third state, it won't even have salvage. leave the last state for your own.

I will not have another Car note, unless its a car that just is worth it. BRAND NEW. S3k for example or CRZ (turbo edition) or TSX wagon with turbo (I hope) you know what I mean.

If you're service records are accurate and your "buddy's garage" just didn't get your salvage running, SMART shoppers will buy your car, every time.

It is the FRAME DAMAGE you have to look out for. once that integrity is compromised... oops.
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Old 02-28-2011, 01:50 PM
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Re: Money on a salvage

Mine is a salvage title lude too. I rescued it. Theres no problem with dumping money into it just dont expect to get it back if and when you sell. Salvage title drastically reduces resale however it is not legally required that you tell the seller it is a salvage title unless they directly ask. Meaning you dont have to say "buy my car it has a salvage title". Most people dont even know to look for it on the title. Kinda crooked I know but whatev.
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Old 03-01-2011, 07:52 PM
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Re: Money on a salvage

Also check with your insurance. Most insurance companies will not cover a "salvage" car with full coverage insurance since there has already been a claim paid in it. It can be a sticky area with insurance on it. You also will have to work harder, and take less money for a salvage vehicle than for a similar vehicle with a clean title.

That being said, I have owned a few, and would again. Just depends on situation and vehicle.
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Old 03-04-2011, 11:12 PM
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Re: Money on a salvage

The most important thing that was said is that it really does depend on the situation. I understand how a salvage would be bad if the frame was damaged. But that is the reason I bought mine, it was hit around 15-20mph on its right rear and the only new parts were that fender, the bumper is still original as well as the rims. I would not buy a car with frame damage that ruins the overall structural integrity of the car. This is my first salvage vehicle so I am just asking!
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