devongarver

So the old lady has been lookin for a gt and i found one today thats relatively local for 5500$.

Its an 01 with 98k on the clock.
Looks in great shape, claims never sees salt/snow
Has mach1 shaker setup(looks good)
Sonic blue
gray leather
obviously stick lol

He says its freshly painted and has a rebuilt title but that everything is great on it. What should i look for on a salvage/rebuilt title? Will i have trouble insuring it>?

Mustangs near me or the surrounding states are in general about 20% more expensive than further south, so this seems like a pretty good price even for salvage.

What do you guys think?

ChalknCover

Typically, a salvage is worth half of its value. So, if you get into another accident, the insurance company will look at it and say "well it is a salvage title, so instead of it being worth 8k like any other stang would be, to us it is only worth 4k. Here is your check, have a nice day." At least that is how it is here in MD. We have a big problem with salvage vehicles because our threshold for total loss is 75% of the value, but a company can total it between 65 and 75%. So, you can still repair it for what you get back from the insurance company, though it can be more hassle than it is worth. In MD, you have to have it repaired within a certain time frame, has to be MD inspected at a state police barracks, not just any mom and pop shop. you get a branded salvage title and then you try and find insurance for it.

I would get a carfax on it, and have a local body man you trust look it over real good to make sure it was repaired in a profession manner, not by some two bit hack looking to make a buck.

Also, I would call your ins. agent to see how it works in OH and what the value is with that title.

devongarver

oh snap, i didnt realize that. Ill have to give her a call today then.

devongarver

good thing i called, my agent told me than NONE of the INS. companies they deal with offer full coverage on salvage titles, only liability is offered. GAY. lol

ChalknCover

See. You can also check public auctions in the area. I bought mine from a salvage auction for around 5k, but it was a clean title because it used to be a undercover cruiser for fairfax, va. Well maintained, all I had to do was replace the carpet and the center console, plus remove all the wiring in the car. It was a day's work, but well worth it IMO. Some folks don't like buying those types of cars because they don't know how hard they were driven, my reply was, it was no harder than I drive it now.

devongarver

thats a good idea...im not sure where to look for public auctions. shall be my starting point lol.

And i agree, i guarantee i will drive it harder...

JC316

I won't touch a salvage title with a 10 foot pole. Unless you are going to drive it till the wheels fall off, don't mess with it.

Fobra

most "Auctions" are BS. you need to get to a dealer or repo auction - they are hard to find. Salvage is just fine... odds are if you buy a used car its salavged anyway and you dont know it. I know dozens of people who wrecked their car and repair it out of pocket - hence its not salvaged. Anyway if they did a good job on the fix, you have no worries. However, you need to check state law. Some states will not allow you register a salvage car. But $5500 is pretty high for a salvage title. Offer 4K... but I would not pay more than 5K

JC316

Not in Texas it's not fine. The resale value drops out and dealers won't touch it on trade in. It doesn't matter if they repaired it out of pocket, that one word on the title KILLS the value.

Ron98Cobra

After looking it over, and driving it, and having professional look it over, and you still like it, and plan on keeping it, then go for it, but like mentioned above if you ever go to re-sell it, most will shy away. JMO