OT: Salvage titles, What's the skinny |
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OT: Salvage titles, What's the skinny |
Hammy |
Mar 31 2012, 11:04 PM
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#1
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mr. Wonderful Group: Members Posts: 1,826 Joined: 20-October 04 From: Columbia, California Member No.: 2,978 Region Association: Northern California |
So a friend is in the market for a used 2nd gen Prius, and have been noticing a huge amount of them in private sale are salvaged title, usually due to the owner not wanting to pay back registration fees and salvaging the title??
I'm a bit uninformed on the subject, so What's the downside to a salvage title, is it higher insurance rates? I've been searching and have yet to find a definitive answer. Any info appreciated! (IMG:style_emoticons/default/beer3.gif) |
TravisNeff |
Mar 31 2012, 11:12 PM
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#2
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914 Guru Group: Members Posts: 5,082 Joined: 20-March 03 From: Mesa, AZ Member No.: 447 Region Association: Southwest Region |
Salvage title means the car was a total loss from the insurance company. Getting full coverage may be a chore. And when you decide to sell it, the title issue alone will dramatically cut the price you will get for it. Stay away, unless its too good of a deal to pass up.
Also, someone must have rebuilt the car to be road worthy. Depending on the type of loss, you may have big issues down the road (accident, flood damage, etc). |
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