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) |
orange914 |
Apr 1 2012, 10:33 AM
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http://5starmediaworks.com/index.html Group: Members Posts: 3,371 Joined: 26-March 05 From: Ceres, California Member No.: 3,818 Region Association: Northern California |
Hammy, A salvage title has more to do with the cost to repair the car VS the value of the car. I don't think it has anything to do with the registration. Salvage titles are usually put on by insurance companies when cars that are damaged beyond their worth are resold. Just my $.02 and I'm probably wrong. Phatnine11 Well put. It's all about benifitting the insurance co. But whats worse? A newer car thats worth $20k that had 10k damage (having a non salvage title), or a lower dollar vehicle that had a minor repair that brought it past the inurance co.'s value to cost and is now a salvage? I own 2 old rabbit p/u's... the one that has a salvage title that is tighter than the everything original one, I can't even find any damage. Salvage may be worth buying to drive the wheels off? Not so sure about a sissy prius tho... (IMG:style_emoticons/default/poke.gif) (IMG:style_emoticons/default/lol-2.gif) Mike |
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