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Salvage stories and values.... Posted by Mike Lynch [Email] (#81) [Profile/Gallery] (more from Mike Lynch) on Sat, 8 Apr 2006 15:18:20 In Reply to: 2000 9-5 wagon water damage/buying tips?, Tim B., Sat, 8 Apr 2006 11:35:03 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Salvage stories are always good ones. "It was just ________ , but the insurance company totaled it"......It always is made to sound minor. Most states have laws that say oral representations of a vehicle aren't binding. So once you accept a salvage title you don't really know if the "story" is true. It could be a two for one job, the back half of one car and the front half of another. A little wet may mean completely submerged. Insurance companies aren't stupid and most salvage stories depend on the insurance company being foolish.
Now the value of salvage cars. $6,700 is about right as a trade in or auction value for a Saab you describe that's NOT salvaged. Rule of thumb for us used car managers is salvage makes the car worth half what it should be. If I buy a non-salvage car for $6,700, I recondition it and put it on the lot for $9,995. If it's salvage then it should sell for $5,000, half the value and was probably purchased for only $3,350 or so. That's where the profit in salvage cars comes from. Resellers like to get 70-80% of value when they pay only 50%. Lotsa' ignorant, greedy buyers to feed the industry.
Water damage is one of the slowest developing and most frustrating problem areas. Works fine now, but wait a few years until that water that got where it wasn't supposed to rusts or shorts out that expensive electronics.
Can't recommend a salvage car to anyone who's not in the body shop business or extremely car savvy.
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