Salvaged Titles??

JersSY

JersSY

SyTy Addiction
Ok, even though I know the history on this Sy near me (184), I have to ask. How bad does a salvaged title kill the value of a Sy/Ty?
The truck has had a hard life but I still see it for sale for 5K and it is KILLING me to not go pick it up. :banghead: I already have a clean Sy (1616) in the garage and this new one Screams out to be bought and seriously modified.
I don’t want to mess up the one that I already have but I would love to get this one and mod it up for the track. Am I crazy for this, like the wife thinks that I am?:chair: Somebody please talk me off the ledge on this one if I am wrong.
 
Spnknu

Spnknu

Member
Re: Salvaged Titles??

usually a salvaged title or re-constructed title lowers the book value 15%-20% depending on the condition of the vehicle.

That is what I've experienced with selling vehicles and talking to dealers at the auctions.

Off topic but where about in Michigan? I will be back in a few weeks and will have some cash to burn if I can find the "right" truck.

EDIT: nevermind...I figured it out. I'm actually looking at the ad for it right now.
 
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K

KETCH-UP

New member
Re: Salvaged Titles??

I restored a salvage title TY and think it was a good move. Initially I invested more than its value, but modded as I wanted without regret. Now 50k miles later and a permanant grin while driving it, wouldn't sell it even at a profit. I autocross it and launch it frequently and even haul stuff in it. The "R" title situation keeps me from being paranoid about having fun!
 
JersSY

JersSY

SyTy Addiction
Re: Salvaged Titles??

KETCH-UP Re: Salvaged Titles??

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I restored a salvage title TY and think it was a good move. Initially I invested more than its value, but modded as I wanted without regret. Now 50k miles later and a permanant grin while driving it, wouldn't sell it even at a profit. I autocross it and launch it frequently and even haul stuff in it. The "R" title situation keeps me from being paranoid about having fun!

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Well put! I like the part about keeping you from being paranoid, no regrets. I called the guy and left him a message. I plan on at least going to look it over today. If it looks good and has the potential, I may just do the deal.
 
BoostedSUV

BoostedSUV

Active member
Re: Salvaged Titles??

If you're buying it for yourself to mod it and hang to, buy it. The salvage title is a great way to pick up a reasonably priced vehicle. If it doesn't bother you, and you're not looking to turn a profit with it then I don't see any reason to stay away from it. :tup:

Where's ken(warmpancakes)? Another truck in Michigan!
 
JersSY

JersSY

SyTy Addiction
Re: Salvaged Titles??

BoostedSUV Re: Salvaged Titles??

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If you're buying it for yourself to mod it and hang to, buy it. The salvage title is a great way to pick up a reasonably priced vehicle. If it doesn't bother you, and you're not looking to turn a profit with it then I don't see any reason to stay away from it.

Where's ken(warmpancakes)? Another truck in Michigan!
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Thanks for the advice! That is really my only plan for the truck if I do make the deal. I would like to have another truck that I could turn into a real screamer and not have regrets about it. I can’t in good conscience do that with my current baby; she’s still in too good of condition. I was talking with ken (warmpankakes) on another thread a couple of weeks ago but haven’t met him yet.
 
Beavis

Beavis

Still plays with trucks
Re: Salvaged Titles??

Buy it, biuld it, beat the shit out of it, and sell the other one because you will find it is not as much fun....:2cents:
 
J

Josh Young

kirk
Re: Salvaged Titles??

I've always heard that banks will not loan but 50% of book on a salvage vehicle. I don't know if that is true or not, as I've never tried to finance a salvage title vehicle before. I would try to get it for as cheap as possible. Personally I think that it would effect one a hair more than 15-20% but not as much as 50%. It really all depends on what kind of job was done repairing it. If it was a nice repair and a good looking truck, yeah maybe around 20-25% less, but if it is hacked up then I would think 50% less. Good luck with whatever you decide to do.
 
gkrcr882

gkrcr882

SyTyless......for now!
Re: Salvaged Titles??

Try to find out why it has a salvage title. IMO, the "why" and "how" are more important than the fact that its branded. Was it hit, flooded, stolen, burned, blown up, dropped, smashed, hit by radiation, etc?
 
sandSStorm

sandSStorm

One man wolfpack
Re: Salvaged Titles??

Josh Young said:
I've always heard that banks will not loan but 50% of book on a salvage vehicle. I don't know if that is true or not, as I've never tried to finance a salvage title vehicle before. I would try to get it for as cheap as possible. Personally I think that it would effect one a hair more than 15-20% but not as much as 50%. It really all depends on what kind of job was done repairing it. If it was a nice repair and a good looking truck, yeah maybe around 20-25% less, but if it is hacked up then I would think 50% less. Good luck with whatever you decide to do.
Click to expand...

You are correct. A salvaged vehicle is only worth half of what ever blue book is. It doesnt matter how it was restored. Even if it was restored to better that new condition, the fact that it is salvaged makes it worth 50% less.
Trust me. I deal with that in a daily basis.

SS
 
C

Captain Morgan

Moderated User
Re: Salvaged Titles??

My Ty is a salvage title vehicle. was reconstructed in PA, but NJ does not have that status so it goes to salvage.

Do I regret it?... yes and no... I never planned on selling it when I bought it, I was on the fence a couple years ago, but even with it was running with under 95K on it, there was no way I was ever going to fetch a reasonable price for it. I have more invested in parts/mods than I'd be able to get for it, I'd practically be giving the truck away for free (not that I was looking to get my full money back, I know thats a lost cause with just about any vehicle).

My truck only has a few paths to take from here on out... either to be parted out, LS engine swap or a full out race truck. I havent really touched it in 3 years and have 2 other project vehicles to complete in front of it, but I may get it back on the road this spring if Im inspired.
 
powercat6

powercat6

Active member
Re: Salvaged Titles??

Josh Young said:
I've always heard that banks will not loan but 50% of book on a salvage vehicle. I don't know if that is true or not, as I've never tried to finance a salvage title vehicle before. I would try to get it for as cheap as possible. Personally I think that it would effect one a hair more than 15-20% but not as much as 50%. It really all depends on what kind of job was done repairing it. If it was a nice repair and a good looking truck, yeah maybe around 20-25% less, but if it is hacked up then I would think 50% less. Good luck with whatever you decide to do.
Click to expand...

Regardless of Salvage title or not we're talking about a truck that is 19 years old. Most banks won't loan on cars older than 6 or 7 years old. Black Book (not to be confused with Blue Book) only goes back 6 years. Black Book is what many banks use for evaluating vehicle values and loan values for cars and trucks. A bank wants to be able to get some of their money back if they repossess. Banks don't want to screw around with an old car that potential buyers will lowball just like foreclosed houses.
 
RMcCourt

RMcCourt

More Miles by Boat
Re: Salvaged Titles??

I was talking to the seller as well. Want a truck I can drive and not feel guilty about mileage. The salvage doesn't bother me, I just don't think spending another 5k on a truck is a good idea for me at the moment. Good luck with whatever you decide to do. I think the truck suits you purposes.
 
JersSY

JersSY

SyTy Addiction
Re: Salvaged Titles??

Well, I went and looked at the truck on Wednesday night. I didn’t drive it because of time constraints and the ridiculous amount of peeps on the road at the time. The truck is Rough and the owners "say" that they didn’t know the history. They told me that they put new brakes all the way around and a new stock fuel pump. From what I could see, the frame was straight and it sounded ok just running in the garage (looking with a flashlight at night).There is a Substantial amount of surface rust on the truck and the cladding is busted in several places. They stated that they had no idea how the truck got the salvaged title. The other thing is that the mileage was grossly understated, 120K is actually almost 170K.:squint: I was planning on going tomorrow to drive it and make a final determination on it.
 
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BoostedSUV

BoostedSUV

Active member
Re: Salvaged Titles??

Based on the mileage, rust, damaged, cladding, lack of history about the truck, and most importantly the SALVAGE history I would say 5k is over-priced.

You looked at night and noticed all this... Imagine what you'll see during the day! I would offer $3500 tops and if they don't take it just walk away.....
 
Beavis

Beavis

Still plays with trucks
Re: Salvaged Titles??

1st offer $2500, they don't like it, 2nd offer $3000, they don't like it, 3rd and final offer $3250. they don't like it, walk away and tell them it is too rough for any thing more....:2cents:
 
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