Recently went to car dealer and was looking at used Saab 9-3 convertible. His car for sale was a 99 with with 80k mi for 8k. Almost exact same car being offered privately but with salvage title(due to theft so he says) for 6k. (blue book fwiw says $8500) Dealer was telling me to stay away from salvage cars, especially if I am a homeowner. What does this mean, or was he just feeding me lines?
4 Responses
-
smartypants909 Says:
A car with a salvage title has already been paid off by the insurance company for being totalled. I think you can only insure it for liability. My husband is a former car salesman and would never buy a car without a clean title, never a salvage title. I’m not sure what being a homeowner has to do with it.
-
SpAiD_UCA Says:
i own a car lot and i sometimes buy cars from the auction with a salvage title. i resell them at good prices and i also let the customers know but as long as you keep the car for yourself and not resell it then your in good condition. your house doesnt have anything to do with it.
-
mccoyblues Says:
I don’t know what the homeowner connection is but a salvage title mean the car was declared a total loss by the insurance company and somebody has rebuilt it.
Avoid cars with salvage titles. They have already been written off once by the insurance company, so most insurance companies will not write a policy on a car with a salvage title. Most banks will not finance a car with a salvage title.
-
Derrick Says:
Ive gotten loans and insurance for salvage cars, it may be true with the car being a theft and there is nothing wrong with the car. The insurance company prob. paid the owner for the car and then the car was found so it was already written off. I would get it in writing about just theft that way if you find out it was wrecked you can go back on who you bought it from. The homeowner thing I think is if you sell the car later and do not tell the new owner that is salvage and why it salvage then them can come back on you to collect cost and that may be coming after your house if you dont have the money.
