'86 328 with theft branded title for $60K?

I'm looking for advise regarding a theft branded title 328 being offered for $60k.

I came across this '86 328gts which is being sold on consignment by a small european specialty dealer near me. The car appears to be in great physical and mechanical condition but the issue is that its carfax report shows that it was reported stolen back in '87 in California, with no other history showing again until 2002 when it pops up as a junk title in Florida. Afterward, it was titled in a couple other states and currently it has a clean title in its currently registered state, despite the carfax.

The dealer was just as perplexed as I am. He stated that everything on the car upon inspection is factory with no signs of any major historical issues or physical damage to the car prior to '02 when it pops back up on the carfax, but it has a non-factory ignition from the '90's (presumably because the original ignition was damaged when it was stolen).

Anyway, it is being offered to me for $60k. I do not have any experience with this kind of issue and hoping for advise from others with more expertise -- is this a great price considering this theft history causing its "branded" title? Or is this something you would stay away from no matter what?

 

Without a proper PPI, if you assume it's "average", then that would normally be roughly a $80k car (and today's market is a bit soft, maybe till after inauguration). IMO, a 23% discount doesn't seem nearly enough for a previously stolen and then junked car – especially when in absolute terms you're looking at another 20k to skip all that. Just my 2c.

 

If you have questions about it, so will the next buyer when you go to sell. IMHO, unless you're planning on holding long term, I'd pass on a stolen title + junk title Ferrari unless the discount was WAY higher. You can get nice no-story 328s for the mid-to-high 70s now.

 

I'd expect it to affect resale about the same as purchase. ...you save now on a nice car but need to understand you won't get top dollar on resale. Same as a house in a poor school district, if you don't have kids going to school why would you care? Buy it and enjoy it.

 

Do yourself a favor and ask for the paint code readings before even considering it. I saw that car and had the readings done, they seem to indicate it is full of body filler. I would avoid the car personally

 

I'd take a look at some of the 7sources listed here about FL Junk tittles. I don't know what state gave the car a clean tittle, but if it came out of FL with a junk or salvage tittle, the tittle has been washed. Could well have been a flood car totaled by insurance.

https://www.google.com/search?client=firefox-b-1-d&q=florida+junk+tittle

 

The rules on titles have changed dramatically in the past 20-30 years. NOW most (all?) states have salvage titles, 30 years ago I'm pretty sure most didn't. Similar things happening right now with salvage or junk certificates that can never gor any reason be registered in some states but aren't issued in others so WAY more damaged vehicles can be or for sure a fl salvage certificate can be registered elsewhere, just looked into it for a what was left of a motorcycle for sale in FL.

As long as ownership is not in question and the car is nice......

 

I know, at least in Texas, bonded titles are issued if the original title is lost.

For a 40-year-old car that sometimes happens.

 

Here is the carfax
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here are the paint meter readings....
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Thanks guys, appreciate the advise. Consensus seems to be that this car isn't discounted enough to compensate for the branded title and unknowns associated with it.

@chaosrob - thanks for including all of that additional info, that is super helpful.

 

My pleasure sir.

I was looking at that car not long ago and tried to talk myself into it, thinking it would be one that I wouldn't have to fret over. No matter how hard I concentrated on the pro list I couldn't pull the trigger on it. The more information I received about it the more apparent it was for me. I waited and found a clean title, no excuse car for a bit more money but in the long haul I am confident that it was the right decision. YMMV

 

Not only repainted but repainted incorrectly.

 

I have a very nice euro 308 for 60 K in the classifieds. No weird title issues

 

I was thinking $45k and recall you expect lower when you sell in futre

 

In the general car market a rebuilt title car sells 10-30% below clean title, l've bought several including my driver. 1st bring returned to operation something many have been missed so 30% off, but years/miles later it way less risk so more like 10%.

Collector cars its harder to put numbers because everyone buys it for their own reasons. I'm not kind to my toys so personally love stuff that's already got story so I don't feel bad adding to it vs creating the story

 

Another consideration is insurance. Many of the larger underwriters will not underwrite a car with a junk title. You may want to check with your broker or contact a specialty brokers to see if/how much it will cost to insure.