On a 360 a “Salvage” title means??

I found this online:
A vehicle deemed a total loss ("totaled") by an insurance company results in the issuance of a salvage title for the vehicle. It becomes a "salvage vehicle" and CANNOT be driven on the highways or have a valid license plate. It can be sold ("AS IS") to an automobile rebuilder to be used either for parts or to be restored ("rebuilt"). If restored, it must be inspected and ultimately a "rebuilt title" will be issued for the vehicle. A rebuilt vehicle with a rebuilt title CAN be driven on the highways.

 

RUN away from any salvage title or rebuilt title cars. Too many potntial problems and a nightmare to try to resell.

 

On a 360, I think it can mean that a corner was punched in and it cost $100K to fix. That's a prob with the 360. I guess if you paid $100K to fix the car, and it is perfect, you might try to get high retail. Good luck with that, but you can't believe how many people call me and ask if they can sue some dealer b/c when they try to trade in their car they find out for the first time that the Acme Auto Co sold them a pristine car with a salvage title. I ask, didn't you look at the title when you bought the car? The answer is usually that they got the title in the mail later, after the loan was paid off, and never looked at it. At least this seller is letting you know ahead of time what the situation is. Cudos for that.

 

Tru dat. A salvage car is one that has been written off by an insurance company. While insurance adjusters are not always the sharpest knife in the drawer, they are not known for their charitable efforts. If the insurance company decided to take a hit, your best bet is to walk away unless you want to build a race car.

Dale

 

unless he wants to use it for a track car??????????????

 

These cars seem to be very expensive in the US? I bought recently a 2003 360 Modena F1, 30k km, sunroof, factory roll bar, sat nav etc for about $119,000. Maybe some of you US guys need to start shopping over here!

 

Hi Mark,

They would be shopping here every day, and you would get good profit on your car, but for the fact that it's difficult, and expensive, to turn a Euro car into a U.S car, and the extra emissions gear necessary is only part of the scenario.

 

The industry standard is a Salvage certificate car is worth half of low or wholsale bluebook. Most banks will not finance one, and some insurance companys won't insure them. Bottom line, only buy a salvage car if it's really cheap, and you can live with the fact you may be married to it. You can find a nice 360 for the $120's with a clear title, so I would stay away from this one. Now a 430 at that price may be the right money.

 

Unless the car is $70-80k stay far far away.

 

It sounds like this seller is just hoping to find a sucker who is lured by a lower, negotiated price. The guy may be a body shop or something.

 

With "salvage" status, see if you can find out why it became salvaged. Depends on insurance adjusters and companies and how they calculate the damage repair costs and the extent of the physical damage. If there's frame damage or serious structural or suspension damage, run and keep running away.

If the salavage damage is because of interior theft (I dunno, maybe some thief stole the carbon racing seats, the expensive carbon brake rotors and pads, the entire dash or other interior cosmetic parts) that added up to a replacement cost of 70% (automatically awarding the car of salavage status) of more of the FMV of the car then it's not considered to be that bad. Shops who buy the parts at their dealer cost and then repair them to re-sell them is not unusually uncommon.

Other times, it might be as others suggested like a messed up front corner or possibly side damage where it's just too costly to pay for not only the parts costs, but also the labor costs. These kinds of damages repaired aren't too bad for a salvage title. But no matter what, a salvage title should be bought dirt cheap. Maybe 70-75% of FMV.

 

In Europe you can find a nice 360 around 110k-120k USD for a 00 with about 20k-25k miles on it.

 

I agree, there are often cars with minor items, like radio thefts and things of the like that don't have a clear title.

 

WARNING! WARNING! Will Robinson!!