FDNewbie

iTrader: (10)

When cars get stolen then recovered, or claimed by insurance due to say, flooding, they're often offered for sale to the general public at steep discounts. Point is, the car no longer has a clear title.

Granted, you're gonna have to put in a couple of grand in repairs (be it fixing body work, a blown engine, etc), would anyone ever consider buying a car in such a case?

The theft recovery, I guess that would be a case by case senario, depending on how much damage we're talking about, right? Or is this a flat no?

And what about say, flooding? I'm curious as to what it may entail repairing a car that won't turn over from flood damage, etc.

What you guys think?

AnthonyNYC

iTrader: (3)

I would stay away from this. It can be very very costly. Once you purchase a car like this, you will obviously have to fix it. You will have to show receipts for all the parts you purchased. If you purchased 2 doors from a forum member, they will definitely give you a hard time at inspection. If any of the parts that you put on the car are stolen, even worse.

After the car is put back together, you have to take it for a state inspection, that is where they will check all receipts etc. Once all is clear there, they will issue you the title with salvage history.

Anthony

pugg57

well, um... can't you purchase a car on a theft recovery title? you don't necessarilly have to fix it... personally, i've been looking into this just for a parts car or to part one out for a little extra cash

turbojeff

iTrader: (30)

It all depends on the damage, etc. It is all a case by case basis. In some locations you might be surprised how much FDs go for at insurance auctions.

teamstealth

i was *this* close to selling my FD (flame away ) because of a theft recovery auction. I saw a 2003 electron blue Z06 with 6k miles selling for $17k. Someone stole it, joyrode it and blew the motor. Everything else was perfect, body, interior, etc. A new LS6 crate is 5k give or take. I coulda had a brand new perfectly running Z06 for ~22k. I guess its all how u look at it

Swolbynos

i saw that one a month or so ago, i was thinking the same thing

turborotarypower

and don't forget before and after pics of the damage/repairs or the police report from when the vehicle was damaged.

adam c

iTrader: (2)

Like Jeff said, each case is different. Keep in mind that a vehicle with a salvaged title will be much more difficult to sell. I would say that you should only do this if you are planning to keep the car for a long time.

eraser

Depends on the particular car and its situation....
Five years ago I bought a '91 turbo II with just 34Kmi, some minor dings, good paint, perfect interior for $3400. (car blue book value was 10.5K at that time.) Drove the hell out of it for four years at the autocross and track events, and it was my daily driver. Sold it not too long ago w/89Kmi for $6500. I could tell that it was in some sort of a front end fender bender because of new paint there, but that was it. The repairs were done well, and I don't think most people would even notice it. I guess that the original owner wasn't satisfied with the repair and received a check from her insurance company in Boston. It ended up in NorCal where I was lucky to find it.
Of course this situation doesn't happen a lot, but if you're in the right place at the right time you can find a deal. I'd also add that you shouldn't expect to get a lot for expensive salvage title cars if you try to resell them, and not all insurance companies will insure them. I agree w/Adam if you are going to keep a salvage vehicle and aren't worried about resale value so much, you can get a hell of a car for a great price if you look hard enough...

SVT Squasher

This is a case by case thing. Depending on what you want to do to the car also. If you plan on a pure racer who cares if the title isnt clear or even if you are going to do a V8 swap.

FDNewbie

iTrader: (10)

Well I was thinking more along the lines of what teamstealth said...

There are some cars that LOOK to be STEALS. Brand new car sitting on lot, flooded, selling for a fraction of the cost.

Or another car (be it a Z06, M5, 911, etc) stolen, recovered, either engine won't turn (new engine) or lots of body damage. But they're selling them for like what...$15 - $20K? I'm not planning on buying to fix and sell...I'm thinkin hey, I don't have the cash to shell out for a brand new M5 or SL500, but that sure would be sweet if I could pick it up for $15K, spend another $10K or so fixing it up, and it would STILL be a steal by a long shot...

Of course I'm not turbojeff (I've seen pics of the incredible work you've done), so I'd have to get a professional to assess and make the repairs. But on the surface, the idea looks like a great way to save major cash on an incredible and expensive car.

turbojeff

iTrader: (30)

Scope repair costs BEFORE you buy a car.

The Z06 is a GOOD example, $5K crate engine and some misc stuff and your good to go. A M5 motor might run you $10-15K. Parts cost vary widely from car to car. I recently bought a '99 Camry, a factory bumper cover for that car was around $150, it list for $500 on a FD, you don't even want to compare hood prices.

Do your homework on any car type you decide to buy.

FDNewbie

iTrader: (10)

turbojeff, I totally understand what you mean...but my concern is, there's only so much you can discern from just looking at the car (ie w/o putting it on a lift, actually digging deeper, testing various mechanical components, etc)

I don't believe these insurance car outlets let you start the car or do extensive testing on them...so my worry would be that you later discover more damage than you anticipated.

I'm also curious what kind of damage flooding does to a vehicle...if they say the engine doesn't turn over, but the vehicle has been cleaned and is pristene (so the interior isn't an issue), should I anticipate all sorts of electical problems?

Sickass7

Some people in my family go the insurance pool route. It's where my grandmother got her 58 vett vert. You can find good cars, but you should keep them if you buy them at least for awhile, because the cost of the car plus labor plus parts is going to be somewhat close to what someone will pay for a salvage title car. I've worked on some flood vehicles. Electrical systems are pricey and its a good bet that you will be replacing it if you get a flood car. the engine could possibly be siezed along with other misc. parts like brakes etc. Hope this helps.
Jeff

turbojeff

iTrader: (30)

YUP, your right.

I've bought a few cars from insurance auctions, one I just looked through the fence at, 2 I only looked at 5 pics on the website. You've got to guess, try and make it and educated guess but in the end it is a gamble.

One FD I bought was obvisously set-up to defraud anyone bidding on it. The motor was stripped on top, IC, batt, intake UIM, solenoid rack removed. They left the TB hooked up and taped the throttle cable to it, they cut the hood release cable and positioned one of the splash guards that fit behind the headlight to cover the gap in the hood so you couldn't see the motor. The wheels on it were 4 junk wheels, the car had 136K miles but they put an oil change sticker on the windshield that said 70K or something. The seats were bent from a different car, etc, etc. I got the car cheap so I was bummed but didn't lose $$.

turbojeff

iTrader: (30)

On the flood car issue. I'd disasseble the entire interior. You can't really dry a car out with the seats and carpet in it. If you dry everything a lot I would say that you might have problems with things like power window motors and switches later on. Depends on what type of flood car you get. If it went in saltwater I'd stay away from it. Some insurance companies total out a car if the water got above the door sills, that is easy to deal with. In a FD there isn't much electrical stuff that low anyway.

Like I said it all depends on the particular car and it's specific damage.

TEDDER1

iTrader: (1)

i worked at a dodge dealership here in daytona and someone knew they were getting their viper repo'd so they thrashed the motor. i thought it would be a good project then i changed my mind. a hood for a viper is 11000 so the motor must be $$$$$$$$.

but i bought my car with a salvaged title from a guy that got it from an insurance auction. he got it for 8000 with a new motor in it, put some stuff on it and sold it to me for 9000. its been 4 years and no problems.

KNOCK ON WOOD>

Sickass7

11 g's for a hood? hope theres an extra zero thrown in there..

FDNewbie

iTrader: (10)

I was thinkin the same...

If not, I gotta pay a real quick "friendly" visit to a neighbor hahaha

turbojeff

iTrader: (30)

That is how much they are, no kidding!