How do you value a Salvage Title car?
Thread Starter
Newbie
Joined: Apr 2013
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2004 CLK 500
How do you value a Salvage Title car?
In my search for a 2007 CLK63, I came across what turned out to be a nice one with 18k miles and a salvage title. The owner went over the damage with me and it didn't seem too bad. It looked like everything was exterior skin. I know these types of accidents can add up quick because I was rear-ended in my CLK last year and if all of the damage was realized on the original inspection, my car would have been totaled and become a salvage by my insurance company. The car was repaired without issue and everything has been fine since then.
So how do you come up with a price for a car like this? Half of KBB? Is it true that dealers won't service a salvage title car? (I read that on here) If the price is reasonable, I'd have the car inspected by both a mechanic and body shop.
Thanks for any help
So how do you come up with a price for a car like this? Half of KBB? Is it true that dealers won't service a salvage title car? (I read that on here) If the price is reasonable, I'd have the car inspected by both a mechanic and body shop.
Thanks for any help
Member
Joined: Nov 2008
Posts: 125
Likes: 1
W209 2003 CLK55 Coupe
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Precautions to Take When Buying a Salvage Title
Although some buyers can get good up front prices when they buy salvage title vehicles, it is often a dangerous proposition. Here are some of the main reasons buyers have to be careful when trying to get a deal on a salvage title car or truck.
Although some buyers can get good up front prices when they buy salvage title vehicles, it is often a dangerous proposition. Here are some of the main reasons buyers have to be careful when trying to get a deal on a salvage title car or truck.
- Financing.Many lenders will be wary of loaning money for a salvage title vehicle because of its dubious value and history
- Hidden damage. The generic aspect of a salvage title and vague state requirements can make it tough to know what is truly in a vehicle's history. CARFAXchecks and similar research only provides part of the story. Always conduct a thorough visual inspection to try to spot flood or fire damage
- Lack of coverage.Some drivers wanting to purchase salvaged vehicle titles find that their common insurers will not cover these vehicles, or will only cover them at very high rates. Again, this has to do with problems regarding accurate values for a salvage title car or truck
- Insurance claims.Another problem with ensuring salvage title vehicles is that an insurance company may not pay much in the event of a claim, contending that because of its salvage title status, the vehicle is not worth much on the market
- Subpar repair. Another issue with salvage title vehicles is that the buyer may not be able to tell how the vehicle has been refurbished. All car parts are not equal, and using cheap parts creates a lower value vehicle and a greater chance for problems on the road
Member
Joined: Nov 2008
Posts: 125
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W209 2003 CLK55 Coupe
Here's something else to consider:
No Resale
Drivers who want to benefit from a salvage title sale often forget about reselling the salvage title vehicle. They will drive this car for the rest of its useful life. Here's the basic idea: any used car is only as good as its functionality or getting you from point A to point B. If a salvage vehicle does that for x number of years, the driver has saved money.
No Resale
Drivers who want to benefit from a salvage title sale often forget about reselling the salvage title vehicle. They will drive this car for the rest of its useful life. Here's the basic idea: any used car is only as good as its functionality or getting you from point A to point B. If a salvage vehicle does that for x number of years, the driver has saved money.
Senior Member
Joined: Dec 2012
Posts: 445
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From: Washington, DC Metro Area
Currently: 2019 E450 AWD, Previous: 2002 CLK55 Cab
Good advice in this thread. As others have said if you plan on driving this cat for the rest of your life then you have saved money as long as you don't invest money in it. Personally I would only by a vehicle with a salvage title if I was restoring a vehicle and needed a donor parts vehicle for parts. Even then I would do a thorough visual and mechanical inspection of the donor to make sure that the parts that I needed for the restoration were in working order. Any parts not used in the restoration would be sold. Good luck.
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Member
Joined: Nov 2008
Posts: 125
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W209 2003 CLK55 Coupe
Good advice in this thread. As others have said if you plan on driving this cat for the rest of your life then you have saved money as long as you don't invest money in it. Personally I would only by a vehicle with a salvage title if I was restoring a vehicle and needed a donor parts vehicle for parts. Even then I would do a thorough visual and mechanical inspection of the donor to make sure that the parts that I needed for the restoration were in working order. Any parts not used in the restoration would be sold. Good luck.
Maybe 'sink' money would be more appropriate.
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Member
Joined: Jan 2013
Posts: 106
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From: Rhode Island
CLK 63 AMG
I too am shopping for a CLK 63 and I appreciate this thread and the posts it has generated. I saw the listing for the salvage title and passed. For me, I can only afford to do this once...if I get a money pit there will be no easy recovery.
Anyone with good insight about a CLK 63 buying decision is encouraged to send me a PM. I'll be grateful for the education.
Anyone with good insight about a CLK 63 buying decision is encouraged to send me a PM. I'll be grateful for the education.
Thread Starter
Newbie
Joined: Apr 2013
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2004 CLK 500
So I passed on the salvage title car. The owner wasn't willing to come down enough on the price for me.
I did get some good info from a loan underwriter that will finance some salvage title cars. The most they will finance is 70-80% of NADA value.
That being said, I am now the proud owner a 2007 CLK63, just not a salvage title one.
I did get some good info from a loan underwriter that will finance some salvage title cars. The most they will finance is 70-80% of NADA value.
That being said, I am now the proud owner a 2007 CLK63, just not a salvage title one.
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Joined: Feb 2002
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From: Manchester, CT
Salvage titled cars are worth about half their present book value...
I'd would figure the expensive/exclusive bodywork did that car in...but who knows what really happened under the skin. Maybe it is a good buy and was only cosmetic damage?
I'd would figure the expensive/exclusive bodywork did that car in...but who knows what really happened under the skin. Maybe it is a good buy and was only cosmetic damage?
