LT4 LT4 w/ salvage title: Walk away or run? Or...

[Dad2BJO]

look into it?

I posted another question regarding this car on another thread (since it was a related ?) but now that I learned it is a salvge title I thought I would start a new thread.

Car in question is a 96 LT4 and I have read about all I could regarding the differences in the LT1 and LT4 to make sure it is correct. Car has a 6 spd and 5 spoke rims w/polo green and a custom paint job (gold racing stripes). I will factor in the cost to correct the wheels (saw tooth) and new paint (stripes gotta go, at least the gold) but being a salvage title do I even go that far?

Owners states 44K original miles and the re-build was done 9-10 yrs ago at 11K miles and I verified that through another source. Apparantly it was just some "fiberglass panels" that were replaced. He is asking $15K but open to offers. I have a number in my head but I dont want to show my hand on the internet.....

Thanks, and this site has been a great help. Tons of info and helpful members as well.

 

[Rookie Vette owner]

This seems extremely high to me! I don't think they would total a car for just body panels. I looked at one similar about a year ago for $6500 and I ran as soon as I heard that it had a salvage title. What I've been told in a case like this, it's really a matter of what you want though. Just realize going in, that you will not likely be able to get 40-60% of the going price if you decide to sale.

 

[nada]

If it helps, this one is in the local paper today reduced to $14,995

http://superior-chevrolet-toyota-hum...px?iid=3164455

 

[CSS996]

Salvage title? $5,000-$7,000. JMHO.

What if the car was flooded? Can you find out for sure that it was not?

 

[Hib Halverson]

As you can tell cars with "salvaged" titles can be really iffy.

What I'd do is find out as much as you can about why the car has a salvaged title. If it's because the previous owner bought it back after it was totaled then repaired it you need to seriously check-out the repair...who, what and how. Sometimes once vet the repair shop and examine how the work was done, sometimes you find a great car.

Also, a salvage title should be priced way, way below market.

Lastly, know that a salvaged title is the kiss-of-death to resale value, ie: once you buy it, your resale value will be evem less than what you paid for it. Unless, of course, you attempt to "cleanse" the title, but...we know you wouldn't do that.

 

[So Bay Vetter]

Lastly, know that a salvaged title is the kiss-of-death to resale value, ie: once you buy it, your resale value will be evem less than what you paid for it. Unless, of course, you attempt to "cleanse" the title, but...we know you wouldn't do that.

Sounds like the current owner might have gotten taken when he bought it. At that price, he's trying to fish for a buyer as dumb or dumber!

Run away! Run away!:W:W:W(Monty Pithon)

 

[minifridge1138]

there are so many things that could be wrong with a salvage title....

For $15k you could get a really nice C4 with a clean title.

Have you looked at the car yourself?
Have you gotten a VIN history report?
Was he the owner when it was salvaged?
Did the airbags go off?

I know some people that have had a lot of luck with salvaged cars.
I know some people that have been screwed with clean cars.

Look before you buy.
Take a friend with you. Someone that will remain calm when you get emotional and are willing to pay anything to drive your "dream car."
Look at more than one car, even if it isn't for sale. Find a corvette club and look at a clean 1996 so you have a basis for comparison.

Good Luck!

 

[Dad2BJO]

Thanks for all the help. Looked at the car again today (owner was there and we test drove) It is a true LT4, his story checks out regarding the car was re-built in 97 since that is when he bought it and the miles checked out to what he indicated at 11k when he purchased the car.

Anyways it is a salveged title and although I did not offer a price, I asked his bottom dollar and it was much more than I would pay for a salvage titled car. He did indicate that the guy he bought it from 11 years ago offered to buy it back at a low ball offer. Probably in line with the number I was thinking of. I did have cash in hand but his number was so far away from mine that I did not even offer.


Thanks for the help but I will keep looking.

 

[CSS996]

Run away! Run away!:W:W:W(Monty Pithon)

Why did I not think of this?


Sorry it did not work out for you, but It is for the best, I think.

 

[So Bay Vetter]

Thanks for the help but I will keep looking.

That's the spirit! Keep looking, when the right one comes your way, you'll know it.

 

[Dad2BJO]

Well I left it with him that I had to do some research on salvage titles and get back to him.

I did so and simply informed him that I could not pay that price for a salvage title car and for what I could pay he was probably better off keeping it. He did ask "well how much does a salvage title devalue the car" I simply told him at a minimum 1/2.

I did find a different car, but not an LT4 but one that I was originally looking for, a 40th Aniv. convertable. I will post pic's in the 40th section soon.

Again thanks for all the help with all of the salvage title info. You kept me from making a big $$ mistake.

Now I must go and beg for forgivness with my wife ad because of the Ruby red convertable that I just bought .

 

[air1jpg]

I am glad to see it worked out for you! You may have had trouble finding a company to insure a car with a salvage title! :ugh A lot of insurance companys will not insure a car with a salvage title.