PINTO CAR CLUB of AMERICA
Shiny is Good! => General Pinto Talk => Topic started by: russosborne on May 07, 2017, 11:01:48 AM
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Saw this on the Phoenix CL.
https://phoenix.craigslist.org/evl/cto/6099461994.html (https://phoenix.craigslist.org/evl/cto/6099461994.html)
I have no connection with the seller.
Might be overpriced given the title situation, I don't know.
Russ
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In Canada you can have a salvage inspection done & good to go.
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I think he has a rebuilt title, which means you are good to go here.
Only issue (for some people) is that they feel the car is worth less than one with a normal title. Mainly those who are worried about reselling it later on.
I have heard (for newer cars at least) that you can't get full insurance coverage on those, which means a no go for loans to buy them normally.
Russ
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Title law, as well as insurance, varies from state to state. I had heard the same thing about trying to insure a car with a salvage/rebuilt title but a friend of mine bought one about twenty years ago, financed it without a problem, and carried full coverage insurance on it for the duration of the loan. When she replaced it with something newer about ten years ago she passed that on to her son. Last year, she bought a new car and once again passed hers on to the same son who then passed the original car with the branded title down to his newly-licensed sixteen-year-old. As you indicated, reduced value can be an issue but not a big deal if you plan to keep the car long term. I'm also not so sure that it would affect resale on a classic/collectible/hobby car in the same way that it would a newer ride. After all, unless it's one we purchased new and just kept, or it belonged to someone we know well, what can any of us really know about the history of our 40+ year old cars?
Dwayne :)
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I was looking into buying and selling cars a couple of years ago with my brother and our dad. My dad called several insurance agents here and all of them said no to insuring the cars with a salvage/rebuilt title. To them, salvage equals totalled, and even if the car has been repaired they will always consider it a totaled car. And if the finance company requires full coverage, then that won't happen. If you are paying with cash and just want liability insurance not a real problem. Here anyway. Possible we just got unlucky with the agents talked to. But since I wasn't the financing partner I had no say in the matter.
I have lots more experience in the vintage Mustang world, and there having a salvage title just ruins the value to most people, hence my concern about this car. For me that isn't a problem, but for "collectors" it is huge in that world.
Getting the "rebuilt" title is the fun part. My Lemans I had in Ohio had a salvage title and I was going to have to get it inspected when I had it ready to go, and would need receipts and vins from the donor vehicles for all the major parts so they could verify the stuff didn't come from a stolen car.
Russ