TBHers What Do You Know About Salvage Title Values?

[McPatrickClan]

I was recently involved in a wreck in Tarrant County. Our Mazda MPV is going to be a total loss. I was t-boned and the left side damage is extensive. The body shop estimated nearly $9K in repairs to get it back to normal. The van is worth a little under $8K in good condition.

I have the option to buy the van as a salvage title if I want to try to flip it to someone else, which I am interested in doing.

Anyone have experience in doing this or know how much this van (in wrecked condition, but running just fine) would be worth on the open market?

[Shiner]

Had a salvage title once.......2 years later, DPS was at my door sayin they are takin my truck. It had been stolen. They barely let me get my items out of it before the wrecker showed up

[gofish24]

as far as banks are concerned, we will very seldom do a loan on a salvage title. where that might get you is when you try and sell it and the buyer has to have financing. you should be able to call txdot and find out the process of getting a salvage title.

i have seen salvage titles that were issued for everything from wrecks to floods. it's one of those buyer beware deals because you never know what you are going to get, which causes you to lose 75% of the prospective buyers. if you were wanting to repair and use the vehicle i'd say go for it. as for flipping it, you might leave that to the pro's unless you have a buyer lined up or will be able to sell it cheap.

[McPatrickClan]

I have a potential buyer lined up... just need to know what a fair market price is for it. It runs but the driver side body needs a lot of work to look good.

[Ellen]

The problems will be the buyers if he tries to insure it or sell it.

[gofish24]

i dont know think there is a scientific way to calculate the value of a vehicle with a salvaged title. you can book it out on kbb.com but due to the title issue i'd say take at least 25% or so off that. i have had customers bring them to me before to finance and that is usually the minimum they are below what the market price is. had a nice dodge truck one time a guy wanted to buy that booked at $23k and he got it for $11k due to the title issus and no other bank would finance salvage titled vehicle (per loan policy). i financed it, not becuase of the collateral but because the guy was a good customer.

[McPatrickClan]

Just want to make sure I am not getting had by someone else... probably worth about 20-25% of original value right now with the condition it is in.

[Cottonfish]

Mostly depends on the age of the vehicle and severity of damage, current year model and about 5-6 years back you might see 20-25% of market value as salvage, older than that it's probably more like 15-20%. Pickup trucks, expecially 4wd's, bring more 'cause they're probably going to Mexico. I get to watch our total loss salvage sales in Longview every now and again.

Stu

[Texastaxi]

The problems will be the buyers if he tries to insure it or sell it.

Not true ... I've had my salvage titled 2002 F350 insured with full coverage for 7 years. Financed it through my bank with no problems. Paid it off early and still have the same full coverage insurance.

[acearrow]

What does your perspective buyer want it for. If it is only body damage, you could probably part the vehicle out. In that case I would say it would be worth 2k to 2500. From what I use to see in the past, salvage title vehicles were usually 1/2 or less of the fair condition value, depending on the reason it had salvage title, mileage, etc, etc.
As far as the parting out goes, that will also depend on mileage and such.

[McPatrickClan]

He works at a body shop so I think he wants to repair it himself. It's in great shape (minus the bad body damage on the driver side).