2008 fixed salvage gt500kr with 2,250 miles

[silvrsrt]

Oh, ok, so you have a lot of knowledge based on that one experience, I see. Salt water flood vehicles will always be the lowest value/hardest to sell salvage vehicles. Many people that specialize in buying salvage vehicles and fixing them will not touch a salt water flood vehicle. I've had a couple dozen that were wrecked and repaired, and there is a ton of false information out there about salvage/reconditioned title vehicles. I have heard the insurance thing, I've insured them through at least 3 different carriers now, and never had an issue getting full coverage. I've heard you can't get a loan on one, I've also never had an issue getting a loan to buy one (oh, and you have to have full coverage if you have a lien against one). I've heard you can't get them inspected, also not true. It is a process the very first time, but once the car has been registered and inspected, it's just like getting any other car inspected.

You are correct, Carfax will ALWAYS show there was a total loss/accident, the title will ALWAYS show salvage/reconditioned, and it will ALWAYS be worth some amount less than a clean title vehicle just like it. You are also correct that this one is not worth any where near $70k. Then again $40k is no where near $70k. Again, the car would bring way more than $20k if it was still wrecked sitting at the insurance auction.

+1 anyone who thinks banks and credit unions wont loan on a branded title car is an idiot :bash: same with insuring them..

 

[black99lightnin]

Oh, ok, so you have a lot of knowledge based on that one experience, I see. Salt water flood vehicles will always be the lowest value/hardest to sell salvage vehicles. Many people that specialize in buying salvage vehicles and fixing them will not touch a salt water flood vehicle. I've had a couple dozen that were wrecked and repaired, and there is a ton of false information out there about salvage/reconditioned title vehicles. I have heard the insurance thing, I've insured them through at least 3 different carriers now, and never had an issue getting full coverage. I've heard you can't get a loan on one, I've also never had an issue getting a loan to buy one (oh, and you have to have full coverage if you have a lien against one). I've heard you can't get them inspected, also not true. It is a process the very first time, but once the car has been registered and inspected, it's just like getting any other car inspected.

You are correct, Carfax will ALWAYS show there was a total loss/accident, the title will ALWAYS show salvage/reconditioned, and it will ALWAYS be worth some amount less than a clean title vehicle just like it. You are also correct that this one is not worth any where near $70k. Then again $40k is no where near $70k. Again, the car would bring way more than $20k if it was still wrecked sitting at the insurance auction.

The car was freshwater incursion. The owner has a fishing business on a river. If it were salt, I wouldn't have touched the car. It was a Rita flood, not Katrina.

 

[vnmous93cobra]

The car was freshwater incursion. The owner has a fishing business on a river. If it were salt, I wouldn't have touched the car. It was a Rita flood, not Katrina.

Fresh is not nearly as bad as salt for sure. I've known several people that had their personal cars flooded with fresh (several from Rita) that were able to dry them out and never had any trouble with them. They pulled the seats and carpet as soon as they could, dried everything out on the inside like wiring connections, etc., pressure washed the carpet, and deep cleaned the seats. They had a little issue with the windows fogging on the inside for a few weeks, but after that they were fine.

 

[birdman941]

I'm leaning more towards 20K's. It has a salvage title, you cannot get full coverage as the insurance company has deemed its value at this point to be $0. Although it maybe a great car, the value is gone once a salvage/rebuilt title has been issued.

Not true.
As long as it is "rebuilt" and state inspected,
the insurance co. will cover it as normal.

salvage generally dose not mean light damage!!!

Sometimes.
I bought a "salvage" 04 Mach 1 had RF damage and popped airbags.
Cost me 4400 to fix.
Every place I brought it to have repaired said the same thing.
"Why was this car totalled"?
I drove it for 40k trouble free miles after the fix, and recently sold it.
Had State Farm full coverage the entire time.

 

[CobraMike33]

Gieco will insure a FL Rebuilt for me and Allstate said they would despite being a rebuilt / prior-salvage

 

[mustangmike1]

Is this the black KR from Copart.

 

[o3SnakeBite]

I'm leaning more towards 20K's. It has a salvage title, you cannot get full coverage as the insurance company has deemed its value at this point to be $0. Although it maybe a great car, the value is gone once a salvage/rebuilt title has been issued.

Haaa 20k. ive seen salvage 03 cobras going for 15k.. That car is between 40-50k salvage, and 70-80k non salvage

 

[19COBRA93]

I'd also estimate between $40-45k. It IS a KR after all. People will pay big money for those in any condition.

I've owned several salvage title cars and never had a problem with either financing, or full coverage insurance at whatever value I want.

And I also agree, this thing definitely needed more than a bumper and a headlight to be considered salvage. There's either something you don't know about it, or something you're not telling us. The insurance company probably shelled out over $50k for this thing and obviously they're not going to do that over $1000 in damage. Clearly there is something here we don't know about the car.

I've repaired an '05 GT that was salvaged, and it initially didn't look too bad (bumper, headlight, hood, fender), but there was some serious frame damage that was found once on a frame rack. It still wasn't that expensive to fix, but it was just a GT worth 1/4 the amount a KR is worth.

 

[tankerman1981]

i would say high 30's and someone would pick it up gladly... 20k is a little low...

 

[1 bad bullitt]

Is or is not part of the reason anyone would want a KR over just a ordinary old GT500 the collectibiltiy and potential greater value of it?

A salvage title just totally voids any of that, to me its not worth any more than your typical mustang. IMHO it's just a bad idea all around, if you want a nice fast car, buy a regular GT500, add some money in aftermarket parts and it will blow the KR out of the water. I mean what if you buy it can not get full coverage insurance on it (which I am not sure is true) and wreck it, what are you going to do then?

 

[vnmous93cobra]

Is or is not part of the reason anyone would want a KR over just a ordinary old GT500 the collectibiltiy and potential greater value of it?

A salvage title just totally voids any of that, to me its not worth any more than your typical mustang. IMHO it's just a bad idea all around, if you want a nice fast car, buy a regular GT500, add some money in aftermarket parts and it will blow the KR out of the water. I mean what if you buy it can not get full coverage insurance on it (which I am not sure is true) and wreck it, what are you going to do then?

I think we have pretty well established that insuring and financing salvage title vehicles is NOT an issue.

Yes it will be worth less than other KR's. There will always be someone out there that wants a KR but is not willing to pay what they are going for. In those cases a clean reconditioned title car is perfect, so the collectibility is not voided, it's just diminished.

 

[gmynko]

20ks lol no sorry thats alittle bit of a joke. i was thinking more around 40 to
45k clean title would cost atleat 10 to 20k more

10-20 more gets you a new KR.