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..