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Re: [Shop-talk] Salvage title vehicles

To: ShopTalk <shop-talk@autox.team.net>
Subject: Re: [Shop-talk] Salvage title vehicles
From: eric@megageek.com
Date: Mon, 26 Jul 2010 19:08:05 -0400
I want to echo what many have said (then add a little food for thought.)

First, you aren't getting enough of a discount for a salvage title.  I 
would beat them up for less than half of the KBB or walk.

Second, check with your Ins company as they may not allow you to get full 
coverage on a Salvage title and it will most likely be required for any 
car with a loan on it.

That brings me to my point,  I don't know if any of you are familiar with 
Dave Ramsey or his Financial Peace University, but you should be.  He is 
the most level headed, and well educated finical speaker I have ever hear. 
 I agree with him that you should only buy a car that you can pay for in 
cash.  Save up enough money to buy a beater and pay in cash, then as soon 
as you get the car, start saving for another car. 

I see kids coming out of college with over $50,000 in college debt and 
having car payments (and other debt trouble they may get in) doesn't help. 
 

So I would see what your daughter had to spend on a car.  Match he money 
if you can, and buy a cheaper car outright.  Then instill in her that the 
car payments she would have made can go into a bank account as a savings 
plans for her next car.

I don't mean to overstep and parenting values or anything, I just hope 
this idea can help.

(Please note I get NO compensation for Dave Ramsey or any of his programs. 
I am also a single guy with no kids and never married so take my advice 
with a grain of sand.)

Moose
"Be as beneficent as the sun or the sea, but if your rights as a rational 
being are trenched on, die on the first inch of your territory." Ralph 
Waldo Emerson 




Tim <tputland@charter.net> 
Sent by: shop-talk-bounces@autox.team.net
07/26/2010 08:22 AM

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Subject
[Shop-talk] Salvage title vehicles






Yesterday we looked at an 04 Cavalier for my daughter that has a "salvage" 
title. We were told that car was in a front end accident and was totaled 
by the insurance company. This car, with AC, alloy wheels and what not 
else would blue book for close to $6000. We can get it for $4995.

I has new tires and brakes and is very clean. The guy also said it has a 
new wheel bearing which I have to assume is on the front right wheel where 
the accident damage occurred. 

When I drove the car it felt solid and tight.

I am looking for any input any one can give me about buying a car that was 
in an accident and has a salvage title. Is this a good idea or should we 
walk away from it. My daughter is taking a loan out to buy this car as she 
needs it for getting to and from work, college classes, and the schools 
where she will be student teaching; so we really need to get this (or 
something) done very soon. 

Thanks 

Tim
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