Guidelines for Buying Salvage Title Corvettes
While shopping for Corvettes for sale, you may find that certain vehicles come with the phrase “salvage title.” Salvage title cars are vehicles that have been claimed to be a complete loss due to an accident or even if the vehicle has been recovered from theft. Insurance companies have the right to declare a total loss for vehicles with such damage. Salvage title cars have experienced a significant amount of damage and the cost of professional repair is often 75% or more than the market value of the car.
Be sure to check out our listing of salvage Corvettes for sale
State Regulations on Salvage Titles
The following states do not use salvage title on stolen cars: Oregon, Oklahoma, New York, New Mexico, New Jersey, Minnesota, Maryland, Illinois, Georgia, Florida and Arizona. The requirements for being considered salvage car titles also vary by state. The disadvantage here is that salvage titles do not transfer from states, allowing these cars to become clean once they enter another state. Obviously this can be a serious problem if the seller is unethical or simply ignorant of the car's history. In order to be protected from concealed titles, it is important that you do a history check on any salvage Corvette for sale.
Why Purchase Salvage Title Cars?
Salvage titles can be purchased at salvage title car auctions as well as online auctions such as the eBay vehicles featured on this site. Some consider salvage title cars to be a risky purchase because they are deemed to be unsafe due to their history of damage. When lining up your Corvette financing you may even find there are lending restrictions on these cars. Salvage titles, however, can be a great way to save money if you have the skills and facilities to repair the damage yourself. If you're looking for a project car, one with a salvage Corvette can be much more affordable then a brand new car with high interest and monthly payments. Just be sure you honestly assess your own skills and time commitments when tackling a project this large. While the right salvage car in the right hands can be a great affordable project, it can also turn into a money pit for someone who isn't up to the task at hand.
Legal Restrictions on Reselling
Another motive for purchasing a salvage title Corvette is to put it back on the market after repairing. The legal implications of reselling salvage titles are strict for most states. Some people purchase these vehicles at salvage auctions at affordable prices and repair them for reselling. While this is not fraudulent, it is illegal to sell any vehicle without exposing the fact that it has been a salvage title.
When considering buying a salvage title car, it is crucial to have the seller disclose all the repair work that has been done. In order for the car to be qualified as re-salvage title, many states require receipts for proof of repairs and purchase of parts. In other words, car shoppers are advised to never purchase a salvage vehicle without knowing the history of the car. Reconstructed vehicles require inspections before they are up for sale.
Conducting Car Inspections
There are two important factors to consider before buying a salvage title. First, if the car is equipped with air bags checking to see if they have been deployed can be a good indicator of whether or not the car has been in an accident. Airbags should always be replaced professionally for safety. Likewise, salvage title cars must be checked for frame damage by a qualified shop. You do not want to purchase a Corvette that has a weak or irreparably twisted frame. Although specialized frame shops can restored the frame, be aware that it will not be as durable and reliable as it used to be.
Full inspections from frame checks to mechanical checks are definitely necessary for cars with salvage titles. These can be done at auto body shops, which have qualified technicians. Mechanical inspections will determine if the car is suitable for long-term use and restoration or if the car is one you should avoid.
While purchasing salvage titles isn't the best option for everyone, they can have their advantages in the right hands. The key to a successful purchase is to do all the research to find out information about the car and any legal factors. It is also important to take the necessary steps to determine whether or not the vehicle is safe for driving and is reliable. In the end, a salvage title is a cost-friendly option for many people when it is purchased with due diligence and care.