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Thread Topic: Buying a car with a salavge title - ever a good idea? Threaded

   
Date: 7-4-09 01:47
From: tdskipx
Subject: Buying a car with a salavge title - ever a good idea?

Hi guys - I have a chance of buying a 1975 2002 with a recently rebuilt engine, upgrade 320i 5 speed box and a bunch of other upgrades. She's ugly, but solid. She needs paint but since new has been a SoCal car.

She'd be a driver, not looking to build a show car.

Here is the rub, she has a salvage title. Not sure if I can confirm why. I didn't see any evidence of being hit so I'm assuming it was a theft recovery or similar.

The plan would be to get her sorted out for long distance touring, but I know the salvage issue really impacts her resale value.

What do you think? Any coaching for me?



Date: 7-4-09 01:53
From: esty View user's profile Send e-mail
Subject: Re: Buying a car with a salavge title - ever a good idea?

if you're buying it to re-sell...find another...if as you said, you're buying to drive...if it's a sweet deal, go for it



Date: 7-4-09 02:24
From: bobthomas in eastern NC View user's profile
Subject: Re: Buying a car with a salavge title - ever a good idea?

My '74 that I bought in 2000 had a salvge title. I believe that you can't get collision or comprehensive insurance nor a bank loan for a salvage title car but that was no problem for me. I sold the car & it's been sold at least twice since I sold it.



Date: 7-4-09 02:38
From: tdskipx
Subject: Re: Buying a car with a salavge title - ever a good idea?

Thanks guys - appreciate the fast responses.

Is there any independant way to tell why it was salvaged?

Maybe this is the excuse I need to build a race car - lol.



Date: 7-4-09 02:46
From: sislane in New Hampshire View user's profile Send e-mail
Subject: Re: Buying a car with a salavge title - ever a good idea?

what color is it?? Or what's the VIN#? Any pics?

Was it an automatic b4 converted to 5 spd?

Scott
_________________
1975 2002A Sahara - sold Feb 2008
1976 2002
http://sislane.zoints.com
www.bmw2002.us
www.bmw2002.byethost8.com




Date: 7-4-09 03:31
From: tdskipx
Subject: Re: Buying a car with a salavge title - ever a good idea?

The following number was stamped into the metal on the body, passenger side near the shock is 2782622.

The number stamped on the plate was 2782622, so they appear to match anyway.

Here is a link to the ad in case anyone here as seen the car;

http://orangecounty.craigslist.org/cto/1240255499.html

The paint is coming off in sheets but the metal underneath looks solid enough. The shock towers and rockers/sills looked OK. There was undercoating on the underside of the floors but they seemed solid and I didn't see any evidence of welding.

She is going to need a lot of attention but I was thinking I could do a rolling rehab since she does run OK.

Take me to school guys - it isn't like I need to buy her.



Date: 7-4-09 04:18
From: sislane in New Hampshire View user's profile Send e-mail
Subject: Re: Buying a car with a salavge title - ever a good idea?

run & get it!
_________________
1975 2002A Sahara - sold Feb 2008
1976 2002
http://sislane.zoints.com
www.bmw2002.us
www.bmw2002.byethost8.com




Date: 7-4-09 04:18
From: jrhone in Newport Beach, Ca View user's profile Send e-mail
Subject: Re: Buying a car with a salavge title - ever a good idea?

Is it a REAL Tii or one rebuilt to Tii specs? When they said big drum rear upgrade that leads me to believe its not a true Tii, just a 2002 with a Tii engine and upgrades...if thats the case its a bit high, in fact it still may be a bit high unless the engine is rebuilt and runs VERY well...for 4k and a salvage title, I'd expect a very solid car the may need ONLY paint. Also if you are looking for a nice driver, not really into the resale value, 4k buys you ALOT of car for a standard 2002...and remember a standard carb'd 2002 with some nice bits can be faster than a Tii....so performance wise if you are looking at engine mods the Tii may not be the way to go....
_________________
1976 BMW 2002 Fjord Blue
Ireland Stage II-Bilstein Sports-Ireland Headers
Weber 38/38-284 Cam-9.5:1 Pistons. Tii Dist w/Pert.
14" BBS RZ

http://www.project2002.com





Date: 7-4-09 04:24
From: tdskipx
Subject: Re: Buying a car with a salavge title - ever a good idea?

Thanks guys. I'd only be into her for $2k.

Does that change the picture, or do you think I'm better off tracking down a no stories car. I'm trying to balance all the bits this one has, which have to be more than the $2k I'd be looking at, vs the salvage title and the iffy history.

I'd probably have to install a new harness as well, this car's wiring is pretty hacked up.



Date: 7-4-09 04:28
From: rThor234 in Charlotte, NC View user's profile
Subject: Re: Buying a car with a salavge title - ever a good idea?

Looks like a nice enough car for the price. The upgrades (vented rotors and seats etc.) are a nice touch too. As was said earlier if you are buying to drive, I'd say go for it.

The salvage title may or may not hurt it when it comes time to re-sell. A collector might lose interest because of that, but for a driver it matters a bit less. I've sold a couple of rebuilt/salvage E30's and the new owners didnt care a bit when I mentioned that it had a salvage title. Just depends on the buyer.

-- That's all from my experience anyway.



Date: 7-4-09 04:31
From: sislane in New Hampshire View user's profile Send e-mail
Subject: Re: Buying a car with a salavge title - ever a good idea?

tdskipx wrote:
Thanks guys. I'd only be into her for $2k.

Does that change the picture, or do you think I'm better off tracking down a no stories car. I'm trying to balance all the bits this one has, which have to be more than the $2k I'd be looking at, vs the salvage title and the iffy history.

I'd probably have to install a new harness as well, this car's wiring is pretty hacked up.


I'd grab it. Who cares if it's an original Tii. Great motor, recaros, 5 speed. That's $7k+ alone. Big grake son rear too? cool.........

Buy it, drive it & have fun!
_________________
1975 2002A Sahara - sold Feb 2008
1976 2002
http://sislane.zoints.com
www.bmw2002.us
www.bmw2002.byethost8.com




Date: 7-4-09 05:00
From: vinceinIL View user's profile
Subject: Re: Buying a car with a salavge title - ever a good idea?

Some vehicles get salvage titles for unknown reasons. Usually it's because it was in an accident or stolen and stripped and the insurance company felt it would be easier/cheaper to total the car rather than have it repaired. This decision isn't entirely up to the insurance commpany, either. The owner of the car can, if they wish, fight to keep the car or have the insurance company repair it. This varies to some extent by state.

I personally have no problems with buying and insuring a car with a salvage title, but it depends on why it was salvaged. Usually, the damage is not well-repaired, and there are lots of little parts missing. If the price is right, the car can be a deal for someone who wants to either use it the way it is, or work on it and fix it up correctly. Quickly reselling is never a good idea.

This sounds like a fun car, go for it if you want it!

Hope this helps,

vince



Date: 7-5-09 01:54
From: JHG762002 in Harstine Island WA View user's profile Send e-mail
Subject: Re: Buying a car with a salavge title - ever a good idea?

If you will only be into it for 2k and it's solid it is probably worth it. Sounds like it has that much value in parts. My 76 has a salvage title, I bought while I was living in the bay area as a driver. Solid car, I have since gotten to know it intimately and cannot find any reason for the title brand except a sticker that states the odometer was replaced at one time. As far as I'm concerned it just made the car less expensive to get into, and I can modify it to my hearts content without feeling guilty about ruining the value of something like a tii. Not that I'm a purist, but some things have more inherent value stock if not period correct.



Date: 7-5-09 11:05
From: TobyB in Seattle View user's profile
Subject: Re: Buying a car with a salavge title - ever a good idea?

When it's that cheap, buy it. As others have said, you could part it and
get better than 4k, and if you're going to keep it for a while,
who gives a sh*t about the title, eh?

t
_________________
I have a car disease. There is no cure.
I'm not even managing the symptoms very well...



Date: 7-5-09 01:04
From: Green2k2 in San Diego View user's profile Send e-mail
Subject: Re: Buying a car with a salavge title - ever a good idea?

tdskipx wrote:
Hi guys - I have a chance of buying a 1975 2002 ....?


All it takes on a stock/base model 2002 to get totaled now-a-days is about $3.5/$4k worth of damage....and that can be done with any amount of nose/grill/hood damage..even with used parts, cheap labor and paint.

Some might have had a relatively minor 'fender-bender' (still structurally sound) and let the insurance company total the car...he bought it back for a couple hundred bucks and fixed the repairs on his own and kept the change.

...or like someone said, maybe it was stolen.

look really close behind the panels in the trunk for "new" paint or welds.
look really close for short welds under the hood where the fender meets the nose.
look to see how the bumper is attached. (aftermarket bolts/welds etc.)


IMO a 1975 in OK/running shape, with a salvaged title is only worth about $2.5k max. You can give-n-take a bit with the mods he has but that is up to you. As a DD I thinkyou'd be fine after checking for damage.
_________________
Jack be nimble - Jack be quick
If Jack isn't, he's gonna get his ass burned!



Date: 7-5-09 07:59
From: speedwell1966 in Athens, GA View user's profile Send e-mail
Subject: Re: Buying a car with a salavge title - ever a good idea?

Sounds like a decent deal to me... However I would call or at least get on your local dmvs website to see what your states policy is on salvage title cars. Looked on the GA DMV site ( for my 76) and they say that no car with a salvage title can be legally driven or registered in GA.

Just so you know to check that out before you commit!
_________________
Zac Cardinal




Date: 7-6-09 12:17
From: Pierre in Camarillo, CA View user's profile Send e-mail
Subject: Re: Buying a car with a salavge title - ever a good idea?

tdskipx wrote:
Thanks guys. I'd only be into her for $2k.

Does that change the picture, or do you think I'm better off tracking down a no stories car. I'm trying to balance all the bits this one has, which have to be more than the $2k I'd be looking at, vs the salvage title and the iffy history.

I'd probably have to install a new harness as well, this car's wiring is pretty hacked up.

For 2K, I would, especially a real tii. (VIN shows that it is.)

I bought my 69 2002 12 years ago with a salvaged title. I am not a purist but there are certain things I would not do to an early car that I did to mine because it was a salvaged car.
I am redoing the body in my 74tii. I am welding the trim holes shut, (upper, lower and rocker trim) cancelling the fuel filler cap, trunl lid roundel and all side markers, and repainting the whole car a non-BMW color, with a pinstripe where the upper trim used to be. It was originally Polaris. To some, it's blasphemy. If it was salvaged, then the small element of guilt would no longer be an issue.
I have my 69 insured as a classic, with State Farm with comprehensive and collision coverages. I have no issues. And it's registered in California.
Good luck.
_________________
Pierre
69 2002 (M20), 74 tii, 74 2002, 76 530i (3.3), 79 323i, 89 325iA 4-door, 91 318is, 96 318ti (S52 project) 97 M3 4-door (wife)
http://home.roadrunner.com/~pchamaa/kamei_repro_spoiler.htm
O==00==O



Date: 7-6-09 09:12
From: ricortes View user's profile
Subject: Re: Buying a car with a salavge title - ever a good idea?

On the low end of damage, I know of a guy who had his car totaled by the insurance company because it had tires/rims stolen and the convertible top cut to gain access.

On the high end of damage, my Honda! Only paid $700 for a 1994 Civic DX about 8 years ago and it came with non functional AC, blown head gasket, bad radiator, leaking water pump, and tires only last ~20k miles even with an alignment. I actually bought it from a little old lady school teacher.

Thing is because the price was right it was worth it to me. About $300 in parts and it became a good runner. Great gas mileage so I probably saved the cost of the car every year in gas alone.

I would check tire wear on the BMW just to make sure the frame is straight.

Rick



Date: 7-6-09 08:54
From: Gordon in Santa Barbara County View user's profile
Subject: Re: Buying a car with a salavge title - ever a good idea?

The pics of the tii in the linked craigslist ad were taken at Bill Holmes shop in San Diego county. I recognize Bill's shop in the pics since my tii spent a lot of time there when I used to live in San Diego. Bill is probably the best tii mechanic I've ever dealt with and there are two other very good tii mechanics in So Cal. Jack Fahuna and Rob Torres. He dialed in my tii better than anyone.

I suggest you contact Bill himself and he could tell you a lot more about that tii. His email is (760) 789-2002 or email him at williamdholmes@yahoo.com

G-Man



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