pbarch1

you know what I don't get.... How many 1971 mustang gt350's or 1969 Camaro' convertibles are running around with salvage titles? I'm sure a few. If the car is sorted out then it is sorted out. Do you think that makes them less desirable? The salvage tile IMHO is irrelevant to a world class GT

Jerry Feather

I think it may very well be as to the World Class GT car, but unfortunately not as to its actual cash value. The value of the car is based on at least four things--the age, the miles, the overall condition , AND THE HISTORY.

If there were some way to cancel the history and keep it out of the value formula, then everything about the car will prevail. But, in this day and age of the internet and other discloseure requirements, the history is going to be in the calculation.

In the case of the car presented by our good friend Jim M. I suspect the senario goes something like this:

Owner wrecks the 928 involving moderate front end damage, the extent of which, because of the relative low overall value of the 928s, and in respect to the cost to repair a PORSCHE, causes the insurance company to "total" the car.

So they say to the owner, we will pay you the full actual value of the car before the accident; and if you would like to keep the car we will sell it back to you for the minimal bid we have for its salvage. Here is your check for the difference.

So the Owner takes the check and a little more and replaces the car with something of equilivant value. Then he spends what effort and/or funds it takes to get the GT back into pristine condition and then trys to sell it for the origianal full market value.

If he sell it for that it may be kind of like a double dip, in my opinion. He got paid for the car once and he is going to get paid for it again. Good for him, if he can.

If his case is that it actually cost him the salvage value and maybe $15,000 more to get it properly fixed, that seems to say the the damage was much more severe than just fairly minor front end damage. If so, it is still worth about half. If not, it is still a double dip.

At least that is my (feeble?) analysis.

Jerry Feather

Jerry Feather

On the other hand, there could very well be something about this car that as an 89 GT and for whatever other reasons, it would be, aside from the Salvage Title, worth about $34,000. If so, he is asking just about the right price. I don't have any (much) idea about that.

Jerry Feather

Jerry Feather

One of my first thoughts about this GT is that Jim M. is a great kind of guy for bringing this car to our attention for a friend who is not a Rennlister; and that is the great kind of thing that Jim would do for any friend, Rennlist or not, I am sure.

In respect to his "friend" however, I am kind of insulted for myself and for the rest of you who probably have a clue about the value of this car, that he would present to us, indirectly or otherwise, a GT in great condition with fairly low mileage, but with some fairly undisclosed damage history and a salvage title, and have him ask the full "non-history" value for it.

There may very well be some forums or markets in which this car can be sold for $17,000, but I hope it does not happen here. I think this is about a $9,000 car and I hope that is what someone here is able to buy it for.

Jerry Feather

pbarch1

Jerry , I hear you, I really do. I'm in the market and I would love nothing more than an 89 gt. I came to that uninformed decision months ago before I realized that it really is the sweet spot in 928'S. Finding value is tough. Some day......

Jerry Feather

Value is actually what a buyer is willing to pay and a seller is willing to accept. I have no idea what that might amount to in respect to this apparently very nice 928 GT, with a Salvage Title. What you have to do in fact is simply make an offer and see where it might lead. If it gets to be more than you might be willing to pay for a salvage title car, you simply bow out.

Persoanlly, If it were me, I would offer $8,000 and not go any higher that about $12,000. But that is just me, and I don't have any money where my mouth is.

Jerry Feather

Mark Anderson

Jim bought his GTS from me years ago which was a salvage title car which gives him a unique perspective. I wish I still had that car but I'm glad Jim enjoys it.

SeanR

././././

Jerry Feather

I own three Salvage Title cars, and I bought them all right, which means the price reflected the fact that the had the Salvage title in their history. I am glad to have all three of them and get just as much good out of them as if they didn't have the salvage titles in their history.

However, If I had paid non-salvage title prices for them I would be very unhappy about them in spite of the great service they otherwise give me. If Jim paid a non-slavage price for his GTS, which I very much doubt, given what I know about Mark A., and he is still happy with it, then, good for him.

The point is that the salvage title does not really have almost anything to do with the overall condition of the car. It just has a very big effect on the cash value of the car, no matter the condition.

Jerry Feather

docmirror

I don't think anyone is relating the salvage title to condition, I know I wasn't. However, there is no question that salvage affects value, which I commented on in my post. I've had many salvage vehicles, and my salvage 928 was one of my favorites, and it ran/drove fantastic. The fact is, my nice clean 86.5 with decent paint and int, working AC, LSD diff was only worth about $5-6k. Comparable cars in the same condition would sell for 2-4k more.

brutus

Do you prefer that your Porsche be assembled at the factory or torn down fixed and reassembled repainted by the guys at the local bodyshop ? Who are doing it for cheap to save the car. Often they ONLY make it LOOK O K with serious issues left untouched. And as Jerry points out if you are in a situation where you are dealing with an insurance company (someone runs into you) they can and will use it against you.
While you may intend to keep it forever few if any really do. So value it accordingly and look over such cars very carefully even if not a salvage title !

Jerry Feather

There is no way to erase the miles or the History on one of our beloved 928s. Both have a very big effect on the cash value, in spite of the condition of the car in fact. Sean can sit back and be smug about this car because he knows it is in very good condition, which has never been in question, but he cannot change the history, and therefore the value.

Jerry Feather

Jerry Feather

Brutus, I think there is no way that a car can be repaired after totaling damage, including sending it to the factory for repairs, that will erase the stigma and value reducing effect of the Salvage Title. Period. The questions that reduce the value ALWAYS remain.

Jerry Feather

SeanR

Brutas, who are you? you come across as a well knowledge person in the community, but you will not put your self out there or identify yourself. There are a great many people who would like to know who you are.


Who are you and how do you know so much?

TexasDude74

I'll open the bidding with a $9k offer.