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Value question - super clean 2005 Boxster S with salvage title
Some of you may remember I just purchased a very clean 2005 Boxster S with a salvage title. I have zero intention of selling the car anytime soon, but I am curious what the value would be, again just for curiosity sake. As background, the car got about 1" of clean water in it. I don't know for sure but as best I can tell, even though it was sold as salvage with "flood" damage, it didn't flood. Just took on water with the top open. I survived Hurricane Harvey here in Houston, and I have seen countless cars that flooded in Harvey. There is no way this car flooded in Harvey. It was way too clean when I bought it to be a Harvey car, and once I washed it up from sitting around it's absolutely pristine. The underside of the seats were perfect, they never got wet. Harvey cars are full of mold and stuff, this car had absolutely none of that. It was dusty from sitting in the unpaved holding lot, that was it.
As for the car, it's a 2005 Boxster S. Guards Red, 6 speed manual with Black leather. Bose audio, sport steering wheel, 19" factory Carrera S wheels and tires, power and heated leather seats, rain sensing wipers, Bi-xenon headlights, self dim mirrors. There's not a scratch on the perfect paint on the car, the interior is flawless except for some light wear on the steering wheel rim. It's got 62,000 miles on it. It shows no previous damage history on CarFax. I do not have any previous service records but this was clearly someones baby. My Durametric shows no over revs. When I bought it, the drivers window, the convertible top, the rear trunk and the spoiler did not work. I purchased a brand new rear body control module from Porsche and had a local indy with a PIWIS code it to the car. I then replaced a fuse, and replaced the drivers door window switch and bingo - everything worked! The car is from Houston, and I think the insurance companies are so shell shocked dealing with tens of thousands of flooded cars from Harvey that are simply writing off cars as soon as they hear water. I repaired this car for $288 for the module, $50 to the indy for the coding, a 15 amp fuse that I had here in the garage, and a $75 window switch from eBay. The car is now perfect, it runs absolutely perfectly, and it looks perfect. There is NOTHING wrong with this car now.
Obviously, the car will never be worth what it would be worth without the salvage title. My question is, what is this car worth with a clean title, and what is it worth now that it has a salvage title? Again, no intention at all of selling it, I really am just curious. I've put about 600 miles on it so far, and it's an absolute joy to drive.
I'm interested in seeing the opinions and discussion that follows on this. Thanks.
I am curious when see how you refer to the car as a salvage title car. From my understanding the salvage title car cannot be registered at all to make it legal driving on a public road. But salvage title may be converted to the rebuilt title. Then the car could be used normally. So what title are you really referring to - salvage or rebuild?
I would look at price point by looking for the pricing for the counterpart with a clean title and substructing 20-40% from it.
It’s a beautiful specimen, I think you got an excellent deal. I also believe your opinion regarding insurance companies writing off cars with little evidence of damage is sometimes true. However it’s pretty difficult to escape the stigma of a salvage title.You’ve documented the car’s history fully, if you are not intending to keep it you will need to find a buyer like yourself, someone who sees the intrinsic value of that car. Frankly, I would bet the delta between Kelly Blue Book value or NADA and a salvage price is typically 40-50%, possibly more...just my $.02..
I am curious when see how you refer to the car as a salvage title car. From my understanding the salvage title car cannot be registered at all to make it legal driving on a public road. But salvage title may be converted to the rebuilt title. Then the car could be used normally. So what title are you really referring to - salvage or rebuild?
I would look at price point by looking for the pricing for the counterpart with a clean title and substructing 20-40% from it.
Yes, in some states that is the case. Here in TX we have only two types of title, salvage and clean "blue" title. A car may be purchased on a salvage title. If you choose to repair the car, you can get it inspected and then, while staying on the salvage title, it can be registered, however it stays on the salvage title. It can't be registered until you supply the TX DMV with the proper certified TX DMV form showing that the car was repaired, who did the repair (owner repair is ok), with what parts, and an inspection by a state approved inspection facility that it's properly repaired. It's the same as some states where after inspection the car is considered rebuilt and re-titled, only here in TX the actual title isn't changed. No rebuilt title is issued, it becomes a salvage title eligible for registration. Same procedure as states that issue a rebuilt title, just a play on words and no "intermediate" rebuilt title. Same inspection, etc however.
As for as your 20% to 40% deduction range, I was guessing about the same. I guess the question would then be, what is the car worth on a clean title and then go from there? Anyone want to take a guess on that?
I wonder how accurate to real world market KBB and NADA are. KBB puts the clean title private resale value of this car at $17,600. NADA puts it at $18,000. How that reflects the value of actual real world clean title cars in similar condition and equipment to my car is a question that I really don't know the answer to. I guess it's a good starting point to determine the real world resale value of this car with a CLEAN title. Once there, then the reductions for the salvage title can begin to be determined. Again, I'm not interested in the least in selling, making money on it, etc. Just genuinely curious.
This is a great way to get a great car if don't mind holding on to it.
I too bought a salvage title 987. I did a PPI on it and paid about 60% of KBB.
The comment was made that this may not be right for a Porsche but it is typically used.
My car is a 2006 987.1 CS with 45K on it in Lapis Blue. It was in a front end collision...not bad and was bought back by the insurance co. It was fixed right..you can't tell. I insured it with Haggerty's for agreed value for 15K.
Picked it up for 12k cash. For that kind of money I'll risk the IMS and bore scoring at a small risk for the fun ratio I've had with it.
I am curious when see how you refer to the car as a salvage title car. From my understanding the salvage title car cannot be registered at all to make it legal driving on a public road. But salvage title may be converted to the rebuilt title. Then the car could be used normally. So what title are you really referring to - salvage or rebuild?
I would look at price point by looking for the pricing for the counterpart with a clean title and substructing 20-40% from it.
That is correct. A salvage titled vehicle in Texas is not road legal. The vehicle must be rebuilt, inspected, and applied for a new title, at which time it becomes a "Rebuilt Salvage" title and can be registered. Liability insurance is required in Texas and only certain insurance companies will allow a Rebuilt Salvage titled vehicle on the policy.
Originally Posted by Doug427
Yes, in some states that is the case. Here in TX we have only two types of title, salvage and clean "blue" title. A car may be purchased on a salvage title. If you choose to repair the car, you can get it inspected and then, while staying on the salvage title, it can be registered, however it stays on the salvage title. It can't be registered until you supply the TX DMV with the proper certified TX DMV form showing that the car was repaired, who did the repair (owner repair is ok), with what parts, and an inspection by a state approved inspection facility that it's properly repaired. It's the same as some states where after inspection the car is considered rebuilt and re-titled, only here in TX the actual title isn't changed. No rebuilt title is issued, it becomes a salvage title eligible for registration. Same procedure as states that issue a rebuilt title, just a play on words and no "intermediate" rebuilt title. Same inspection, etc however.
This is incorrect. I live in Texas and currently drive a once salvage titled Subaru I purchased at auction last year. Just because the title is blue does not mean it's a clear title. No car with simply a Salvage Title can be legally driven on the road. The title your Porsche and my Subaru have is called a Rebuilt Salvage title.
Originally Posted by Texas DMV Form VTR-441 Application for Salvage or Nonrepairable Vehicle Title
A salvage motor vehicle may not be registered or operated on a public highway until the vehicle has passed a Texas vehicle safety inspection and a certificate of title branded “Rebuilt Salvage” has been issued.
In Ohio, during the rebuilt title inspection, they are more concerned over using stolen parts than safety and require a receipt for most used parts that contains the VIN of the car that each replaced part comes from. That is for parts purchased from any state approved/licensed breaker. If the part came from a private sale, Ohio requires the receipt be signed and notarized that the VIN on the receipt is correct. New parts are OK as long as you have a receipt.
In my '14 flood Boxster, I replaced six electronic modules, part of a wiring harness, the frunk/trunk switch and the passenger seat. The Ohio state inspector only cared about the seat. Their web site claims that if you cannot produce the correct receipts, they can impound the car on suspection of containing stolen parts. They did do a cursory VIN check and looked at a couple hidden locations for matchiing VINs on the car, but the total inspection was 20 minutes, start to finish. There was no drive or safety check that I could tell. In my case, all the used parts came from the same seller on ebay and as luck would have it, he was licensed by New Mexico as a breaker. I still had to work with him to generate new receipts with the correct VINs on them, but he worked with me and all was good.
OP, first, my respect to you for surviving the hurricane, you don't intend to sell so you likely don't need to get opinions here on value? it appears to be a great car, enjoy drive enjoy
I've bought and sold few salvage title cars and while no one source is going to give the best answer I always look at NADA. If its in good shape and everything is working I would use the lowest value as one indicator.
01-14-2019, 06:37 PM
Value question - super clean 2005 Boxster S with salvage title
