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belcherboy
New User
May 15, 2019, 1:20 PM
Post #1 of 3
(1770 views)
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Hey, I was hoping someone may have some expertise in Salvaged/rebuilt titled vehicles. I've signed up on the Copart website, and they sell damaged vehicles in lots of auctions (it seems like insurance agencies send the cars they totaled there). They have a variety of "hail damaged" cars. I was interested in possibly purchasing a hail damaged car, because they seem like they could be a very good deal for a newer car, and I don't really care what it looks like as long as it runs well. Here is what I don't know:
1) I'm from Georgia, is it fairly easy to get a rebuilt title in the state of Georgia for a car that has hail damage? If the only damage is cosmetic, will they issue a license, or do they take the small dents into consideration?
2) If you've ever purchase a hail damaged vehicle, or know someone who has, is there anything else I should worry about? (aside from water damage, but I've been looking at vehicles that seem to just have hundreds of tiny dents on it)
3) How does insurance and the ad valorem tax work with rebuilt titled cars? If I got a car that was worth $25k according to KBB, but I paid $10k because it was a salvaged vehicle, would I pay taxes as if it were worth $25k? What kind of insurance could I get from my insurance company if it were to get totaled again?
Any help would be appreciated. I don't want to purchase a hail damaged vehicle to find out that they will expect me to fix all the small dents in the body before I get it titled, and with all the taxes and titles it ends up being more costly that I want.
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Hammer Time
Ultimate Carjunky
/ Moderator
May 15, 2019, 2:47 PM
Post #2 of 3
(1767 views)
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Re: Salvaged Titles
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I am very familiar with the situation in the state I live which is Florida. That may or may not help you.
What it means in Florida is that the title will be branded as "salvage" or "parts only". You can buy a car with a salvage title and register it as normal but the branding on the title will dramatically diminish the resale value of the car. A parts only title means just that. You can't register it.
As for insurance, that totally depends on the insurance company. Most will require an inspection before insuring and could deny insurance if they deem the car too far damaged. You could also have problems with a bank financing them.
But you DO need to check the laws in your state before making a purchase.
I buy a lot of cars at auction and you need to remember that you are rolling the dice with no guarantees whatsoever. The previous owner could have stripped valuable parts or withheld the keys which can run many hundreds of dollars to replace these days.
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We offer help in answering questions, clarifying things or giving advice but we are not a substitute for an on-site inspection by a professional.
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belcherboy
New User
May 20, 2019, 5:34 AM
Post #3 of 3
(1713 views)
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Re: Salvaged Titles
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Thank you so much!! This has been helpful.
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