Pricing Salvage Titled Pickup

[Widdle]

Anyone have experience, knowledge and/or been there/done that tips for getting a "value" of a "Salvage Titled" pickup.

Specs.......

99 F250 4x4 light duty (1999 F150 look alike) Triton V8 5.4L

Mileage 270k +/-

Looks good

Runs good

New paint in 2007

No liens

Insurance buyback

[forgotten]

The blue book value is around $4k (fair condition is $3450, you should be able to use that since its a salvage title if you need to for exemption limits purposes).
If you aren't close I would just put $4k to save any questions on the value.

[forgotten]

I just saw you were in florida... so I guess every penny counts!

You should be able to argue closer to $3000. Fair condition is $3500, and technically a salvage title is poor condition which KBB does not value.
I think you would get push back going any lower unless you get an apprasial done on it that comes in lower.

[AngelinaCatHub]

If it were an insurance buy back, it was damaged and declaired a total loss. What did you pay for it? For instance any car that came out of Katrina N.O. you can not even buy as within the wetness e-coli cause some people sickness. In that case, even a Hummer would be worth zero.

270K miles makes it quite valueless. I would plead it's value as near $500 with explanation. Bring the Salvage Title and cause of damage to your 341. Even if the Trustee disagrees, he would probably abandon it. I wouldn't buy such a machine. 'Hub

[Widdle]

Back in 2005, uninsured motorist totalled the front end and bent the frame.

Stupid decision on my part was to buy my truck back. I should have settled on a replacement. I just did not want payments. Took about 9 months to get the insurance money.

At the time I was severely sick and wasn't thinking like I should. I could have bought a decent truck for the money.

I had a friend that basically restored the truck back to original condition, however, it took 2 years, as he could only work on it a couple of days at a time. It turned out beautiful.

I think I paid something like $3400.00 which was deducted from the final agreed upon payment which was $9,700.00.

Also, the process I had to go through to get it registered....what a headache!

As we all know, Florida's auto exemption is dinky!!!

[Widdle]

If it were an insurance buy back, it was damaged and declaired a total loss. What did you pay for it? For instance any car that came out of Katrina N.O. you can not even buy as within the wetness e-coli cause some people sickness. In that case, even a Hummer would be worth zero.

270K miles makes it quite valueless. I would plead it's value as near $500 with explanation. Bring the Salvage Title and cause of damage to your 341. Even if the Trustee disagrees, he would probably abandon it. I wouldn't buy such a machine. 'Hub

If I brought the Salvage Title and previous pictures, that would fly!!

I am a bit more concerned if they wanted to see the truck.

It may not be like a child....all mama's think their child is the most beautiful....however............

[Widdle]

I just saw you were in florida... so I guess every penny counts!

You should be able to argue closer to $3000. Fair condition is $3500, and technically a salvage title is poor condition which KBB does not value.
I think you would get push back going any lower unless you get an apprasial done on it that comes in lower.

forgotten, I am thinking that you and "hub" are right, because now that you guys put it down on paper, so to speak, I can see the effect of "salvage" since KBB doesn't even rate it.

Thank you both.

[NoMoreCards]

Widdle, keep in mind you purchased this totaled vehicle in 2005 for 3400.00. So clearly 4-5 years later that value has dropped quite a bit.

I would lean more towards the lower value at maybe 800

270K miles, salvage title...it just isn't worth much IMHO

If the trustee gives you any debate on it, offer to sell it to him for that higher value...Lol! I bet he would change his mind.

[AngelinaCatHub]

forgotten, I am thinking that you and "hub" are right, because now that you guys put it down on paper, so to speak, I can see the effect of "salvage" since KBB doesn't even rate it.

Thank you both.

Yes Widdle, I would bring the pictures before the repair. However, I would also bring pictures after the repair. I am sure you did not mean to attempt to fool the Trustee, but even the after pictures, a bent framed front end rebuild still devalues that machine a whole lot. Also did you take into account the repair cost? I am sure there were parts and an implied bunch of labor that your friend put into it. He was doing this as a hobby and also as a friend. That truck is not worth what you as it's "parent" would like to believe. 'Hub


EDIT: P.S.
"You can put lipstick on a pig, and it may look good, but it's still a pig". LOL.

[Widdle]

Yes Widdle, I would bring the pictures before the repair. However, I would also bring pictures after the repair. I am sure you did not mean to attempt to fool the Trustee, but even the after pictures, a bent framed front end rebuild still devalues that machine a whole lot. Also did you take into account the repair cost? I am sure there were parts and an implied bunch of labor that your friend put into it. He was doing this as a hobby and also as a friend. That truck is not worth what you as it's "parent" would like to believe. 'Hub


EDIT: P.S.
"You can put lipstick on a pig, and it may look good, but it's still a pig". LOL.

Yes, I definitely would bring the pictures of before and after! You do not want to fool mother or father "Trustee"!!

AND I'm going to use your slogan

Another way to look at it is.....what my DH says.....I know what you look like without the makeup and that is priceless!!!

But, all funs/puns aside....You gave me an excellent thought as to the "very highly documented" labor and most importantly parts.

I spent more money than what the insurance gave me, so hopefully the trustee will take that into account. It is also documented with the state.

So, by the time I use FMV minus parts and labor, I should be okay.

[forgotten]

Also did you take into account the repair cost? I am sure there were parts and an implied bunch of labor that your friend put into it. He was doing this as a hobby and also as a friend.

Wouldn't all the parts and labor increase the value of the vehicle? If you take a $500 vehicle and put $2000 worth of parts and 80 man hours in to it I would imagine it would now have a higher value, not a lower one.

[Widdle]

Wouldn't all the parts and labor increase the value of the vehicle? If you take a $500 vehicle and put $2000 worth of parts and 80 man hours in to it I would imagine it would now have a higher value, not a lower one.

Uh, Oh!!

Boy, looks like this is going to be a little worrisome.

[Meatstick]

That is not correct, maintenance and repairs to keep your vehicles road worthy and are not factored into the value of said vehicle.

Does that set of CV joints and new exhaust add $1200 value to a salvaged title vehicle ? They are both repiars to ensure the road safety of that vehicle.

[AngelinaCatHub]

Wouldn't all the parts and labor increase the value of the vehicle? If you take a $500 vehicle and put $2000 worth of parts and 80 man hours in to it I would imagine it would now have a higher value, not a lower one.

No. It is only the lipstick. It is still a salvaged broke car, and whenever sold and traced on 'carfax' will show up as a totaled machine. As I said before, only speaking for myself, I don't care how good it looks, I would not buy it.

BTW, as a kid I learned one thing from a used car salesman. Put a real good wax on the hood, clean up the dash and front seats, make sure the radio plays, and any piece of junk will sell. 'Hub

[Not meaning to insult our host.]

[Widdle]

No. It is only the lipstick. It is still a salvaged broke car, and whenever sold and traced on 'carfax' will show up as a totaled machine. As I said before, only speaking for myself, I don't care how good it looks, I would not buy it.

BTW, as a kid I learned one thing from a used car salesman. Put a real good wax on the hood, clean up the dash and front seats, make sure the radio plays, and any piece of junk will sell. 'Hub

[Not meaning to insult our host.]

Okay, I'm not so worried now.

I sure would hate to see the truck go......wouldn't be able to bargain with the Trustee...I've been in the market for some money, seems everybody's out of it right now.