I have decided I want a Type R and in my search have found many on the market have salvage titles. I'm just curious what the ITR purist community's opinion is on purchasing a salvage title car.
My main concerns are financing and insurance.
I assume that a bank is not going to loan me money for a car with a salvage title, so I will have to go with a personal loan at a higher interest rate.
I also assume that no insurance company will offer full coverage on a salvage car. How do you protect your investment?

 

Im in texas and havent personally delt with that yet.
built my car so I own it no loans out.
Friends R in TX with Salvage Title has INS and Im sure Full coverage
sorry cant be more help

 

I personally bought a salvaged R and it was a little time extensive in getting it registered due to the state I live in. I had to of course get emissions and also an inspection by a certified inspector. The inspection consisted of all working lights on the dash as well as airbags and all safety things in place. All working lights as well. I have full coverage on my R and my insurance is allstate. It was a little hard in getting a loan through the bank for such an old car, but there are also many types of loans you can try. My personal opinion is to save up money for the car and not get a loan.

 

The 'purest" community loves to see salvage title R's brought back to life, but you have to be an enthuiast and have a passion for the ITR to spend your time and money on a car with a salvage title. Do it only for yourself. The buyers doesn't market favor salvage title R's, obviously, unless they're looking for a buid project, thats my $0.02.

 

Most banks won't give loans on cars that old to begin with

 

Personally, I'd only buy a salvage title if I knew the full (truthful) history and it would probably only be a track car.

I suppose if you found a salvage that only had its seats and wheels stolen, you'd be good. Otherwise, I'm not sure it would be worth the risk.

Why not just save a few more $$ and buy a non-salvaged car?

 

If your pocketbook, is making you buy a salvaged car, then don't do it.

You can find a salvaged Dodge and have the same paperwork problems, just alot cheaper.

If you find a salvage titled Type R, which already has insurance and is currently registered, you'll be good (for the State that it's registered in).
If you plan on getting one and having it inspected, by the DMV...they look for proper welds (no bolts) everywhere.

 

i got full cov with progressive for 100$ on my R which is rebuilt title. i guess its up to the buyer buying a car that was wrecked salvaged or stolen, or seats taken, flooded etc.

 

if the vehicle was in a fender bender/stolen/broken into and they salvaged it than it's cool. if the suspension was punched in, in any way, look away. these cars handle really well and damaged suspension will never feel "right". save the R though...and keep it in the family no homo

here in Cali, a salvaged title means nothing, as longest it passes smog than it's good to go.

 

My only concern would be paying 6-8k for a salvage, it gets stolen and you get nothing from the insurance company. Track car or sunday driver only, IMO.

 

in fl i have a salvage 98 ITR, don't know about loan info but i have full coverage. Imo if your looking for resale value you want a stock clean title car, but if you plan on keeping it and doing whatever mods you want then who cars if its salvage. but most of the time the clean title will bring more money than the salvage title. just my 2 cents

 

Insurance companies do not care about a salvage title or not, it could be salvage from theft and have nothing wrong with the car itself, as far as the financing for the car take yourself to a credit union to get a loan. Most credit unions are none profit and will get yourself a much better loan and interest rate. Happy shopping.

 

So what does "full" coverage on a salvage title mean, anyhow? If you bought the car for $7K and it gets stolen, how much will you really get back? I'm guessing probably not anywhere near the $7K you paid (or the extra cash you've put into it to get it 100%).

And lol @ a loan on a salvage. OP, you'd be better off looking at a different car.

 

well before i put full coverage on my R, i asked progressive if i ever wrecked it or stolen. they told me around 7gs. i paid 9 for it. so ill be happy with that. thats just me.

 

i currently just picked up a itr with a salvaged title and even tho it was wrecked idc im in it for the long haul i could care less that the title issue at hand its all in the buyer like a lot of the guys say and if your seriously worried about it being stolen keep it in a garage or blocked in at night just my .03 cents

 

x2. bought mine as a little project and brought it back to life. doesnt look any worse than most of the clean titles out there. Mostly up to you, drive the car not the title right? kinda depends, each car has different history behind it. and of course full coverage ftw, cant drive these around with liability lol to risky

 

The insurance company will require reciepts. After they have the receipts, they will look at the dates and amounts on the receipts and pro-rate the values.

Example: In 2003 you picked up a wrecked itr, for $10,000 and put $4,000 into it.
You had it DMV inspected (to get it re-registered), and insured it with full coverage. You declaired, to the insurance company that it has a salvaged or rebuilt title.

Then, back in 2003, if it were stolen. You would show your reciepts and get $14,000.
If it stolen a year later, you would get less back, if it was stolen 2 years later, you would get even less, etc.
If stolen, today, you would probable get $7,000-$8,000.

So, if you have full coverage and you are at fault, in a minot accident (less than 75% of its value), ...the insurance company will fix it.

Each insurance handles a salvage or re-build titled car differently.
State Farm tells you to bring the DMV inspected car in for a photo shoot, for their records.
Travelers sends you a form and tells you to take it to a garage that does state inspections. The garage fills out the form and you mail it to Travelers.
The last time I checked, Progressive only needed the inspection, from the DMV.

 

I bought a salvage/rebuilt title because i'm 19 and always wanted a R, for 4500 with a 98 spec jdm motor I couldn't say no.

 

This car will be driven and having it stolen from me is my biggest concern living in/around Houston. You can't take a DA to the mall or movies...
When we do stuff like that, we take my wife's car. I work in a chemical plant with restricted access, so no concern there. I can keep it safe as long as I don't let my guard down, but the concern will always be in my mind.
As far as buying a clean title car, I am ALMOST to the point where money is not an issue but I don't intend on spending $20K on a 11+ year old car... My bank is a credit union targeted directly toward employees of the company I work for, so no financing should be a breeze. I have found three clean title cars I am interested in and within my justifiable budget. Any one will have me driving more than 1000 miles to get it home.
I just wanted to see what the ITR communities stance was on title status.

 

no bank now a days will loan on a car that old unless its a small credit union and you have great credit.

as far as insurance goes, you have to shop around to find who will insure a salvage or rebuilt titled vehicle.

 

seriously?

there are no valuable parts on a DA 99% of the time

retarded thieves like the ITR since they can cross all the parts onto base models and EG's

i still, for the life of me, do not know why they don't target higher value cars. steal a new z06, you'll get ten grand out of just the engine

i mean stealing an ITR is one of the single most retarded things a person can do. the owners are ****, paranoid, have 23 theft deterrents you have to figure out and literally try to hunt you down.

 

Do what you want. If you want a dirty title R then theres plenty of them out there.. Just don't spend too much on it cause the resale value on them suck. Now for clean title R, even if its over miles or need some tlc. You can always get a legit resale. It all really depends on your budget and long time goals with the R. I bought a clean title R cause I didn't want to deal with all the headaches. Having a clean title R is much better I think but that's just me tho

 

I personally would of bought a clean title if i had the money. But what do you guys think of my situation. 19 years old with a 2000 PY ITR with a jdm spec 98 motor for 4500?

 

I'd buy one with a salvage title if I had the garage space. I'd build it and boost on it. Title is just some words on a piece of paper. I'm glad there is a market for the cars that have been written off because it saves them from the crusher.

 

that was a steal imo.