Salvage Title - Value impact??
Thread Starter
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Cruiser
Joined: Feb 2012
Posts: 136
Likes: 0
From: Papillion, NE
Salvage
Wow....many thanks.
Insuring is no problem...already checked with State Farm....financing is no problem as I would be paying cash. Thinking might be better off going for clean title and financing the remainder rather than just buying out right....hate to have a payment on something that is considered a "toy" and not really required.
So I am hearing anywhere from 25-40% loss of value with a salvage. Blue Book has it at $16,000 so even with a 40% loss....looking at $9600 which might be able to get him close to. But I am hearing Blue Book is on the high side...and there's plenty out there in the $12,000 range with 10,000 miles with a clean title. Been watching Craigs list religiously (Omaha / Kansas CIty / Minneapolis) and only seen 1 street glide that came close. I am looking for an '07 or newer...I want the bigger motor and 6 speed....they obviously seem to be a lot harder to come by in my price range.
THANKS for ALL of the input....guess I'll keep my eyes open for a great deal...and hopefully my laying awake in bed at night thinking about this one will go away...
Steve O!
Insuring is no problem...already checked with State Farm....financing is no problem as I would be paying cash. Thinking might be better off going for clean title and financing the remainder rather than just buying out right....hate to have a payment on something that is considered a "toy" and not really required.
So I am hearing anywhere from 25-40% loss of value with a salvage. Blue Book has it at $16,000 so even with a 40% loss....looking at $9600 which might be able to get him close to. But I am hearing Blue Book is on the high side...and there's plenty out there in the $12,000 range with 10,000 miles with a clean title. Been watching Craigs list religiously (Omaha / Kansas CIty / Minneapolis) and only seen 1 street glide that came close. I am looking for an '07 or newer...I want the bigger motor and 6 speed....they obviously seem to be a lot harder to come by in my price range.
THANKS for ALL of the input....guess I'll keep my eyes open for a great deal...and hopefully my laying awake in bed at night thinking about this one will go away...
Steve O!
Tourer
Joined: Mar 2010
Posts: 274
Likes: 2
From: Minnesota
Finance and resell, I'm sure that would be impacted.
Cruiser
Joined: Feb 2012
Posts: 182
Likes: 6
From: New York
Wow....many thanks.
Insuring is no problem...already checked with State Farm....financing is no problem as I would be paying cash. Thinking might be better off going for clean title and financing the remainder rather than just buying out right....hate to have a payment on something that is considered a "toy" and not really required.
So I am hearing anywhere from 25-40% loss of value with a salvage. Blue Book has it at $16,000 so even with a 40% loss....looking at $9600 which might be able to get him close to. But I am hearing Blue Book is on the high side...and there's plenty out there in the $12,000 range with 10,000 miles with a clean title. Been watching Craigs list religiously (Omaha / Kansas CIty / Minneapolis) and only seen 1 street glide that came close. I am looking for an '07 or newer...I want the bigger motor and 6 speed....they obviously seem to be a lot harder to come by in my price range.
THANKS for ALL of the input....guess I'll keep my eyes open for a great deal...and hopefully my laying awake in bed at night thinking about this one will go away...
Steve O!
Insuring is no problem...already checked with State Farm....financing is no problem as I would be paying cash. Thinking might be better off going for clean title and financing the remainder rather than just buying out right....hate to have a payment on something that is considered a "toy" and not really required.
So I am hearing anywhere from 25-40% loss of value with a salvage. Blue Book has it at $16,000 so even with a 40% loss....looking at $9600 which might be able to get him close to. But I am hearing Blue Book is on the high side...and there's plenty out there in the $12,000 range with 10,000 miles with a clean title. Been watching Craigs list religiously (Omaha / Kansas CIty / Minneapolis) and only seen 1 street glide that came close. I am looking for an '07 or newer...I want the bigger motor and 6 speed....they obviously seem to be a lot harder to come by in my price range.
THANKS for ALL of the input....guess I'll keep my eyes open for a great deal...and hopefully my laying awake in bed at night thinking about this one will go away...
Steve O!
I am not against buying a properly repaired salvage titled bike but DO NOT SPEND 12K on any bike with a salvage title.
That bike is worth half that price at best.
Stolen recovery bikes are the best way if your wanna go that route.
Keep looking. For 12K you will find a gem but you must be patient in your search.
Stage IV
Joined: Jan 2012
Posts: 4
Likes: 0
From: Arlington, TX
If you plan to resell don't waste your money or time on a Salvage titled vehicle. The headache you will have to deal with is not worth it. In Texas for example, the State makes you get a valuation appraisal so it can tax you correctly. If you have to re-certify the bike after re-build that is another pain. Again, not worth it.
Cruiser
Joined: Jun 2010
Posts: 245
Likes: 3
From: WI
I have a salvaged/rebuilt 06 that looks, runs, and rides perfect. Not sure why they salvaged it and really, I don't care. I paid less for it when I bought it and expect to get less for it when I sell it. Progressive insures it the same as if the title was clean with no increase in premium or special coverages. The main problem I see with a salvaged bike is that a large percentage of potential buyers won't even look at it or won't pay anything for it(as you can see by this thread). I could be wrong but when it comes time to sell mine I'm hoping to pass what I saved when I bought the bike along to the next guy and basically come out even. Until then, I saved five grand and got a bike I could afford to pay cash for. Good luck...
Extreme HDF Member
Joined: Jun 2011
Posts: 10,216
Likes: 224
From: Glendale AZ
I bought a salvaged Honda Civic and Progressive insured it just fine. If it gets totaled they will give me full value making it double what I paid for. The only down side is your never going to be able to sell it...ever. No one will buy it and your stuck with it. Thats fine on my Honda since I will keep it till its junk which most do. A bike, well very few keep it till its junk so keep that in mind.....
Thread Starter
|
Cruiser
Joined: Feb 2012
Posts: 136
Likes: 0
From: Papillion, NE
salvage
Thanks again all!
Black Pearl, repaired right and in really nice shape. Now I know I should have never even went to even look at it. Like the ex girlfriend you know is just PROBLEMS....and your brain tells you to stay away as far as you can....but you cannot stop thinking about her because she was REALLY hot.
The ex girlfriend thing didn't work out at all....only more misery....I'll heed the advice this time and not go back a second time. Hopefully : )
Steve O!
Black Pearl, repaired right and in really nice shape. Now I know I should have never even went to even look at it. Like the ex girlfriend you know is just PROBLEMS....and your brain tells you to stay away as far as you can....but you cannot stop thinking about her because she was REALLY hot.
The ex girlfriend thing didn't work out at all....only more misery....I'll heed the advice this time and not go back a second time. Hopefully : )
Steve O!
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Cruiser
Joined: Mar 2011
Posts: 228
Likes: 1
I had 4 bikes flood during Ike, 3 were insured. progressive totaled them, because the water touched the engine, all are running fine , because of the fact that they were totalled, i had to apply for salvage titles, it really justs protects consumers down the line from having someone unload the bike without revealling its history... Its a bike , if it is in good shape, buy it..Progressive had no problem insuring them with the salvage titles..Fwiw there are some good deals out there, i got a 09 EGS a year ago with abs, security and cruise, 9500 mile, spotless for 13500...Local dealers were trying to sell me 07 08s with 20000 miles plus for over 18..look around...
Stellar HDF Member
Joined: Jul 2009
Posts: 2,476
Likes: 193
From: Las Vegas, NV
As an insurance agent I can tell you that I don't know of any companies that insure a salvage title vehicle for full coverage. Liability only at best. Of course if you don't tell the company that it's salvaged they usually don't check but don't count on coverage actually paying off if you have an issue; so misrepresenting it isn't in your best interest.
I spent a lot of years in the car business and now the insurance business; I wouldn't touch a salvage title vehicle.
I spent a lot of years in the car business and now the insurance business; I wouldn't touch a salvage title vehicle.