How much $$ is a clean title worth over a salvage title to you?

[lbhsbz]

The truck/stolen cats saga continues...I'll be dropping Farmers like a hot fucking rock in the next week.

First repair estimate came in at $3700 (less my $1000 deductible), and the claims rep who called was really trying to get me to set up direct deposit so they could "settle today" I looked over the estimate and it referenced not only discontinued part numbers, but part numbers for a different vehicle.

The "revised" estimate was received today...about $10K. This time it includes only one incorrect catalytic converter, but also another $1500 worth of parts and labor that have nothing to do with the damage to the vehicle...just "extra" I guess.

My estimate (or cost) that I wrote up using the same pricing structure that Farmers uses is $7400, minus my deductible...they would owe me $6400. So that's what I asked for, they said no and the truck is a total loss.

My options:

Let them total it and pay me $10K, buy back the truck for $1500, deal with all the bullshit involved with getting it re-registered, inspected, etc...and have a salvage title attached to it for ever, and fix it myself (I already have all the parts ordered)

Cancel the claim and eat the cost to fix it (no parts or labor profit/markup involved by repair shops, so the actual parts cost is roughly $3500). I'll be back up and running by next week if I choose this way, and the truck retains a clean title, and I know the history of it.

truck is a 2002 Silverado 1500HD w/ 120K miles...there is no way I'm finding an equivalent replacement for this anywhere near the $10K value they're putting on it.

Thoughts?

 

[hallett21]

Before the damage what would you honestly value/sell today for?


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[mbrown2]

There may be something I am missing but it seems you want to keep the truck......so if you spend 1000 you get it fixed via insurance, title stays clean but you do have a claim on your record. Or you spend 3500 fix it yourself and feel good you did not overpay some Insurance's inflated cost to repair... I don't know but it seems like you keep vehicles for a while so the insurance claim won't mean that much except if you are going to drop and go elsewhere. I would spend the 1000.

 

[rivermobster]

I'm gonna guess it has an LS in it??

Take the 10k, buy back the truck, and sell the engine, trans and electronics for 2-3k, depending what engine it is.

Then go by yourself a used "diesel" truck. No more "converter" issues to worry about.

 

[ltbaney1]

my .02, if you like the truck i would cancel the claim and fix it, then drive it. if you can afford it. i was in a similair spot in may. my 06 1500 had 220K on the clock, had a bad bottom end knock, needed transmission work, brakes, tires, and other odds and ends. i wound up taking 3K in trade in on it and buying new. my rough math it would have cost me 10K to get that truck to where i was happy with it again.

 

[J DUNN]

A white one with standard options in OC blue books for $6600-$10,600. I'd take the $10k ALL day long and buy it back salvage title. Used car market is CRAP right now, it's too cheap (free) to borrow money on a new one so people buy new and used takes forever to sell. They are high on the KBB scale, I'd take the $10k.

 

[TimeBandit]

So you will be $5 grand ahead after you buy it back and fix it on the cheap?

No Brainer. Buy it back and fix it.

 

[SKIDMARC]

I'm confused, they quoted you $3700, they messed up on the quote, then quoted you $10k. You asked for $6400 based on your quote and they said its totaled? Maybe I'm not following correctly.

 

[lbhsbz]

There may be something I am missing but it seems you want to keep the truck......so if you spend 1000 you get it fixed via insurance, title stays clean but you do have a claim on your record. Or you spend 3500 fix it yourself and feel good you did not overpay some Insurance's inflated cost to repair... I don't know but it seems like you keep vehicles for a while so the insurance claim won't mean that much except if you are going to drop and go elsewhere. I would spend the 1000.

The original estimate was such a fucking joke I wanted them to put a real one together...I had not really figured out what was going to happen at that point. Then they pulled that off the table, came back with a 10K estimate which will total the truck. My options now are Salvage title and buy it back and fix it, or just fix it on my own and cancel the claim. No in between.

 

[Racey]

I agree, take the salvage title, BFD, nobody in the used car market for a 10k truck gives a shit if it's a salvage title, they can see the condition of the vehicle they are buying.

More than likely by the time you are ready to sell it would be worth far less than that anyway.

 

[lbhsbz]

I'm gonna guess it has an LS in it??

Take the 10k, buy back the truck, and sell the engine, trans and electronics for 2-3k, depending what engine it is.

Then go by yourself a used "diesel" truck. No more "converter" issues to worry about.

I have enough problems without a diesel

 

[rivermobster]

I have enough problems without a diesel

Clearly.

 

[hallett21]

My math says at 10k with a $1500 buy back and $7400 in repairs, you’re left with $1,100 to pay yourself to go register it salvaged.

Unless you have to pay deductible.. then $100.

You’ll only be able to insure for liability I assume. You can always sell it for 3-5k to a construction guy or gardener.

If it were me I’d want to move on.


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[LargeOrangeFont]

Take the money, buy the truck back, fix it on the cheap. On a truck that old with that many miles. It hurts the value, but not a lot.

If the estimate to fix it is $7k that means I can probably be done for $3k with outside the box thinking and a little extra legwork.

 

[LargeOrangeFont]

I'm gonna guess it has an LS in it??

Take the 10k, buy back the truck, and sell the engine, trans and electronics for 2-3k, depending what engine it is.

Then go by yourself a used "diesel" truck. No more "converter" issues to worry about.

An iron truck LS with 100k is worth $1k with the trans and harness on a good day.

 

[SBMech]

Salvage title makes it worth less than half it's original value IMO. Not a big deal if you are going to keep it, other than the difficulty insuring it.

If you are going to run the wheels off it then bury it, taking the 10k and paying someone to fix it for 4k is a win, or doing it yourself for 3500. You can always bring you own eggs to Sambos, just pay the labor and not the markup.

 

[rivermobster]

An iron truck LS with 100k is worth $1k with the trans and harness on a good day.

Last time I called a salvage yard (a couple years ago now) they started at 2k for a take out 5.3 with all of the accessories/trans/driveshaft and manifolds intact. A 6.0 was 3k.

Now if your talking about a bare engine with nothing on it, your number could be right.

 

[LargeOrangeFont]

Last time I called a salvage yard (a couple years ago now) they started at 2k for a take out 5.3 with all of the accessories/trans/driveshaft and manifolds intact. A 6.0 was 3k.

Now if your talking about a bare engine with nothing on it, your number could be right.

Yea some people buy them for that but the salvage yard is like buying from Carmax. If you need one today, that is pulled and clean, you pay top dollar. Plus every 4.8 and 5.3 sold as a 5.3

Hes not a salvage yard however, hes a dude selling an engine.

 

[Backlash]

With the scenario you've given, I think I would fix it myself if money was not an option. Cancel the insurance claim and avoid the salvage title deal altogether. I have a truck of similar year/miles and I'd hate to get rid of it. I know some insurance companies wont insure a vehicle with a salvage title.....and many folks see that in the sales ad and pass on the vehicle simply because its salvaged.
I know I do when I'm browsing for another vehicle. Just my .02.

 

[TimeBandit]

You can get full coverage insurance on a Salvage title, the funny thing is the insurance company does not even do an inspection.

We had a customer buy a flood Minivan, get Mercury full coverage insurance, then had mercury pay for all the pre existing damage to the undercarriage by saying "we hit something on the freeway at night" I asked the Mercury claims rep why they issued full coverage with no inspection, he had no answer.

I would not buy a salvage title, but I would buy back and fix my own car regardless of future title status. I know what I have, I know what ACTUALLY happened to it.

 

[rivermobster]

Yea some people buy them for that but the salvage yard is like buying from Carmax. Plus every 4.8 and 5.3 sold as a 5.3

Hes not a salvage yard, hes a dude selling an engine.

Agree. If he can prove what it is, and verify the mileage (easy with it in the truck) I'm thinkin 2k would be a minimum price. Someone can take the whole truck for that price! He can part out the interior as well. $$$



Note: to you and me, it aint worth fifty cents, but you Know how these LS guys are.

 

[LargeOrangeFont]

With the scenario you've given, I think I would fix it myself if money was not an option. Cancel the insurance claim and avoid the salvage title deal altogether. I have a truck of similar year/miles and I'd hate to get rid of it. I know some insurance companies wont insure a vehicle with a salvage title.....and many folks see that in the sales ad and pass on the vehicle simply because its salvaged.
I know I do when I'm browsing for another vehicle. Just my .02.

Why cancel the claim? Then hes out even more money.

 

[Backlash]

I know but he can fix it himself, avoid the claim, prevent the vehicle from being deemed as "Salvaged" and keep it if he wants. Sell it later with a clean title and all is well. Unless I missed something else in the post....

 

[LargeOrangeFont]

Agree. If he can prove what it is, and verify the mileage (easy with it in the truck) I'm thinkin 2k would be a minimum price. Someone can take the whole truck for that price! He can part out the interior as well. $$$



Note: to you and me, it aint worth fifty cents, but you Know how these LS guys are.

I just searched on ebay and I can get an all aluminum 5.3 out of a 2009+ truck for $1300 shipped with harness and ECU. There are several. No trans, but I can buy a reman 4l60 for $800.

Someone might buy it for $2K. The trans is worth $100 Computer $50, Harness $100, Long block, $500. Literally you can find the whole deal for $1K if you are diligent and patient for a few days. They go fast at that price. They sit and sit if they are overpriced.

I got a 0 mile freshly rebuilt LS1 (all aluminium) with a cam and valve springs for $3K a couple months ago, including the LS6 manifold, accessories, harness and PCM.

 

[LargeOrangeFont]

I know but he can fix it himself, avoid the claim, prevent the vehicle from being deemed as "Salvaged" and keep it if he wants. Sell it later with a clean title and all is well. Unless I missed something else in the post....

Yea I get that, but take the $10K payout. Who cares if you lose $2K on the value of the truck if you plan to keep it, or sell it. It is worth nothing as it sits now. Just paying out of pocket to repair it and having a non salvage title does not net you an extra $5-6K in your pocket, it costs you money.

Take the money, use it to fix the truck so you have an asset worth something, and if you sell it you are made whole and profit an extra $5K or so. If you don't sell it, you have a free truck.

We are talking about paying $3-4K here VS getting paid $4-6K over the remaining life of the truck.

 

[Backlash]

I just looked at his situation as if it was mine. I'd try to keep my truck because I cant find another one that's not beat to shit for a decent price right now. The used Chevrolet truck prices are ridiculous.

 

[lbhsbz]

Yea I get that, but take the $10K payout. Who cares if you lose $2K on the value of the truck if you plan to keep it, or sell it. It is worth nothing now, and just paying out of pocket to repair it and having a non salvage title does not net you an extra $5-6K.

We are talking about paying $3-4K here VS getting paid $3-4K

Looks like that's the direction I'll go. I called a few insurance companies and they don't have issues insuring it, they'll just value it close to 60% of a non-salvage vehicle.

 

[LargeOrangeFont]

Looks like that's the direction I'll go. I called a few insurance companies and they don't have issues insuring it, they'll just value it close to 60% of a non-salvage vehicle.

If it does not have any sentimental value, fix it, and drive the wheels off of it. Yea you are going to do a little running around, but you probably will pocket $5K or more.

I sold a CTS-V that I wrecked to a buddy. They said it would take $33K to fix it so it was a total. Insurance paid me $44K (what I paid for it 2 years earlier). I bought the car back for $4K, and sold it to my buddy for $15K. He fixed it the right way because he wanted it for himself, and that cost him $10K. The car came out great. He drove it for 6 months and ended up selling it for $33K.

 

[lbhsbz]

I just looked at his situation as if it was mine. I'd try to keep my truck because I cant find another one that's not beat to shit for a decent price right now. The used Chevrolet truck prices are ridiculous.

We share the same concern.

Also of concern was dealing with the DMV for the salvage process...especially during COVID. My dad got there at 7AM the other day and got in line behind 75 people who'd been there since before 5:30....he didn't make it in the building till noon.

I found an independent DMV services place near my house that will handle everything for no more than $200...so that makes it easier.

 

[LargeOrangeFont]

I just looked at his situation as if it was mine. I'd try to keep my truck because I cant find another one that's not beat to shit for a decent price right now. The used Chevrolet truck prices are ridiculous.

I get that. I would keep the truck as well. But if it is yours and you are keeping it, who cares about the title? And it has 100K miles, so who cares about the resale value? Honestly a total loss payout and buyback on an older easily repairable car is the best thing that can happen. You get all of your money back out of the vehicle, and get a repaired car. Any money he gets upon selling the salvage title vehicle is further profit.

He will have no problem in CA getting insurance.

 

[Willie B]

...Just went through a deal with Farmers one of my Mercedes that burned had a salvage title ...21st/Farmers still paid full boat on the loss...I bought the car with a salvage title I can’t remember exactly why it had a salvage title???.,,there was no visible damage top to bottom ...21st-century/Farmers had insured the car with a salvage title...for me for 18 years...???...Dunno???...
...

 

[pronstar]

IMHO a salvage title only matters if you wanna sell it.

If you’re planning on keeping it, then the title doesn’t make any difference.

I’d take the $10k and buy it back.


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[LuauLounge]

Last issue is how much will your insurance go up next year after a claim?

 

[LargeOrangeFont]

Last issue is how much will your insurance go up next year after a claim?

Mine went down $120/year LOL.

 

[ka0tyk]

how much is it worth to ME? id never BUY a salvage vehicle, for any reason. if its your vehicle and you want to keep it then just take the big payout, slap some cherry bombs on it and pay your smog guy $200 every 2 years. You can buy a lot of smogs for $10k.

 

[2Driver]

Ask them to do an agreed cost to repair if you want the truck and a clean title.

In other words pick a number that you like based on the real part costs and some labor and they should do an agreed cost. Agreed cost keeps them from having supplemental costs during the repair which is their concern when the vehicle repairs start to get close to the value of the truck. Personally I would try to justify a number that “covers” your deductible.

It kind of sounds like they padded the estimate to total the truck and be done with it.

Also keep in mind a salvage title isnt that bad when the vehicle is already heavily depreciated especially if you can explain valid reason. As a rule I figure salvage value at 10-15% below wholesale NADA book

 

[lbhsbz]

Last issue is how much will your insurance go up next year after a claim?

Should go down, since now the "value" is 60% of what it was. It will not be with Farmers though....I don't continue to do business with incompetent fucktards once they make me aware of their condition.

 

[lbhsbz]

Ask them to do an agreed cost to repair if you want the truck and a clean title.

In other words pick a number that you like based on the real part costs and some labor and they should do an agreed cost. Agreed cost keeps them from having supplemental costs during the repair which is their concern when the vehicle repairs start to get close to the value of the truck. Personally I would try to justify a number that “covers” your deductible.

The adjuster is pissed off because I evidently brought to light to several others in the company the degree to which he sucks at his job. He refuses to alter his latest estimate.

 

[DanG]

I would take the 10k and fix it if you like the truck and want to keep it. It's money in your pocket. Just keep pictures and receipts for the work that is done. People buy salvaged vehicles all the time and with documentation of what was done, it will be an easier sell if and when you decide to part with it.

 

[2Driver]

The adjuster is pissed off because I evidently brought to light to several others in the company the degree to which he sucks at his job. He refuses to alter his latest estimate.

Speak professionally to the regional claims manger. Let him/her know your goal to keep and repair the truck and keep their costs low and predictable. win win. Barney Fife has a boss and doesnt run the show. Just be sure you are really talking to the claims Manager for the region.

The cal state insurance commission is always a valid threat to use but as a last resort. they cant get more then a 2-3 complaints without getting into shit.

 

[2Driver]

I would take the 10k and fix it if you like the truck and want to keep it. It's money in your pocket. Just keep pictures and receipts for the work that is done. People buy salvaged vehicles all the time and with documentation of what was done, it will be an easier sell if and when you decide to part with it.

Farmers will back out the salvage value from the 10k which is probably several grand.

 

[DarkHorseRacing]

Insurance companies are all the same, though. You can leave Farmers and wind up with worse or better somewhere else but its a crapshoot. Every insurance company's job is to fight as hard as possible to give you anything even though if you'd banked that money instead you'd be ahead. Insurance companies don't even want to give you your own money back when you file a claim.

 

[sirbob]

Are you sure you cant find another one for 10k?

Based on the market for those trucks, it would seem like there would be a nice one out there someplace for what they are offering you. On the KBB site I chose very good condition and said crew cab?

 

[Bigbore500r]

The truck/stolen cats saga continues...I'll be dropping Farmers like a hot fucking rock in the next week.

First repair estimate came in at $3700 (less my $1000 deductible), and the claims rep who called was really trying to get me to set up direct deposit so they could "settle today" I looked over the estimate and it referenced not only discontinued part numbers, but part numbers for a different vehicle.

The "revised" estimate was received today...about $10K. This time it includes only one incorrect catalytic converter, but also another $1500 worth of parts and labor that have nothing to do with the damage to the vehicle...just "extra" I guess.

My estimate (or cost) that I wrote up using the same pricing structure that Farmers uses is $7400, minus my deductible...they would owe me $6400. So that's what I asked for, they said no and the truck is a total loss.

My options:

Let them total it and pay me $10K, buy back the truck for $1500, deal with all the bullshit involved with getting it re-registered, inspected, etc...and have a salvage title attached to it for ever, and fix it myself (I already have all the parts ordered)

Cancel the claim and eat the cost to fix it (no parts or labor profit/markup involved by repair shops, so the actual parts cost is roughly $3500). I'll be back up and running by next week if I choose this way, and the truck retains a clean title, and I know the history of it.

truck is a 2002 Silverado 1500HD w/ 120K miles...there is no way I'm finding an equivalent replacement for this anywhere near the $10K value they're putting on it.

Thoughts?

What all was damaged during the theft, besides the exhaust / cats?

 

[lbhsbz]

Are you sure you cant find another one for 10k?

Based on the market for those trucks, it would seem like there would be a nice one out there someplace for what they are offering you. On the KBB site I chose very good condition and said crew cab?

View attachment 947802 View attachment 947804

Would you trust a 20 year old GM product with no knowledge of it's prior history? I wouldn't.

 

[BONER]

Are you sure you cant find another one for 10k?

Based on the market for those trucks, it would seem like there would be a nice one out there someplace for what they are offering you. On the KBB site I chose very good condition and said crew cab?

View attachment 947802 View attachment 947804

I'm sure. Just got done truck shopping. Can't find shit that's not a Roach, for $10k. Not even a Tahoe. If it's got a bed, 100k miles or less, 4 full size doors, and doesn't smell like shit, better show up with atleast $17k.

My budget started at $10k. Ended up spending $25k.

 

[2Driver]

Who wrote the Farmers estimate, the claim rep or one of their direct repair shops?

Your agreed cost offer is going to have to be in 5k range for them to bite

 

[jones performance]

depending on my plans with a vehicle generally i wont mess with a salvage title vehicle, especially if its something i may end up selling for ehatever reason in future. however if im building a beater, or a burnout car or race car then it dont matter since i wont be registering it or insuring it most likely.

 

[ka0tyk]

Are you sure you cant find another one for 10k?

gmt800 prices are crazy right now. i saw someone post up a like 06 duramax crew cab for $30k today.

 

[lbhsbz]

What all was damaged during the theft, besides the exhaust / cats?

driver's door handle and lock cylinder
ignition lock cylinder.
I pulled the steering wheel off and pulled the lock case, brought it and the door cylinder over to a locksmith who fixed it for $130 and cut me 2 new keys using the VIN.

They pulled the bottom column cover off but it's not broken...they didn't have time to remove a screw, but the screw is gone...still a mystery.

The rear bumper got a bit bent from them pushing it...but I'll pull it straight again....or not, haven't decided yet.

Needs rear 02 sensors and all the exhaust between the manifolds and the muffler.

Edit: and a battery. ignition was broken in a position that evidently drew power. No lights or anything on the dash, but the battery was flat dead by the time I tore it all apart. I rolled the switch over by hand with a new battery and it started and ran, so I don't think anything electrical is fucked up, but will do a draw test once I get the column back together tonight (I broke the tang on the stupid shift interlock cable and the new cable just showed up today).