Originally posted by pbassjo:
If a vehicle loses 20% of value with a salvage title(just a guess) and it takes 50 percent of the total value of the car to repair then there's not much room for error when placing a bid. Do the math.
Insurance companies are not in business to lose money. When a car is deemed a total loss the numbers have to make sense, it's not a total because people feel sad that their car was hit and don't want it anymore. If an insurance co. figures that it costs too much to repair a car(75% of actual cash value in NY) then be careful.
Remember that when you rebuild a total loss:
1)you have to pay for the vehicle in full before it hits the road. Cost+parts+labor.
2) no warranty/recourse if you find hidden problems.
3)once repaired,there are less people willing to buy the vehicle because of it's history and it has to have a selling price considerably below retail to move.
I suggest that if you want to get involved rebuilding salvage vehicles that you start on a lower cost vehicle where the total expenditure is maybe a fraction of what this project would be. JMHO
[This message has been edited by pbassjo (edited 20 May 2002).]