I live in Michigan. I am looking to buy a 2003 Tiburon. It has 73,000 miles and the seller wants $5500 for it. I convinced him to go down to $5000 from evidence from edmunds and KBB. Looking at the pictures, the exterior looks in good shape.
I bought an autocheck vechicle report, and it’s located here: http://www…01155132PM
There seems to be Insurance loss title or probable total loss record(s), Junk or scrapped title record(s), Rebuilt/rebuildable title record(s), Salvage title or salvage auction record(s)
yet there is 0 reported accidents on the report. I have limited knowledge of what a rebuilt title is, my problem is that the reports don’t correspond with each other. First it was a total loss, now it’s salvaged, and based on my limit talking with the current owner, it’s never had any issues.
Can someone explain to me what’s going on? What’s your guess on what happened?
How much does this devalue the car? How will this add any additional fees in the long run? Will I have trouble getting this car insured?
Please let me know your opinion and what you would do in this situation.
I could of sworn I posted this in general discussion, can this be moved?
Don’t worry about the post location.
Sounds like the car was in a crash, the insurance co. wrote it off as a total loss, and it’s been rebuilt. Unless you’re a car expert (and if you were, you wouldn’t have asked) I wouldn’t touch this car, ever, regardless of price.
Ask the seller. Ask them to reconcile the information sources. If this car was in an accident, declared a total insurance loss, then its value is 50% or more less than the kbb or edmunds values, which assume no salvage title.
I interpret the report as saying that even though no insurance loss was reported (no insurance company is compelled to report losses to these data sources), a salvage title was issued.
To me, this is a major buyer beware situation unless you know cars well and know what to look for in a rebuild salvaged car. It is not worth any published book value because of the salvage title.
You cannot get comprehensive or collision insurance typically on a salvage title. But best left to insurer to ask.
The $5500 price is for a Tiburon with a normal title. Your I would devalue by at least 50% and also have a mechanic check the structure of the vehicle. The accident could have been minor but an insurance company declared it a loss since the price to do the PROPER repairs exceeded a value thresehold.
The likely case is either the owner or salvage buyer did “enough” work for it to be cosmetically and likely functional. However this vehicle may ruin tires or have serious damage lurking.
If you are ready to drop $5000 on a vehicle like this, buy one with a proper title. Walk really run from this.
This car is worth $1500 on a good day.
If I were you, I would walk (or perhaps run) away from this “deal”.
A salvage car, or one that has been rebuilt, will never be as reliable as one that has not had significant damage, and–perhaps most important of all–a rebuilt car is likely to have much less occupant protection in the event of a crash, simply because it cannot be rebuilt to the same standards that it had when it left the factory in 2003. The original structural integrity is simply no longer present.
As to asking the seller to reconcile the possibly conflicting information, I hope you realize that the amount of lying that typically takes place with used car sales is…incredibly high. Ask for an explanation if you want, but be VERY skeptical of the answers that you are given.
Used cars are like commuter buses.
If you miss one, there will be another one coming along shortly.
A Salvage Title means that the vehicle was written off at one time as a total loss and that the damage was severe enough to earn it a branded title.
Just my opinion, but I would be very hesitant about this deal. It is possible to get a good vehicle with a Salvage Title (IF the price is right) and it’s also equally possible to become the owner of a real problem.
For a 8 year old Hyundai with a branded title it’s way overpriced in my opinion.
Turn 180 degrees from this deal and keep walking. The price is too high anyway.