daveman Posted May 5, 2012 Share Posted May 5, 2012 Im looking for a nice car for cheap, but i always wanted a legacy gt. I was on craigslist today and found a 2006 legacy gt with 60,xxx miles for only 8,000 at a used car dealership. So i did research and found out it had a salvage title. But the only reason it had a salvage title is because someone keyed the owners car all over with cuss words ect. So it was considered vandalism, thus the salvage title. I was wondering if it was worth getting a loan for it (cause im broke) and try to flip it for 11,000? All opinions are welcome, cause i just joined the site. Link to comment Share on other sites More sharing options...
daveman Posted May 5, 2012 Author Share Posted May 5, 2012 Here are some pics Link to comment Share on other sites More sharing options...
blongo804 Posted May 5, 2012 Share Posted May 5, 2012 If you're not worried about resale value and you're allowed to test drive and compression test, go for it after you do both. IMO, I think the price can be a wee little cheaper for a salvage title. Link to comment Share on other sites More sharing options...
NWSPECB Posted May 5, 2012 Share Posted May 5, 2012 Look up book value on it with a clean title. Cut that price in half or 2/3's depending on overall condition. Start there. Check for service records, compression test like blongo said, check for any obvious signs of modifications. See if you can check to see that the tires are all within the specs they should be since those are aftermarket wheels as well. Not sure you'll be able to resell it for the $11,000 as that, I believe, is about the going price of a clean titled 05-06 though. As always good luck and welcome to the forum! Link to comment Share on other sites More sharing options...
daveman Posted May 5, 2012 Author Share Posted May 5, 2012 If you're not worried about resale value and you're allowed to test drive and compression test, go for it after you do both. IMO, I think the price can be a wee little cheaper for a salvage title. Do you mean try to buy it cheaper or sell it cheaper? Btw i forgot to say that it has been repainted. Link to comment Share on other sites More sharing options...
NWSPECB Posted May 5, 2012 Share Posted May 5, 2012 ^ I think he means for buying but realistically both the purchase price and the resale price are a bit off. Link to comment Share on other sites More sharing options...
daveman Posted May 5, 2012 Author Share Posted May 5, 2012 Look up book value on it with a clean title. Cut that price in half or 2/3's depending on overall condition. Start there. Check for service records, compression test like blongo said, check for any obvious signs of modifications. See if you can check to see that the tires are all within the specs they should be since those are aftermarket wheels as well. Not sure you'll be able to resell it for the $11,000 as that, I believe, is about the going price of a clean titled 05-06 though. As always good luck and welcome to the forum! Thanks, ya the only reason i was thinking about it cause i see some pretty pricey legacy gts in the 100,xxx mile area. But as u said salvage title will never sell as much. Link to comment Share on other sites More sharing options...
blongo804 Posted May 5, 2012 Share Posted May 5, 2012 Yeah I meant resale value for when you decide to resell it. I'm assuming it's a bit overpriced for a salvage title. Like NW said, 11k seems the going price of a clean, similar mile LGT, maybe a little higher in mileage. Link to comment Share on other sites More sharing options...
daveman Posted May 5, 2012 Author Share Posted May 5, 2012 Ya, well i guess im going back to saving my money for a legacy gt lol. Thanks for all the comments tho. Link to comment Share on other sites More sharing options...
carguyco Posted May 5, 2012 Share Posted May 5, 2012 so you think you're smarter than a used car dealer? Don't you think if they could sell it for 11k they would? 06 w/ 60k w/out salvage title is probably a 12k car at best....maybe 13 to 14 if it is perfect.... If you can buy it for 4k..and sell it for 5k....then you should. Link to comment Share on other sites More sharing options...
pillboy Posted May 5, 2012 Share Posted May 5, 2012 A 60,000 mile car being totaled because all it needed was a new paint job? Makes no sense to me. It is still ugly. Link to comment Share on other sites More sharing options...
daveman Posted May 5, 2012 Author Share Posted May 5, 2012 A 60,000 mile car being totaled because all it needed was a new paint job? Makes no sense to me. In florida it counted as a vandalism crime, so it had to be a salvage title. Stupid, but thats florida. Link to comment Share on other sites More sharing options...
urfsin Posted May 5, 2012 Share Posted May 5, 2012 It's probably a good car to own, but not flip because of the salvage title. Slide It Sideways Link to comment Share on other sites More sharing options...
daveman Posted May 5, 2012 Author Share Posted May 5, 2012 It's probably a good car to own, but not flip because of the salvage title. Ya thats what i decided, now I just have to figure out if I can get it cheaper and if its worth getting a loan over. Link to comment Share on other sites More sharing options...
pillboy Posted May 6, 2012 Share Posted May 6, 2012 In florida it counted as a vandalism crime, so it had to be a salvage title. Stupid, but thats florida. So if someone breaks a car window (vandalism) with a rock or baseball bat the car gets a salvage title? Still makes no sense to me. It is still ugly. Link to comment Share on other sites More sharing options...
RabidWombat Posted May 6, 2012 Share Posted May 6, 2012 Ya thats what i decided, now I just have to figure out if I can get it cheaper and if its worth getting a loan over. You will probably find it very difficult and/or expensive to get a loan for a salvage title. Your best bet is just to pay cash or keep looking. Link to comment Share on other sites More sharing options...
LosAngelesLGT Posted May 6, 2012 Share Posted May 6, 2012 Ya thats what i decided, now I just have to figure out if I can get it cheaper and if its worth getting a loan over. You want a used car loan on a 6 year old car with 60k miles on it with a salvage title that you want to consider flipping? GTFO. No seriously GTFO. I think the smartest thing for you to do Dave would be to research getting a loan and understand the parameters and limits of the loans available to you THEN shop out a car. I am not being insulting or assuming you have poor credit. I *AM* assuming you don't have 10k available cash on hand. Loans change depending on mileage, age and you need to find the right balance of apr, duration, down, etc. My 2c when shopping for a used car (just bought a used 06 obxt with 50k miles for 16k but it was FLAWLESS. Like, pretty much showroom flawless.). Link to comment Share on other sites More sharing options...
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