I am new to the forum and a long time e10 enthusiast looking for a nice e30. I have found some decent cars, including one on this forum, but a couple have salvage histories. It seems they will total these cars for minimal damage. How much does the salvage history impact the car's value if the repairs were done properly? I was very close to chasing a "pristine" example several hours away but the car had an undisclosed salvage history dating back to 1996 when it was totaled. Still worth a look or run away?
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IMO, it takes so little to total out these old cars, as long as you check it out thoroughly, you should be okay.
Some people see "salvage" and automatically run away, but it's totally different with older cars like this. They'll get totalled if someone keys it.1974.5 Jensen Healey : 2003 330i/5 -
That is a great looking 535is.
Regarding the car I was most interested in, it was totaled in 1996 at 5 years old which led me to believe damage was more extensive. The owner's story on the car was also a little suspect in hindsight. Maybe it would still be worth a look. Thanks for the comments.Comment
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Thanks for the compliments guys!
Here's another way to look at totalled cars:
The ins company looks at KBB and NADA values when totalling a car. These values generally (In my experience) are not on par with the real world market, especially for older BMWs, hence you get people here looking for comps when they get in an accident.1974.5 Jensen Healey : 2003 330i/5Comment
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I think it carries more weight on an M3 but a standard e30 I would check it out. If repairs were made correctly i wouldnt sweat itComment
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Check with your insurance company and see if they will insure it first, if they do some may only do liability on itComment
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Good point about insurance. I think only liability in NC. Carfax says car may have a washed title which indicates no damage despite the salvage/rebuild history.Comment
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Thoughts on salvage titles
The price of the car should be discounted to reflect the Diminished Value based on the nature of its Salvaged Title. See the active thread on this with links or just spend some time Googling.
There are a ton of companies on the net that will calculate the precise DV for your vehicle based on its current condition and accident history.
As an example, a fender bender to an E36 M3 that has been repaired flawlessly and is in otherwise good condition has a DV of about $1000. My advice is for you to value the car at what you think it is worth as though it never had an accident, and then subtract the DV. My guess is that for a car that was salvaged so early in its life the DV will be 20% or more.
Some sites offer to calculate your DV for as little as $15, but not sure how reliable they are. There are various methods being used and approved by insurance companies so I would go with one of those at least.
Good luck and if you are really in love with the car there is no real harm in overpaying!!
Sent from my iPhone using TapatalkLast edited by MikeW; 12-24-2013, 10:29 AM.work in progressComment
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Thanks for the good advice. Car is one of the few m42 slick tops for sale in the US but it's priced at a premium with the salvage history which was not disclosed in the ad (perhaps unknown to owner). I would prefer a no excuses car but nice examples seem tough to find.Comment
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E30s are 20+ years old. It's not likely to be a show car, and you're not likely putting full coverage on it. IMO the salvage title stigma is blown out of proportion.Comment
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Thoughts on salvage titles
Seems to me if you feel confident that the repairs were made correctly and you plan to keep the car forever than it doesn't really matter. People overpay for cars constantly, and for all sorts of reasons. In my case I rarely keep a car for more than a few years before I want to try something different, so buying at FMV is critical to avoid going broke in the process.
FYI: I own a 1991 E30 318i and am waiting for another same year slicktop to get fixed so I can close the deal on it. My experience is there are quite a few of these cars still around. Get the CL ap on your phone and use it to search multiple cities at one time. Unless you live in northern Alaska or Hawaii I think you will find quite a few popping up routinely. It may take a year to find the one you want at the right price, but that's part of the fun.
Edit: I guess the other thing to consider is if you are unwilling to travel a reasonable distance to buy a car than you may be right about availability of these cars. I live in Nee Orleans and there hasn't been an M42 Slicktop for sale in over two years (That I know of).
Sent from my iPhone using TapatalkLast edited by MikeW; 12-24-2013, 11:06 AM.work in progressComment
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Thoughts on salvage titles
I paid $1800 for a 91 318i recently. It was in great condition but had typical issues like no AC, wiper motor, cracked dash, etc. At that price I didn't care if it had been totaled three times over, it ran and looks great, and was cheap.
But there are premium slicktops going for $8k now on a regular basis, for those cars it does matter unless you think $500 or more bucks is chump change and not worth the effort. It's one thing to not care about money, but facts are facts.
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