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Would you buy a salvage Corvette?

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Old 11-29-2007, 09:38 AM   #1
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Default Would you buy a salvage Corvette?

A guy offered to sell me his car at work yesterday, he drove up and was shopping for an oil change and we started bullshitting. He says he's thinking of selling it and getting an suv for the wife. He said he bought it new, and tossed it into a shallow river one night, it got totalled and fixed the front end damage, and a couple of sensors and it works as good as it used to. He said no water ever made it inside

He wants $10,000 for it! Its an 01 with 43K miles, 6spd, chrome 2k wheels, the paint is flawless, interior doesn't smell or anything but the title is salvage. he never took it to get inspected to get it put as a rebuilt title. Would it be worth getting?
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Old 11-29-2007, 09:42 AM   #2
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Carfax it to make sure he is telling the truth.

Also, C5's have a lot of electrical issues from the factory. A flood C5 is just asking for trouble. Plus you will have a VERY hard time selling it.
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Old 11-29-2007, 11:11 AM   #3
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I personally would run from it. Vettes have enough elec problems as it is.
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Old 11-29-2007, 02:25 PM   #4
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'eh go for it. At $10k you can't really go wrong even if you have to fix a couple things here and there.~Cole~
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Old 11-29-2007, 02:44 PM   #5
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Sounds like tube frame chassis project to me.
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Old 11-29-2007, 02:49 PM   #6
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For a second 'vette I'd buy it in a heartbeat, not sure if it was going to be my only 1.

That car is worth at least $20,000 if it wasn't salvage, and if something is wrong electrically you could have a whole new fuse box, wiring harness, etc. etc. all done for WAY less than 10k. Worse case scenario you're still getting a deal.

If it drives right, why not for that price?
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Old 11-29-2007, 03:58 PM   #7
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Quote:
Originally Posted by ColeTrains'96Z28 View Post
'eh go for it. At $10k you can't really go wrong even if you have to fix a couple things here and there.~Cole~
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Originally Posted by will82 View Post
That car is worth at least $20,000 if it wasn't salvage, and if something is wrong electrically you could have a whole new fuse box, wiring harness, etc. etc. all done for WAY less than 10k. Worse case scenario you're still getting a deal.
If it drives right, why not for that price?
Sounds like a possible bargain, especially for a fast modified street car/race car project.
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Old 11-29-2007, 09:44 PM   #8
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Originally Posted by redrumss View Post
Sounds like tube frame chassis project to me.
That would be the only reason I would buy one

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Old 11-30-2007, 05:52 AM   #9
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I'd buy it after I checked carfax...sounds like a good deal if hes telling you the truth.
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Old 11-30-2007, 09:30 AM   #10
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I think it is a good deal! If I was offered that it would be in my garage today. I rebuilt my 04 Z06. Saved a lot of money and having a lot fun.
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Old 11-30-2007, 09:34 AM   #11
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Originally Posted by TXZ0603 View Post
I personally would run from it. Vettes have enough elec problems as it is.

Do vette really have that many elec problems?
What kind of problems?
I was think of getting one
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Old 11-30-2007, 10:34 AM   #12
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Go for it!!
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Old 11-30-2007, 06:18 PM   #13
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Be a good drag car
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Old 11-30-2007, 11:30 PM   #14
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Originally Posted by 5301113 View Post
Do vette really have that many elec problems?
What kind of problems?
I was think of getting one
Mostly minor quirks you can ignore, faulty grounds, etc.

Both c5's I've owned had the same issue with service traction control and service abs flashing on the dic on high speed (120mph+) runs. Just hit reset twice to clear them out. I look at it as the car showing its displeasure with my wanton lack of regard for the posted speed limit.

Service Tire pressure monitoring system code pops up on a lot of people's car nowadays too, but that is because the battery in the sensors lasts ~ 7 years on average, and the sensors then need to be replaced. Mines a 2002 so next year whenever it's time for tires again I'll go ahead and get new sensors.
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Old 11-30-2007, 11:36 PM   #15
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Quote:
Originally Posted by LS1LT1 View Post
Sounds like a possible bargain, especially for a fast modified street car/race car project.
That's the only way I would consider buying, as the foundation for some kind of race/track day car. The salvage title will always make the resale very difficult or at the very least put the car under a cloud of suspicion. It might be tough to get insurance for it through the insurance company until the rebuilt title was secured.

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Old 12-01-2007, 12:42 AM   #16
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Originally Posted by Bad Habit Bird View Post
Carfax it to make sure he is telling the truth.
Carfax means NOTHING if they don't have a record or damages/ repairs.
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Old 12-01-2007, 01:15 AM   #17
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Quote:
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That's the only way I would consider buying, as the foundation for some kind of race/track day car. The salvage title will always make the resale very difficult or at the very least put the car under a cloud of suspicion. It might be tough to get insurance for it through the insurance company until the rebuilt title was secured.

Chris
Sure you give them the VIN but they don't check the title when you add it to your insurance. They can't refuse you. They might inspect the car if you put comp/col on it though.
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Old 12-01-2007, 07:11 AM   #18
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Sure you give them the VIN but they don't check the title when you add it to your insurance. They can't refuse you. They might inspect the car if you put comp/col on it though.
That's a good point....all they really want is the VIN. If they ran the vin would the DMV records indicate the salvage title or just that the car had been in an accident?

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Old 12-01-2007, 07:46 AM   #19
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Quote:
Originally Posted by will82 View Post
That car is worth at least $20,000 if it wasn't salvage, and if something is wrong electrically you could have a whole new fuse box, wiring harness, etc. etc. all done for WAY less than 10k. Worse case scenario you're still getting a deal.

If it drives right, why not for that price?

I understand the stigma of "salvaged" cars but if it's repair right A LOT of people would never know the difference. Granted it'll have no resale value but we're talking about a car for $10K, it's a deal.
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Old 12-01-2007, 07:47 AM   #20
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I understand the stigma of "salvaged" cars but if it's repair right A LOT of people would never know the difference. Granted it'll have no resale value but we're talking about a car for $10K, it's a deal.
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Carfax means NOTHING if they don't have a record or damages/ repairs.
True but in this case they SHOULD since the car has a salvage title.
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