Help valuing a salvage title vehicle

[Elkins45]

My father in law owns a 2011 Chevy Impala with 113k miles that he bought from a rebuilder. It has a salvage title. There is some peeling paint, missing trim, and bubbled up rear window tint film, but it runs and drives OK.

For a bunch of obscure and idiotic legal reasons too complex to explain we need to determine a fair market value of this asset. KBB gives me an average value in “fair” condition of $4400 but that probably doesn’t account for the lowered value of having a salvage title. How do I determine the actual market worth of this car short of trying to sell it and see what we can get?

 

[GON]

My father in law owns a 2011 Chevy Impala with 113k miles that he bought from a rebuilder. It has a salvage title. There is some peeling paint, missing trim, and bubbled up rear window tint film, but it runs and drives OK.

For a bunch of obscure and idiotic legal reasons too complex to explain we need to determine a fair market value of this asset. KBB gives me an average value in “fair” condition of $4400 but that probably doesn’t account for the lowered value of having a salvage title. How do I determine the actual market worth of this car short of trying to sell it and see what we can get?

First, does the vehicle has a salvage title or a rebuilt title? Huge difference, I suspect the Chevy has a rebuilt title.

The credit unions that do finance rebuilt title will value the vehicle at 50 percent of its trade in value without a rebuilt title. So, if fair condition trade in value is $4400, the value of the Impala would be $2200, if using the formula some credit unions use.

 

[Analog-1]

Be advised. It's tuff getting any insurance co to stand behind a salvage titled vehicle. Something to consider.

 

[macarose]

I used to inspect and appraise over 10,000 vehicles a year.

The Impala is worth $3000. If you don't believe me, just put 24 pictures of it on Craigslist or 20 on Facebook, and make sure that the background is beautiful and bucolic.

Put it online for $3000. It will sell for $3000.

I do this every day. Every... single... day...

 

[dishdude]

I used to inspect and appraise over 10,000 vehicles a year.

The Impala is worth $3000. If you don't believe me, just put 24 pictures of it on Craigslist or 20 on Facebook, and make sure that the background is beautiful and bucolic.

Put it online for $3000. It will sell for $3000.

I do this every day. Every... single... day...

I think $3k is a tad optimistic, I'm thinking $2k-$2.5k

 

[macarose]

I think $3k is a tad optimistic, I'm thinking $2k-$2.5k

The Rock has a saying about that, but I can't say it here.

 

[atikovi]

It's a 13 year old appliance car that is as reliable as domestic cars get, and buyers are willing to pay for one with good miles. The people shopping for that vehicle care more about it's condition than a piece of paper. With a clear history, $3-4K. With salvage history, $2,500-$3,500.

 

[Elkins45]

Be advised. It's tuff getting any insurance co to stand behind a salvage titled vehicle. Something to consider.

I just need to know the fair market value. We’re not planning on selling it.

I meant rebuilt, not salvage.

 

[macarose]

I just need to know the fair market value. We’re not planning on selling it.

I meant rebuilt, not salvage.

In many states rebuilt and salvage are used interchangably.

My rough estimate based on the information you provided is $3000. I told you how you can prove it in the open market.

If you want more than that, offer us pictures or some other unique information that eliminates uncertainty.

 

[RhondaHonda]

I’d say $2,500-$3,500.

 

[Exhaustgases]

I would not want to give $1K for it, because I know I'd have a difficult time selling it in the future. It would have to be in tip top condition to consider a "Rebuilt" title car, to me anyway.

 

[Elkins45]

In many states rebuilt and salvage are used interchangably.

My rough estimate based on the information you provided is $3000. I told you how you can prove it in the open market.

If you want more than that, offer us pictures or some other unique information that eliminates uncertainty.

My understanding is that in KY a salvage title is what you get when you buy a total loss vehicle. A salvage titled vehicle can’t be licensed. You have to prove thru documentation (photos, receipts for repair parts) that it has been repaired and then the state will issue a rebuilt title.

Your estimate is fine. I apologize if I somehow appeared ungrateful for your input.

 

[atikovi]

I would not want to give $1K for it, because I know I'd have a difficult time selling it in the future.

I would give $1K for it right now to double my money this weekend.

 

[mr_boring]

The Rock has a saying about that, but I can't say it here.

That's the Final Boss. IJS

 

[LDB]

$2834 provided the fuel tank is full.

 

[Exhaustgases]

I would give $1K for it right now to double my money this weekend.

I don't think you can do that unless you have a car dealer license? As it takes weeks to get the title.

 

[atikovi]

I don't think you can do that unless you have a car dealer license? As it takes weeks to get the title.

You do know each state is different and in some states you get a new title on the the spot.