I want to echo what many have said (then add a little food for thought.)
First, you aren't getting enough of a discount for a salvage title. I
would beat them up for less than half of the KBB or walk.
Second, check with your Ins company as they may not allow you to get full
coverage on a Salvage title and it will most likely be required for any
car with a loan on it.
That brings me to my point, I don't know if any of you are familiar with
Dave Ramsey or his Financial Peace University, but you should be. He is
the most level headed, and well educated finical speaker I have ever hear.
I agree with him that you should only buy a car that you can pay for in
cash. Save up enough money to buy a beater and pay in cash, then as soon
as you get the car, start saving for another car.
I see kids coming out of college with over $50,000 in college debt and
having car payments (and other debt trouble they may get in) doesn't help.
So I would see what your daughter had to spend on a car. Match he money
if you can, and buy a cheaper car outright. Then instill in her that the
car payments she would have made can go into a bank account as a savings
plans for her next car.
I don't mean to overstep and parenting values or anything, I just hope
this idea can help.
(Please note I get NO compensation for Dave Ramsey or any of his programs.
I am also a single guy with no kids and never married so take my advice
with a grain of sand.)
Moose
"Be as beneficent as the sun or the sea, but if your rights as a rational
being are trenched on, die on the first inch of your territory." Ralph
Waldo Emerson
Tim <tputland@charter.net>
Sent by: shop-talk-bounces@autox.team.net
07/26/2010 08:22 AM
To
ShopTalk <shop-talk@autox.team.net>
cc
Subject
[Shop-talk] Salvage title vehicles
Yesterday we looked at an 04 Cavalier for my daughter that has a "salvage"
title. We were told that car was in a front end accident and was totaled
by the insurance company. This car, with AC, alloy wheels and what not
else would blue book for close to $6000. We can get it for $4995.
I has new tires and brakes and is very clean. The guy also said it has a
new wheel bearing which I have to assume is on the front right wheel where
the accident damage occurred.
When I drove the car it felt solid and tight.
I am looking for any input any one can give me about buying a car that was
in an accident and has a salvage title. Is this a good idea or should we
walk away from it. My daughter is taking a loan out to buy this car as she
needs it for getting to and from work, college classes, and the schools
where she will be student teaching; so we really need to get this (or
something) done very soon.
Thanks
Tim
_______________________________________________
Shop-talk@autox.team.net
Donate: http://www.team.net/donate.html
Suggested annual donation $12.96
Archive: http://www.team.net/archive
Forums: http://www.team.net/forums
Unsubscribe/Manage:
http://autox.team.net/mailman/options/shop-talk/eric@megageek.com
_______________________________________________
Shop-talk@autox.team.net
Donate: http://www.team.net/donate.html
Suggested annual donation $12.96
Archive: http://www.team.net/archive
Forums: http://www.team.net/forums
|