Buying A G70 from an Auction

[Kobe081]

Hello everyone ,

I’ve been looking at auctions and saw some g70s that are ready for bidding and are in good condition. The only damage there is are either electrical and water/flood damage. I’ve been wanting to ask the staff members, is it possible that once I buy a g70 from an auction can I trade it in for a newer one?


Thank you.

 

[DaleNet]

You have to be careful. Most states will not title a totaled vehicle or will only issue a salvage title. No dealer will take in these cars for a trade and some states will not tag them.

 

[Kobe081]

You have to be careful. Most states will not title a totaled vehicle or will only issue a salvage title. No dealer will take in these cars for a trade and some states will not tag them.

What if it’s a salvage title would it be available for trade or does it have to only be a clean title and used.

 

[DaleNet]

Most dealers will not purchase a car with a salvage title due to liability issues. They cannot sell a car without it having a clear title. I would not risk trying to by a totaled car. You can open quite the can of worms. Now if you could buy it cheap and were to use it for parts on a clean titled car that needed repair, that would be a different story.

 

[Kobe081]

Most dealers will not purchase a car with a salvage title due to liability issues. They cannot sell a car without it having a clear title. I would not risk trying to by a totaled car. You can open quite the can of worms. Now if you could buy it cheap and were to use it for parts on a clean titled car that needed repair, that would be a different story.

Sorry if I am asking too many questions but would dealers purchase a rebuilt title, because you fixed it and there’s nothing wrong with it

 

[DaleNet]

Repairing a car that has not been totaled will show on CarFax, but not on a title. A lot of repaired cars get traded in but granted at a lower trade in value to one that has not been repaired (regardless of how good the repair is). If you do the repairs, you need to disclose the repairs or you could find yourself in court.

 

[Kobe081]

Repairing a car that has not been totaled will show on CarFax, but not on a title. A lot of repaired cars get traded in but granted at a lower trade in value to one that has not been repaired (regardless of how good the repair is). If you do the repairs, you need to disclose the repairs or you could find yourself in court.

How would I do that

 

[DaleNet]

I do not know how you could update a CarFax report, but I am saying when trading it in, you should disclose that the vehicle has been repaired. The dealer may not care at all while some may ask to what extent.

 

[Kobe081]

I do not know how you could update a CarFax report, but I am saying when trading it in, you should disclose that the vehicle has been repaired. The dealer may not care at all while some may ask to what extent.

Thank you

 

[joegr]

I'm trying to understand the thinking here...
You want a Genesis (new or used), but you feel like the only way you can get one is to have another Genesis to trade in on it? Car dealers do not care at all what brand of car your trade is. You can trade a Ford or whatever in on a Genesis. There's no need to limit yourself to a brand. It's also unlikely that you'll be ahead this way, instead of just putting the money you would buy the wrecked car with on the car that you want to trade for in the first place.

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[Kobe081]

I'm trying to understand the thinking here...
You want a Genesis (new or used), but you feel like the only way you can get one is to have another Genesis to trade in on it? Car dealers do not care at all what brand of car your trade is. You can trade a Ford or whatever in on a Genesis. There's no need to limit yourself to a brand. It's also unlikely that you'll be ahead this way, instead of just putting the money you would buy the wrecked car with on the car that you want to trade for in the first place.

The auction house I’m looking at right now only contains g70s

 

[JCtx]

No dealer would touch a salvage car/title with a 10-ft pole, no matter its apparent condition... and neither should you. And if it was totaled, you'd always get a salvage title, period. And as mentioned, if you don't want to end up sued, if you sell any such vehicle, you'd have to disclose EVERYTHING you know about it, and you'd probably never get what you put into the vehicle anyway. So just wait until you have the funds to buy a proper vehicle, and try to make money in a less risky way . Good luck.

 

[Kobe081]

No dealer would touch a salvage car/title with a 10-ft pole, no matter its apparent condition... and neither should you. And if it was totaled, you'd always get a salvage title, period. And as mentioned, if you don't want to end up sued, if you sell any such vehicle, you'd have to disclose EVERYTHING you know about it, and you'd probably never get what you put into the vehicle anyway. So just wait until you have the funds to buy a proper vehicle, and try to make money in a less risky way . Good luck.

Appreciate it

 

[Volfy]

You might not even get a salvage title. Unless the car has been repaired and reconditioned well enough to pass state inspection, you might get a rebuildable certificate/title to go with the car.

If you are handy and a seasoned shade tree, you might consider getting one and repair it yourself. You gonna own it till it dies of old age. Right now, though, getting parts are awfully difficult. Because of this, insurance companies are totaling damaged cars that would've been easily repairable in normal time.

Also, flooded cars are notorious nightmares for incessant electrical gremlins. No reputable dealer in their right mind would.d touch one with a 10 meter pole.

 

[Husky]

"only electrical or flood damage"?! That's as bad as it gets.

 

[upa]

Yeah, don't get into salvage vehicles unless your in the business and know exactly what your doing. I have a remote past in rebuilding wrecked vehicles mostly as a hobby as its increasingly difficult to actually make any money at it. As folks have alluded most dealers won't be interested in a salvage titled vehicle and if you did find a private buyer most banks won't similarly finance a salvaged titled vehicle. Also most manufacturer's will void any residual warranty on a salvaged vehicle.

 

[Chad86tsi]

Salvage cars are suitable for 2 types of buyers:

Cash buyers that want a cheap car to drive and keep long term, Don't care about this cars dubious history, and have no interest in it's residual value when they grow tired of the car (because it will have little or no value).

Cash buyers that intend to use it for parts.

They are a good deal for both these types, and these types are growing more and more rare, thus the market for salvage titles is diminishing. That's why they look like a good value, it's because so few want the salvage cars anymore.

Also keep in mind, getting insurance on a salvage car can be tricky, you often can't get anything more than basic liability. As already mentioned, banks won't touch them, hence the "cash buyers" part.