I agree. A salvage title due to theft or other minor misc. insurance technicalities suck. I had a Lexus IS300 that was stolen, taken for a joyride, later recovered by the insurance company-no damage, but still was given a salvage title. It said "due to theft" but it was still a "salvage title" nonetheless.
With that said...flood damage I think would make me really weary of purchasing that vehicle. I guess I agree also with the previous statement that it would be "price dependant". Cars+Water just doesn't sound very good. But your money though.

 

I agree with you, it is sad that that happened... I would hope you could explain that to someone and not take a 30% hit.... sell it to someone you know in Oklahoma or one of the "laundering States" and buy it back with the title all nice and clean... ; )

 

Flooded cars are prone to have electrical, rust, and mold problems.

The electrical can show up at anytime in the future and drive you crazy. I would be real concerned about the electrical power steering components.

The rust will also be slow to raise it's little brown self from the little nooks and crannys where rust can develop. Granted there is extensive aluminum in this car but it too can have galvanic changes from flooding.

Mold is another story.

Now then, if everything works now and it runs good then you might hit him up for a few thousand $. You know you will have to replace the wiring harness and some components sooner rather than later. Not cheap to replace some of the electrical components. This is assuming everything was not replaced at the time of the flood.

How much was replaced on the car?

 

I think the guy's story sounds fishy to begin with - an employee placed the ad and he only saw it that day???? I bet he didn't plan to tell you, and then felt guilty at the last minute. I would also bet there are other issues that he isn't revealing.

 

Excellent question... I was numb when speaking with him after he told me about the flood damage... it was kinda like Charlie Brown's teacher after that, "Waaaa waaa waaa waaa" I only remember he stated that the carpeting was replaced... I could ask if I choose to call him....

SO, IF IT'S YOUR MONEY, WHAT WOULD YOU PAY IF YOU WERE WILLING TO TAKE A CHANCE?? HE WAS ASKING 21,500.. I looked up some 01 salvage vehices (none with a sc) and they seemed to be in the 11-12 range. I don't think the seller would even consider that, he thought the car was worth 25k

 

flood damage, you would have to know what was damaged first, and if anything has been replaced.

i was reading a thread from the nebraska area(i think i was looking for a keyword and it was in that forum) anyways, one member had a flood damaged car and bought it back for $6500. i'm sure most salvage titles are bought back under 10k. that should give you a measuring stick.

but my word is not stone.

 

I hear you loud and very clear.... I wondered if in MD, you must disclose such things prior to selling a car... because, he had me hook, line and sinker... I was going to send a personal check rather than requesting a "certified check" and pick up the car next week.

 

Walk away and don't look back. For $21,500 you can get an 02 in excellent condition and never have those problems.

 

For the right price, I'd assume the risk and buy that car. However, for within 3-5 grand of normal market price it is a very poor investment. Even with 10k miles, I wouldn't pay more than 12k and that is if it was very clean. If it was salvaged for more excusable reasons, I'd go to 14 or so.

I look for salvaged cars under the right conditions. For instance, a friend bought a 02 TL in 03 for 10k that had its front and rear taillights stolen, most glass broken, and most of the interior stolen. They didn't even turn the car on or move it. If a car was just stripped without comprimising electrical components harshly, I'd jump on if it was cheap.

 

Thank you, that is actually very helpful. I tried to ask my insurance carrier today to guestimate what the car would have been sold back for, but she had no clue...

I may call and ask specifically what was replaced.... I am wondering too if he had the sc put on after the flood (using the money from the insurance company to fund the purchase and installation)

So, if I do my math correctly, if the car was insured for the purchase price of 32k or so and he got that much back, then bought it back for "salvage auction price" of say even 8k, he was up 24k... spent 7k or so for the sc and install... he was still up 17k! Geez, he would be making a killing selling this car whatever price!