'06 Salvaged Black FGT

[usmcfred]

The infamous Black no stripe '06 FGT #0149 that was driven into a bridge post on country club property with 5 miles on the clock has been repaired and is being offered on ebay with a salvage title for a starting bid of $130k. The auction #is 160148070412 and the car is located in Kansas.

usmcfred

 

[dbk]

I have absolutely no idea why anyone would pay that much. Hmm...should I pay 130k for a car that has been salvage titled, or 160k for one that's probably never seen a drop of rain....

Tough decision.

 

[B O N Y]

Pretty amazing, be interested to track the prices of the sales of salvage tittle cars.

Anybody know what the gent who logged on here has been getting?

 

[ROCMAN]

I have absolutely no idea why anyone would pay that much. Hmm...should I pay 130k for a car that has been salvage titled, or 160k for one that's probably never seen a drop of rain....

Tough decision.

+1. It should be priced closer to $100K, and even at that price, I would not touch it.

 

[B O N Y]

Nor do I, blows me away.

Meanwhile, #1153 has been rained on at Indy, Scottsdale. The rain has added patina and charachter

 

[B O N Y]

Have to agree. Even though a car can be perfectly restored, today a salvage tittle is a big black mark. Might be hard to insure?

 

[todd]

At least this guy shows you the wreck so you can make an informed decision.
And the reason it is $130,k is the blond goes with the sale :thumbsup happy bidding:banana:banana

 

[S592R]

to be fair to the guy in kansas ... he seems to have fixed it correctly. Which I do no think is the case with the guy in Texas.

But I think FMV on the car is less than 110k at best.

 

[S592R]

Have to agree. Even though a car can be perfectly restored, today a salvage tittle is a big black mark. Might be hard to insure?

Well its not that hard to insure but if you wreck it your going to get depreciated value off of your purchase price or roughly less than 2/3 of what replacement of a non-salvaged gt would be. So you lose either way. Wrecked cars are better off being built into race cars or completely reman. with a clean MSO as something else.

Rebuilding is a big business in this area and one of my investments paints cars for one of the largest of those builders. The insurance companies view a repaired car even if it was just a "salvage" due to being depreciated off the books like a lot of older Taurus are off rental fleet (with no damage) is being valued at 2/3 of KBB wholesale. That is one thing that I do not agree with about the system is salvage titling a car due to book write off instead of damage write off. Obviously that is never going to be the case with one of these GT's but that is the reasoning for some people to do the unethical (and illegal) thing of washing a title. Greed.

so if current market for a Gt is 165000 with low miles than FMV on this salvage would be 108,900. according to the formula that the insurance companies use.

 

[AZGT]

Meanwhile, #1153 has been rained on at Indy, Scottsdale.

And I don't think it has rained since ............ Only when the car is clean or you are out in the GT.

 

[B O N Y]

Larry,
It rains 10 days a year in Arizona, between the auctions in January and the pre-rally event I caught all ten days. The state tourisim office is taking of banning me

 

[Empty Pockets]

Larry,
It rains 10 days a year in Arizona, between the auctions in January and the pre-rally event I caught all ten days. The state tourisim office is taking of banning me

You didn't get "the full treatment", Bony. You oughta be in 'The Valley" when there's a dirt storm a-blowin'. Good gallopin' krymuny. You'da been cleaning your GT 'til Christmas if'n ya had run into wunna THOSE (not to mention possible 'paint' issues).

 

[Kayvan]

The dude has a hot girlfriend in that ebay shot....he is doing something right

 

[AlohaGT]

Bony, the Texas salvage dealer is Andy House aka Performance Andy. He's been selling the salvage cars in the neighborhood of $120-130k. The last one went for $118k.

 

[S592R]

Bony, the Texas salvage dealer is Andy House aka Performance Andy. He's been selling the salvage cars in the neighborhood of $120-130k. The last one went for $118k.

I was curious about establishing price on a salvage car so I did some research and this is what the nada book stated.

Is this a salvaged vehicle?

If the answer is yes, despite the apparent quality or appearance of the vehicle, the value is approximately half that of a non-salvage vehicle.

So the wholesale to retail range using both KBB and NADA makes the range from 121k to 188k. So a according to NADA a salvage car (repaired) is only worth from 60.5k to 94k. That kind of shocked me at first then I looked at what the insurance adjuster was saying the other day and the numbers started to line up. 2/3 value retail replacement on a salvaged car would cover all of the known out of pocket expenses on a max agreed value policy. which is what we where talking about.

So I hope this helps anyone out there looking at a salvage car for whatever purposes. So at best FMV on the black Gt is no better than 100k and thats paying a premium. I guess I might go higher if The GT GUYs did a rebuild and I knew that I was never going to sell it. But they are the only ones that I would go that far with.

 

[usmcfred]

I am no fan of reconstructed totalled exotics that emerge from the paint booth on salvage titles, but like any other transaction between a buyer and a seller, a salvaged FGT is worth whatever the seller is willing to take and the buyer is willing to pay. Today, that seems to average around $120k based on those transactions I've seen consummated. This of course begs the question ... why not pay $30k (25%) more for a low miles, never hit car, but that guys is why they make vanilla and chocolate ... to each his own.

usmcfred

 

[S592R]

I am no fan of reconstructed totalled exotics that emerge from the paint booth on salvage titles, but like any other transaction between a buyer and a seller, a salvaged FGT is worth whatever the seller is willing to take and the buyer is willing to pay. Today, that seems to average around $120k based on those transactions I've seen consummated. This of course begs the question ... why not pay $30k (25%) more for a low miles, never hit car, but that guys is why they make vanilla and chocolate ... to each his own.

usmcfred

True .... very true. For me, I'd drop 40k just for the piece of mind that something is not going to blow up when I'm out exercising the car.

But for a track car .... someplace to start ... then a VIN plate and an engine is all thats really necessary.

S

 

[tpraceman]

Have to agree. Even though a car can be perfectly restored, today a salvage tittle is a big black mark. Might be hard to insure?

Thats what I thought you white GT guys picking on us Black GT guys:biggrin

 

[roketman]

At least the seller is being honest.But I still would not buy a salvage title.
In regards to the rain,I got caught in the rain with the wife, see looked at me and said ,are you OK or are you going to cry!!! I tried to be cool ,but guys stink at faking it!!!

 

[usmcfred]

Ron, I heard that the FGT blue paint melts in the rain ... true?

Are you still going to Tasca on Saturday? The weather looks very iffy in the long range forecast ... thunderstorms.

Fred