Rebuilt title --- worth buying? $6700

[ozmdd]

You have to ask yourself, "why would the car be totaled for a few hundred dollars in damage?" To be totaled, the car must be worth less than the repair estimate, or the damage is deemed unrepairable. A 2007 Yaris w/ 19,000 miles is worth at least $7500 according to KBB, and that's a "good" trade-in value. So, assuming that number is what the car is worth to an insurance company, they believed the car needed more than $7000 in repairs. I'm pretty thrifty, but I can't do $7K in body shop work for $1K.

On top of that, the owner of the car had to pay the salvage value in order to keep the car, and that had to be at least $1500, and probably more. The only way there is profit in this car for the seller is if they are hiding a ton of damage.
Try this: ask them how long they will warranty the car to be free of "hidden damage." My guess is they tell you "no."

Maybe you have found the deal of the century, but I'll bet a $100 pre-purchase inspection at a reputable mechanic or "lemon buster" will find huge problems. I wouldn't be surprised if a simple visit to a laser alignment rack shows the car is way-off on the thrust angle.

[silver_echo]

Originally Posted by ozmdd

You have to ask yourself, "why would the car be totaled for a few hundred dollars in damage?" To be totaled, the car must be worth less than the repair estimate, or the damage is deemed unrepairable. A 2007 Yaris w/ 19,000 miles is worth at least $7500 according to KBB, and that's a "good" trade-in value. So, assuming that number is what the car is worth to an insurance company, they believed the car needed more than $7000 in repairs. I'm pretty thrifty, but I can't do $7K in body shop work for $1K.

On top of that, the owner of the car had to pay the salvage value in order to keep the car, and that had to be at least $1500, and probably more. The only way there is profit in this car for the seller is if they are hiding a ton of damage.
Try this: ask them how long they will warranty the car to be free of "hidden damage." My guess is they tell you "no."

Maybe you have found the deal of the century, but I'll bet a $100 pre-purchase inspection at a reputable mechanic or "lemon buster" will find huge problems. I wouldn't be surprised if a simple visit to a laser alignment rack shows the car is way-off on the thrust angle.

umm from my understanding, it is actually if the cost of the repair equals more than approx 75% of the value of the car... at least that is what my insurance company says, and the shops that i have talked to agree on this note... think of it this way, the insurance company knows how much the car is worth to them at any given time when they know the mileage, but would rather not repair the car if it will only be a minimal charge more to just replace the car... then, the insurance company can say that you totaled a car and charge you more money to recover the costs that they accrued in replacing your car...