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Advice on selling car with a salvage title(due to hail damage)
Posted on 6/20/17 at 8:34 pm
Posted on 6/20/17 at 8:34 pm
My wife has a 2006 Jeep Commander. It came under some hail damage and was totaled by our insurance company. We had 2 options, to take $7600 and they take the truck. Or they'll give us the salvage value of $4500, and we get to keep the truck.
The damage is obviously only cosmetic, and not very noticeable for the most part, so I assumed we could take the $4500, sell the truck for a decent amount and come out way ahead of the $7600 amount in the 1st option.
But I was doing a little research, and I'm reading it can be hard to sell cars with a salvage title, as would be buyers face issues getting financing and insurance.
Anyone have any experience or wisdom to share, specifically to a salvage title situation that is purely cosmetic? I'm sure an accident or something structural is something different, or at least even tougher to sell than a car with just structural hail damage.
ETA: I haven't made a decision either way as of yet.
The damage is obviously only cosmetic, and not very noticeable for the most part, so I assumed we could take the $4500, sell the truck for a decent amount and come out way ahead of the $7600 amount in the 1st option.
But I was doing a little research, and I'm reading it can be hard to sell cars with a salvage title, as would be buyers face issues getting financing and insurance.
Anyone have any experience or wisdom to share, specifically to a salvage title situation that is purely cosmetic? I'm sure an accident or something structural is something different, or at least even tougher to sell than a car with just structural hail damage.
ETA: I haven't made a decision either way as of yet.
This post was edited on 6/20/17 at 8:46 pm
6
Posted on 6/20/17 at 8:40 pm to shel311
It's really all about the title. No lender is going to finance a vehicle with a salvaged title regardless if damage was cosmetic/flooded/totaled etc. You could probably sell it for a couple grand, but your best bet might just be to keep the vehicle.
Posted on 6/20/17 at 8:41 pm to shel311
quote:
2006 Jeep Commander
quote:
so I assumed we could take the $4500, sell the truck for a decent amount and come out way ahead of the $7600
Why would you assume this. If you can get more than $3,100 for an 11 year old car it's not going to be by much and youre going to have to go through the hassle of selling it with a salvage title.
You messed up not taking the money unless you drove it and got a lot of "free" miles out of it.
Posted on 6/20/17 at 8:44 pm to bubbz
quote:If that's the case, wouldn't my best bet be to take the $7600 and let them keep take the truck?
It's really all about the title. No lender is going to finance a vehicle with a salvaged title regardless if damage was cosmetic/flooded/totaled etc. You could probably sell it for a couple grand, but your best bet might just be to keep the vehicle.
Posted on 6/20/17 at 8:45 pm to Mingo Was His NameO
quote:I didn't say I was correctly assuming. Obviously, I've never been in this situation and have never heard of others in the same situation.
Why would you assume this
quote:I haven't made any decision yet.
You messed up not taking the money
Posted on 6/20/17 at 8:46 pm to shel311
Or drive it until the wheels fall off.
Posted on 6/20/17 at 9:00 pm to shel311
quote:
I didn't say I was correctly assuming. Obviously, I've never been in this situation and have never heard of others in the same situation.
I understood that you already sold it, but if you haven't you really have two options.
1. Drive it until the wheels fall off. If you think you can $3,000 worth of use out of it then keep it. With that said it's 11 years old so it's a bit of a crapshoot.
2. Take the money and let them take the car. I don't think there is anyway you can make money on it. That combined with hassle of selling a salvaged title it's just not worth it.
Posted on 6/20/17 at 9:00 pm to shel311
If you don't want to keep it then yes, I would take the money and be done with it.
Posted on 6/20/17 at 9:26 pm to shel311
Assuming the miles are 100k+, you probably won't get 4500 for the commander with hail. Taking the 7600 is the way to go, unless you just don't want a note. If you are one of those, just drive it as long as you can.
Posted on 6/21/17 at 8:45 am to shel311
Craigslist. Cash.
Posted on 6/21/17 at 10:29 am to shel311
You need a gut-check on 2006 Jeep Commander values, starting with kbb.com. Trade in on a "fair condition" model with 100k miles and a clean title ranges from $2,300 to $3,600. Private party is a hair over $4k.
As others have said your two options are 1) take that $4500 and keep the Jeep or 2) take the $7600 - which seems SUPER generous after looking at market value.
As others have said your two options are 1) take that $4500 and keep the Jeep or 2) take the $7600 - which seems SUPER generous after looking at market value.
Posted on 6/21/17 at 12:39 pm to GaryMyMan
quote:
You need a gut-check on 2006 Jeep Commander values, starting with kbb.com. Trade in on a "fair condition" model with 100k miles and a clean title ranges from $2,300 to $3,600. Private party is a hair over $4k.
As others have said your two options are 1) take that $4500 and keep the Jeep or 2) take the $7600 - which seems SUPER generous after looking at market value.
Truth.
Should take the $7600. I would not pay you more than 2 grand for a salvaged and hail damaged commander that was that old.
Posted on 6/21/17 at 4:32 pm to shel311
If you don't give up the vehicle then Take the money and drive it to death. Buy something better down the road.
Posted on 6/21/17 at 5:24 pm to GaryMyMan
quote:I don't think i said much that would mean I need a "gut check" on 2006 Commander values. I certainly need a "gut check" on salvage titles as I never dealt with that before but I'm more than aware of the value of the car otherwise.
You need a gut-check on 2006 Jeep Commander values, starting with kbb.com. Trade in on a "fair condition" model with 100k miles and a clean title ranges from $2,300 to $3,600. Private party is a hair over $4k.
Per KBB at 90K miles, the value is basically right at $5k for fair value. If I could get that amount, I'd come out way above the $7600 amount. But again, what I wanted to learn in this thread was experience from others re: salvage titles, which would obviously affect that $5k amount greatly. Otherwise, I know the general value of the vehicle.
This post was edited on 6/21/17 at 5:32 pm
Posted on 6/21/17 at 5:25 pm to fatboydave
quote:Yea, after researching salvage titles, it seems everything I found online basically jives with what you guys are saying, so it really just comes down to the personal preference of taking the $7600 and getting a new car or the $4500 and just driving it into the ground.
If you don't give up the vehicle then Take the money and drive it to death. Buy something better down the road.
Posted on 6/21/17 at 5:38 pm to shel311
You aren't going to get anywhere near fair value for a salvage title. If she plans on driving it for another few years then just keep it, but take the money otherwise
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