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General Discussion
Would you buy a car with past "flood damage"
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<blockquote data-quote="LightBnDr" data-source="post: 471496" data-attributes="member: 9031"><p>The number one issue with flood titles is resale value. On a 95 GTS id buy it all day long. The market for those, people aren't getting a loan on them. Those are cash buyers. I wouldn't hesitate in your case. </p><p></p><p>I own a flood damage daily driver. I had buddies tell me when it showed up at my shop as a no start that it was no "cream puff" and that I shouldn't buy it. </p><p></p><p>Now I own a $26,000 diesel pick up that I paid cash for 4 years ago. I did all of the work 100%, passes DOT inspection to pull CDL trailers and I have put 64k miles on it. </p><p></p><p>But..... Like I said in the beginning. Where I am hurt permanently is on resale value. With the remarks on my title alone, it loses $10,000 in trade value, snap of the fingers. That means a bank won't loan more than what the salvage value is worth so that just means I cant sell for the amount a clean title would sell for. </p><p></p><p>It's a bummer cause I see my truck at auctions and on my lots occasionally. They are ragged piles of garbage bringing top dollar. I feel like mine is twice as dependable and very clean. </p><p></p><p>I'd say never buy a flood damage in a year model that is currently retailed on large lots but I'd pull the trigger in a heart beat on a small note lot car or typical cash cars. <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile :)" loading="lazy" data-shortname=":)" /></p><p></p><p>Pics?</p></blockquote><p></p>
[QUOTE="LightBnDr, post: 471496, member: 9031"] The number one issue with flood titles is resale value. On a 95 GTS id buy it all day long. The market for those, people aren't getting a loan on them. Those are cash buyers. I wouldn't hesitate in your case. I own a flood damage daily driver. I had buddies tell me when it showed up at my shop as a no start that it was no "cream puff" and that I shouldn't buy it. Now I own a $26,000 diesel pick up that I paid cash for 4 years ago. I did all of the work 100%, passes DOT inspection to pull CDL trailers and I have put 64k miles on it. But..... Like I said in the beginning. Where I am hurt permanently is on resale value. With the remarks on my title alone, it loses $10,000 in trade value, snap of the fingers. That means a bank won't loan more than what the salvage value is worth so that just means I cant sell for the amount a clean title would sell for. It's a bummer cause I see my truck at auctions and on my lots occasionally. They are ragged piles of garbage bringing top dollar. I feel like mine is twice as dependable and very clean. I'd say never buy a flood damage in a year model that is currently retailed on large lots but I'd pull the trigger in a heart beat on a small note lot car or typical cash cars. :) Pics? [/QUOTE]
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Would you buy a car with past "flood damage"
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