Buying a Salvaged Elise - Any Thoughts value/resale value/sanity of this - LotusTalk

1CarNut · 09-15-2009, 08:08 AM

I am considering buying an insurance total, Elise that has a salvage title . Damage appears mainly to the clamshells, which are now repaired. Car looks and drives great, with some slight issues to cosmetics. Car is being sold for a healthy discount. Regarding resale value, In the Lotus community, what is the interest in a salvage title Elise? What would be price range for a properly repaired wrecked Elise?

MattG · 09-15-2009, 08:17 AM

There are a lot of things that can go wrong with a salvage title - hidden damage, improper repair, stuff like that. For that reason, people are generally wary of buying a Lotus with a salvage title, unless both the damage and the repair has been very well documented. Also, repair costs are high enough that it usually doesn't make financial sense to buy a wrecked car and fix it up - you can usually find an undamaged car for sale for what you'd spend repairing a wrecked one. The discount when buying a car that previously had a salvage title would have to be pretty large, I'd think...at least 25%...UNLESS it was a very well documented case and professionally repaired (which is not likely, if the car was salvaged - more likely, it was auctioned off to someone who doesn't know how to repair it 'right').

Note, this is for a car that has a salvage title in its history...an Elise that had been wrecked, not totaled, and later repaired, may command close to a normal price if repaired properly.

RENDERMAN · 09-15-2009, 08:32 AM

If you're building a track car go for it!! For a street car I say you may have an issue getting a good insurance company to cover the car, although you will find coverage out there. As to the resale value you know the value is considerable cheaper so at the end you will take a bigger loss than on a regular car, people are reluctant to purchase a rebuilt car, they always think the worst. I have no idea how much a wrecked Elise goes for.

The link below will help you better...
Tips for Buying a Used Elise or Exige including information on SALVAGE titles

simonlesorcier · 10-15-2009, 11:50 AM

Hi!
I saw your post about getting an Elise with a salvage title. I´m selling mine, take a look at some pics if you are still interested we can talk about it. It{s a 2005 with 21015 miles. I´ve did the rear clam replacement ( no suspension damage) and have been driving it for the last 13,000 miles.

Thanks

Eduardo

Pictures by simonlesorcier - Photobucket

09-15-2009, 08:08 AM	#1 (permalink)
1CarNut Registered User Join Date: Sep 2009 Posts: 1	Buying a Salvaged Elise - Any Thoughts value/resale value/sanity of this I am considering buying an insurance total, Elise that has a salvage title . Damage appears mainly to the clamshells, which are now repaired. Car looks and drives great, with some slight issues to cosmetics. Car is being sold for a healthy discount. Regarding resale value, In the Lotus community, what is the interest in a salvage title Elise? What would be price range for a properly repaired wrecked Elise? Last edited by Mr. Know : 09-15-2009 at 08:36 AM. Reason: threads merged

09-15-2009, 08:17 AM	#2 (permalink)
MattG insert clever title here Join Date: Mar 2003 Location: Living above the clouds in Colorado Posts: 7,676 Images: 11	There are a lot of things that can go wrong with a salvage title - hidden damage, improper repair, stuff like that. For that reason, people are generally wary of buying a Lotus with a salvage title, unless both the damage and the repair has been very well documented. Also, repair costs are high enough that it usually doesn't make financial sense to buy a wrecked car and fix it up - you can usually find an undamaged car for sale for what you'd spend repairing a wrecked one. The discount when buying a car that previously had a salvage title would have to be pretty large, I'd think...at least 25%...UNLESS it was a very well documented case and professionally repaired (which is not likely, if the car was salvaged - more likely, it was auctioned off to someone who doesn't know how to repair it 'right'). Note, this is for a car that has a salvage title in its history...an Elise that had been wrecked, not totaled, and later repaired, may command close to a normal price if repaired properly. __________________ '05 Elise, Magnetic Blue / Biscuit / Hardtop / http://eliseinfo.com Radar detector mounting brackets for sale here

09-15-2009, 08:32 AM	#3 (permalink)
RENDERMAN Registered User Join Date: Jun 2007 Location: Miami 305 Posts: 904 Images: 6	If you're building a track car go for it!! For a street car I say you may have an issue getting a good insurance company to cover the car, although you will find coverage out there. As to the resale value you know the value is considerable cheaper so at the end you will take a bigger loss than on a regular car, people are reluctant to purchase a rebuilt car, they always think the worst. I have no idea how much a wrecked Elise goes for. The link below will help you better... Tips for Buying a Used Elise or Exige including information on SALVAGE titles __________________ WILL.I.AM 2005 Saffron yellow Custom Elise…. Adobe Photoshop CS4 Certified Instructor Check out my work, Site under construction... http://www.wilsart.com/

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10-15-2009, 11:50 AM	#4 (permalink)
simonlesorcier Registered User Join Date: Dec 2006 Location: San Diego,CA Posts: 6	Hi! I saw your post about getting an Elise with a salvage title. I´m selling mine, take a look at some pics if you are still interested we can talk about it. It{s a 2005 with 21015 miles. I´ve did the rear clam replacement ( no suspension damage) and have been driving it for the last 13,000 miles. Thanks Eduardo Pictures by simonlesorcier - Photobucket

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