$70k for a 06' Gallardo with a salvage title - should I buy?

I

iDetail

New member
Gallardo up for sale near me that has a salvage title - looks clean as hell in the pictures and video, i'll take it for a drive and everything - you guys think i should consider it? I dont really care if my lambo is perfect. The salvage title was for a side impact.
 
I wouldn't take that as a gift. By the time it's obvious that there's some unfixable problem you'd be up a certain creek.



But then *I* wouldn't want one period, so I guess you gotta take that into consideration :think: But really...AFAIK, a car in that price range has to sustain an awful lot of damage before it gets a salvage title.
 
Ok...so that car was $175K three years ago, it gets t-boned and totaled...the ins. co. sells it to someone for less than $70K, who repairs it and is going to sell it to you for $70K? Which means the car had depreciated to way less than $70K in 3 years, so that it wasn't worth it to the ins. co. to fix it? Something isn't adding up to me, like it hasn't been fixed properly...but what do I know. OTOH, perhaps a Lambo with a door full of Bondo is woth $70K, and we all know a detailer in CAN that can fix it right up for you...
 
If there's actual proof of damage before and exactly step by step pictures dictating that it was indeed repaired back up to specs (not just bondo'd and tack welded) Then it would be something to consider. But if not then I wouldn't bother. How many shops around you have the knowledge of how to properly repair a lambo anyways? I'm guessing it's a slim list.
 
ahhh, no Take my word, I have done millions in busines with 907a, Salvage, TMU, etc.



Salvage titles are worth their weight in toilet paper in NY state.



907a is a thieves paradise.

Let me steal a car, strip it, hide the parts in my mothers house. Then go buy the shell back at the sale with a salvage title, and put the car back together at my friend the drug dealers body shop. All crap, guaranteed to lose you money.



TMU - another fantasy followed by jiizzzzzerk-offs.



A waste of time...dont buy in please.
 
Unless you know exactly to what extent of damage caused the vehicle to be totaled, don't assume that the car is a POS. Cars can and do get totaled by insurance companies with very little damage all the time. Especially exotics. Many salvage titled vehicles are no worse than vehicles that aren't totaled, but hit hard and still have a clear title. I tytpically see vehicles with branded titles being worth 40-60% of their retail value. I think $70K is too much, but I'm sure someone will buy it. I've seen a few Ferrari's fixed that had over $100k in repairs where I'd bet nobody on this site could tell then even had paint work done on them.
 
I've been out of it since 2001 when we sold it. The place has changed hands 3x since.





What kind of dealer? A dealer with the focus on money makers, used cars! There is no money in new cars. The new are just lure for the used cars.



If you dont know all angles of the business you are in, you are losing out. Not everything we touched goes for sale on the lot. I had as many used cars in the lot as I did in the BX for sale. Not to mention what we ran through the auctions. Its the only way to stay ahead.





An above average 1200 car per year high-line dealer ran $90 million through their books on an average year in the 90's.
 
David Fermani said:
Unless you know exactly to what extent of damage caused the vehicle to be totaled, don't assume that the car is a POS. Cars can and do get totaled by insurance companies with very little damage all the time. Especially exotics..
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Wish that'd been my experience......I sure wish they'd just totaled a few bent ones that my wife and I had (Chubb's given us great service for generations but they hardly *ever* total anything IME). I've had not-totaled cars that were repaired by the (rare) shops factory-certified to do the work; they tested 100% to spec...and they simply did *not* drive the same, especially unibody AWD cars (body-on-frame RWD cars seem to turn out pretty well no matter how badly they were tweaked). This Lambo is one of those that I really can't see getting both totaled out and fixed right, but maybe my past experiences are prejudicing me.
 
jdoria said:
An above average 1200 car per year high-line dealer ran $90 million through their books on an average year in the 90's.
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You'd never think a high volume, high-line new car dealer would have the exposure (i.e. selling/ processing) to "millions" of salvage titled vehicles? Especially when they aren't "worth their weight in toilet paper". I guess the clientel in NY is different?
 
David Fermani said:
You'd never think a high volume, high-line new car dealer would have the exposure (i.e. selling/ processing) to "millions" of salvage titled vehicles? Especially when they aren't "worth their weight in toilet paper". I guess the clientel in NY is different?
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I'm not sure what the argument is here; don't we regularly call them "stealerships"? Why should it be a surprise that they are selling "toilet paper" for good money? I have a few used car department stories...
 
Let me preface this post by saying this is only my opinion...



I believe 2 things when it comes to buying a car:



1) If you can only afford to lease the car, and not buy it, you can't afford that car.



2) If you can only afford the car because it is used (insert your salvage scenario here), you can't afford that car (I know a lot of people that buy used Mercedes', then skimp or bypass the maintenance...But, they brag about rolling in a Benz.
 
As I'm out of the business, and the business is deader than dead, Ill let you in on a little secret.



Through the police books of the store license, we never ran anything other than what was sold on site, no shenanigans ever. Too much at stake.



I populated car lots all over the Bronx and Queens with salvage, 907a, and re-titled TMU cars for almost a decade. The target buyers don't care what the title says, or where the cars came from, they only wanted to drive a Mercedes or BMW for a cheap price. ( or a Volvo, Pathfinder,or Montero) (RX-7's and Hondas went to Puerto Rico by the container full)



If you could keep $350k per year pay at the store and make another $15-20k per month from working the salvage yards and junk yards a few days per week, why wouldn't you? It pays to know all angles of your business.



Would I put a friend or family member in one? Only if I didn't like them and they were dead broke. You cant resell, they aren't worth toilet paper.
 
Accumulator said:
Wish that'd been my experience......I sure wish they'd just totaled a few bent ones that my wife and I had (Chubb's given us great service for generations but they hardly *ever* total anything IME). I've had not-totaled cars that were repaired by the (rare) shops factory-certified to do the work; they tested 100% to spec...and they simply did *not* drive the same, especially unibody AWD cars (body-on-frame RWD cars seem to turn out pretty well no matter how badly they were tweaked). This Lambo is one of those that I really can't see getting both totaled out and fixed right, but maybe my past experiences are prejudicing me.
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I think we're jumping to conclusions on the amount/severity of the damage to this car. A "side impact" could be no more than a door, fender or 1/4 panel (1 or all). It doesn't mean the car is worthless and should be thrown away. Who knows, maybe they totaled it because there was a huge back order on parts? If anyone(or the right person) complains hard enough, their car could get totaled. Especially in your case Accumulator. Chubb is like the Santa Claus of the insurance world. This car could most likely have been a Chubb claim where the owner was a VIP/celebrity and they insisted on it getting totaled. We don't know that. Also, it could have been a failed repair on a light side hit where the owner pushed to total it because their insurance company's shop didn't fix it perfectly.
 
jdoria said:
As I'm out of the business, and the business is deader than dead, Ill let you in on a little secret.



Through the police books of the store license, we never ran anything other than what was sold on site, no shenanigans ever. Too much at stake.



I populated car lots all over the Bronx and Queens with salvage, 907a, and re-titled TMU cars for almost a decade. The target buyers don't care what the title says, or where the cars came from, they only wanted to drive a Mercedes or BMW for a cheap price. ( or a Volvo, Pathfinder,or Montero) (RX-7's and Hondas went to Puerto Rico by the container full)



If you could keep $350k per year pay at the store and make another $15-20k per month from working the salvage yards and junk yards a few days per week, why wouldn't you? It pays to know all angles of your business.



Would I put a friend or family member in one. Only if I didn't like them and they were dead broke. You cant resell, they aren't worth toilet paper.
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Wow! Out of all the dealers I know, I've never heard of this stradegy to make money. I know tons of shady body shops and B-lot dealers that dip into this, but for a reputable new car store to risk it is something different. Is NY a full disclosure state?
 
David Fermani- Eh..I guess we probably won't ever *really* know what the story was with this car :nixweiss A "side impact" coulda been a nasty t-bone where the whole unibody got tweaked (my expectation) or, as you said, something not so serious afterall.



Heh heh, I *wish* Chubb had been St. Nick in two or three specific cases...they utterly *REFUSED* to total two of Accumulatorette's cars even though the shops doing the work said right up front that they shoulda been (I was there when they discussed it with the Chubb rep). And believe me, for my part of it I wasn't shy and retiring about expressing my position ;) Ditto for an Audi my father wrecked in a pretty huge way- they fixed it and some poor sucker is probably driving it today. At the time my family had over a dozen high-end cars insured with them and I was pretty surprised that they simply wouldn't budge on any of these.



Other than that disinclination to total if unibodies are tweaked, they really have been great so I still have no real complaints overall. Heh heh, you might consider how well they *do* treat me overall if I can still say that about 'em :D



I think I'll *NOT* tell my wife that you woulda expected Chubb to step up better than they did :o
 
David Fermani said:
Wow! Out of all the dealers I know, I've never heard of this stradegy to make money. I know tons of shady body shops and B-lot dealers that dip into this, but for a reputable new car store to risk it is something different. Is NY a full disclosure state?
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Who do you think bank-rolls those B-lots and shady body shops? They all call you 5 times a day with a "great deal".



It takes someone with balls, brains, and cash to buy those turds and put them back together. You know what body work costs!





We didnt sell the cars on site, we couldn't. We would risk losing the franchise as they would have to run through our books. We would have to cover them for 90 days also.
 
Think of this scenario:



ring-ring, ring-ring



Hello?



I have a salvage titled 08 Gallardo with 2,200 miles on the clock for you. Took a tap in the side. Needs a floor, door, seat, and a quarter. I need $70,000 for it.



Too much, how about $60,000?



SOLD, send a flatbed.





Now I get the car and put it together in my shop for under $30,000 more and put an ad in Hemmings stating: AS IS, NYS SALVAGE TITLE, $119,999, when all the others are selling at $175,000.



A guy that shouldn't own the car calls and wants to see it. He knows all of the data on the car as you have salvage paperwork (you also have CARFAX these days, back then we didnt) and wants to pay $110,000.



SOLD - and you made $20,000





Or I could run it through Manheim (next to Bufferbarry) on High-Line Thursday for $105,000 or more and make $15k in 60 seconds. (you have to announce frame and salvage at all auctions, the light up a huge yellow sign over the auctioneer when the car goes through)







Sounds like something you should turn your back on right?

But I guess my only options are to act as a shill on a car wax website and make a $2.50 commission on a 32oz bottle of Menzerna 106ff?



Kinda puts things in perspective.
 
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