Haggling on a rebuilt title
- January 12, 2020
- About Warranty, Extended Auto Warranty
- Posted by Derek Michael Weissman
- Leave your thoughts
Ever find yourself in a foreign land with foreign customs and next thing you know you’ve got your eye on a beautiful hand-woven carpet but find to your surprise no price tag attached. Perhaps the vendor forgot, perhaps it simply fell, and nobody noticed. So, you ask, “how much is this rug?” The vendor sizes you up, smiles, and asks, “how much will you offer?”
Uff, for most of us, haggling is a pain. But for many it’s the best thing since sliced bread. By the way, slicing your own bread is not some overly cumbersome activity. Yes, sliced bread makes it easier, but this saying makes it as if the arrival of sliced bread was akin to the Internet or the invention of the microwave. Life pre and post either of those is massively different. Sliced bread, not so much. Let’s get back to haggling.
Haggling takes skill and some are great at it. When buying a new or used car, there is some haggling involved, no doubt. But finding those rare deals, those diamonds in the ruff vehicles is territory for real hagglers, and the rebuilt title is a tremendous opportunity. A rebuilt title is given to a car that has been significantly damaged, so much so that the insurance company has deemed it not worth repairing. Yet, if you’ve got great haggling skills, and even better repair skills (or know someone who does), then purchasing a car with a rebuilt title could be highly lucrative.
Now, an important thing to consider with the rebuilt title is before the state has issued it, the car had to have had a salvage title. A salvage title is where it starts and is typically worthless on the resale market. Once the rebuilt title has been obtained however, the buyer can now say the state has reviewed the car, enough repairs have been made, and the car has been rebuilt. Cars with rebuilt titles are potential steals because there is paperwork that says repairs have been made. The risk however is some unscrupulous individual could add new parts to the car, obtain the documentation, and then remove the parts afterward. Like any used car sale, prior to plunking down some Benjamins on the ride, taking the car to a mechanic to check it out is vital.
Another benefit to purchasing a rebuilt title car is you have a good sense what would need to be done to the car long-term to keep it running. The automotive site Cars.com previously reported that 1 in every 44.6 used cars have undergone “title-washing,” so with a rebuilt title there is a degree of transparency that you can almost count on 100 percent of the time. If you’re seeking a rebuilt title, assume you will be the person driving said car until it dies. A resale will be difficult, and it is also recommended to check with your insurance company to make sure they will cover the car completely. If an insurer won’t touch the car, you shouldn’t either.
Lastly, after your haggling has been completed, the car has gone through a mechanic, and you have an idea of the future repairs that will need to be made, VIN Check is a free service that will give you the history of a particular VIN number, and for a minor fee, Carfax, AutoCheck and the National Motor Vehicle Title Information System are also excellent background check options. Buying any car is a risk, but if you enjoy the rush, can haggle for a rug in a foreign land and know your way around a car, a rebuilt title could be the steal for you in 2020. Give Patriot a call to see if you are eligible for an extended warranty.