65 Tri-Power, auto, p.s.(Yay) Salvage title..(Boo) - Pontiac GTO Forum
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post #1 of 4 (permalink) Old 01-15-2015, 04:29 PM Thread Starter
 
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65 Tri-Power, auto, p.s.(Yay) Salvage title..(Boo)

Hello people,
New here and have been seraching, but have not run across info on this. Running out of time and hope you will indulge me.

I have found a 1965 GTO factory Tri Power with auto trans and power steering, very straight body, minimal rust, nearly original, runs, drives, stops. Very restorable.
Problem: It was stolen in the late 80's. They took the tri power manifold and carbs, and broke out all of the windows. The car was later recovered, issued a salvage title, then repaired. I live in MO which to my understanding will never issue a clear title even if the car is totally restored. You can license, insure, drive, sell, whatever, but the title will still indicate salvage or rebuilt. This normally knocks down the price.
My question is: does this hold true on a car this old? Would hate to buy it and restore it only to find out it's worth 10,000 less that one with a clear title. Especially since it was just stolen and not wrecked.....but how would you ever convince a buyer if you decided to sell it????
Want it bad, but in a quandry!
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post #2 of 4 (permalink) Old 01-15-2015, 05:27 PM
 
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Yes, it would most likely hurt the value, but maybe not either. How's that for an answer! If you plan on making a keeper, then it really should not matter. If you are going to sink a lot of money in it to restore it, then when matched against a car with clean title, you may see less of a return.

If the story is credible, I would seek out a police/insurance/DMV report which should be on file. If it was recovered, then there should also be a report and I suspect this would include the damages. What you are trying to do it verify with documentation that it was stolen and vandalized as opposed to totaled out or in a major accident where the cost of repairs outweighed the value of the car. Even this might not be that bad because the value of these cars were not high as they were not viewed as collector cars as they are now. So a $500 front clip may have been more than the value of the car in its day -so it gets totaled, ie a salvage title.

I would also verify the salvage title with the DMV to authenticate it. I have purchased in the past a 1977 Caprice on a salvage title. It was rebuilt and was a fine car. I had to trailer it to the state of CT DMV office where they did an inspection of it before I could get it re-titled, which I did. Recently purchased a 1992 S-10 that had a salvage title but was rebuilt before I bought it so it had a "salvage re-built" title which stays with the car.

So if you plan on rebuilding it, I would also be clear on what the state requirements are and the process you need to follow to get it back on the road again. If I knew the car was legit, that I could get it re-registered, and the price was right......I would not hesitate. Just make sure it is indeed a GTO as in 1965 this was a Tempest Lemans option. If all looked good, then I would ask the buyer to accept a deposit to hold it and then verify the VIN numbers with PHS to see if they can provide the documents to verify it is a GTO.
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post #3 of 4 (permalink) Old 01-16-2015, 07:55 AM Thread Starter
 
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Thank you for your input. The car is titled, inspected and licensed, so no problem there. I am in the process of checking the vin, etc. but all appearances are that it is a legit GTO. Missouri never removes the "salvage" designation no matter what is done to the car, and I would be completely restoring it. It would be a keeper and not a flipper but I have a few years on me and it would eventually be sold. I guess I just need to decide if my desire for the car outweighs the hit on the price when I eventually sell it. Maybe I'll get it, restore, drive, enjoy, and leave the value problem for my heirs! How's that for some "forward thinking"?!
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post #4 of 4 (permalink) Old 01-16-2015, 09:22 AM
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What Pontiac Jim said. Keep in mind that a lot of these cars got salvage titles with what today would be considered minimal damage. I have a friend who posts here who has a salvage title on his all original 60,000 mile GTO simply because he hit a curb and broke a spindle and kinked the front frame horn 20 years ago. The car is a super clean time capsule. He had the frame straightened recently, but the car had to be bought back from the insurance as a 'total' because in the early '90's, the blue book on it was very low. So, sometimes, a salvage title doesn't mean much. I've seen cars with non-salvage titles that I would be afraid to drive!!
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  Pontiac GTO Forum > The 1964-1974 Pontiac Tempest, Lemans & GTO > 1964-1974 Tempest, Lemans & GTO General Discussion

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