Car is totaled. Salvage title?

[severity_softly]

Okay, so my car is totaled from that hail storm. It's dented everywhere and the back window was smashed. Totally sucks because it's right on the edge, just barely totaled by the numbers. It's a great car, has low mileage, and all the damage is cosmetic. I love this car.

Now I have two options, keep the car and take the money they'll give me. I can repair the back window, and then use the rest to get us completely out of debt (improving our crappy credit) and have some savings. I personally don't care about the dents.

The other option is to take about $3K more and give them the car, then have to buy a new one, which will mean either saving for months for more money to pay for a car outright, or another car payment (which we probably can't afford).

Seems like a no brainer, really, except that if I keep the car, I have to get a salvage title (on a car that runs great! Argh.), so when I eventually need a new car, mine will be practically worthless. Plus, I would only be able to get liability and uninsured motorist insurance, which means if I ran it into a poll in three weeks, I'm out of luck.

I don't know what to do! Any thoughts? Anyone have experience with salvage titles?

Comments

[stasia]

My car's been "totalled" ... more than once, I think. I don't think I have salvage title - as far as I know, I still have regular title.

The thing is, I'm never planning on selling it; it's the only car I've ever owned and I'm planning (hoping, at least) on driving it until it dies. Also, it's never been high-monetary-value anyway, so there's another potential difference.

I see lots of cars being sold on craigslist as salvage title; I'd just say why it's "salvage" and assume tht if it keeps its value, people won't mind.

Are you sure you can't get full insurance? Maybe it's a California thing, but I can...

Stasia

[mingsmommy.livejournal.com]

I'd do the salvage title if you don't mind the dings...sure you're taking a chance, but the cost/benefit analysis seems to say that the risk is worth it as long as you're willing to drive the car until it dies.

[innerslytherin]

I don't know what a salvage title is. :( My first car was totaled by a guy with fantastic insurance. I ended up with the car plus about $2500. I found someone to fix the car for about $500, so I ended up with a nice down payment that I eventually used to buy a used truck. I also once took the $1500 check from the bank and drove a dented Grand Am. So my strong impulse is to advise taking the money and running.

But I don't know how salvage titles work, so it's hard to know what I'm advising you to get into.