2002 Chevy Prizm - Salvage Title.. go for it?

kakofoniks · 07-07-2004, 03:38 PM

Folks - I'm a newbie to this process, so it would be great if I could get some advice on this.

A low-milage (20K) 2002 Chevy Prizm Lsi model (3-speed trans.) has come up for sale.. going for about $7K. The car does have a salvage title though, and while it did not have an odometer reading when it first came up for inspection, a CarFax check reveals that it had about 18.5K in Feb 2004. I test drove the car, and it rode very well, even at 80-85mph on the highway.

Now the guy selling it runs a body shop and is known to be a very reliable and honest chap (if such a person does in fact exist). He has also agreed to provide a one year bumper-to-bumper warranty in writing.

So.. should I go for it at $7K? Any advice would be fantastic!

Cheers!

ramazank2 · 07-07-2004, 05:12 PM

Based on Edmunds car appraisal it seems you are basically paying the same price as a non-salvage title car. I would say to pass. If you could get it for 4000 I would suggest thinkig about buying it.

I am sure for 7000 you could get a much better vehicle. I only trust Chevy trucks not their passenger cars.

DarkFury · 07-07-2004, 05:39 PM

Go see the discussion we had about "salvage titles" here: http://www.gotapex.com/forums/showthread.php?t=75625 (How much does salvage title affect value)

Let the buyer beware...

kakofoniks · 07-07-2004, 05:42 PM

Quote:

Originally Posted by ramazank2

Based on Edmunds car appraisal it seems you are basically paying the same price as a non-salvage title car. I would say to pass. If you could get it for 4000 I would suggest thinkig about buying it.

I am sure for 7000 you could get a much better vehicle. I only trust Chevy trucks not their passenger cars.

Ach so.. while I may not trust Chevys otherwise, the Prizm is a Toyota Corolla twin (made by Toyota in fact), so I can expect it to be fairly reliable in the medium-run. With the options on this car, the Edmunds price worked out to about $8.1 K for a clean title.. but yes, a 7K price tag still disturbs me.

You think I should go as low as $4K, huh? Let me see how much I can get him to drop the price..

OC · 07-07-2004, 05:47 PM

I once had a Prizm with a 3-sp auto tranny. The thing was completely gutless. Passing was best planned with the aid of a sun dial. Long uphill sections of road were good practicing Zen meditation. Handled the twisties really well though.

bachviet · 07-07-2004, 08:17 PM

Who would pay $7K for a salvaged Prizm?

Tommy Boomfiger · 07-07-2004, 09:22 PM

Dont get the prizm. Definately not a salvage one. Find a corolla LE or S same year well equipped with a few k more miles should be around the same price. The engine tranny combo is horrible and the interior is inferior. The corolla is great for an everyday point a to point b driver with decent milage. Stay away from the CE trimline, I believe it has the same engine and trans as the prizm.

attgig · 07-07-2004, 10:38 PM

the corolla and the prizm are the same car, so I think that's fine, as long as this is your junker, that'll be fine.

but yeah, that 7k is pretty high. and the fact that the mechanic is giving you a year kinda means that he's either very confident in his work...or he's making a killing. If i were in the market, I'd buy it for 5. Also, I'd try to check out other companies that offer waranty's when purchasing used cars. The fact that it has a salvage title may make it hard, but I'd at least try to get a quote.

ramazank2 · 07-07-2004, 10:55 PM

Nobody has mentioned it yet in this thread but the moment you buy a salvage vehicle you will have a hard time selling it later and when you do you will get practically nothing for it. So if you do buy this car intend on keeping it for a long time.

Just so you know I have salvage title vehicle. I am very satisfied with it. I have had no problems with it because of the collision damage it withstood. But when I tried to sell a few months ago, the moment I said salvage title they turned away despite the fact of how clean it is. And how low I had the price. I had it at close to half blue book. I have now decided to run it into the ground until I can afford a Lexus RX400H.

DarkFury · 07-08-2004, 11:07 AM

Quote:

Originally Posted by ramazank2

Nobody has mentioned it yet in this thread but the moment you buy a salvage vehicle you will have a hard time selling it later and when you do you will get practically nothing for it. So if you do buy this car intend on keeping it for a long time.

Go see the thread that I linked to above... we discussed that a length there. I just didn't feel like repeating myself.

07-07-2004, 03:38 PM	#1
kakofoniks Plebe Join Date: Jul 2004 Posts: 2	2002 Chevy Prizm - Salvage Title.. go for it? Folks - I'm a newbie to this process, so it would be great if I could get some advice on this. A low-milage (20K) 2002 Chevy Prizm Lsi model (3-speed trans.) has come up for sale.. going for about $7K. The car does have a salvage title though, and while it did not have an odometer reading when it first came up for inspection, a CarFax check reveals that it had about 18.5K in Feb 2004. I test drove the car, and it rode very well, even at 80-85mph on the highway. Now the guy selling it runs a body shop and is known to be a very reliable and honest chap (if such a person does in fact exist). He has also agreed to provide a one year bumper-to-bumper warranty in writing. So.. should I go for it at $7K? Any advice would be fantastic! Cheers!

07-07-2004, 05:39 PM	#3
DarkFury Secretary of the Navy Join Date: Feb 2001 Location: Chillin' N Da 'Hood Posts: 34,997	Go see the discussion we had about "salvage titles" here: http://www.gotapex.com/forums/showthread.php?t=75625 (How much does salvage title affect value) Let the buyer beware... __________________ DarkFury's Pimptopia - Don't Hate the Playa, Hate the Game! Home of the Original OG Pimp (accept NO imitations)

07-07-2004, 05:47 PM	#5
OC the admiral formerly known as overclocked Join Date: Aug 2000 Location: Outside the mainstream Posts: 5,922	I once had a Prizm with a 3-sp auto tranny. The thing was completely gutless. Passing was best planned with the aid of a sun dial. Long uphill sections of road were good practicing Zen meditation. Handled the twisties really well though. __________________ But what is adulthood except a delayed end-run around our parents' better judgment? -- Peter Egan cough

07-07-2004, 08:17 PM	#6
bachviet What's Da Pho*? Join Date: Aug 2001 Location: SoCal (714) Posts: 13,296	Who would pay $7K for a salvaged Prizm? __________________ Dell Dimension 9200 \| Intel Core 2 Quad Q6600 (2.4GHz) \| 4x1GB DDR2 \| 256MB nVidia GeForce 8800GT Dell Studio 17 \| Intel Core i7-720QM (1.6GHz) \| 2x2GB DDR3 1066MHz \| 1GHz ATI Mobility Radeon HD 4650 Intel P4-C 3.0GHz \| ECS 865PE-A \| 3x512MB PC3200 \| 128MB PNY GeForce 6600GT

07-07-2004, 10:38 PM	#8
attgig Chief of Naval Operations Join Date: Jun 2000 Location: the burbs of baltimore Posts: 11,924	the corolla and the prizm are the same car, so I think that's fine, as long as this is your junker, that'll be fine. but yeah, that 7k is pretty high. and the fact that the mechanic is giving you a year kinda means that he's either very confident in his work...or he's making a killing. If i were in the market, I'd buy it for 5. Also, I'd try to check out other companies that offer waranty's when purchasing used cars. The fact that it has a salvage title may make it hard, but I'd at least try to get a quote. __________________

07-07-2004, 05:12 PM	#2
ramazank2 Commander Join Date: Jun 2000 Location: Costa Mesa, CA Posts: 1,295	Based on Edmunds car appraisal it seems you are basically paying the same price as a non-salvage title car. I would say to pass. If you could get it for 4000 I would suggest thinkig about buying it. I am sure for 7000 you could get a much better vehicle. I only trust Chevy trucks not their passenger cars.

07-07-2004, 09:22 PM	#7
Tommy Boomfiger Rear Admiral Lower Half Join Date: Nov 2000 Location: Chi town Posts: 2,348	Dont get the prizm. Definately not a salvage one. Find a corolla LE or S same year well equipped with a few k more miles should be around the same price. The engine tranny combo is horrible and the interior is inferior. The corolla is great for an everyday point a to point b driver with decent milage. Stay away from the CE trimline, I believe it has the same engine and trans as the prizm.

07-07-2004, 10:55 PM	#9
ramazank2 Commander Join Date: Jun 2000 Location: Costa Mesa, CA Posts: 1,295	Nobody has mentioned it yet in this thread but the moment you buy a salvage vehicle you will have a hard time selling it later and when you do you will get practically nothing for it. So if you do buy this car intend on keeping it for a long time. Just so you know I have salvage title vehicle. I am very satisfied with it. I have had no problems with it because of the collision damage it withstood. But when I tried to sell a few months ago, the moment I said salvage title they turned away despite the fact of how clean it is. And how low I had the price. I had it at close to half blue book. I have now decided to run it into the ground until I can afford a Lexus RX400H.

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