Buying wrecked car on copart

[pahanorlando]

Does anybody have experience with copart? I am thinking about buying M35 with a light damage.

What's strange is I compared Kelly Blue Book retail price for M35 and autotrader and autotrader's price is always like $4000-$6000 higher.

[BlackCat81]

4-6k higher than what? I paid $3,700 for my 06 M35x from the dealership I work at, and also had to cover the $1,000 service bill to have the rack replaced which is why the owner decided to trade it in after authorizing the work. I believe at the time I bought it, KBB was right on par with what the previous owner was given as as a trade in value with the condition and miles.

I unfortunately wasn't the tech who did the job which is why I had to foot the service bill, otherwise I could've bought it for $3,700 and the price of the rack and done it myself, but even at $4,700, I feel I got a hell of a deal. KBB says private party value on it now is roughly $7,400.

[josejulio]

I just recently bought a m45 that needs mechanical work from copart and it was a smooth transaction. but make sure you know what your buying so you dont have any surprises like i did.

[pahanorlando]

I don't remember exact numbers, but last week I was looking at 2008 G35 with high mileage 130k.

I looked at KBB and price was about $7500. In autotrader, lowest I found was $12000.

I am thinking about buying a car with some body damage, that way I know why they are selling it vs car that looks good and clean on the action with possible mechanical issues.

[BlackCat81]

I don't remember exact numbers, but last week I was looking at 2008 G35 with high mileage 130k.

I looked at KBB and price was about $7500. In autotrader, lowest I found was $12000.

I am thinking about buying a car with some body damage, that way I know why they are selling it vs car that looks good and clean on the action with possible mechanical issues.

Don't you still run the risk of buying a car with body damage and also possibly mechanical issues? I mean, just because a car was in a fender bender and you can physically see the damage, doesn't mean the guy hadn't been driving it for the last year with a slipping trans or something, right?

[EdBwoy]

I don't remember exact numbers, but last week I was looking at 2008 G35 with high mileage 130k.

I looked at KBB and price was about $7500. In autotrader, lowest I found was $12000.

I am thinking about buying a car with some body damage, that way I know why they are selling it vs car that looks good and clean on the action with possible mechanical issues.

Don't you still run the risk of buying a car with body damage and also possibly mechanical issues? I mean, just because a car was in a fender bender and you can physically see the damage, doesn't mean the guy hadn't been driving it for the last year with a slipping trans or something, right?

I agree. Personally I have been burned more than successful with salvage auctions. Plus I am not well-equipped to do bodywork, so it cuts into my margins every time I pay someone to do it right. The last cars I bought have been through Craigslist, Forums and eBay. I figure it is much easier to get recourse if you were burned by some shady deal. But that was long ago, I haven't dabbled in auctions in about 3 years.

All in all, anything you buy is a gamble. A wise man once told me he preferred to buy from auctions because he knew why the vehicles were there. He doesn't trust Craigslist because he doesn't trust that someone would give up a vehicle if it truly were as nice as they advertised.

On value, I would go by KBB fair market value. By your questions I assume you are buying it to flip it. You best believe your buyer will try to beat you with the bluebook value stick... and then some if it has a salvage title.

[pahanorlando]

I am thinking about buying one for myself and then see how it goes.

Just by looking at the prices, it seems its best to buy one with 20-40k mileage and keep it. Of course there is always a chance that someone else is going on with the car.

Currently I have 02 Infiniti i35 with 181k miles on it and think it will be time to change it pretty soon.

[szh]

I had a so-so experience with a lease return at Infiniti, let alone a used one with unknown accident issues. The lessor had clearly not maintained some things, although the basics were done.

So, my 1995 Q45, purchased in 1998 with 50k miles (which was low enough that I thought things would be okay) had a transmission failure at 104k miles - soon after the extended waranty I bought ran out! That is when I decided doing the basics of oil changes, etc., was not enough for these expensive cars.

I also decided to buy new from that point on (as I had done in the past) so that I would know the history of repairs, maintenance, etc. Of course, this is not possible for everyone, but I can afford to do so, because of the way I buy cars. I pay cash outright (because I pay myself the money monthly for the next car!) and keep them a long time, and don't waste frivolous money on things like expensive wheels, etc.

Based on how I save for cars ahead of time, about 8 years after I graduated from college, from my third car on, I have not had a car payment! This does not work for people who think that they need to buy the best cars possible right out of college and add debt on top of a depreciating value ... essentially for the rest of their life.

Z

[pahanorlando]

well you'll never save by buying a brand new infiniti

I am against car mortgage and debt though. I agree with you on that, Buy what you can afford.

I tend to agree with "A wise man once told me he preferred to buy from auctions because he knew why the vehicles were there". But there is a risk with every car you buy, except brand new one with warranty