Corvette C5 Forum 1997 through 2004

C5 with a salvage title for a college kid? Loan 3k?

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  #1  
Old 12-07-2007, 11:05 PM
1911A1's Avatar
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Join Date: Feb 2007
Posts: 1
Default C5 with a salvage title for a college kid? Loan 3k?

I posted awhile back about parking my mustang and getting a vette. Well now I found one for 14,000 that has a salvage title. It was a theft recovery. I have 11k saved and can probably get a private loan through my family. How much up keep would this have if I used it as a daily driver? What the actual MPG these get?

The car has the following description:
this car is 166 in production in 97 to leave the plant as one of first this rare and maybe why it was stolen...Theft Recovery is why this corvette has a rebuilt title came from Ins Co.this car has a nada book of 23450 on it just got to sell to pay bills and i hate it.
K&N Air Intake $345 Z06 wheels and brakes $1,700
Chrome add on under hood $300 has see thru glass top 6 disc cd changer
Performance Chip $379
Chrome Exhaust tips $100
CD changers
All Options that come on vette this one has everything and i will miss it as it turns heads
Heads Up display added $1000
New Paint Job 3800

What do you guys think? I want one pretty bad and I feel if I dont get one now I may never get one.
 
  #2  
Old 12-08-2007, 02:32 PM
riley's Avatar
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Join Date: Sep 2006
Posts: 241
Default RE: C5 with a salvage title for a college kid? Loan 3k?

At a minimum, run the VIN through an online service (like carfax) to see if the theft showed up. Then take it to a trustworthy third party mechanic and put it up on the lift to check for signs of damage repair.

It may really be a theft recovery but it might also be two totaled vettes stuck together to make one.

As for upkeep, the only thing that is really more than any other car is insurance. Replacement parts like tires can be expensive also.

Good luck and let us know how it goes.
 
  #3  
Old 12-10-2007, 07:25 PM
Join Date: May 2006
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Posts: 69
Default RE: C5 with a salvage title for a college kid? Loan 3k?

As a college kid, you will have trouble with insurance, so get a couple of quotes first. and make sure the salvage title does not affect your ability to obtain insurance. For the most part, aftermarket modifications do very little to increase the value of the car, they may be nice to have, but from a value point of view, the ZO6 wheels, add on HUD, and new paint are worth about nothing at all, if it were a decently cared for car it would not need wheels, brakes or paint. Do not let your enthusiasm lead you to pay too much. I am certainly no collector, but I doubt that being the 166th car made will increase the value of a salvage title car. As a daily driver it would not need very much upkeep, change the oil every now and then and put in new filters once in a blue moon, like every other Chevy. On the highway a 6 speed car will get 25-28 mpg, an automatic a bit less, and around town, well, your mileage will vary. And, as Riley said, have the car inspected by a trustworthy mechanic, who is familiar with Corvettes, before buying anything. This will be expensive, make sure you get a car you want. It might be a great buy, and your chance to drive a Vette while still in college, but look it over carefully, with a clear head, before putting out any money.
 
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