Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: Milligram46 Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 71050  
Subject: Just Like Post-Katrina Date: 10/30/2012 2:08 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 8
In the coming months be VERY careful buying a used car. Learn the things to look for that might imply water damage. Avoid cars titled from states like Arkansas, which are popular to ship water damaged cars, do a crappy job of restoration, and then retitle them as new - not salvaged.

If you don't know what to look for, educate yourself, and do a used car inspection. $200 well spent - even if you're looking at a $3,000 car. If anything seems out of the ordinary, especially with the title, run, run for your life.

What happens is the cars are claimed on insurance, the insurance companies sell them at auction for salvage, companies with no soul buy them, do a half-assed job of restoration, retitle them in states with a new title, and then flood the market with new title used cars. The owner is stuck with odd odors, rusting interior components (that can't be seen) and hardening wiring harnesses that crumble and fail, resulting in endless electrical problems.

There are going to be a lot of flood damaged cars hitting the market.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

Beware Flood-Damaged Cars
Know what you are getting, don't get stuck with a Katrina victim. Check these links before you buy.
Disclaimer - Please Read
A message about professional advice.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement