Rebuilding a wreck is certainly not for everyone. Yes, it will have a salvage title, (branded as rebuilt in this jurisdiction). Book value on this vehicle is $3500 to $4500. Pretty easy to see why it's written off when you have an estimate sheet nearing $10K in repairs. Now, the question is why would you tackle this? First off, I've a pretty good idea of what I'm doing and if I were to repair this vehicle for resale, I would be sure I could get it back on the road for less than book value. In this case, with used parts and a little luck, I likely could purchase and repair this truck for under $2K plus my labour. I am more than a little smitten with the model and I would like to use it as my own vehicle. From that perspective, I will have considerably less than book value invested in it. Resale value due to title status also becomes a non issue. I also would plan to modify the vehicle, (V8 conversion, suspension modification). Much of this would offset what needs to be done to return to the road anyways. As a basis for a project vehicle, insurance salvage becomes ideal. Value as salvage will likely bring a positive return should you part out a vehicle, so you will expect some initial cost to aquire insurance writeoffs. It all becomes a decision you need to make on a case by case basis. In this case, I've placed my bid.
Wish me luck! Thanks for everyone's input.
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