I found a 2008 Honda Fit Sport with a rebuilt title on Craigslist for $7500. The car has almost 80k miles. I found out that the seller purchased the vehicle at an auction and fixed it up.

For sale 2008 Honda fit low miles gas saver CHEAP

From the pictures at the auction it looks like only front end damage primarily to the bumper and hood, potentially at low speeds.

2008 FIT SPORT Salvage for Sale from Copart

KBB value in good condition is $8400.

Kelley Blue Book

Do you guys think it is a good buy? If so, what should be my target price?

Thanks,

Rob

 

7500 is a bit steep for a rebuilt. Mine is also rebuilt but was done under my supervision. I don't personally buy a rebuilt car. Only salvages and rebuild them under my watch cause people like to cut corners when it comes to this type of stuff.

But if you feel that it's right then make sure there is no frame damage and or mechanical damage (condensor, etc,) and if there was is it fixed.

 

IF you are confident of the work then it could be a good value. My FIT is an R-Title car, and honestly, you couldn't tell the difference. It has passed inspection every year and drives great. On the flip side, even if the work done is solid, don't expect to retain much resale value. Dealers don't want to give you near the value of your rebuilt vehicle ever, in fact - low to the point of insult.

If the work is shoddy, this car will be more trouble than its worth. I'd say get an opinion from someone experienced in rebuilds/salvage vehicles, see what they think of the work, and go from there. Expect to pay 20% less than blue book for an R-title, so $8400x .80 = $6720.

 

In the copart listing the airbags are deployed, at least the driver side. It's pretty costly to get the sensors and everything, I hope he has done all of that.

 

Pengy: I got my 2007 Sport, auto, down in the Williamsburg area one year ago for $6500, with 94,000 miles. I think the price quoted you was too high. First, I'd walk away simply because the air bags deployed. You never want to take a chance on whether that repair was done correctly or not. Second, I would only buy a rebuilt title/damaged car if the owner could show me detailed photos of all the damage. And last, if you do decide to go for the car, have a thorough examination done by a qualified mechanic. In the end, there are lots of first generation Fits coming up for sale these days. I'd wait for one that has not been in a crash.

 

here's just one example of what I was talking about Pengy. Not too far of a drive for you either, but it is a manual transmission. Also, it may not be the Burnt Orange color that I prefer since no pictures are posted


2008 honda fit,one owner,extera nice,,,,73 k

 

There's also this:
honda fit 07

Looks pretty good. I bet you could run that price down to 6k or something if you talk about the mileage on the car.

 

I agree with these guys. Unless the deal is particularly sweet and you can verify the work, it would be better to get one of many clean titled cars floating around.

 

Thanks for all the comments. I think you've scared me away from buying a R title car. The car is for my wife, who isn't not too great at driving. Granted she has never been in a major accident I still worry that if she were to total the car I doubt the insurance would pay anything out.

BurntZ: My wife can't drive a manual.

ikutoisahobo: I'm worried about the higher mileage on that vehicle. I think that is a sport because it has a rear spoiler but I could be wrong? I need cruise control, I'm lazy on long drives.

I may try to pursue: 2009 honda fit sport

 

Yes, that is a Sport.

Sport trims have the side skirts, front and rear lips, cruise control, leather wrapped steering, fog lights, spoiler, and alloy wheels.

Sport:


Base:


The differences are merely cosmetic with the exception of the wheels (because you get wider tires on the Sport) and Cruise Control.


Also, I would certainly not buy the rebuilt car for someone else. Getting a (possibly) shoddily rebuilt vehicle is a safety concern as well.
Insurance might give hissy fits about it being a rebuilt title but I don't think insurance wouldn't cover it.


The higher mileage on the Fit is honestly not really that big of an issue. Mine is doing 115k with no problems. Usually the only problem most Fit owners run into is the coil packs, which are a plug and play replacement, similar to spark plugs.

Here are some other Fit's:
http://www.autotrader.com/cars-for-s...ear=1981&Log=0

 

One other poster has mechanical experience and supervised the repair of his car. That's the only kind of person I think that should ever consider a rebuilt title. With a rebuilt title, you lose in so many areas:

Car has a rebuilt title so has very poor resale value. Imagine if you got in a minor accident. Now your car is a rebuilt title that also has an accident after the rebuilt. Who wants to buy that?
The unibody frame could be affected and not maintain its integrity as well in a crash.
If an airbag has deployed, you must change not only the airbag but the airbag computer, which costs thousands. Some people flash the computer and try and reuse them.

A car is considered totalled if the costs of repair exceed the value of the car. What kind of dufus, would spend 9000$ on repairs and turn around and sell the car at a loss for 7500$? The answer: nobody. Someone probably bought the car cheap at an auction and fixed it up cutting corners to try and make profit from the resale.

If we were talking about a car worth 100 000$ it'd be a whole other discussion but trying to save 500$ to 1k on a 8000$ car is ridiculous when you consider all the reasons I listed. By a car with a clean title. If you sell it, you'll have way more in your pocket than the 1000$ you are trying to save with your rebuilt title.

 

Your target price should be 60 to 70 percent of comparable clean title. 7,500 is way high. Maybe 5k at the most is reasonable. That was a pretty hard hit. You can bet the main engine frame pillars are or were bent. The frame was probably straightened and if so then it might be weaker now. Besides, that color is hideous.

 

Also keep in mind. Dont get upset when it's time to trade or sell this car when you're ready to segway to another vehicle and you don't get ANYTHING close because they'll stay away from your car. Just my .02. Sure its "cheaper" but is it worth being upside down when you try to trade later.

 

Rue of thumb around here is a "rebuilt" title car goes for abut 70% of normal price. I looked up this car on Edmunds and rated it as "clean" rater than average and it's private party sale price was $7878. Multiply that times 70% and the price should be $5514 IF IT WAS REPAIRED CORRECTLY.

2008 Honda Fit Base What's it Worth?

"Repaired' vehicles can be a real deal if the price is right and it was a good repair job.
I bought a "repaired" 09 Fit 2 years ago with less than 15k miles on it for $9000. The mean it was 3 years old. The one you are looking at is 6 years old with 5 times the mileage.

The Copart pictures do not show too much damage and a decent repair job could have been easily accomplished.

 

Also a rebuilt vehicle should be a vehicle that you will keep, and not end up selling. Personally, I'm gonna drive it til it dies + I have plans to modify it.

 

I regret to inform everyone that my wife woke up this morning and decided she wanted a Honda Odyssey instead

 

I have heard some places it is hard to insure a salvage title

 

Haha, I'd steer clear of the Odyssey, way too many transmission problems.

Go for a Crosstour or Pilot (even though it has aged quite a bit)
or maybe look into some other minivans like a Sienna or T&C.

I'm a Honda guy, but the Odyssey just sounds like a nightmare according to friends who have had tranny problems during the break-in period!

Obviously, that's not going to be the case for everyone. I guess some of the transmissions just don't like to work lol.