GM executive demo CTS-V w/rebuilt title: deal or no deal

terry_b · 05-01-2015, 08:03 PM

My friend really has his heart set on a CTS-V. He's on the market for a performance sedan that seats 5 comfortably (3 kids) and he has set his price range at $550/month.

I've been trying to steer him towards new (especially since it will be financed), but he found a 2011 CTS-V with 21,000 miles on it, non modified engine, single owner ( kind of ). The asking price is $30,000 with the catch being that it is a rebuilt title. Supposedly it's a GM executive demo car and as such it gets a salvage title when it is done being a demo car. This was at 3,000 miles, and the guy who bought it at GM auction performed all the requisite steps to get it titled for him to drive it. So it went from salvage title to rebuilt title.

The car should value around $45,000, so my friend is convinced it's a great deal and he has always bought used, never new, so he at least acknowledges the risk involved. Is this a great deal or what? I'm ever the skeptic, and add to it the fact that he's distance buying so he can't even lay eyes on it himself for the better part of a month.

Anyone have any insight to this scenario?

I'm trying to talk him into a new 2014 Chevy SS that is listed for $40,900 right now... Thoughts on that?

JantzenOKC · 05-01-2015, 08:24 PM

Before he buys it he should take it to a mechanic shop that you trust and pay them to look it over really good, for wreck repair, signs of oil sludge from no oil changes, what needs to be done to it maintenance wise, etc. We do a used car inspection for $45 and sometimes people bring 2 or 3 cars before they get a good one. Or you could do it yourself, if they won't let you take it to your mechanic then deal would be off for me.

If I'm going to finance a car though, it's going to be brand new.

Bizaro · 05-01-2015, 08:36 PM

Dont let him buy the rebuilt car its too risky

terry_b · 05-01-2015, 08:49 PM

I know the value is going to be low, most likely he would never be able to sell it for anything but a loss, but besides the hit on value - what kind of issues come up with rebuilt titles?

Supposedly all the paperwork is there to support the status from demo to salvage/auction to rebuilt. He had a family member look at it, and I've recommended the mechanic check as well

SpeedIsLife · 05-01-2015, 08:56 PM

Before he does anything have him check with his insurance company and see if it being a technically rebuilt title might impact the insurance rates.

ttesort1 · 05-01-2015, 09:14 PM

Since he is financing he would be required to have full coverage insurance, are you able to put that on a rebuilt title

sbubbaklein · 05-01-2015, 09:24 PM

Can he get financing on a rebuilt. A car on a rebuilt or salvage title is worth 50% of regular book price. It is difficult to sell if he ever wants to sell or trade. He needs to get a full disclosure statement to see what was damaged and repaired as well as repair order with all items fixed.
If he is not a trained automotive technician, he really needs to turn and run. This could be the most costly mistake he ever made.

Bizaro · 05-01-2015, 09:27 PM

Quote:

Originally Posted by sbubbaklein

This could be the most costly mistake he ever made.

+1

The reward does not outweigh the risk. Tell him to RUN!

LStick · 05-01-2015, 10:28 PM

"Supposedly it's a GM executive demo car and as such it gets a salvage title when it is done being a demo"

Maybe if its wrecked it does.

matt55 · 05-01-2015, 11:13 PM

No.
Insurance and financing is 2 good reasons .
4 great reasons is his 3 kids and wife , no freaking way would a "rebuild title" be my family's +$30k ride .

Now 3 kids will be on the tight side in a ctsv so the SS or a used 392 charger would probably fit the bill better.

If he is set on a used ctsv and cramming 3 kids in the back seat , do not buy that one .
It took me +6 months to find what I wanted and it was not what I started looking for .
Another thought is cars with out recaros are easier to deal on .

Edit , just re-read the 1st post .
100% BS , I don't care if Ronald Reagan and Obama said it was legit I would pass .

terry_b · 05-02-2015, 07:37 AM

I ran the Carfax report myself... Not really any more information. Car was given a salvage title and auctioned... then some time later car was issued a rebuilt title. I'm really trying to get him talked out of it but he's target fixated on this car, and won't hear anything else.

From what I've found online, even if it was a legitimate test car - odds are very high that everyone and their brother drove the car, and being a V, that means it was likely driven hard and put away wet... Not something I'm comfortable with at all.

matt55 · 05-02-2015, 08:02 AM

You can only lead the horse to water.......

SpeedIsLife · 05-02-2015, 10:06 AM

Quote:

Originally Posted by terry_b

I ran the Carfax report myself... Not really any more information. Car was given a salvage title and auctioned... then some time later car was issued a rebuilt title. I'm really trying to get him talked out of it but he's target fixated on this car, and won't hear anything else.

From what I've found online, even if it was a legitimate test car - odds are very high that everyone and their brother drove the car, and being a V, that means it was likely driven hard and put away wet... Not something I'm comfortable with at all.

then your friend is an idiot and needs to learn a $40,000 mistake

1sikss · 05-02-2015, 10:28 AM

i would ask for pictures of it when it was recked… personally i don't have nothing against rebuilt tittles as long as the tittle is a blue rebuilt… i actually had a rebuilt 2011 bmw that i repaired and i had zero problems. i also had full coverage and about 2 weeks ago i got hit bad and the insurance only deducted like 1500 for being a rebuilt tittle so don't think cause its a rebuilt that it has no value…

05-01-2015, 08:03 PM	#1
terry_b Drives: 2014 2SS/RS 1LE Join Date: Apr 2010 Location: Hudson, MA Posts: 1,402 View My Garage	GM executive demo CTS-V w/rebuilt title: deal or no deal My friend really has his heart set on a CTS-V. He's on the market for a performance sedan that seats 5 comfortably (3 kids) and he has set his price range at $550/month. I've been trying to steer him towards new (especially since it will be financed), but he found a 2011 CTS-V with 21,000 miles on it, non modified engine, single owner ( kind of ). The asking price is $30,000 with the catch being that it is a rebuilt title. Supposedly it's a GM executive demo car and as such it gets a salvage title when it is done being a demo car. This was at 3,000 miles, and the guy who bought it at GM auction performed all the requisite steps to get it titled for him to drive it. So it went from salvage title to rebuilt title. The car should value around $45,000, so my friend is convinced it's a great deal and he has always bought used, never new, so he at least acknowledges the risk involved. Is this a great deal or what? I'm ever the skeptic, and add to it the fact that he's distance buying so he can't even lay eyes on it himself for the better part of a month. Anyone have any insight to this scenario? I'm trying to talk him into a new 2014 Chevy SS that is listed for $40,900 right now... Thoughts on that? __________________ 2014 2SS/RS 1LE

05-01-2015, 08:49 PM	#4
terry_b Drives: 2014 2SS/RS 1LE Join Date: Apr 2010 Location: Hudson, MA Posts: 1,402 View My Garage	I know the value is going to be low, most likely he would never be able to sell it for anything but a loss, but besides the hit on value - what kind of issues come up with rebuilt titles? Supposedly all the paperwork is there to support the status from demo to salvage/auction to rebuilt. He had a family member look at it, and I've recommended the mechanic check as well __________________ 2014 2SS/RS 1LE

05-01-2015, 09:24 PM	#7
sbubbaklein Drives: early 2011 Camaro convertible Join Date: Jul 2014 Location: House Springs, Mo Posts: 2,001 View My Garage	Can he get financing on a rebuilt. A car on a rebuilt or salvage title is worth 50% of regular book price. It is difficult to sell if he ever wants to sell or trade. He needs to get a full disclosure statement to see what was damaged and repaired as well as repair order with all items fixed. If he is not a trained automotive technician, he really needs to turn and run. This could be the most costly mistake he ever made. __________________ Early 2011 LT Convertible, ZL1 bumper, hood, side skirts, belly pan and wheels, Truecarbon ECF hood extractor, K&N CAI, Elite catch can, Big Worm Bow Tie emblems, Jacfab bracket, Vitesse TC, BMR strut brace, BMR tunnel brace, NPP exhaust

05-01-2015, 11:13 PM	#10
matt55 Drives: CTS-V Join Date: Aug 2008 Location: Raleigh NC Posts: 1,069	No. Insurance and financing is 2 good reasons . 4 great reasons is his 3 kids and wife , no freaking way would a "rebuild title" be my family's +$30k ride . Now 3 kids will be on the tight side in a ctsv so the SS or a used 392 charger would probably fit the bill better. If he is set on a used ctsv and cramming 3 kids in the back seat , do not buy that one . It took me +6 months to find what I wanted and it was not what I started looking for . Another thought is cars with out recaros are easier to deal on . Edit , just re-read the 1st post . 100% BS , I don't care if Ronald Reagan and Obama said it was legit I would pass . __________________ 10.8@130.8 610 whp, CAI, 2.5, E85, id850 on street tires.

05-02-2015, 07:37 AM	#11
terry_b Drives: 2014 2SS/RS 1LE Join Date: Apr 2010 Location: Hudson, MA Posts: 1,402 View My Garage	I ran the Carfax report myself... Not really any more information. Car was given a salvage title and auctioned... then some time later car was issued a rebuilt title. I'm really trying to get him talked out of it but he's target fixated on this car, and won't hear anything else. From what I've found online, even if it was a legitimate test car - odds are very high that everyone and their brother drove the car, and being a V, that means it was likely driven hard and put away wet... Not something I'm comfortable with at all. __________________ 2014 2SS/RS 1LE

05-01-2015, 08:24 PM	#2
JantzenOKC Drives: '13 2LT/RS Twin Turbo Join Date: Aug 2012 Location: Edmond, Oklahoma Posts: 3,073	Before he buys it he should take it to a mechanic shop that you trust and pay them to look it over really good, for wreck repair, signs of oil sludge from no oil changes, what needs to be done to it maintenance wise, etc. We do a used car inspection for $45 and sometimes people bring 2 or 3 cars before they get a good one. Or you could do it yourself, if they won't let you take it to your mechanic then deal would be off for me. If I'm going to finance a car though, it's going to be brand new.

05-01-2015, 08:36 PM	#3
Bizaro Account Suspended Drives: 2015 Redhot 1LE Join Date: Feb 2013 Location: Westchester NY Posts: 1,408	Dont let him buy the rebuilt car its too risky

05-01-2015, 08:56 PM	#5
SpeedIsLife Drives: Current Camaro-less Join Date: Jul 2014 Location: Oregon Posts: 3,241	Before he does anything have him check with his insurance company and see if it being a technically rebuilt title might impact the insurance rates.

05-01-2015, 09:14 PM	#6
ttesort1 Drives: 2013 2lt rs Join Date: Jul 2014 Location: Iowa Posts: 241	Since he is financing he would be required to have full coverage insurance, are you able to put that on a rebuilt title

05-01-2015, 10:28 PM	#9
LStick Drives: 2021 Shadow Gray 1LS Join Date: Oct 2011 Location: Streetsboro Ohio Posts: 1,370	"Supposedly it's a GM executive demo car and as such it gets a salvage title when it is done being a demo" Maybe if its wrecked it does.

05-02-2015, 08:02 AM	#12
matt55 Drives: CTS-V Join Date: Aug 2008 Location: Raleigh NC Posts: 1,069	You can only lead the horse to water....... __________________ 10.8@130.8 610 whp, CAI, 2.5, E85, id850 on street tires.

05-02-2015, 10:28 AM	#14
1sikss Drives: 2011 camaro ss Join Date: Feb 2013 Location: houston Posts: 464	i would ask for pictures of it when it was recked… personally i don't have nothing against rebuilt tittles as long as the tittle is a blue rebuilt… i actually had a rebuilt 2011 bmw that i repaired and i had zero problems. i also had full coverage and about 2 weeks ago i got hit bad and the insurance only deducted like 1500 for being a rebuilt tittle so don't think cause its a rebuilt that it has no value…