bpounds wrote:
I cannot abide everyone agreeing, so I will offer an alternative reality :)
Clearly that trailer is not worth $7k, or even $3k, on the market. But the question should be, is it worth it to you? You apparently like the location, and you like the deck which adds value. And usually an existing deck would not work with a different trailer. So, how much is that camping site worth to you? Have you got $5k to throw at a weekend getaway site?
The salvage title isn't much concern if that trailer is never leaving that site. Won't see the road ever again. I don't see why insurance would be needed, unless it is a requirement of the property owners. And even if it is, it would not be expensive for some kind of liability coverage, which is all they can reasonably require. It's not like you need replacement coverage. Unless of course you have to finance this purchase, in which case this would be a foolish purchase.
So let's assume this trailer is going to sit there for the rest of its life. Let's further assume this life expectancy is 5 years. Then $5k will cost you $1k per year for a vacation site, plus whatever the site rental costs, and a little maintenance which any trailer would require. I dunno your situation, but $1k per year is pretty cheap. Figure at the end of whatever the life span ends up, you are going to walk away from this thing, because it will may have near zero value.
I don't know your financial position, but hopefully this is a vacation kind of deal, and not your future fulltime living arrangement.
I don't know about NC, but in CA, plenty of folks are driving vehicles with salvage titles, and buying insurance. No big deal, but it's a big hit at resale time. I don't see resale as any issue in this instance.
The reality is the place where the trailer that the OP wants to buy REQUIRES some sort of "insurance". One MUST "play by the rules" set forth by the landowner..
OP obviously HAS contacted an insurance co AND been turned down otherwise the OP would not come here and posed the question...
In a nutshell "not insurable" in the OPs state.
Rules ARE different in NC when compared to CA, or PA or any other state.. What passes the local states DVM rules in one place, just might not pass in another.
I can assure you in PA, you cannot register a vehicle for on the road use nor can you get insurance for it once the title has been marked "salvage".
In PA, you would have to make the "repairs", then go to an inspection station and have the inspection mechanic fill out a bunch of DMV forms.. Pay the mechanic, the mechanic submits the forms to the DMV along with fees..
Then you wait for the DMV to approve and issue a NEW title which would now bear "reconstructed" on the title..
Reconstructed title as far as value is no better than salvage but at least it can be registered and insured but you have time and money tied up in a trailer still only worth $1k or less.
IF the trailer was on private property and not on a leased lot there would not be any problem.. The problem is the landowners rules..
Honestly, since only the current owner KNOWS the details and reasons as to why the title was changed to salvage and is not willing or openly disclose the REAL reason for the change, they ARE hiding critical information..
I would be highly concerned that the trailer was salvaged due to major water damage somewhere.. As someone that HAS rebuilt two travel trailers that were badly damaged by water leaks I can only tell folks to RUN far and fast away from this kind of deal.. It is a one sided deal and the current owner is not being totally honest..
I HAVE been on that end of a deal, my first TT the seller did not disclose the extent of the water damage.. What I saw on the surface was NOT all the story and I paid twice as much as I should have.. The seller knew it.. I gutted 75% of the trailer and ended up building all new upper cabinets..
If I can save ONE person from making the same mistake here, then I have done my job..
