asechrest
En-Route
Howdy.
My significant other will be in need of a new vehicle at some point in the not too distant future. As a not-terribly-wealthy dude, a new BMW, Land Rover, Lexus, or the like, is probably not in our future. I am also typically conservative with my money. Case in point: I drive a Toyota Corolla with 226k miles and I have no desire to get a new vehicle because it is incredibly dependable and has treated me kindly (and because I'd rather spend my money on airplane rental than a car payment).
My girlfriend, on the other hand, is not so keen on driving a beater. And her Chevy Malibu is not such a gem of a vehicle. Rust, engine trouble, and general wear and tear mean that we'll look for a car for her soon.
A good friend of mine thinks we should buy a crashed car and fix it up for her, saving a third or a half off retail for a similar vehicle. He is a gear head and a parts manager at a luxury dealership, and I know factually that he's done this numerous times and he currently drives one of the crashed vehicles he repaired. This weekend I joined him for some Memorial Day fun and found him repairing his cousin's Kawasaki Ninja (including frame damage). I am not such a gear head but incredibly eager to learn, and I find the prospect of learning about vehicle repair while procuring a decent vehicle for my SO to be intriguing. My friend has promised we could not only keep the vehicle at his shop to work on, but that he'd help me during the entire process.
He likes to get his crashed cars here: http://alsautopa.com/. He picks one he likes and has it shipped down to FL for ~$500. He says he can generally assess what kind of work needs to be done on the vehicle just by looking at their admittedly detailed photos. As a layman, I hear horror stories about "frame damage," but he seems relatively unconcerned, saying he can typically pick a vehicle without frame damage just by the photos, and that a small amount of frame damage is fixable.
Given the incredible wealth of knowledge here, and the fact that a lot of you have forgotten more than I'll ever know about cars, what are your thoughts? What would I be getting myself into? I assume there's no conventional auto loan for a vehicle like this. I have the liquid cash to purchase the crashed car outright, though using such a big chunk of liquid cash on a hunk of mangled metal is scary to me. I also have the ability to secure an up to 48 month savings secured personal loan at 2.7% at my credit union, so the potential to finance a portion of this and retain some liquid cash seems to be a possibility.
Generally, I'm very eager to learn all I can about cars and car repair, and I bought a nice floor jack and a set of tools a year or so ago for just this purpose. Do you think my goal of fulfilling this desire, while at the same time ending up with a nice vehicle for my SO to drive, is a realistic thing?
Thank you in advance.
My significant other will be in need of a new vehicle at some point in the not too distant future. As a not-terribly-wealthy dude, a new BMW, Land Rover, Lexus, or the like, is probably not in our future. I am also typically conservative with my money. Case in point: I drive a Toyota Corolla with 226k miles and I have no desire to get a new vehicle because it is incredibly dependable and has treated me kindly (and because I'd rather spend my money on airplane rental than a car payment).
My girlfriend, on the other hand, is not so keen on driving a beater. And her Chevy Malibu is not such a gem of a vehicle. Rust, engine trouble, and general wear and tear mean that we'll look for a car for her soon.
A good friend of mine thinks we should buy a crashed car and fix it up for her, saving a third or a half off retail for a similar vehicle. He is a gear head and a parts manager at a luxury dealership, and I know factually that he's done this numerous times and he currently drives one of the crashed vehicles he repaired. This weekend I joined him for some Memorial Day fun and found him repairing his cousin's Kawasaki Ninja (including frame damage). I am not such a gear head but incredibly eager to learn, and I find the prospect of learning about vehicle repair while procuring a decent vehicle for my SO to be intriguing. My friend has promised we could not only keep the vehicle at his shop to work on, but that he'd help me during the entire process.
He likes to get his crashed cars here: http://alsautopa.com/. He picks one he likes and has it shipped down to FL for ~$500. He says he can generally assess what kind of work needs to be done on the vehicle just by looking at their admittedly detailed photos. As a layman, I hear horror stories about "frame damage," but he seems relatively unconcerned, saying he can typically pick a vehicle without frame damage just by the photos, and that a small amount of frame damage is fixable.
Given the incredible wealth of knowledge here, and the fact that a lot of you have forgotten more than I'll ever know about cars, what are your thoughts? What would I be getting myself into? I assume there's no conventional auto loan for a vehicle like this. I have the liquid cash to purchase the crashed car outright, though using such a big chunk of liquid cash on a hunk of mangled metal is scary to me. I also have the ability to secure an up to 48 month savings secured personal loan at 2.7% at my credit union, so the potential to finance a portion of this and retain some liquid cash seems to be a possibility.
Generally, I'm very eager to learn all I can about cars and car repair, and I bought a nice floor jack and a set of tools a year or so ago for just this purpose. Do you think my goal of fulfilling this desire, while at the same time ending up with a nice vehicle for my SO to drive, is a realistic thing?
Thank you in advance.