Anyone bought from CoPart?
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Given the current state of the vehicle market and my upcoming need of a vehicle, I've started looking at other options to buy a vehicle.
Given I know body/paint work, I thought why not buy a nice "rebuilder", save loads of money, and have something to do for the summer getting it sorted while we still have 2 dailies.
https://www.copart.com/lot/69366431/2018-dodge-grand-caravan-gt-il-chicago-north
https://www.copart.com/lot/46278072/2020-chrysler-pacifica-touring-l-mo-sikestonEither of those are well in my wheelhouse of capabilities.
Or something like this that looks like thieves tried stealing cats: https://www.copart.com/lot/44195632/salvage-2020-chrysler-pacifica-touring-l-il-chicago-north"Rally Van" 3.8 swapped, built 4-speed, 1994 Voyager.
2018 GC SE Blacktop. -
A few earlier threads that touch on it.
Jeeps
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@Just-Jeepin I'll check those out, thanks.
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@Long_Voyager94 there’s a general sense of impending implosion in collector markets; or at least significant erosion of demand. Retail used markets have tracked somewhat similar to the collectors market through the pandemic thus far and with rates rising I don’t see that changing. The big question is new cars. They aren’t making tons of money as it is right now, so if demand dries up they’ll just cut supply further, which might put pressure upward on used, or might not.
All this rambling is to say, I wouldn’t embark on a huge 6 month project right now, because 6 months from now the retail car markets might be significantly better.
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@notsomethingstructural Honestly speaking, I don't see the market coming back down ever.
Dealers have already proven they can sell cars at inflated prices, lenders are more than happy to give money for the inflated prices, and new production keeps getting worse and worse. Waiting around for "the market to come back" is beating a dead horse.
Regardless of market, getting something with 10-30k miles that needs minor body work for $10-15k is still going to be a more cost effective alternative as even in the "old" market, these were $25-30k vehicles.
"Rally Van" 3.8 swapped, built 4-speed, 1994 Voyager.
2018 GC SE Blacktop. -
@Long_Voyager94 I stopped looking at copart altogether a few months ago. Pure junk is going for close to what equivalent clean title stuff goes for. BHPHs buy loads of wrecked cars, fix them minimally, and get people in high interest loans, so purchase price get a floor from them. Might be a pretty regional phenomenon though.
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@Qaaaaa I've been kinda watching them lately and have seen some of these go quite cheap with minimal work needed on them.
I would only be in if I could get something like this one for around $8-10k https://www.copart.com/lot/44195632/salvage-2020-chrysler-pacifica-touring-l-il-chicago-north
That would leave me plenty of "overhead" for any repairs while still coming in well under what I can go buy one for."Rally Van" 3.8 swapped, built 4-speed, 1994 Voyager.
2018 GC SE Blacktop. -
@Long_Voyager94 yeah something like that will go for like 20-25. Look at https://en.bidfax.info/ for recent sale prices on late model stuff
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@Long_Voyager94 you might be right, but this isn’t the first time dealers have done this shit and it’s blown up in their face every time. When people hate dealers they find ways not to go, like they’ll buy new and keep it for 12 years, or they’ll go through third party markets, or they’ll ask if they really need 2 cars. In a few years the dealers will be right back in state legislatures asking for hand outs. And as an aside, people are getting tired of that and I think the gravy train is about to run out. They almost let American Airlines go under when the pandemic started, and look at air travel now. Taxpayers are increasingly saying that corporate mismanagement is not a public interest because it’s never favorable to the public.
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@notsomethingstructural Don't get me wrong, I hope you're right, I just don't see it happening. I forsee the price of "new" vehicles going up to meet the inflated used pricing.
Everyone makes money, while the working class keeps getting screwed, nothing changes. -
@Qaaaaa https://en.bidfax.info/chrysler/pacifica/13749055-chrysler-pacifica-touring-l-2020-blue-36l-vin-2c4rc1bg4lr117492.html
https://en.bidfax.info/chrysler/pacifica/13746586-chrysler-pacifica-touring-l-2017-white-36l-vin-2c4rc1bg8hr810072.htmlLooks like a pretty mix batch. A lot of $20-28k sales, but a lot of $6-12k sales as well.
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The only thing I would worry about is whether or not the damage really is minimal. Seems to me that a van with a "retail value" of over $40k will have to have significant damage in order land a Copart. While it might look minimal in the pictures, you have to wonder why the insurance company chose to write it off.
They totaled our Explorer because the repair would have required cutting out the floor from the liftgate to the front seats. The entire floor was wrinkled from being rear-ended while pulling a trailer. You never know, that Pacifica might be ok, but I suspect that there's a lot of damage that's not visible in the pictures.
Never discount the possibility that you might live through it.
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@Long_Voyager94 I have a buddy that rebuilds copart cars on a regular basis. You might need a broker to get a one but there's plenty of licensed brokers to do that for you. Or at least there is in metro Detroit. He buys them site unseen but I'd at least get a look at it before you bid. The Fost I was looking at had lived a rough life in the copart lot. Broken window water damage moved by a hi low so then it had underside damage.
With your skills I think this is right up your alley. I'm pretty sure your a better painter than my buddy.
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@Long_Voyager94 always remember: the workers control the means of production. But more accurately, “he who has the gold makes the rules”. Cars are gold right now, but it will go back to money in good time.
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@Long_Voyager94 Illinois only lets "certified rebuilders" buy from insurance auctions. So you either need to find somebody to bid for you who will upcharge you, or not buy in my shit-hole state.
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Step 1) Buy Copart Pacifica
Step 2) Buy Copart Hellcat
Step 3)???
Step 4) Burnouts
1981 Pontiac Trans Am
1993 Chevy Corvette
2019 GMC Canyon -
@Bandit This is a terrible idea..... When do we start?
"Rally Van" 3.8 swapped, built 4-speed, 1994 Voyager.
2018 GC SE Blacktop. -
@Long_Voyager94 said in Anyone bought from CoPart?:
lenders are more than happy to give money for the inflated prices, and new production keeps getting worse and worse. Waiting around for "the market to come back" is beating a dead horse.
The lenders will pull back when the avalanche of defaults starts happening. That is already starting to ramp up. People can't afford their over-inflated loans.
Production will recover. Car companies make money by selling cars, and they'll figure out how to make more of them again.
The market will reset. Not to 2019 levels I don't think, but it will come back down. I do think it will take a couple/three years though. A lot of people are in for a lot of pain first.
I know you can't wait that long, so a rebuilder car is probably a good path for you. I've got my fingers crossed that my truck remains a reliable daily driver for a few more years, so I can wait out that pain. That's what I did when I saw the housing market starting to creak and groan in 2007. I rented until 2010 and watched the world burn around me.
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@Long_Voyager94 We've had a lot of copart cars. Current TT is actually a rebuild from a copart auction come to think of it. Lots of good end results, but there are typically plenty of small surprises that come with buying an unknown poorly pictured car. If you can get it cheap enough, get it go! That said, from watching other auctions recently, cheap isn't really happening.
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Nope, But I do sometimes eyeball newer Chargers that only have rear end damage that perhaps I could apply a Smythe kit onto. Total pipe dream for me though... I have no time for those shenanigans.
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@notsomethingstructural said in Anyone bought from CoPart?:
@Long_Voyager94 there’s a general sense of impending implosion in collector markets; or at least significant erosion of demand. Retail used markets have tracked somewhat similar to the collectors market through the pandemic thus far and with rates rising I don’t see that changing. The big question is new cars. They aren’t making tons of money as it is right now, so if demand dries up they’ll just cut supply further, which might put pressure upward on used, or might not.
All this rambling is to say, I wouldn’t embark on a huge 6 month project right now, because 6 months from now the retail car markets might be significantly better.
The car market moves slowly- production is estimated to be 25% lower than demand as of today, and it isn't improving. I'd expect the normal car market to stay shit for another couple years, possibly getting worse.
I would say collector cars stand a good chance of taking a beating with the coming recession. But with inflation in the rest of the market, it should be somewhat muted.
79 Firebird T/A
18 Focus ST
Consideration is given. Respect must be earned -
@BicycleBuck said in Anyone bought from CoPart?:
The only thing I would worry about is whether or not the damage really is minimal. Seems to me that a van with a "retail value" of over $40k will have to have significant damage in order land a Copart. While it might look minimal in the pictures, you have to wonder why the insurance company chose to write it off.
I tend to disagree with this. For a while (for Covid and adjacent reasons), body shops couldn't get parts for late model cars, so legitimate fender benders were totalling out completely fine cars because quotes would go higher as part prices, rental compensation, and labor costs shot up. Not really sure that it's much different now.
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@Long_Voyager94
Given I easily found (in ten minutes) similar vehicles in much worse condition that are already exceeding your proposed budget...I'd say you might be pushing poo uphill with a short stick to get what you want. -
@MybirdIStheword I think production might be even worse than you stated.
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@Qaaaaa said in Anyone bought from CoPart?:
@BicycleBuck said in Anyone bought from CoPart?:
The only thing I would worry about is whether or not the damage really is minimal. Seems to me that a van with a "retail value" of over $40k will have to have significant damage in order land a Copart. While it might look minimal in the pictures, you have to wonder why the insurance company chose to write it off.
I tend to disagree with this. For a while (for Covid and adjacent reasons), body shops couldn't get parts for late model cars, so legitimate fender benders were totalling out completely fine cars because quotes would go higher as part prices, rental compensation, and labor costs shot up. Not really sure that it's much different now.
Those certainly play a role. If parts aren't available to the shops, @Long_Voyager94 may have trouble sourcing parts too. The last estimate for my WRX included used parts, but they ended up buying two new doors because used doors were more expensive than new. You're also right about the rental car situation. They weren't happy about putting me in a rental for nearly three months. While he won't have to worry about that part of the equation, I still question why a $40k van was totaled. It's my understanding that it had to hit $24k in repairs (60%) before insurance would total it. In my experience, that cost doesn't include rental coverage.
Never discount the possibility that you might live through it.
