Found my next 6.0. An '07 F350 Lariat CC SRW 196,000 miles. This one was in a wreck and has a salvage title. Y'all don't even want to know what I won the auction for.


I've already replaced the RH leaf spring and axle u-bolts to make it driveable, and it runs great. Cost about $500. Just gotta find a bed and get the rear RH corner of the cab repaired. Otherwise, the interior is in great shape.

It has ARP studs, EGR delete, a performance air filter (whatever) and exhaust, and I suspect from the SCT sticker on the back that it's been tuned.

I'm assuming that they also replaced the oil cooler when they did the studs. I think I found the shop that did the work (another sticker on the back) and they've offered to look at it and tell me what all they did and when.









here's the damage.




I've already fixed the rear axle issues.

 

Nice find! I won't ask what you got it for...

 

Oops, meant to ask - when I looked at the truck at the auction yard, it started right up with the key. After they towed it to the shop, it no longer starts with the key, but it starts right up using the starter wire under the hood. The tech said the tow truck driver probably disconnected the neutral safety switch (?). Where do I find that?

Also has a bent rim. Is there any issues with getting a shop to straighten out the allow wheel? Shops are quoting me $100 to do it - that seems like a lot, but several shops all quoted the same price. I guess there's more to it than heating it up and beating it with a hammer.

 

I post these because I'm surprised that some of the expert techs here don't buy these salvage trucks. If a Bonehead like me can get them fixed and sell them for a profit, they certainly can. I made $6k off the last one and drove it a few months first.

I won't keep this one long because I need a DRW and prefer a flatbed (sold mine). But, I'll keep it a month or two and should make at least $4k on it when I sell. And really, the people I'm selling to are getting a great deal - they only sell that cheap because they have a salvage title. Not every salvage title vehicle is a loser. Yeah, the flood cars are risky, and some of the theft recoveries have unknown issues, but with the wrecked ones, it's usually pretty obvious what's wrong with them.

The ambulance is the first one that has been more expensive to fix than I thought; but still, I think I could sell it for more than the $10k I'll have in it by the time I'm through, even after I put 50k more miles on it first.

 

There is not enugh time in my day, nor do I really have a place to do it.
I wont touch a salvaged title truck for any reason.
I wont buy any thing with any real body damage, I just dont do body work.
From a profit point of view if I cant make my money and labor cost back I wont touch it either.
So that means a turbo replacement would need to net me $3100 over what I paid for the truck to be worth my time.
My minimum is 2x what I paid for it aswell. Theres just not that many good flip deals any more.

 

I guess I've just been lucky so far. But also, I usually make money with the truck before I sell it. I'm "semi-retired" (actually, just lazy as heck and no longer money motivated, i.e. kids out of college, house paid for, blah, blah) and just pick up hauling jobs to make a simple living while I get to travel around the country seeing the sights. I buy a salvage truck cheap, fix it up cheap, use it for a few months and make all my money back with it, and then sell it for a profit.

The salvage titles are harder to sell since no bank will lend on them - you gotta find cash buyers - but with older cars, they are so cheap that I can sell them cheap. For example, I bought the gold '05 Lariat I've posted here for $3k, put $1k plus a little labor (replaced a window, the exhaust system, rear dually fender, and one running board) into it, then sold it for $10k, after driving it for three months and making a few thousand with it.

The numbers on this '07 should be about the same. I'm at $3500 now and just need to find a used bed then pay a body shop to fix the cab and paint the bed. We got lots of cheap body shops down here, and an old salvage truck doesn't have to be fixed perfect. For example, I just rattle-can painted the fender I put on the 05 dually and the buyer didn't mind.

Again, I'll admit to having a little luck so far, but since I make my money back driving them, the risk is minimal.

However, I do understand that you and the other techs are making a damn good living twisting wrenches, so your priorities are different than mine. I sucked corporate a$$ for 30 years (law degree, director of Fortune 500 co., blah, blah) and just refuse to do that anymore. I'd rather be poor (spent all the money I made on the ex-wife and hard partying).

Still, there's some guys here that need a good truck. Just saying that if you use your knowledge of these trucks and do your due diligence at the auctions, you can have a very decent truck for not much money.

 

True enugh.
Im for the most part happy not having to fix cars everyday anymore.

 

The guy I use here in Tulsa to buy Ford parts has a customer that does bed conversions. I guess bucket trucks and such. Anywho I was asking him about getting an 08 tailgate. He said it would be cheaper to get an entire bed VS buying just the tailgate (doesn't make sense) but ok. He said he could get a bed for 750ish.

If you are interested I can see if the guy has any 06 beds.

 

Yep, one of my best buds is a tech with his own shop in Ennis (wish he was here in Houston), and he's tired of it. Refuses to do any major repairs anymore because it's too much work.

But then, who isn't tired of working? My problem isn't really the working but the nature of my job. I was a sales guy and while the money was good, I was disrespected by my employers and cheated out of money over and over. If I had some talent that allowed me to earn a good living and not take crap or kiss but of people who didn't deserve it, I'd still put in the hours. But, I'd rather be poor than go back to that. Happier now than I've been in a long time.

 

Yeah, that doesn't make sense. You can find tailgates for $200-$400. I use Car-part.com to search all the dismantlers, but there are other sites I expect.

I've already found one bed for $650. Actually bought a bedside for $150 and was going to pay the body shop $700 to cut the damaged bedside off and weld the good one in and then paint it, but I didn't have the truck yet, and when they delivered it, I realized that the bed was crumpled a little right by the wheel well and the bedside I bought was cut off too short (did not include any of the bed). Arrrgh.

Since it runs fine now, I'm not in a hurry and will scour around a little while looking for a deal. Thought I had one - found a bed at a non-car auction that was crumpled on the driver's side that I'll bet goes for no more than $100, but they mislabeled it as a long bed. After looking at the pics, I realized it was a short bed. Drats.

Again, the truck doesn't have to be perfect. This old and cheap, it can be a little rough and work just fine.

 

Also with a salvaged title the chances of getting a lone are slim to none.
Not worth the pain and I don't do body work also.



Sean

6.0L Tech Folder

 

Yeah, no bank will lend on salvage titles, or on typical vehicles more than 10 years old. That's why I don't mess with late model salvage vehicles - they cost too much and it's harder to find a cash buyer. But the 6.0s are the perfect age. I look for low mileage trucks that have been seemingly well maintained by their owners (most old low mileage vehicles have been well maintained). (admittedly, this one isn't low mileage, but it looked so clean, and sold cheap.)

But people are overly cautious in dismissing salvage titles. There are several reasons the vehicle can have a salvage title; it's not necessarily that they are horrible damaged.

If a car has been stolen and is not recovered before the insurance company pays off the owner, they put a salvage title on it. Reason: some owners try to defraud by removing a bunch of parts off the truck, reporting it stolen, get paid off, then buy the truck back at auction, put the parts back on and have a great truck. So the insurance companies always put salvage on the title to, at least, make it less desirable.

Also, the older vehicles I target can have very minimal damage and still cost more to repair (to original condition at shop rates) than 80% of the car's depreciated book value. If so, it's totaled and given a salvage title. This recent purchase fits that profile.

But, I won't buy a new bed or new leaf spring, and I'll repair the cab dent rather than cut and weld. Also, I lucked out and there was no damage to the ujoints, drive shaft, rear transmission casing, or axle, whereas the owner would have probably insisted that the insurance company replace some of those parts.

Because of the axle damage, the car was not listed as a "run and drive" at the auction, which drove down the price out-of-town buyers would pay - they couldn't be sure that there wasn't more damage. However, I went down and inspected it and took a chance (they don't let you start it) - from looking at the vehicle damage there was no reason to think the engine/trans was damaged, and sure enough, it runs just fine. Also, the SCT and diesel shop sticker on the truck, new tires, and very nice interior (for 200k miles) told me the owner took good care of it.

Finally, trucks are hugely popular with the local illegal aliens, who are cash buyers. If I can buy, fix, and sell for a profit at less than $10k, there's a good chance I'll find a buyer if I'm patient.

Those same illegals also have many body shops down here and will fix these old cars up to sellable condition for way less than the insurance estimate.

I know it's not for everyone, but I see members here struggling to pay $15-20K for their personal truck, which they intend to keep and use (not resale). With the help of all the great techs here like you and Cheesy, those guys can rehab one of these trucks for less than half of that and have a great ride.

If everyone could see how many slightly wrecked vehicles are loaded on the boat to Nigeria every week in Galveston, they might realize the opportunity being passed up.