Another item worth mentioning is with a salvage title, you can go to other states (TN, NJ, etc.) and get it cleared off.
As far as value. Yes, it is worth less, but if you do clear the title, it's worth the same.
I have bought cars with salvage titles, and rebuilt them. I always planned on keeping the car. (You might want to check with your own insurance company as to if they will insure the car with the salvage title. Some don't as they don't want to buy the car again if something happens.)
As far as an investment, it can be worthwhile. Make sure you have a trusted body man check it out with you. The body man (body person) must have frame straightening expirence, as this is usally the reason it was totaled.
Also, in this case I gotta figure that there is some drivetrain/suspension damage. The sum $ of the parts usually cost more than the total (no pun intended).
While rebuilds are not for the weak at heart, it can be worthwhile in my expirenece.
If you are interested in parting out the car that can be an headache in itself.
71 250 Coupe
92 400E Sedan
90 944/S2 Cabriolet
[This message has been edited by MikeM (edited 08-11-1999).]