I could be wrong, but my understanding is that salvage means the car was considered a total loss at some point (insurance totalled it and paid off) and has not officially been rebuilt and re-registered.
I have had several rebuilt title vehicles, and have one now. In every case the vehicle did not come with a title, forms had to be filed with the state on what was replaced on the vehicle and where they came from, the vehicle had to be re-inspected and re-registered. Then a new title was issued that was blue and had rebuilt printed on it under remarks.
There are no additional fees for registering or for insuring. If you buy a rebuildable vehicle and do all of the work, you don't pay sales tax on the vehicle. Some banks will not loan on a rebuilt or salvage title, but many will.
It has been my experience that salvage/rebuilt title cars will bring 10-15% less money, and are a little more difficult to sell. People are definately more leary of them, and I can understand why. Plenty of people are not honest about how bad the vehicle was damaged, and whether it was rebuilt properly or rigged. I personally don't have a problem with them as long as the price is right.
'05 Cummins Quad Cab Dually, the daily
'07 Infiniti M35 Sport, the wifes daily
'06 Lexus GS430, why not...
'92 Coupe, minitubbed, 385w, little turbo, glide, etc. GONE but not forgotten
'92 LX Hatch, BBC, n2o, glide
'88 GT Vert, 347 NA, 5 spd., all new from the ground up
Previous Rides.......not enough room.........