How to buy a Car?

most important thing is to have an indepent ferrari service shop perform a PPI .thats easy to say when the cars located in one of the larger cities .there are also private apprasial guys who perform such inspections as well but far less detailed..if its located too far from such services and/or theres no time for such just go eyeball the car...look closely at all 4 corners of the cars for mismatch paint,irregular tire wear and condition of the rims...top and interior look for tears,shrinkage etc...make sure all the books are there as well as the tools/jack etc...no records means expect to spend money!

 

you can get your car insured way cheaper then going through "regular" insurance companies .... try and google classic insurance,
Hagerty - google Exotic car insurance - call these companies - give them info on the car you to purchase and they will give you quotes that are cheaper than regular guys and also, have a garage - these co won;t insure ya unless the horse is in the barn - good luck

 

The best advice would be to suggest you buy less car and keep a larger slush fund.

Have the PPI done at a reputable shop, preferably one that knows the particular car, more preferably a dealership not associated with the sellers car. Even better would be to fly in someone from here on Fchat. The right person would easily find 99% of the cars faults, and used as leverage against the purchase price you would probably save far more than the cost of the PPI.

Have funds available that his bank will readily accept, do the deal at his bank, have a signed sales reciept notarised by his bank as well as his signature on the title.

As far as insurance its best to call around. Even among companies like Haggerty, thier policies change from state to state and area to area.

 

First off have him fax a copy of the title

 

I would plan it like this:
1 - Fly to see the car, title, documentation, tool box, etc.
2- Have the car inspected the same day by a Ferrari shop.
3 - If the car checks out and the price it right, then buy it.
It's worth doing it right.

 

Well, if anyone of us had any common sense we wouldnt own a Ferrari.

Think very, very carefully about that slush fund you need after the purchase. I think I would want about $30K in reserve if I were going to consider a 360. Seriously.

 

Since the car is not in your state you can start buy asking on here (in that area) about the car. You may find guys on here that personally know about the car. And it has been mentioned several times but get a PPI done. If you have the funds in place and your ready to buy it, I would ask the seller to agree to keeping the car at the shop that does the PPI and just have the car picked up from there. And as far as transport comapnies, Horseless carriage, exotic car transport. Do a search and you will find many threads on this. I have Allstate insurance and have had no problems, even when my Diablo caught on fire and was destroyed.

Good Luck

 

Lots of things to keep in mind and my take on many of your questions here:

http://www.ferrarichat.com/forum/showthread.php?t=191837

It's really a terrific car but you've GOT to take your time and do it right. If you're skrimping and trying to buy and drive a 360 "on the cheap", maybe you should wait a while IMHO.

 

All good suggestions above. I feel good about doing the paperwork for the transaction through a banker. Ask info about the particular car in the regional areas here, you have a good chance that someone will know the car. You can save soem $$$ on shipping by bidding it out through www.uship.com , but with such a valuable car you would probably be better using intercity or one of the better known quality companies. Don't worry if this deal passes by you, there are going to be lots of good deals available over the next 6 months!
BT

 

You say you want a good deal. Then now is not the time to buy. Wait 6 months. Seriously.

But even so, personally, I would never buy a toy using finance under these circumstances.


Onno

 

I'm afraid I agree with that. Prices are only going to get better. On the other hand, if you find something that is absolutly perfect, then buy it. Good prices are available today. Not a fan of financing toys.

 

There's no substitute for looking at the car yourself after you've done all the other suggestions.

 

IMHO, you need to be unemotional about a highly emotional subject. Keep telling yourself, "It's just metal and rubber" and look hard at the metal and rubber. For me, this is always the toughest part.

Also, IMO, the exotic car market is in the tank right now. You should be able to make a good deal for yourself.

Good Luck and have fun AFTER it's in your garage.

 

Get a PPI
Get a copy of the title.
If there is a loan on it, contact the lender and get the payout.
Fly to the seller with a cashier's check in hand.
Get keys, title and drive home.

If this is not possible, get references on the seller to make sure he'll do what he says.

Dave

 

Keep in mind you're dealing with many people trying to preserve current prices. DO NOT BUY NOW. Prices are going down fast and you'll get a much better deal in a few months.

IMO, It's just crazy to buy an Fcar if you don't have the money to maintain it properly. They cost much more than any new buyer can imagine to keep in good shape. These toys are for after the house is paid for, rainy day funds securely in the bank, college funds in place, retirement funds.....or you'll be like a lot of fools with an unmaintained, not running car.

 

I recently bought a 360 Modena F1 2003, not from a private individual per say, but as a consigned car. I think I bought it right and the time was right. Do not try to time the market unless you a purchasing a stock. Research the product as other's have told you, research the seller. If you are buying from a private indiv. even with a PPI you should see what you are buying as you are parting with a great deal of money. This is certainly an expensive toy, however some costs of ownership are exaggerated. This is my 5th Ferrari and with the exception of my Test. never raised an eyebrow over a bill and never had to have a slush fund to sleep at night. To tell you the truth I am ahead money wise from initial output , service etc. People say the 360 is not collectable, that is pure rubbish- It is a beautiful car, some racing history, Only approx. 8800 coupes , 7500 spiders and 250 limited prod. ( from 99 to 2004). If that's not limited prod. in this Global economy don't know the meaning of the word! 42% of these # are US version's. So have fun, watch what you are buying, and enjoy your new Ferrari!