Why PPI's are so important - 550 VIN ZFFZR49B000107622

I really had my hopes up with this one. The vehicle is being offered by one of the more reputable used exotic dealers in Lisbon, and was advertised to me in very good mechanical condition (but overdue Belt service) and good to very good interior condition. We had several virtual video calls with the vehicle in question, and based on the selling dealer's feedback, and what I saw on video, decided it was worth pursuing and obtaining a PPI.

Take a read - it's pretty much a pig. I hope posting this helps the community, documents some history on a Euro 550 and (assuming they google the VIN) lets prospective buyers know this is a pretty poor example all around.

Best
Drama

 

Wow! Thanks for the read, Drama! Mike

 

On a lighter note, when I purchased my car, I insisted on a PPI and it turned up a couple of expensive items such as a hydraulic ram in the capote and the turn signal stalk. While not a big deal, these fixes more than paid for the PPI. So even on a cherry car, a PPI can turn up a couple of nuisance items that might have been missed.

Gated 360 Spider in Azzurro California / Crema in front of my house.
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@dramakingdfw your profile doesn't say where you are located (Dallas Ft Worth)?

Would you have bought in Lisbon and imported?

That PPI is scary and helpful. It is shocking people spend 6-digits without getting a PPI.

I've noted it here before that the 550 I bought had really minor needs including a belt service and its shocking how fast basic stuff can get to $20k.

 

Yes I am in DFW - Frisco actually. RORO shipping rates from Europe to Houston are right around $2k, plus 2% duty. So with the strength of the dollar right now, and no import restrictions on 96/97 550's (25 year rule) on paper they look attractive... Especially if you can do a VAT free sale. But I'm learning quickly, many of the examples on the market right now (and there are not many 96/97 in Rosso Corsa) have not been well taken care of.

The search continues!!!

 

Maybe you can get into that federalized R/C over black on BaT right now that we have been beating up the seller on that other thread about.

If you don't care if its a USA car and want R/C......

 

Apart from the dodged bullet, I am very impressed by the way the ppi is written, it’s very candid and actually gives suggestions/opinions. All the ppi I’ve seen are just bullet points of problems found, without any other information.

 

I've been following the most recent BAT RNM 550's - and yes, the Seller is definitely getting beat up on this one (deserved as well IMO)!

At the end of the day, I don't really care if it's a US or Euro Spec example, just needs to be the right vehicle (condition and price

 

Agreed. I cannot say enough goods things about the team at NZM in Lisbon. You know they are passionate about what they do, and it comes across in every interaction you have with them.

 

Anyone buying a Euro 550, or any car over here, should bear in mind that there is no such thing as Carfax or anything close, for most European cars. The car may have been written off, drowned, burnt, and as long as it’s got its VIN, it’s still a car. Matching numbers helps but I can’t help noticing how anal the US market is about the slightest parking lot respray. In Europe the Ferrari you buy may have had every panel and much more replaced at some stage and you would be none the wiser.

such cars are sold as much through authorised dealerships and reputable shops as everywhere else. They can also be Classiche.

Damage and rebuild not so much of an issue here.

 

The PPI I had done on mine was $500 which was reasonable for no compression/leak down. It was literally also a bullet point list and no itemized costing….my mechanic walked me through all of it in person with the car on a lift and I asked for an itemized list and he just said….”it wlll be great when I’m done for $20k”. I felt funny but it worked out and I hadn’t prepaid or anything so it was ok.

Felt extremely “old school”.

 

Wow…”As with most 550s that come through NZN…”

That’s pitiful. I don’t care how “cheap” they were at one point, fix your $!?t!!

 

Gotta love the listing descriptions from the selling dealer (which are still posted btw...) This car couldn't be farther from "Perfect" or "Excellent"
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The only reason to consider passing on a PPI is when a truly scarce vehicle is privately traded within a small group of potential buyers. The value of the known vehicle is substantial, and the cost of minor work is miniscule in relation to the total value of the car. The PPI should be performed but the seller may have another potential buyer ready to close. The car was never listed.

 

100 percent agreed. And yet all this 6-figure money is thrown around on BaT like it’s chicklets? Blows my mind

 

or if you know how to buy a used car…. It cracks me up some people think a piece is magic gospel. A piece gives a clue but it isn’t a certification. I have never ppi a Ferrari I have bought and never had surprises.

I also did not see a ppi posted. What I saw from the op was an editorial on a red 550.

 

I never drove a Maranello and did not spend any time inside of a 550. I just thought it looked kewl and read the reviews. I drank the KoolAid .

Not all those many other F car alternatives with a twelve and manual. F512M - maybe. The latest new F cars are all Fugly and have slush boxes. The only other realistic alternative was a Murcie. The Murcie is a lot of fun to drive on the street and shifts well but it is huge. Murcie Roadster 6spd manual is a lot of car for the money.

Thorough PPI - yes.

 

I love the 550. I owned two still own one.

 

At least the car doesn't have "sticky" buttons.

 

For me Argento Nürburgring -> Bianco Avus -> Rosso Corsa / Crema -> Nero

My register 550 Maranello

 

I doubt one can get as strongly opinionated a PPI like the one posted by the OP in the US presumably to avoid legal litigation? Some editorialized opinions like @fatbillybob said. Most PPIs I've seen tend to be rather superficial focused on pointing out the obvious that could be identified by a thorough inspection of the car, with a disclaimer that's about as long as the OP PPI. That may explain why some just don't bother with doing a PPI if all it does is tell you the wiper blades are worn, windshield washer fluid is low, tires are old, and brake fluid needs to be replaced, or what dealers call 40-point inspection. When I had a PPI done on my car they missed identifying a small valve cover oil leak and worn engine mounts, which on a 550 should be a required inspection.

 

To be clear, the "narrative" version, which was produced in English for me, and uploaded here for review, is not the complete PPI NZM did. There is also a formal checklist (in Portuguese), which is being sent via TNT (at their cost) to me in the States. Once that's received I'd be happy to upload it as well.

 

Well imo as an advanced diy guy the reason for a ppi is to find out about what you cannot see. If I can't spot non oem wipers and bad body work I should not be buying used cars. Honestly, marginal buyers should rethink buying these cars. They perpetuate the negative stereotype of these car's failures because the often have money to buy the car but not the $ to fix and maintain it.

 

I performed a thorough PPI and asked the experienced marque specialist to look for the items I could not ascertain without the use of a shop. Compression and leak down #'s, underneath inspection of the car, and paint gauge etc...

I did not worry about a burned out turn signal.

 

Recently sold my 575 and now have sellers remorse.