Best Way to Structure A Contingent Purchase?

Don't try the impossible - there will be others

 

Option number two is the one that makes sense to me.

Time constraints are his problem, not yours. If the car sells before you can buy it then so be it. They made quite a lot of 355s.

Patience is a necessity in Ferrari buying. It is not unusual to look for a year or more to find exactly what you want.

If you absolutely have to have a car NOW, and there is nothing wrong with that, then purchase one from someone who is well trusted(Cavallino Motors-Martin on this board and Shelton come to mind) and has an impeccable reputation.

Best of luck to you!

 

First off good luck and go with your gut. Second, when you are dealing with a salesman there is always a "time deadline" it rushes you into making a decision. Because if there is no pressure for you to buy, often you won't. It also makes it seem like it's such a hot deal, so don't let it pass you by. O and thirdly there is always someone else interested in the car as well. Again, "you must buy it before they do"! I can't tell you how often I have heard these cheesy lines, and how many times I have used them myself. There is always a story to go along with these lines and you must not believe them. Don't get stuck with a car because you were pressured into buying it. Remember, he is there to sell it for the highest price possible.

 

Ghost: you have covered the basics, ie deposit with written agm't to refund, contingent on outcome of PPI; by all means have the PPi done independently, by a qualified mechanic/dealer; and, get the records. (Even if the seller doesn't have them, he can tell you where he had the car serviced and so long as the place isn't defunct, the seller should be able to procure copies, but that may take some time). Obviously, if the dealer has another qualified buyer who is willing to plunk down without all this trouble, you are not going to get the car; but then, would you buy a pig in a poke? Where is the car located? (Generally, by state if you like...) Also, remember there are no incredible deals in Ferrariland. Just one major glitch will set you back more than your apparent savings on the purchase price, and make you wish you spent the money for a fully fettled car.

 

Just curious as to what your criteria is. What makes this car stand out for you? I just bought a 355 the weekend before last and think I still have most of the leads from my search. I'd be happy to look and see if I found something that might also look interesting to you.

You might also let the board here know where the car is. Somone might be able to take a look at it for you.

 

There are more cars than buyers and there are other cars. I would no be forced into a contract race and I would definately have the car sent to a ferrari dealer to do the PPI. Whilst this is a cost- you made a comment that you dont want to be seeking a car with $20Kengine replacement. For yor information if you get the purchase wrong that could be your first service cost!!

 

Bill, as usual, is right on the money. We have all gotten a bad case of buyer's lust at some point and recognize the symptoms: money burning a hole in your pocket, red mist, mumbling in your sleep, ignoring work and family while you spend hours on the Internet, drooling at the mouth.

This is why the F-Chat support group is here for you. Because the first step is the hardest, I'll show you how it's done:

Hi, my name is DrTax, and I have a major jones for cool cars. It doesn't matter how many I have, I must have more, and more, and more. Lately, I can't get my main man's P4 out of my mind. I must have one. It doesn't matter that there are no more to be had, I MUST FIND ONE! I don't care how much it costs. I'll force my wife to be a crack hoe, it doesn't matter. DO YOU KNOW WHERE ONE IS? Don't lie to me. I can see it in your eyes. You're holding out on me, you "female dog." "WHAP!" TAKE THAT YOU LAMBO SLUT! ARRRGGGGG! LET GO OF ME, I'M NOT DONE YET! @##@!%^@#^

Dr "Crack is Whack" Tax

ps Good luck on your search. Sometimes the hunt is best part.

 

There's a lot of 355's for sale....and their prices are not going up....

Working under pressure when buying a used car is a recipe for disaster.......trust me.......I sell used cars.

 

Listen to the devil on this one. He speaks the truth.

 

Take your time, no need to rush - there will be another car down the road. I looked for nearly a year to find a 355 that fit all of my conditions - worth the wait.

 

Ghost, a friend of mine was in almost the same situation as you are a few months ago. I will tell you exactly what I told him, and things worked out very well for him. You live fairly close to a number of Ferrari dealers, call a few tell them what you are looking for, most dealers have access to many more cars than they may have on their floors, I know my dealer can usually find almost anything. This way they will check the car before you buy it, and you can go see the car yourself.

 

I've got to agree w/ the majority here, don't let him rush you. You know what you need to do, and how to do it right. If it gets away, cest la vie.

Now that I've said that, I've been right where you are now. I had the lust, the cash, and found the car and I bought mine sight unseen and had a contingency. I even let the selling dealer do the ppi! Learn from me grasshopper. Go slowly, do it right.

 

I agree with the majority here; don't be rushed. There are other cars out there.

Also, I have a problem with your thought that you could set up a mechanism whereby you would get the deposit back if there are mechanical issues. It is difficult, because mechanical problems are usually a matter of degrees, and an issue to a buyer may well be no big deal to the seller.