A due dilligence list for Ferrari shopping...please add

Testa,

Nice entry...valuable information for people who need it.... thanks,

Mike in Kuwait

 

Good points, but you missed one of the MOST important things to do BEFORE you purchase the 355!!! CHECK THE REGISTRY!!
www.ferrari355registry.com

 

Your criteria is fine if you're looking for a museum piece. Of course you'll be paying a museum price, too.

When I bought my car with 23K on the clock, it looked like a dog - needed a full 30K service, cheesy wheels, a Harley sticker on the rear window, and a/c didn't blow cold, a trim piece missing here or there. Mind you, this car had been on the market for months, and no one would give it the time of day because of the "warts". Dude even marked it down to $38K and no one would call him.

Finally, I called him, offered him $36K, and fixed all of the stuff in a matter of weeks, including a 30K that would impress the queen mother. The other stuff was EASY, even for a dunce like me.

Now I own my own museum piece, had a lot of fun, and saved a lot of $$$ dough.
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Husker, that is one beautiful car.... I'm hoping I can get mine looking, and I'm sure running, half as good...it's difficult in Kuwait with the prices on parts and labor three to four times higher than those in the US... and a clear and present absence of qualified mechanics except at the dealer (and at the prices previously mentioned). But, it will get there, I believe, in time...

Mike in Kuwait

 

Mike, I'm glad there are owners like you that are committed to bringing their Ferraris back up to standards. It's sad to see one neglected.

 

When dealing with exotics, you had better pay attention to the title and taxes. Many, many Ferraris are purchased by sleasy greasers and con artists who use various tricks to avoid properly registering their cars (in order to avoid paying state sales taxes), as well as use duplicity to obtain titles (e.g. "duplicate" titles to hide damage history or theft or high mileage).

Depending on your state of residence, you could easily be on the hook for unpaid title, sales, and tag fees/taxes by a previous owner. I watched that very thing happen to the poor woman in front of me in line at the Alabama DMV. Not a pleasant day for her.

A license tag on the car that doesn't match the state in which the car is being sold is a red flag.

A title for a car that isn't in the state in which the car is being sold is a red flag.

A title for a car that doesn't match the Seller's name is a red flag.

Autocheck/Carfax notes on "duplicate" titles and mileage rollbacks are other red flags.

Salvage titles are red flags.

Rebuilt titles are red flags.

Dealer license plates or temp tags on a car that is being sold by an individual rather than a Dealership are red flags.

VIN plate on the car that doesn't match the title is a red flag. You had better look, too. Your entire investment is on the line over those numbers matching. 100%. Plus court costs.

Ferraris are *agressively* scammed. Some "sellers" are extremely smooth talkers, too.

You'd better pay attention to the details of your deal.

 

I'm sure there was a thread a while back on "what to look for when you are buying a 355. I remember adding "make sure the CEL light comes on when you turn the key AND that the light is actually in the socket (no one has removed it)."

I'll search and post if I can find it.

There was at least one deal in the last 6 months that was JUST like that. It was a 308 and I was interested, but the seller insisted that the title was good even though it WASNT his name on the title (was the previous owner's). Finally, after I decided not to get it, he got the title in his name. Someone on FChat bought the car, it needed work, but was a pretty good deal.

James in Denver

EDIT: Found the thread: http://www.ferrarichat.com/forum/showthread.php?t=156266

 

Yup. That's how they can avoid paying sales taxes and title/tag fees. Some of those sorts of folks will drive around on temporary tags or dealer tags from a "friend" in order to avoid such taxes, but you could easily be on the hook for them if you buy that car.

He probably got hit with some of those in arrear when he finally titled it, too.


NOTE: Easily half of the 348's that I looked at when I was in the market had such title issues.

Lots of people trying to beat the system at your expense.

 

Wouldn't one negate most if not all of these "issues" if purchased fron a reputable dealer.

 

"Reputable" and "dealer" are two words that normally don't fit too well together.

 

DO YOUR OWN INSPECTION!!!!! Then, let a reputable Ferrari dealer do a PPI.

Have them put the car on a lift so you can look at the undercarrage. Look for replaced panels, repainted or touched-up joints (Could be frame damage repair), leaks, bad wear on the tires, etc.

My car is very solid but the dealer (Orange County Ferrari) who did the PPI missed a leak in the F1 hose (After I paid them extra to check the f1 system) , which I think had been there for a while due to the amount of oil/dirt build-up. Small things can be big $$. Ferrari wanted $4k to fix the hose, which with the help of the members here I fixed for $72.

Look for yourself at the details, if you find anything bring it to the dealers attention for further inspection.

In the end I went for a mechanically sound car in trade for the cosmetics, so I am redoing the dash etc. and think it was a wise way to go.

Good luck!

 

Let's have a cheer for all of the technical experts who spend time here - and save you all a lot of money!!!!

 

This is ALL common sense stuff, that anyone who is buying a car should be doing anyway. Ferrari's are just cars.

There is a point where information constipation can lead to inactivity. Just find a car, do your homework, buy it and drive it!

 

ditto!

 

Well said!!

 

how can you verify the mileage if its a one owner low mile car?

besides the title, carfax, records at dealers etc...

what would stop someone from driving 10k - slapping in an new odometer and driving another 10k -

is there any other record to verify if speeddo is legit.??????....i've heard alot of speedo that work intermettenly tooo

 

Believing the mileage shown on a used Ferrari is like believing a supermodel when she tells you the number of men who've bedded her before you.

 

son of a @#$^%!@#^#^

got a check on my desk looking for the right car!

355 red/tan or blk/tan- having a hard time- i must be to picky!