Agreement to Purchase Pending PPI- questions

I am pretty sure that this would work just like a home inspection. The inspector is working for the buyer, not the seller. The inspection report goes only to the buiyer. The seller only sees it if the buyer chooses to share it.

SOL I'm afraid.

 

You make the deal first, pending a clean PPI, and you put down a refundable deposit (in writing) so no one can (in theory) take it from under you while the PPI is being done.

If something more than minor comes out of the PPI, you can try to negotiate down, take as-is, or walk.

 

This.

 

If you're about to plunk down 100k on a car and are sweating $800 for a ppi, a Ferrari may not be a good choice.

 

X2

800$ is cheap insurance

 

I think you're missing the point. One could argue that eight hundred bucks is cheap insurance when purchasing something worth a hundred K. Everyone has to make this judgement for himself. And I didn't get the idea that the OP was complaining that the PPI was too costly.

But that doesn't mean that pissing away 800 bucks, should something go south, is some kind of joke. The OP is simply asking how to protect himself from a bad surprise.

I own a Ferrari, but I don't remember throwing $800 on the ground and walking away. Do you?

 

Good advice. I would add this: There are exceptions, but the general rule is that you can't MAKE someone sell you something. The seller can indeed change his mind at the last second and most of us would consider this a big disappointment. But, short of both of you lawyering up to a ridiculous level, you're going to have to take your chances. It's normal when buying a car or house.

Make the deal and decide on a price based on a clean PPI. Don't hide the fact that you intend to renegotiate the price should the PPI discover, for example, a non-serviceable clutch. By the way, don't expect to recover 100% of the cost of a clutch replacement, but you should expect to recover something unless the car is presented as needing an immediate clutch job. That's what negotiation is all about, but be sure to tell the seller your intentions AHEAD of time.

As far as who owns the PPI, why not also discuss this with the seller before hand? Come to an understanding that you will pay for AND you will have exclusive ownership of the PPI. Should you end up not buying the car, offer to sell him the PPI for a percentage of the cost. Remember, it's worth a less to him than to you. Ask yourself if the seller had a recent PPI in hand, would you buy the car without having one done by YOUR mechanic? Maybe yes, maybe no. No matter what, be sure to at least discuss who owns the PPI even if you don't put it in writing.

Bottom line: Surprises are what cause the most trouble. Write it down or just discuss it, but be SURE to be clear about how you intend to handle every potential sticking point.

 

Just sold my 2007 Porsche 911S in this manner.
Had to drive 100 miles to meet prospective buyer at shop of his choice.
From phone conversations, the buyer was straight about his intentions. You have to be a good judge of character in a deal like this.
PPI came out fine..... a few small items.... the buyer and I worked out the details, and the rest is history.