I just put a deposit on my first Ferrari - help please!

PPI or no deal! there is way to many problems that any one of them on a 308 could put you upside down immeadiately and make the repair uneconomical.... don't fall for the bait...he knows what is wrong and what is right with the car..not you. it is a game..you have to find out what is wrong...he is not a dealer AND you are not a Vermonter or a US citizen..you will have ZERO recourse should you get screwed. get the ppi , be smart, be safe, be happy with you First Ferrari...also of course be sure you know all about import issues. GOOD LUCK, keep us posted

 

You have NO idea what you're getting yourself into. NYCFERRARIS is right. Get a PPI done by an independent shop before sending ANY money (which would imply an intent to purchase. If you don't purchase, you can probably kiss your $1000 goodbye). Why do people always FedEx the original records anyway? Tell him if he wants to sell you the car he should email you scanned copies or mail you the paper copies. Only naive people will FedEx their ORIGINAL service records BEFORE they sell their car. Service records have a huge impact on the value of a Ferrari, so you don't want to lose them. Unfortunately, no one will include an invoice related to bodywork in their service records, so you will never know if you get the full picture. The fact that the guy is "supernice" would actually scare me. Remember, you're not there to make friends. This is business. A Ferrari that requires $20K in repairs is not uncommon. If your car would need such a repair, let's see how "fair-priced" you would consider you car then. I will never buy a Ferrari without having visually inspected it. I don't know why people try to save money on a flight when they're buying a Ferrari. Think of all the money you can save by catching a misrepresented car before you spend the money. Good luck, get the PPI!

 

I agree... Pony up the extra 300-400 for the PPI, and if the car fails, you're only out 1300-1400 (assuming he doesn't return your deposit). If the car checks out and the price goes up $1000, consider it the price to pay for "peace of mind." WELL worth it for your first Ferrari purchase.

 

This agreement is so bizarre it leaves me speechless.

Don't pay to see the records. Am I understanding this correctly one of the options is to get a PPI and pay him extra if it comes back good? WTH ?

I'm sure there is more to this whole story, like the part that made it sound like a good arrangement at the time. But if I had to pursue or walk based on what you have said here I would run run run.

 

Also, the fact that he's going to raise price for the car being declared as he says is just wrong. If he's telling you it's perfect why would the price get raised if YOU pay for a PPI that verifies that??? That's just wrong.
I'd be very hesitant and definately wouldn't pay more just 'cos a PPI says it's a good car.

 

PPI. No question about it.

I can understand him not wanting to send you the record without a deposit. It's a PITA to copy and send that stuff out, and too many tire kickers out there.

I agree with others, that it's a bit strange that he want to jack up the price with a PPI that you are paying for, but lots of quirky people out there.

Get A PPI. Pay for the PPI yourself. But don't agree to a higher price because YOU are paying for the PPI.

 

You know you're only 9 hours away.....GO SEE IT! I imported mine accross continent (Charlotte NC to Kelowna, BC). I had a friend take it for PPI to Ferrari dealer. Take the advice on this board..do a PPI..combine this with a weekend mini vacation. My deal turned out well but I learned alot from my friends impression based on inspection and driving.

As far as import goes my advice is to get a broker to get the car in. THey'll tell you what papers you need. I used one based out of Alta. They charged me $150 Cdn...money well spent. I've gone through all the papers and such on my own on a previous import but it's not worth my time and aggravation for $150.

 

Something about this whole thing is more complicated than it has to be...

I agree...travel to see the car, examine condition and history first hand and then go or no go...

I happen to think PPIs are kindof overkill on the old carbs cars as it's either well cared for at this point, which shows.....or it's the exact opposite, and that also shows! You KNOW they are for a fact 30 year old cars......the sound and the performance of the car will tell a dead or low cylinder right away......

So I guess I'm the only one that has two 1977s GTBs with no PPIs...If they don't break on the long drive home, good enough for me.......

 

That's the one part of your deal that does sound promising, is that he would drive it to you........that's a significant investment, in time at least, from his side of the deal.....come back and let us know how it goes. I have had nothing but good experiences from private owners, but I'm a Lucky Dog!

1977s are better than 1979s you knw....but no GTSs!

*poke*

 

And reading it all again, it sounds like he wants to burn you for the 1K in exchange for you "hassling" him for a PPI....that strikes me as odd..

BUT it is an inconvenience and taking your deposit, if binding, takes the car off the market. Definately determine if the desposit is non refundable...that's no good, see..

Just take a bus and check it ...whatever.

 

Why cant he fax the records for free??? Get a PPI, I dont like the sound of this....

 

EXACTLY. Or copy and mail them. Don't let common sense get clouded by your enthusiasm for the car. And get a 3rd party to check it out.

 

Toronto308,

You've received lots of good advice here already, so I'll keep my post under my customary 5000 words.

If you've committed to buying the car already without an inspection, I'm not sure what the additional $1K buys you. If you have an 'out' -- i.e., you haven't committed to buying the car, which is what it sounds like -- then go ahead and get it inspected and if it has major issues you're out $1400 or so.

I agree with others here, the $1K price bump for a good PPI result is bizarre unless a bad PPI means you can walk. Not sure what the seller is pulling here.

I kind of understand the seller's perspective on waiting for a deposit to FedEx you the service recs. It's probably a good stack and he doesn't know how serious you are.

I would emphatically agree that if it's a 9-hour drive or a short flight get down there and look at the car and records in person. Show up, look at the car, have the PPI done while you're there. I think Bill Pollard and a couple of other top-notch Ferrari guys are up in New England. I would consider paying to get the car to him, depending on the distance.

 

The fact that he is offering to drive the car to you speaks volumes to me (it's a good thing), assuming that it's for real and the whole thing is not a vicious scam. I mean, this is the seller putting his ass on the line that his 25-year-old car is in good enough condition to not strand HIM on the side of the road.

Being in a small town, away from everything, AND the fact that he's selling (typically a sign that someone is just "over" with something), adds some logic for him to add the $1000 to the price for hassle factor of having to get the car to a Ferrari person (drop it off, get a ride, get off work, whatever). Hell, I have a great Ferrari shop 15 miniutes away from me and I'd ask $500 extra! (kidding, but it IS a hassle, let's face it.)

Tex has a good point, on these cars, it's not too hard to determine condition by looking at it and driving it. I'd go there if I were you. See it, feel it, drive it, etc. Maybe take it to the closest local mechanic that can do a compression test and a general look-through (yes! a non-Ferrari mechanic knows how to do a compression test!!). The reality of life is that getting a full PPI on the older cars by a Ferrari shop will ALWAYS reveal stuff that needs to be done: shocks, springs, maybe rotors, brake pads, maybe plug wires, a leaky caliper, a bad wheel bearing, oh, and the A/C will not work (duh). When buying ANY classic car – and 308s are now most certainly classic cars – you have to prepare to have an additional "fix-up fund" to add to your purchase price. The irony? Even some of the "nicest" cars you'll see will also have some of these "hidden" issues. The main issue, of course, is the motor: it's tough to pay $15K for a rebuilt motor on a $25 car! The good thing: these motors feel great and pull strong when they're good and drive like a retarded sponge when they're not - it's a hard thing to hide.

Bottom line is that there are not a lot of these cars left, and what's available at the time you want to buy is what determines the car's relative value (to YOU), which also adds to what level of risk you are willing to take to get a car before someone else buys it. This logic is especially keen when the asking price of the car is on the lower side of the market-rate. Also, note this works the other way, for the seller: how much he is just "over" with owning the car, how many people have (or have not) looked at it, how many calls he's getting, etc. – buyers are famous for acting rashly and buying too quickly, but sellers often do the same thing!

 

I think you're on the right track now.
I bought my 308 from a great guy, long distance, as well. Went down & drove it. I was satisfied with what I felt down there so we finished the deal and all's been well since. Carry on and good luck!

 

car is > 15 years old so RIV doesn't come into the picture.

 

give the dealer where the car was serviced a call. they may have some insight into the car and the driver.

 

$9500 interior on a 308? Must have been very thorough - should be a great car.

FWIW, I've seen the leather redone on 328s for about $4K.

 

I agree with the others here. Take a ride down and drive the car. I bought my car in Burlington Vt. back in 1999 and there are 2 Ferrari restorers/mechanics in the local area and if you call them I would bet they would go with you for a fee to do an inspection. If you are a wrenchhead you can us your own judgement as to the condition of the car. It's no different then anyother classic car other then the cost of parts. The early 308 carb cars are pretty easy to maintain and they don't suffer fron the FI bugs. Just see what works and what doesn't work. Drive the car and see how the motor pulls and how the gears shift. Make arranhements to look under the car and check for damages. This is not rocket science. Oh here are the 2 mechanic's I have talked to about the car I bought.
RPM Motors 802 877-2645 talk to Peter
Jeff Hillabran 802 402-5800

There is also a Ferrari Club in Burlington Vt and the last contact I had there was Todd Lockwood at 802 658-1270 ex 201 he was the pres. years back but he may be able to connect you and they may know of the car. There was a fairly large group if Fcars in the area.

So go for it , drive it , inspect it and use your own judgement. All I got with mine was a reciept for a 30K service and the rest was my gearbrain feeling.

 

Why would he say the price goes up if you opt for a PPI? Maybe he's trying to talk you out of it for a reason...buyer beware if he doesn't insist on a PPI at your expense.

 

Toronto308. Good decision on going to eyeball the car and the seller. You know one other thing you could (perhaps should) do is call the dealer where it was serviced. Chances are the service dept. could give you their overall impression of the car as at the last date they worked on it. Prior to buying mine I contacted the two previous owners (before the seller) and discussed the car's condition and history. All of these bits of information are pieces of the puzzle that will ultimately produce a conclusion in your mind as to whether this car comes to live with you. Good luck. Can't wait to see your pics! Blaine.

 

Lots of good advice already here so I will just share my story when I bought mine. The car was 7 hours away and the seller seemed genuine (like yours). One of our f-chat brothers (who owned a 308 previously and lived close by the seller) kindly drove over to the seller's house and checked it out for me. We then spoke and he gave me all the details on the car, basically he told me it was as advertised. I then called the seller, negotiated the price and drove up 3 days later, gave him a cashier's check at his bank and drove the puppy home. Flash forward 18 months: I have what I could only dream about years ago, a well sorted Ferrari that people think I paid a fortune for (if they only knew their SUV's cost more). I do all the work on it myself and have a smile every day I drive it.

My advice it this: maybe there is an f-chatter close by who could look at it first to see if things are as they seem.

Good luck and post pics.