"In the case of the 308, I was only interested in the health of the engine and wanted to get the compression numbers to make sure that it wasn't a hand grenade with the pin pulled two and a half seconds ago."
 

If you've been scouring lists of Ferraris for sale such as the Ferrari Market Letter, DuPont Registry, Cars.com and others and you don't live in the southern California region, you've probably realized that there aren't a ton of Ferraris for sale at the local used car lot that you can swing by on the way home from work to take a look at. If you want to actually not be like UroTrash and buy a car, there is some homework that you need to do.

The internet has made buying a car sight unseen much easier than it used to be if you want to go down this route. I remember when I bought my first Ferrari back in 1997 and everyone told me to buy it from an authorized dealer and establish a relationship with them in case I ran into troubles with it later down the road. Yes, the internet was around, but there still wasn't the mass amount of information on these things like there is now on resources like FerrariChat. But the one thing that hasn't changed is that the buyer still needs to be cautious on any purchase.

Buying your first from an authorized dealer is still sound advice for a lot of people, but there can be some limitations. A dealer is going to mainly be focused on the newer production cars like the 360 or the 550 and there may only be one or two technicians in the back that remember how to set points on a carbed 308. Also, with the exception of a few garage queens, most dealers don't keep a stock of classic Ferraris, everything seems to be the modern ones and the vintage cars when they can get their hands on them. Most of the classics that are out there on offer right now are going to be found either at secondary dealerships or from private parties.

So assuming you know which car you want already and don't need to go drive one of each to be sure, you need to start the hunt and find an example of your dream car that will fit your budget.

For example, let's take my last Ferrari purchase, my 308 GTS QV. I was surfing FerrariChat late one afternoon in Shanghai when it was mentioned that the car was available in Chicago. Now there is a nonstop fourteen hour flight between the two cities, but I'm pretty busy and didn't have 3 days to waste looking at a car. I admit that I do know a bit about these cars and knew what I was getting myself into when I saw the pictures the first time. There were some minor dings and scratches and the interior needed a dye job and a good scrubbing. Mechanically I could tell by the amount of dirt in the engine compartment that it wasn't lovingly taken care of recently, so I knew that it needed a belt change and water pump rebuild as a minimum. But even with these needs, the car was still priced below what I thought was honest market value and I knew that I needed to act quickly.

One of the things that I mentioned in a previous column was the need for a pre-purchase inspection, or PPI, to find all of the little faults of a particular example. In the case of the 308, I was only interested in the health of the engine and wanted to get the compression numbers to make sure that it wasn't a hand grenade with the pin pulled two and a half seconds ago. Normally I would recommend that an independent shop perform this service, but I felt that this deal wouldn't be around long so I had the dealer that had the car run the test. When the numbers came back, I gave them my Amex number and had them charge a deposit until I could get with the bank and wire them money. Granted, I took a chance on this one, but I hedged my bets and found out what the difference between a parts car price and the price that I was about to pay was and I realized that if the car did blow up, I was only going to be out beer money for a month or so. I took the chance and it worked out for me, but I've heard horror stories of deals that have gone bad. In the end, you need to trust your gut and if the deal feels bad, it probably is.

Okay, now the fun part of the transaction, the actual paperwork exchange. Just because you fire off an email to the other party, make sure you follow up on every open item. If you over look something, they might do the same. It happens every day in business, buying a car shouldn't be any different. Ask twice to make sure everything happens the way both of you want it to happen. If it doesn't, follow up on it, don't wait. Make sure you know what is covered and what isn't as part of the deal. If there is service work that needs to be done, make sure the dealer documents it and you know what the terms are. Ask if they hold the title for the vehicle. It's not a problem if they don't, but it could add to the time that it takes to finish the deal.

Payment on a deal from 8000 miles away isn't too difficult provided you've got the money in checking to cover the costs. Actually, my bank made it way too easy, two emails and a fax that needed my signature on it and they were covered. I hope my wife doesn't read this because I am going to probably use this same technique soon to pick up number four…

I actually followed my advice on the PPI, sort of, when I bought the Mondial 8. I knew the mechanic that serviced the car (who is highly respected in the field) and he gave me the run down on what was wrong with it. That car was priced correctly and I had a good idea of what I was going to end up with. Actually, all three purchases have worked out well so far, and they are getting easier the more informed that I am.

If you are buying your first, I do recommend that you touch it, feel it and drive it before you commit to buying. There is something very personal and special about getting your first. That said, if the car is in southern California and you're on the side of a mountain in Alaska with money burning a hole in your pocket, then taking a chance with an electronic purchase is a viable approach. Your mileage may vary.