
"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.
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