What exactly is the gray market? I won the bid on ebay for a 1981 911sc.
It is a european model (row) which I just learned is gray market. What does this mean and should I still buy it? It's local so I havn't picked it up yet.

 

I have always been curious what "gray market" meant for cars also - so I typed "gray market Porsche" into Google and came up with this on Yahoo answers:

A grey market car is one that was imported from elsewhere in the world, and then brought up to US standards. If done properly, these can be very desirable cars as they often have options and additional performance compared to US versions... but that is a VERY big IF as most that were imported were done by people looking to make a quick buck. A car that was not brought up to standards correctly will at best be a major and costly headache, and at worst, will have major safety issues.

 

It's not relevant in this case with the age of the car, but grey market cars would not normally be covered by the manufacturer's warranty, except in the original country where it was first sold.