Hello fellow members.

After an exhaustive search, I found the 991 TT that my wife and I would like to buy on the East Coast. We have come to terms with the seller. I need help in completing the transaction in a way that ensures I get the car that we bought and the seller gets their money. I don't know at what point I hit the "submit" button to wire the seller the money.

The question is what are the sequence of steps in the transaction/buying process that I need to take?

Here is what I'm thinking and please suggest or correct:
1. Either fly out to seller and visually inspect the car or have a Porsche verify that the car is in the condition that I expect it to be
2. Write up and sign the buyer/sellers agreement
3. Arrange shipping with the transport company
4. As soon as the transport confirms its on the truck, wire the money to the seller?
5. Should I have the seller send the title and paperwork separately or with the car?

Ugh, these are the details I don't know

Anyone in the New York area who can help me look at the car, PLEASE let me know.

Thank you!!

 

Congrats on finding your tt!

First off, I'd recommend a PPI. There are reputable 3rd parties you can use in NY, or Porsche dealerships that will run through a CPO-esque checklist of the vehicle, check paint-meter, run the DME, etc. Should be maybe $200-300 ish.

If the vehicle checks out to your satisfaction, and the details of the sales are agreed upon, yes you can simply wire money and arrange for transport. However, in dealing with private party purchases with large sums, another method would be to consider a 3rd party escrow service. Just look them up online. You and the seller arrange a contract, you wire money to escrow who will hold it until the vehicle shows up, and upon your final inspection the money is released.

Or you can simply fly there in person (after a PPI), if the car checks out, then stop by your bank with them and give them a cashiers check and the two of you can just sign a purchase agreement and be done with it face to face.

I'm sure others on the forum will come up with some additional suggestions, GL!

 

I did this rodeo twice now. Both times, i flew up. With that said, i don't know how to handle a sign unseen transaction nor do i feel comfortable doing one. Hopefully this helps.

1) I would recommend to have an independent Porsche specialist do a PPI. From my experience, a franchise Porsche service department will charge you 2 hours of labor just to do their free (with service) multi-point inspection which is really seems to be only a visual inspection. Ask for a DME report. I also hired a reputable detail shop to do an inspection. The detailer will be able to verify if it has been repainted and verify it's cosmetic condition. Check Yelp or Google for recommendations for both.

2) Look up the standardized New York Automobile Bill of Sale, print and have that handy during the transaction. It would also be good to have a generic bill of sale for redundancy indicating sellers name and info, vehicle info and mileage, buyers info, and date sold. Double check to see if the Bill of Sale needs to be notarized to be legal in New York.

3) Can't help you with that since i've never bought a car from the East Coast.

4) First transaction i did, i brought cash because the seller did not want to risk an out of state hold check. In hindsight, this is not a problem and a simple phone call can verify a cashiers check is legit or not and there should not be a hold since it's already been debited from your account and into a hold account. I know it's kinda nerve wrecking carrying tens of thousands of dollars in cash. I bought a fanny pack and kept it forward facing on my lap and used it during my flight in case i fell asleep.

Second transaction, i had a cashiers check. Everything went smoothly

5) If the seller holds the title, he should give it to you on the spot. If he's financing, the Bill of Sale will give you legal New York ownership while the title is mailed to you.

 

Excellent advice guys.
I wish this was with a dealer to make it easier

 

FNG brings up a good point about the title. If there is a lien on the car, you need to satisfy this, which may require a trip in person. The transaction can be handled at your bank (for a cashier's check), then at the bank that holds the lien to satisfy this, then title can be transferred directly to you.

If there's no lien, it makes things much simpler.

 

You pay for that convenience. Better deals are to be had through private party sales.

You can either fly there or pay for an escrow service but that's not cheap. Cheaper to fly there.

 

Is sunroof a must have option for a Turbo S?
Will it hurt resale??

 

In this case I would make out two checks, one payable to the lien holder for the loan amount outstanding and the other to the seller for the remainder. What you want to avoid is giving 100% of the sale price to the seller and trust he will pay off the loan.

 

He has the title.

Also I'd like to get members opinion...
Between a 2015 Turbo with glass sunroof and 2015 Turbo S with no sunroof and same mileage, what would you get?

 

Depends on options on both.

But personally I love the PCCMs and think they're worth the S.

 

I couldnt go without PCCBs, personally, so Turbo S.

 

Personally, I'd get the TTS hands-down. However, I think a lack of sunroof is a big deal form these cars. Not to confuse things, but I'd look around for a TTS with a roof. There's plenty. With the .2 out now there are deals to be had on 2014-2016 cars.

 

Thats what I thought as well that a sunroof - glass or no glass is a must have option.
I've never owned a car with PCCB - is it that much better?

 

Do you enjoy washing wheels?

I could never go back to regular brakes. Even if I bought something like a GT-R, I would immediately upgrade to an aftermarket ceramic setup.

The only reasons why you would NOT want the PCCBs would be:
1) Extremely dedicated road racer - replacement/resurfacing is not cheap
2) Extremely dedicated drag racer - need clearance to run 18" wheels
3) You hate the color yellow?

 

Very good justifications

Hmm..I'll definitely have to think about PCCB then.
Whats your experience with center locking wheels versus 5/6 lug wheels?
And lastly sunroof or no sunroof?
Turbo has sunroof and Turbo S has no sunroof - both same mileage