Menu toggle

Purchasing Cayenne from Private Seller - Risky?

Tupper

New member
Hi. New forum member and about to take the plunge on purchasing my first Porsche. I've found a Cayenne for sale and its from a private seller. I've always purchased my cars from a dealer so this process is new to me. I'd be grateful for some tips on buying privately and any pitfalls to look out for? The car has Porsche finance on it and there is negative equity. The owner says he will pay off the agreement after I pay him and I can watch him do it. Is this normal? It doesn't feel right to me but i know the car won't be legally mine until the finance is settled so how do others go about this issue?
I'm trying to decide whether to buy with cash or finance via the bank. If i went via a finance route, would the bank pay Porsche Finance and then the owner expected to pay Porsche the balance? Then I collect from the owner? If i went with cash i'm concerned i don't have many/any rights if something goes wrong with the car.
It all seems very messy to me so hoping someone has gone through a similar process and can advise from their experience what is best to do, what to avoid and suggest a process to follow?
Many thanks in anticipation.
T
 
Whether you take finance is up to you ..

I'd ask the seller to get the car to the nearest Porsche dealer / specialist & pay for your own check on the car. If you've always bought from a dealer, you appreciate the value of a warranty, so try and get a Porsche warranty on the vehicle.
 
Any attempt to buy a car that has outstanding finance on it is high risk (even if you can "watch" it being paid off). I've always checked the status in advance and not even considered cars with outstanding finance. Basically the car is not the seller's car to sell. What would you do if you "watch" it happen and it doesn't work (turns out the car has some additional owner or constraint on the finance agreement). Your money has gone to pay off (part) of the seller's loan and you can't get it back. Nightmare.

There will be a better one out there.
 
PS - I was not implying that buying privately is a bad idea, it is often a very good idea, just not with outstanding finance.
+1 for getting an inspection done.

 
I'd pay for the Porsche Inspection to be done in readiness for you to add warranty if required.
I've bought previously from owners with finance aligned and purchasers from myself too without issues. I'd just make sure you see evidence of all the finance paperwork and ensure it's all aligned to the owner you're acquiring from and the car you're buying and evidence of the settlement valuation letter from finance company (within a few days). V5 etc, service and car books, keys etc...you can always call the finance company too to verify.

Steve

 
Unless the car is special in some way, you really want it and are prepared to do all the work necessary to protect yourself, I'd leave it.
There are many others to have a look at without finance on them.

ATB
D
 
Thanks for your help everyone. I'll take the comments on and consider what I do next. I'll post with an update.
 
Just me but I wouldn't want go down the finance route even if they have paperwork to say its paid.

A PPI in my view is essential, unless you are a Porsche Technician or a dab hand with a spanner. In my view a second opinion is always wise.
Should a seller decline to have the vehicle inspected walk away.

Look at it like this. Get a PPI done by a reputable Inspector and you have peace of mind. Should a number of minor points come up on the PPI that you are not to troubled about you have a strong negotiating hand. Either ask the seller to fix them or reduce the price accordingly.

Should the PPI show major faults its still money well spent, at least they were found prior to your purchase [:)]
 

Posts made and opinions expressed are those of the individual forum members

Use of the Forum is subject to the Terms and Conditions

Disclaimer

The opinions expressed on this site are not necessarily those of the Club, who shall have no liability in respect of them or the accuracy of the content. The Club assumes no responsibility for any effects arising from errors or omissions.

Porsche Club Great Britain gives no warranties, guarantees or assurances and makes no representations or recommendations regarding any goods or services advertised on this site. It is the responsibility of visitors to satisfy themselves that goods and/or services supplied by any advertiser are bona fide and in no instance can the Porsche Club Great Britain be held responsible.

When responding to advertisements please ensure that you satisfy yourself of any applicable call charges on numbers not prefixed by usual "landline" STD Codes. Information can be obtained from the operator or the white pages. Before giving out ANY information regarding cars, or any other items for sale, please satisfy yourself that any potential purchaser is bona fide.

Directors of the Board of Porsche Club GB, Club Office Staff, Register Secretaries and Regional Organisers are often requested by Club members to provide information on matters connected with their cars and other matters referred to in the Club Rules. Such information, advice and assistance provided by such persons is given in good faith and is based on the personal experience and knowledge of the individual concerned.

Neither Porsche Club GB, nor any of the aforementioned, shall be under any liability in respect of any such information, advice or assistance given to members. Members are advised to consult qualified specialists for information, advice and assistance on matters connected with their cars at all times.

Back
Top