Slightly OT: Advice on car buying strategy
 

Hi everyone,

I'm contemplating buying a classic car which, although not a P-car, the situation could apply to one and this is a savvy group of buyers and sellers.

The car is a very nicely restored European classic which at top of the market, might be worth $35-$40k in this excellent condition. I have become aware, through reading the owner's posts on a somewhat obscure blog, that the car suffered post-restoration from severe oil consumption; about a quart every 300 miles. I feel this problem might still exist.. During my preliminary phone discussions, he has not revealed, when asked, that any engine work has been done to the car. The restoration was carried out on mostly every other aspect of the car, but no engine work. Car has around 100k miles on it and it's a 1973.

I'm inspecting the car this weekend (flying there) and my question is how to best deal with this oil consumption issue. I am interested in the car nonetheless and prepared to buy it anyway, I just need to adjust the price accordingly. I'm prepared to bring, along with my paint gauge, a compression gauge and basic tools to be able to carry out the test right there and then. So... would you address this in advance over the phone or just show up and ask if I can do the test. My concern with bringing it up now is that it will give the owner a chance to not want to deal with me and take the risk with the next potential buyer.

Thanks in advance for any and all advice.

I don't know how savvy I am buy have a couple of thoughts here.

• At 100k the expectation of a rebuild wouldn't be unreasonable (not knowing what car you are talking about). It should be priced accordingly.
• Always be prepared to walk if its not what you want
• Ask the owner what the oil consumption rate is before going
• Look for evidence of oil consumption. Its going somewhere. At the rate you mentioned there should be smoking, fouled plugs or wet undercarriage
• If the owner doesn't want to deal with you because you have a concern I wonder what else they have not disclosed

I would get the owner on the phone and tell him about what you've found. Based on his reaction you can decide on how to proceed from there.

Yes, definitely discuss the issue before you spend money and time viewing the car in person. Tell them what you know and listen to the response. It should tell you a lot about the seller and ultimately the true condition of the car. Make sure he's willing to negotiate on the price if excessive oil consumption hasn't been addressed. Then move forward if you're happy with the discussions and verbal agreement prior to seeing the car.

If you know it has the problem, no need to test the car. Assume it is as you believe.

So you have only two options- tell him before you get there or tell him afterwards.
Be prepared to loose your advantage if you show up and try to negotiate. Only if he is a motivated seller will this work. So you need to determine if he is a motivated seller. If he is not motivated I would tell him over the phone and see the reaction.... Then you can decide if it is worth it to take the risk and go see the car...

keep us posted!!

It sounds like he hasn't disclosed the oil consumption directly to you, is that right? You might ask him what the consumption is without first telling him that you found (what appear to be) his posts on the subject. If he still doesn't disclose then I'd be suspicious about what else he's hiding.

Tell him that you would like to have a pre-purchase inspection done. Find out first where you would take it, have the test done and then deal with the information that you have.

I would not go on this trip without a set dollar amount which you'd be willing to pay for the car indelibly imprinted on your brain. For me, I'd be thinking of cost of fixing the oil consumption issue (full rebuild? just heads?) and whether I'd be behind fair market value when added to the purchase price. A good rebuild may put you at fair market value or even above, right?

I think a walk-away price is all you need if you are already committed to going to see the car.

Oh, and if the owner is there breathing down your neck during inspection, go have lunch or something and tell him you'll give him a call with your offer afterwards. Don't know about you but that makes me feel better.


dave


dave

This would be my approach. There is a rule of evidence in legal matters that states that if a witness is found to have given false testimony then all his testimony is to be considered in doubt.

Concealing evidence of a problem is tantamount to lying as far as I'm concerned and I'd probably have no interest in buying a car from this type of seller.