FRUNKenstein

There are lots of stories of the buyer backing out and BaT not doing anything about it (while keeping the commission). BaT does nothing to guarantee a smooth transaction after the auction ends. I’ve sold 2 cars on BaT. Both transactions went smoothly. I am a big fan of BaT, but the actual transaction (after the hammer drops) isn’t much different than buying from a private party on Craigslist or Facebook marketplace. The credit card is only charged for BaT’s commission.

FRUNKenstein

I’m with s65e90 on this one - seems like much ado about nothing but a standard transaction.

champignon

That's not surprising to me. Just think of the difficulty in being a seller or buyer of a used vintage car and trying to be sure that the car is what it was represented to be, that the buyer actually has the funds to buy it and will complete the transaction, that the vehicle will be delivered in good condition in a timely fashion to the buyer, etc. Now multiply this by the number of transactions occurring on the BaT website. It's a daunting task. The vehicles are dispersed throughout the country, as are the buyers. The Carmax model, which generally isn't dealing with vehicles this old or this unusual, does some things to try to make the process more fair, such as allowing the buyer to return the car within a week for a refund if the car doesn't satisfy. But even Carmax gets duped on a regular basis.

Caveat Emptor, no matter who you are buying from or which platform you are using. And even if you do everything right, you might still end up getting screwed. There are no guarantees in this endeavor, and it's not something to recommend to a buyer who can barely afford what he is buying.

Carlo_Carrera

I am aware of sellers backing out. Deals are broken everywhere. My point was I have never heard of a buyer getting ripped off, IE they pay and seller disappears and the buyer gets nothing.

FRUNKenstein

I think you meant "buyers backing out." If so, yes, I agree with you Carlo - those are the stories I've heard. I haven't ever heard of a seller taking money and not delivering the vehicle. It may have happened, but I've never of that.

The typical situation is the buyer flaking out. I would feel very safe buying a car through BaT. Actually, I think if you do your due diligence and you are paying to the lender directly the funds required to release the lien, I think the chances of having a seller take off with the car is very, very low. Think about it - you've got the seller's bank info and the car info, most sellers are not going to just "take off" once you pay off the bank because of all of the legal problems that's going to cause them. If they can afford to own a 996TT, they are likely a legit person.

However, if you are foregoing a PPI and not going to pick it up in person, then I would, at a minimum have someone local lay eyes on the car and meet the seller in person. There are people on the Porsche forums (Rennlist or 996outpost.com or others) who are glad to go check out a car for you. I've done it as a favor at least 10 times over the years for cars local to me. That person can give you an idea if the seller seems legit, along with a report on the car.

champignon

I bought a 20 year old, collectible BMW once, from across the country. It was misrepresented as pristine. When it arrived, it turned out to be entirely rusted out underneath and of no value. I ended up having to sue the seller and in the end everything I had spent on the car was lost on legal fees. I would resort to legal action, again, under similar circumstances, not because I would expect to be made whole, but because I don't like getting screwed. Of course, it's way better to avoid the situation entirely.

Simply getting a car when you paid for one can be worth little, in the overall scheme of things.

Carlo_Carrera

Did you buy it on BaT? I ask because BaT transaction security is the only forum I am referencing.

champignon

No, but it was from someone who posted periodically on an enthusiast BMW forum, so at least he gave the impression of being on the up and up. I wouldn't make the same mistake again (but probably would make a completely different one :-) )

I was just saying that the fact that you paid money and then actually received a vehicle, did not in and of itself mean that the outcome was good!

I've pretty much filled out my little stable of "collectible vintage cars" and fortunately am not looking for anything else. Knowing now what I know, from having done 7 vintage car deals, I would approach any new transactions with a great deal of fear and trepidation, regardless the platform.