Help me make a terrible decision

[thstone]

What might seem to be a valve cover leak can also be a lot of other things. The oil has a tendency to run down and drip off the valve covers and then its assumed that is the source. But it can also be other things so the actual source of the oil leak really needs to be confirmed. The valve covers can be re-sealed with the engine in the car but its a lot of work. Shops quoted me around $1200. If you can do it yourself, then there are some big savings to be had.

The price seems high for a poorly maintained car. You didn't post a link so I can't see the actual condition but based on your description, but it sounds like it needs more than just a little bit of work.

The key to making a short-term flip financially feasible is buying the car at a price so you can easily re-sell it. That means buying it well below market and then selling it at under market. For example, let's say that this car is worth $7500. I'd offer $6K and be a buyer somewhere in the mid-$6K's. Then you can flip it for the high $6K's and the next buyer will still be getting a good deal (since the car is worth $7500).

How do you get someone to sell you a $7500 car for $6500? Find all of the problems and explain how the car needs $4000 worth of work. Find a seller who is motivated to get that hunk of junk out of the driveway. Negotiate your ass off.

And I wouldn't put any money into the car (unless its absolutely needed) because you will be hard pressed to get the investment back out at re-sale.

[selaliadobor]

Thanks for all the information


I didn't link to it because it's a Facebook listing and tied to the person selling by their name unlike Craigslist and stuff (I don't know why but I'd fee a little weird posting it?) but here are some images:





The exact wording used was:

Slight valve cover gasket leak. I haven't noticed any significant oil loss in between oil changes.
Wheels although dipped are loosing it's chrome coating. Interior is in decent shape aside from the seats having some rips in them."


Rear window needs replacement, I'm not to worried about it, this is a beater so I don't mind a DIY rough fix with glue, and there are a few part outs around here where I might be able to get a new top

The leak is my biggest concern and it sounds like, while it can be a (tough) DIY job, that's only if that's really the source of the leak. So I need better confirmation that's the actual source of the leak...

I'm going to ask how long they've seen the leak for. Hoping the answer will be "for a long time" counter-intuitively. If they say recently, that would imply to me that their mechanic found an issue so they want to get rid of it, but I have a good feeling about them if they're being open enough with the issues it has

Also on pricing around here, 7k-10k seems to be the going rate for a base model Boxster with 60-100k miles for that range

There's one base 2004 for 6.5k OBO in a color I really like actually and indications that the owner kept up on the work required, but that's a lot of miles, and I was leaning towards the S a bit more

Tried to reply with an update and got a message about moderation? What's that about?


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Can't reply anymore... so:

Going to try again with this update;

Found one more car:

(other one was sold )
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2001 $8.5k asking price, 98k miles

Similar price, but CarGurus claimed 6 owners (!).

That seemed off to me so I checked the Vin manually and it just bounced around a group of dealers a few times, so 2 owners. First owner did services at a Porsche dealer, but service records trail off from there

Also has options I want (namely PSM, TC has saved me on some sketchy roads):
https://www.cargurus.com/Cars/inventorylisting/viewDetailsFilterViewInventoryListing.action?#list ing=266805562

[pilut2]

The pictures that you shared show a very unloved Boxster. IMHO -Unless you can get it really cheap, I would keep looking.

[Rob175]

I agree.....RUN away from that one.....keep searching and enjoy "the hunt".

[Allegro]

Me too... run far and fast. You can do much, much better for $8k.

[Liamray]

Not worth a quarter of what his asking!