Buying '02 C2 at auction - Worth the risk?

[gschotland]

A local import used car dealer offers an auction buyer service for which he charges a 5% fee plus the ~1% auction house fee based on the auction price. This dealer is a Porsche enthusiast and has lots of experience buying (at auction) and selling, mostly '99 and newer Boxsters and 911s. He sells 30-40 Porsches/yr. My brother and I have been to his warehouse many times to look over his Porsche inventory, typically 4-6 cars, and he seems to be able to consistently pick good ones. A couple of months ago my brother bought an '02 Boxster S w/43k mi using the auction service and had an excellent experience.

Based on auction results the dealer showed me, I expect be able to save $6-8k on an '02 C2 that meets my specs versus what I believe I could negotiate retail. The downside, of course, is that I can't have a PPI; once the dealer buys a car for me at auction, it's mine. He sells an extended warranty, but I haven't checked on the cost yet. The possibility of a RMS failure or a repair of similar magnitude doesn't faze me, but I'm a little spooked by all the engine failure posts in this board.

Do you guys think the up front savings is worth the risk?

Thanks,

Gary

Edited December 22, 2006 by gschotland

[geza]

Don't be spooked by the reports of engine failures - they are a very small percentage of total production.

PPI does not always guarantee success either - according to the experiences of some on this board.

MY02 cars had a lot of upgrades, and have a lower chance of going bad on you.

Check out the extended warranty details - innocently ask your local Porsche dealer about what extended warranties they offer - compare them to what your auction rep sells.

It's a case of caveat emptor - whether you buy a PPI car from an official dealer - or from Auction Man.

Good Luck!