Not sure how this will turn out, but my oldest brother called me last night to announce he was the self-appointed "best shopper in the family". Now this is a title that I did not previously know existed, and even if I had, I would not have entered the competition. However, being frugal, or should I say thoughtful about how I spend my money, I was intrigued.
He goes on to tell me that he bought said car through e-bay for the whopping price of $22,000 USD. The car apparently has 500 miles on it, and was purchased in a bankruptcy sale along with a number of other luxury vehicles (BMW, Jag, etc). Being a card-carrying member of the "No free lunch brotherhood", I am highly skeptical, although I am also hopeful that this will not blow up in his face.
He said he's arranged all kinds of insurance against fraud, odometer tampering, etc. The car must be modified to meet Canadian standards, then he faces the cost of transport, and duties. All in all, he is expecting total out-of-pocket to be around $55,000 CDN - somewhat less than one would expect to pay for this car.
Anyone with advice for things to watch out for? I will advise him to check the title/ownership, and to make sure that the car will be insurable in Canada. I expect he's checked this out, but who knows? He plans to drive it through the winter, then flip it in spring/summer for a profit and buy something nice, but more affordable.
FYI - the seller has 770 transactions to his name, and only one complaint. He had insured the purchase through square-trade (e-bay insurance). I just can't understand why the seller would sell it so low. Heck, pick any local MB dealer and get something more akin to its value. There's something fishy here. I'll keep you updated.
