Buying a code 3 Porsche 911?

SauRoNZA said:
Yeah I know if it’s been stolen it’s automatically Code 3.

But was wondering if other criminal issues relating to a car also cause the status.

Because I know of a Porsche GT2 that had some suspected bullet holes in and allegedly belonged to a drug dealer previously that was auctioned for next to nothing of its real value.

Only reason I can think is that it was Code 3 on paper but was perfectly fine otherwise.
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I'd love a car like that, what incredible provenance!
 
Jaws677 said:
No insurance or finance options available for code 3.
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Wrong. Vehicle can be insured but only for 70% of it's value.

Check with your insurance to see how much they will insure it for and weigh that up against the purchase price. You will get an indication if it's a good deal or not.
 
Jaws677 said:
No its not.
Code 3 means it was declared unfit for use.

Stolen and recovered car will retain its last code
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Wrong again,

Code 3 means it's uneconomical to repair (Scrapped by insurance companies) You can have a vehicle repaired which would have been a code 3 but never deregistered and once repaired still sell it as a code 2. Code 4 is strip for spares only. Code 3 just means it was de-registered as uneconomical to repair.

Stolen recovered vehicles are also seen as code 3. It will always give you headaches. I would much rather by a Code 3 vehicle than a stolen recovered vehicle.

For what it's worth, if you drive a second hand car which was in an accident, odds are missed being a code 3 only due to process and it was never de-registered. Lots of people buy vehicle from places like SMD and repair then, SMD gets these vehicle from insurance companies and buy them before they can be de-registered.
 
Pitbull said:
Wrong. Vehicle can be insured but only for 70% of it's value.

Check with your insurance to see how much they will insure it for and weigh that up against the purchase price. You will get an indication if it's a good deal or not.
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Actually normally insured for the full retail value but any write-off or total loss would be settled at the agreed rate normally an average of 65-70%. The reason is repair costs are still at normal prices which is why they charge the "std" premium.
 
Hemi300c said:
Actually normally insured for the full retail value but any write-off or total loss would be settled at the agreed rate normally an average of 65-70%. The reason is repair costs are still at normal prices which is why they charge the "std" premium.
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I think you're 100% correct.
 
saturnz said:
the OP hasn't really mentioned the condition of this car, all that we know is that its a code 3, which could just be a stolen and recovered vehicle that's in otherwise good condition

have you seen this car that you are so confident in your opinion?
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Oh please he wants to pay 500k for it so we know it has to be good nick.
So you're suggesting he gets another Porsche with a wrecked interior (?!), transfer everything to the other car to make it a code 2?
 
WaxLyrical said:
Oh please he wants to pay 500k for it so we know it has to be good nick.
So you're suggesting he gets another Porsche with a wrecked interior (?!), transfer everything to the other car to make it a code 2?
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if code 3 is a problem and he wants to solve that issue

he could just buy a shell, but he will overpay for that, so best to get a car with a broken engine, it happens
 
Here is my suggestion;

option 1: if this car is for driving pleasure and Sunday breakfast drives go for it. If the chassis is straight and car properly repaired.
Option 2: If you want to buy it and park it to sell for a profit later then no this car is a code 3
Option 3 : buy the car get a another one build as a single car that is code 2
option 4 : de register the car and build a track car
 
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