| Author | Message | ||
| Terry Springer (Tspringer)
Member Username: Tspringer Post Number: 386 Registered: 4-2002 |
Heheheheh Funny you should mention that William. I just happen to own a small mortgage company..... Perhaps I can do myself a dandy deal on low closing costs to boot! | ||
| William H (Countachxx)
Intermediate Member Username: Countachxx Post Number: 1959 Registered: 2-2001 |
Terry that sounds like a good plan, if you can lock in a 2nd mortgage at todays rates its too good to pass up  | ||
| Terry Springer (Tspringer)
Member Username: Tspringer Post Number: 385 Registered: 4-2002 |
Rob, You sound frighteningly like me. Im selling the 308, throwing in the cash I can afford and financing the rest long term to get into a Daytona. I figure the prices are as low as they will probably ever go and with interest rates so low.... why the heck not. You only live once, dont you deserve a 12cyl Ferrari? I do. Terry | ||
| William H (Countachxx)
Intermediate Member Username: Countachxx Post Number: 1954 Registered: 2-2001 |
Maybe I should buy a few more 512TRs my favorite, keep 1 for parts and stash 1 in Miami, 1, in CT, & another 1 somewhere else | ||
| Scott (Jsa3)
New member Username: Jsa3 Post Number: 7 Registered: 1-2002 |
Checkout Michael Sheehan's website for a recent Lusso sale. Personally, I've never been able to see the hardship aspect of owning a GTE or 330. | ||
| wm hart (Whart)
Member Username: Whart Post Number: 740 Registered: 12-2001 |
I don't know that Lussos will reach distress sale prices if the economy keeps going south, unlike more modern ferraris. I would suspect that the majority of Lussos are held by people who are either well-monied collectors or serious ferrari fans who did not just buy the car as a fun toy. The Lusso is one of the most beautiful cars on the planet. FML's pricing may be outdated in view of recent auction results, at least those reported by SCM. Of course, if the entire world economy craters, and we are all scrounging for bread and water, the car will be as worthless as everything else in the luxury/art market. I also agree that it wouldn't make sense to buy one that needed alot of work, given the cost of doing so, relative to its value. If i were to opt for a different, early 12 based on value, it would probably be the 250 coupe, rather than the GTE, but that may just be me... | ||
| James Glickenhaus (Napolis)
Member Username: Napolis Post Number: 573 Registered: 10-2002 |
Wayne I agree. The cost to restore in most cases will never be gotten back. IMHO one should never restore or own any car as an investment. If you love a car, plan to own it and use it for a long time, and are lucky enough to be able to afford this cost than I feel it's worth it. (To you, it won't be to others) There are cars that are driven to Concours and come home with trophies. It can be done. | ||
| Henryk (Henryk)
Member Username: Henryk Post Number: 478 Registered: 8-2001 |
Wayne: As the prices of Daytonas, and Lusso "garage queens" reach over $200K, these will effectively be taken off the market. This will entice some owners to "restore" their cars, due to the disparity in price.....of course, history has shown that they will loose money....but, try to tell them that. The result will be, I believe, a rise in price of the regular cars.......due to the lessor numbers available, on cars that are desirable, such as the Daytona and Lusso. However, I still believe the demand will be less........due to the alternatives. Since I consider myself a typical buyer, $200K is beyond my means...it may as well be millions. Whereas, $100K is something I can save for. Regarding the 250GTE and 330GT, I feel that these will never reach "museum" status, because of the undesirable shape. The prices will remain stable, due to their undesirable shapes, and that most will be converted to other models. I consider these as salvageble......I hate to say that. I can't help think that the as the disparity between the "queen" Daytona/Lusso and the regular grows, so does the temptation of converting the regular into a queen, also grows.......even at a loss of money. | ||
| Don Vollum (Donv)
Junior Member Username: Donv Post Number: 59 Registered: 1-2002 |
This and the Daytona thread have been very interesting for me. I've been considering adding a Daytona, a Lusso, or most likely a 365GTC/4. I would think that price-wise, a Lusso should be worth a bit more than a Daytona-- fewer built, fewer survivors, slightly more exotic and a bit more history. I would also think that neither one is going to go down dramatically, although in the short term it is imaginable to see a 20-30% hit. I haven't seen any low-priced ones in a while, but I also don't know what they've actually been selling for. If I were you, Rob, I would think about a very nice 250GTE. You will get much of the Lusso experience in a more usable package for much less money (albeit without the Lusso charisma). And, I think a 250GTE will always be a pretty salable car at today's prices-- not necessarily a money-maker, but there will always be demand for them. | ||
| L. Wayne Ausbrooks (Lwausbrooks)
Member Username: Lwausbrooks Post Number: 888 Registered: 8-2002 |
HenryK, I don't agree with that sentiment at all. I think you missed the point that I was making that these VERY nice examples are rare. Yes, those few that have sold for over $200K recently are probably trailer queens, but there are non-driven concours examples of every vintage F-car, including less expensive examples like the 250GTE and 330GT 2+2. Those rare examples have nothing to do with whether or not the average and driver-condition cars are garaged or driven. if you are saying that owners of average cars will start restoring them because of the higher prices of the top-notch cars, that may be true for a few of them but, as I pointed out before, even at values of $200K+, it is not cost-effective to buy an average example and spend the $100K-$125K+ it takes to bring it up to concours condition. It would be a break-even proposition at best and probably not even that. Owner-drivers will continue to drive their cars. Concours collectors will continue to trailer theirs. After all, we're not talking about multi-million dollar collectibles here. Not even close. | ||
| Henryk (Henryk)
Member Username: Henryk Post Number: 473 Registered: 8-2001 |
Wayne: You seem to confirm my suspicions. The Lusso and Daytona are destined to now become museum pieces....not drivers. Lets face it; in order to remain "top-notch", these cars can't be driven, or at the least, a MINIMAL amount.....in order to keep their high value. In other words.......a museum piece!!!!!!! Now the demand has got to drop. I think I will save for a 550. | ||
| L. Wayne Ausbrooks (Lwausbrooks)
Member Username: Lwausbrooks Post Number: 887 Registered: 8-2002 |
Top-notch cars are climbing. All others remain flat. This is typical of the vintage F-cars as they become the flavor of the month for those that can afford to have a flavor of the month. Buying a nice car at $125K-$150K is probably a safe bet. Anything over that had better be VERY nice. The $200K+ cars have been very exceptional examples and cars of that caliber are actually few and far between, hence the premium paid as it's still cheaper than buying an average car and paying for that kind of a restoration. Want my pick for the next big mover? I'm expecting VERY NICE Daytonas to start moving in the same direction as the Lussos are right now but average examples will likely continue to remain flat. | ||
| Henryk (Henryk)
Member Username: Henryk Post Number: 469 Registered: 8-2001 |
My thoughts on the Lusso are similar to those that I have stated, in the post on the Daytona prices........ | ||
| William H (Countachxx)
Intermediate Member Username: Countachxx Post Number: 1953 Registered: 2-2001 |
Oops I meant to say the DJI is under 8,000 Prices on the street are tumbling as people are becoming Very anxious with a high terrror alert & Iraq & NK looming. the world certainly is a different place than it was Dec 31' 1999 | ||
| Greg (Greg512tr)
Junior Member Username: Greg512tr Post Number: 92 Registered: 2-2002 |
Looks like top cars go for $200k but one in Sports Car market last month just sold for $235k. Another one sold at Bonhams Auction in UK for $161k and was condition 1. REstored in 1999. Here is what they said" Sold for $12,300 below low estimate. Cheap at that. Lussos were stuck in the $125k range for years and only since B-J Petersen sale last June have they started to move. And deservedly so". 1963 FERRARI 250 LUSSO Dsp/HP Eng Fair Good Exc Show Loan BERLINETTA (350 mfg) 1962-64 3.0/250 V12 95,000 120,000 160,000 200,000 H 105,000 | ||
| William H (Countachxx)
Intermediate Member Username: Countachxx Post Number: 1952 Registered: 2-2001 |
Bill have you been watching the Dow Jones ? its under 7000 & promising to keep crashing. Plenty of people get scared when war starts on all sides | ||
| Bill Steele (Glassman)
Junior Member Username: Glassman Post Number: 161 Registered: 4-2002 |
When the bombs start dropping in Bagdhad (Spelling?) it would be a good time to look for a Lusso in Bagdhad. Who in the hell is going to go fire sale crazy here? | ||
| Rob Lay (Rob328gts)
Board Administrator Username: Rob328gts Post Number: 3526 Registered: 12-2000 |
I'm still racing Spec. RX7. Inexpensive and fun as heck. Thoughts down the road of racing a Ferrari, but it's hard to justify with the level of competition, lack of expense, and fun factor in Spec. RX7. www.chicksdigitracing.com for the latest updates. Greg Scott is the guy we ate Pizza with at the annual meet in Dallas. | ||
| William H (Countachxx)
Intermediate Member Username: Countachxx Post Number: 1950 Registered: 2-2001 |
Rob I think that when the bombs start dropping on Bagdhad will be the best time to buy cus the prices are going to crater like Saddam's army. Whats going on with your racing ? Did you buy a 308 or go some other route ? | ||
| Rob Lay (Rob328gts)
Board Administrator Username: Rob328gts Post Number: 3525 Registered: 12-2000 |
FML has $136k for their price, however, most other cars appear to be over priced in FML (even for "asking"). Most of decent Lusso's I've seen have an asking price of $160-180k. What is the reality of what these are selling for? Being a poor ass guy from Texas, would you recomend or discourage me from acquiring a very nice Lusso that's been owned by one owner for 30 years. I could do a long term financing deal that hopefully within a few years with Jennie working I could pay off earlier. Is this too risky? You know how crazy I am about Ferraris and I'm worried the longer I wait, the harder it will be for me to get a great vintage V12 in this condition and at this price. What do you think? I don't expect it to increase in price, but is it even possible the GT/L could loose $20-30k of it's value? That would kill me. |