| Author |
Message |
Horsefly (Arlie)
Intermediate Member
Username: Arlie
Post Number: 1223
Registered: 5-2002
| | Posted on Wednesday, June 04, 2003 - 2:35 pm: | |
Keith, sounds like you've uncovered the grim news. $15,000 to $19,000 for a 308 with a salvage title and dirty history is "Sucker Bait" in my book. Hold your head high, turn around, walk away, don't look back!
I did that about a month ago. There was a beautiful 308 spyder conversion on E-Bay with a problem engine. Car had no history, but owner was looking to sell for $15,500 and answered all questions as best that he could. But there was still no clue as to who, or where, the spyder conversion was made and no title history other that the title he had. It took several weeks to sell. I decided to pass. Certainly a unique vehicle, but would hate to find out AFTER the purchase that it was a rebuilt wreck from the Stumpwater Texas School of Ferrari Spyder Conversion.
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Norman Hartley (32storm)
New member
Username: 32storm
Post Number: 13
Registered: 5-2003
| | Posted on Wednesday, June 04, 2003 - 10:58 am: | |
Parting out a car always sounds good. But, unless you are willing to look at it for some time, or hunks of it for some time, it can be a tough road. hopefully, you can move major items to recover a good % quickly. But, you typically end up with stuff left that takes time to move. Can work out, but you'll need space and be prepared to look at it for awhile. Especially if it is common items. |
PeterS (Peters)
Member
Username: Peters
Post Number: 598
Registered: 1-2003
| | Posted on Wednesday, June 04, 2003 - 9:57 am: | |
If the car is REALLY cheap, how about buying it to part it out? I would consider that if it would cost too much to repair properly. |
Raymond A. Castelhano (Oglmlw)
New member
Username: Oglmlw
Post Number: 21
Registered: 5-2003
| | Posted on Wednesday, June 04, 2003 - 9:17 am: | |
Hi Keith,
One thing that can be done with a salvage car is to turn it into a track only car. Servizio has done that. One of the last done was a 355 stolen in NY. David and the guys used the 355 Challenge specs and put together a very fast car. Its owner is a pretty happy guy at track events in the East.
Lets see---buy it cheap, resurrect it as a track car, use for a few months and sell it. Can't be that easy.
MrC. |
Keith Maxwell (Keith_maxwell)
Junior Member
Username: Keith_maxwell
Post Number: 84
Registered: 5-2003
| | Posted on Wednesday, June 04, 2003 - 8:45 am: | |
Arlie, The car has a salvage title. No "maybe" about it. I just ran the carfax on the VIN: ZFFLD14B000044959. There is additional ugliness in there as well - emissions test failure and no re-test. This one can't be cheap enough for a road car. Next! |
Spyder (Spyder)
New member
Username: Spyder
Post Number: 22
Registered: 10-2002
| | Posted on Wednesday, June 04, 2003 - 8:15 am: | |
You really need to figure how much it will take to fix her up. Sometimes it will cost more to fix it up than buying the same model with no damage.
Ferrari parts aren't cheap, and they aren't getting cheaper. They add up quick!! |
Keith Maxwell (Keith_maxwell)
Junior Member
Username: Keith_maxwell
Post Number: 81
Registered: 5-2003
| | Posted on Tuesday, June 03, 2003 - 8:38 pm: | |
Car is selling for high 20's and this one is high teens.
It's pretty clear that if I buy, it's a keeper, whether I want it or not. Buying cars is always a gamble, I'm just looking for considered opinions, especially from someone who has made one of these unconventional purchases. |
Horsefly (Arlie)
Intermediate Member
Username: Arlie
Post Number: 1214
Registered: 5-2002
| | Posted on Tuesday, June 03, 2003 - 8:21 pm: | |
Why is it a tough sell if the price is "cheap"?
How cheap? If it was $15,000 with a salvage title, would that be a "cheap" deal? Not to me.
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David McGee (Damcgee)
Junior Member
Username: Damcgee
Post Number: 61
Registered: 2-2003
| | Posted on Tuesday, June 03, 2003 - 8:01 pm: | |
Hans, your right. But Keith states that this car has been on the market for a year already (i.e. it's very difficult to sell). If he isn't keeping it long term, then when he sells it will be difficult to sell. |
Hans E. Hansen (4re_gt4)
Intermediate Member
Username: 4re_gt4
Post Number: 1448
Registered: 4-2002
| | Posted on Tuesday, June 03, 2003 - 7:44 pm: | |
True, a car with a salvage title is worth less.
But, if the price is fair, what difference does it make? It's worth 1/2 now, it'll be worth 1/2 later. Probably a good buy in the long run. |
Keith Maxwell (Keith_maxwell)
Junior Member
Username: Keith_maxwell
Post Number: 78
Registered: 5-2003
| | Posted on Tuesday, June 03, 2003 - 6:23 pm: | |
You make an interesting point. If I never intend to sell it, why should it make any difference to me?
Something to contemplate over Bourbon and ice. |
David McGee (Damcgee)
Junior Member
Username: Damcgee
Post Number: 60
Registered: 2-2003
| | Posted on Tuesday, June 03, 2003 - 6:10 pm: | |
If the car checks out Ok on PPI, then I would say your decision depends on why you want the car. If it was me, I would still buy it. When I have my 360 one day, it will go to my kids the day I die, because I will NEVER get rid of it.
But if you are just wanting it as "just a car", then I would wait for a car w/ a clean title so it doesn't sit around for years when you try to sell it. |
Horsefly (Arlie)
Intermediate Member
Username: Arlie
Post Number: 1209
Registered: 5-2002
| | Posted on Tuesday, June 03, 2003 - 3:32 pm: | |
What is defined as "cheap"? I think the key word is SALVAGE title. In some states, if an insurance company ever paid off for the total value of the car because it was stolen, the title is stamped TOTAL LOSS or SALVAGE just because it was declared a total loss. That unfortunately puts it in the same boat with cars that actually were totaled out in a bad wreck. If the car in question actually says theft recovered instead of total loss or salvage, then that would be more preferable. What does it actually say on the title?
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Steve (I_love_ferraris)
New member
Username: I_love_ferraris
Post Number: 3
Registered: 6-2003
| | Posted on Tuesday, June 03, 2003 - 3:05 pm: | |
I think that you should go for it. If I had the chance to get one I would take it in a second. Even better it's an F-Car and it is cheap!!! |
Craig A (Milo)
Junior Member
Username: Milo
Post Number: 211
Registered: 4-2003
| | Posted on Tuesday, June 03, 2003 - 2:33 pm: | |
You can most likely wipe out the stolen/recovered stigma with years of ownership and proof of several thousand miles of trouble free driving. Restarting the service history immediately complete with PPI inspection paperwork would also help.
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Keith Maxwell (Keith_maxwell)
Junior Member
Username: Keith_maxwell
Post Number: 73
Registered: 5-2003
| | Posted on Tuesday, June 03, 2003 - 2:19 pm: | |
Thanks! The title carries the stolen/recovered brand and that does concern me. No matter what I would do to improve the mechanicals/cosmetics, the title would be the same. |
Mitch Alsup (Mitch_alsup)
Member
Username: Mitch_alsup
Post Number: 724
Registered: 4-2002
| | Posted on Tuesday, June 03, 2003 - 2:15 pm: | |
Two things: clean PPI, and clean title!
Without service history the value is serious degraded, but perhaps you are looking at a real good deal. Be prepaired for a major service, and some minor cosmetic work to put it back in shape.
You might want to have a consultation with the PPI person before he/she looks the car over, and make it clear to him that you are looking for every little thing that needs to be put right to put the car back in showroom condition: even if you don't intend to put it back into showroom condition. With a longer PPI list of 'issues' you are in a better barganing position.
If the title is not pristinely clean, don't bother. |
Keith Maxwell (Keith_maxwell)
Junior Member
Username: Keith_maxwell
Post Number: 72
Registered: 5-2003
| | Posted on Tuesday, June 03, 2003 - 1:58 pm: | |
Found an F-Car in Seattle for sale cheap. It's been on the market for nearly a year. Problem is with the fact that it was stolen and recovered. Seller is happy to make sale contingent on a PPI clean bill of health. There is little service history. Is this a gamble? |