550 prices vs values

Hagerty price guides and others usually run behind the value curve. With that said, buy the car you want and don't put any value on speculative values. Don't look at this as an investment. Enjoy the car! 120K for a good car is in the ball park. You won't get hurt.

 

I agree with gsjohnson. It is impossible to predict the future, but if you find a very clean car (and keep it that way) I don't think you will get hurt. You are however about 6 months too late. The same car was about $80-$90 last fall. I just got a 7,000 mile TDF last week. If there is a "bubble" with regards to the 550 I don't think we are there yet. The issue with a perfect $150-$180 car is it becomes too difficult to enjoy. I think $120 for a clean no stories "serviced" driver is right there.

 

Agree, Jeff, especially Maranellos are not overrated, compared to mass - market Porsches of that age, produced in limited numbers, 550/575's are still underrated.

Don't see any reason why the cars shoudn't become one of the most iconic cars of the past century..

Buying guides react to late on price adjustment on colloctors cars. So many samples on that...


Saluti,

Jürgen

 

The highest priced 1999 550 I have even seen. Just 545 miles on it. $399K
1999 Ferrari 550 Maranello for sale in Fort Lauderdale, FL

2000 550 at $180K
2000 Ferrari 550 Maranello for sale in Green Oaks, IL

Another 2000 at $180K
2000 Ferrari 550 Maranello for sale in Belle Haven, CT

2001 at $133K
Used 2001 Ferrari 550 Maranello Coupe in Syosset, NY near 11791 | ZFFZS49A910123223 | Auto.com

Prices sure seem to be on the upswing.

 

Do you know what services have been done to it recently? Belt etc. Does it need tires? Does it have Modular wheels? All things to take into consideration when buying a 550. IMHO

 

I agree. I recently sold my 1968 SWB 911 for nearly a 100K and it isn't near the car my 550 is.

 

Now the Porsche market is a completely different issue. I own a few, and there might be a bubble there coming soon. No reason for a "common" 930 to go from $30k to $120k in less than a year. If you look at the bubble of the 50s and the more recent late 60s american muscle cars, Ferrari's were mostly immune to that.

 

Jeff:

Can you share what you paid for your TDF? I'm currently in the market though looking to sell my 328 GTS first. I specifically am looking for a 550 in TDF with tan interior. Unfortunately I agree that I'm 6 months late to the party for a "good deal" but on the flip side, 328 prices have climbed about the same. Now if I can only find a buyer...

 

I don't think 550s are on their way down. I think they have only just started not going down. And they haven't spiked bizarrely like some cars. Oh, and they are fantastic. Can't comment on US prices. But in Europe, if it's a genuine car, that's a good price.

 

+1 well said !

 

Hi,

I'm also new to this forum and am looking to buy a 550/575M. My question is what are the best places to look for one? I know about Hemmings, DuPont, the auction houses, Cars.com, ebay, and a few others but they're spotty at best. Are there any other sources for one of these beautiful cars that not only have them available but can be trusted (at least to the extent any reputable dealer can be trusted)? Are private sales very common for these cars or are they mostly resold through dealers? Does the apparent need for service records tend to make the dealerships a more reliable source? I plan to hold onto the car indefinitely, drive it, and enjoy it so I'm not looking for a condition 1 car. A 2 or 3 would be fine. Not too picky about color (should I be?) but I do prefer the Daytona style seats. Even though I modify my other cars (some quite extensively) I would leave this as stock as possible. Any suggestions and/or advice will be greatly appreciated. Thanks.

 

Price of entry is just that ; if you are going to keep the car, be prepared to spend $$$ on correct maintenance. Consider also insurance costs , amount of miles driven, etc. If you are OK with the "hidden" costs you are gonna love it

 

Darrin,

I think you are getting some good advice here. Please do be prepared for some significant maintenance bills especially if the service is not complete or current. If you don't get a PPI, which is recommended, at least verify the common issues are taken care of. Below is a list of questions I asked after purchasing my 550 a few months back if it helps.

Not to put you off but when I reviewed the maintenance paperwork there was a bill for $16K last year for major and $12K the year before for other things. These weren't the only bills either.

Regardless, I would concur $120K for a "good" 550 seems fair at current values. It's a fine vehicle to own and enjoy. I expect over time it will be a good base value investment but I caution you about buying it for that purpose especially as your growing equity may get offset by ongoing maintenance and insurance etc.. Buy it because you have the passion to be its next custodian.

Best of luck.

C.

1) All Keys, Books, Tools, Full Service records and history?
2) Your assessment of exterior condition out of 10 with 10 being "new"? What flaws if any? Any chips, dings, scratches?
3) Your assessment of interior condition out of 10 with 10 being "new"? What flaws if any? Any tears, marks, scuffing, carpets good?
4) Condition of glass?
5) Condition of seals? Door and windows in particular?
6) Ever smoked in to your knowledge? Wife is ultra sensitive to that.
7) Electrics all ok?
8) Driving all good through gears, clutch etc?

Here are some known flaws with the earlier 550s if you could comment please.

9) Engine hoses weak - often upgraded to 575 hoses. Done?
10) Mounter mounts weak - often upgraded to 575 mounts. Done?
11) Reverse synchro weak - any sychro issues in to reverse gear?
12) Fuel Tank seals fail - any whiff gas around fuel tank area or outside/inside car?
13) Shocks fragile - have these ever been replaced or serviced?
14) OBD2 issues - any CEL (Check Engine Light) lights on or has it been on an OBD reader recently with error codes?
15) Low over hang can damage radiator plug - any damage under front area? Plug ok?
16) Manifold leaks (should cause a CEL) - ok?
17 Timing Belt tensioner weak. Ugraded or checked/change at service?
18) The proverbial dash shrinkage and stickies. Leather ok? Dash all ok?

We also had a discussion regarding the alarm, these tend to have issues when the backup battery expires and leaks on to the board. The alarm light was on so a new alarm was installed when purchased (the second time in 4 years).

 

...wow, Colin, perfect guide for a 550/575 prospect.

In most cases, you'll not find the 100% car, as mentioned before, some issues have to be carried out and fixed after you'll bought the car......


Saluti,

Jürgen

 

I agree with Jurgen. You buy the car but figure it could cost upto $10k to get it sorted out right, assuming you have a PPI on the car to start out with. I am pretty sure your wife would feel comfortable with the 550 as an asset. Not as an investment but as a fairly safe place to put your money.

 

When I was shopping for my 355 I was looking for the highest mileage car I could find with the best inspection results and maintenance records. I paid well under what a lower mile example was going for and couldn't be happier with my decision as I love to drive my cars.

The 550 is a modern classic in my opinion and I'd like to buy one some day as well. Hell, if I could find a higher mileage 550 that's well sorted and has a clean bill of health I'd jump on it right now.

I don't expect the current prices the cars are getting to hold much longer...I feel like the bubble is set to correct (not burst), especially in the Porsche market where you can already see prices coming down a little to move cars.

I guess what I'm trying to say is don't buy the car if you're looking at it as an investment. If you plan on putting some miles on it, you'll probably end up losing money or breaking even on it when it comes to sell after you factor in all the expenses incurred during ownership.

Smiles per gallon, not miles per gallon.

 

I would never say that 550s are moving to $250k in the next year (I have no clue) but I can tell you that the days of buying a well sorted 2001 with under 20k miles for less than $100k are over. $120k is a fair price in today's market. If you want the car, buy it, drive it, enjoy it.

You won't care if it goes down a little. You won't care if it goes up a little. You will care if the chance to buy a really nice, well sorted 2001 at a fair price passes you by.

 

Colin's guide is excellent, and don't be put off assuming there's a strong service history. Per values, 3083 550s were made so limited edition they're not. My 1998 550 (I bought it in 1999 it had one previous owner) dropped to 25K GBP trade at its lowest point in 2003, I didn't sell. Today it is in very rude health, it's mint with 25K miles and has a FHP an option ordered by its first owner. As time passes it's becoming more beautiful.

Over the years she's been joined by some of her more famous siblings - more exotic and more powerful. But my 550 remains very special. For sentimental reasons (it was my first Ferrari) but also because it is a superb GT, probably one of the very best made.

One tiny item. Watch for the Pininfarina badges by the front wing vents. So many used cars for sale have them missing them or have them set half way up the car. I wouldn't not buy a car with missing badges or wonky placement, but a decent owner would make sure the badges were present, and properly set. Enjoy!

 

Ddisimo, think, you have now a very good idea what to expect and how to look on these cars.

Interesting point, mentioned by Bastuna is the production date of the Maranello. It's been said, that later versions are more refined, with some issues already solved. Havn't found until now any prove on that, no datas, when which component of the car has been superseeded. The only visible detail, I found is the changing of the Hifi system in 2000 from Sony to Becker.

If you would limit your interest to the last production year of the car and maybe have an idea of the colour then the market the avaibility is really as well very limited.....


Saluti,

Jürgen

 

The change in the hifi system in mid 2000 supposedly coincides with a change to the wiring harness and some other small changes that are (I was told) a substantial improvement. I have long forgotten what the details are but when I was shopping for a 550, a friend of mine who has owned no less than 3 550s made sure that I was aware of this.

Anyway, there are no "bad" years for a 550 but for whatever reason, the 2001 cars do seem to command a slight premium. However, they are usually better optioned so I'm sure that plays a part as well.

 

I bought my '99 550 about 3 months ago. I enjoy driving it far more than my Testarossa . The car has an impeccable service history with 67k miles on the odo it's condition is near mint. I ran into some 20k mile examples which were not as loved, so from my point of view mileage is not as important as maintenance and care history. That said after a week of ownership the a/c condenser failed requiring a $5100 repair at the dealer. Fortunately the previous owner was fair enough to foot the bill. Nevertheless, buying a used $120k newer sports car like a 911 will still depreciate at a rate more than the cost of yearly maintenance of a 550 ( which I don't think will drop in value).

 

Eventually mileage will matter very little unless you have a sub 1k mile museum piece.

Condition trumps mileage in the long run. Cars can be restored to factory (or better) spec relatively easily.

 

FYI, the electrical system upgrade is the CAN bus system. It coincides with the radio switch.