Value of a 612 with an accident reported

20% hit in value, maybe more.

 

IMHO, It depends on the extent of the damage. If a fender got bent in a parking lot, the hit to the value should not be 20%, it should be 5-10%. The more the damage, the more the paintwork, the bigger the hit to value.

 

20% is insane! Maybe for a salvage title car but just a minor hit would be about zero to 5%.

 

if any accident shows up on the carfax then its a big issue for most buyers. The car now has a "story". There are plenty of cars with no stories so most buyers will not bother over $5k on a $100k purchase.
We have seen many examples on this site. A truly awesome car, fixed properly by a Ferrari dealer, still stuggle to sell at a discount.

I concede there are many valid opinons here but at the end of the day the car is worth less.
I would think more than $5k less on a 612

Also be prepared to deal with it again at resale.

 

Might not seem fair but 10-20% is for an accident. 35%-50% for salvage.

Go look at past sales and current offerings.

I imagine that Ferrari's are a special market and buyer. The buyer is looking for his dream car and has the resources to purchase it. His dream didnt consider a damaged car and he doesn't need to save 10% to buy it.

There will always be exceptions but to say 20% is excessive I dont think is correct. If it was on a 458 you can bet on it.

 

Does the seller have a damage/repair report that could accompany the car forever? If not, -30% covers you for future resale. If so, you have a basis to adjust your "discount" to something not as much. In either event, you might find yourself competing with potential buyers who are either naive or not as conservative as you. Good luck. Maybe it was not meant to be.

 

OK, I am back... and I stand by my claim and I am 25+ years in the business at all levels (auto engineer, mechanic, buyer, seller of exotics, etc.). Yes, and I own a 612 and yes I rebuild them, service them, etc...

A 2005 612 is no longer a "dream car". Unless it is a manual, it is worth less than $100K . Likely as little as $80K. And realistically, it will never be collectible. Not really "dream car" $'s anymore (though I acknowledge that is somewhat relative) but not more $ than a new top end Lexus.

Also, a 2005 Ferrari it is far from a new car. And any car getting that old can have seen, unseen or hidden issues. Whether it has a Carfax event or not. Plus, the damage is what really matters. I know maybe for the skittish, they run and can't investigate. But almost every car gets some sort of damage at some point. And many would never make it into Carfax because people have "their friend in the business" address it to try to avoid this so called 20% tax. As such, it is a somewhat B.S. notion and thus B.S. question to look for the "how much %, please help me ponder notion"

Again, what matters is the seriousness of the damage. And the quality of the repair. Yes, is the damage was extensive, that is a serious concern. But remember, these cars "salvage out" for not much damage at all (due to high cost of parts and repairs). So, if is isn't a salvage (due to collision) title, it didn't take any sort of major hit.

As for me, I'd be more concerned about the invisible (i.e. car run low on oil, clutch abuse, run hot due to coolant leak, or just driven by an idiot) than I would about the visible. Service records, getting to know the seller, and a detailed pre-purchase inspection are key for attempting to uncover those concerns.

My conclusion and recommendation for this inquiry: If you can't evaluate (or have evaluated) a car, and close a mere $5K difference in the asking price, I'd not stress yourself further by getting into an exotic. I'd stick to the "non-dream" cars as $5K is quite inconsequential in the grand scheme of regular driving and maintenance costs on a 612. It's a set of front brakes.

That new Lexus may be sounding pretty good right now...

 

Eddie - I think you really know the answer is that this car is not for you. There are plenty of gen 1 612s with no stories which can are available for very reasonable prices so unless there is some other reason - MT, great color combination etc. why put yourself through the masinations on this deal?

 

The % discount really depends on how extensive the damage is. For example, my Diablo was in a stoplight bump over a decade before I bought it, and a CarFax is so vague that everything looks bad.

The owner provided me with the repair invoice from Lamborghini Manhattan for $6,300....which was almost nothing on an exotic from a New York city dealer.

So should the car be discounted 25-30%? Of course not.

 

I owned an fcar at one point with a significant accident, perfectly repaired. What really mattered to me was seeing half a decade of consistent driving by the original owner after the accident. If the car was repaired and then driven as it was prior by the same owner for an extended period of time before being offered for sale, I'd be comfortable. If however the owner's driving habits changed significantly post repair, returned to the shop more often or was put up for sale shortly after repair, I'd run. It's binary, either the car was repaired to original, at least as perceived by the senses, or it was not.

Who cares if an early 612 will ever be collectable. They're at the shallowest point in their depreciation curve, plenty of parts availability, highly reliable and perform very well. Very, very versatile cars. Of the ferrari's I've owned, this is the the one I'd do again, albeit OTO next time.

 

I agree with randkin and flat_plane_eddie on this one. If I was Eddie and only wanting to keep the car for a year or 2 then I wouldn't touch it on any basis. It has a "story" and that automatically eliminates a whole group of buyers on resale. Better to pay more for a car without a story and resell it for more to a wider audience. Makes life easier and, at the end of the day, the net cost of ownership will be no worse.

If on the other hand I was wanting a car for a long term hold (and I agree with Piper it is an awesome car for that purpose--I have one and that is my intent), then I might be interested at the right price. But there would have to be a serious discount (easily 20 to 30%) or why would I be interested--there are a lot of fish in the sea with no stories, as randkin pointed out.

Putting some numbers out here, Eddie said that it was "a 2005 with 16k miles, clutch is 24% worn and it needs a major and stickies". That car with that needed work cannot be worth any more than $80K, without the accident. So for me, if I got it for $60K, I might be interested if I wanted it as a keeper, but otherwise I would default to all the other fish in the sea for only $20K more. Head to head no one is going to pay the same price for a car without an accident as a car with an accident, that would be illogical.

 

Far as I know, yes, but the collective wisdom here will give you a better overall answer. I've had four F1 cars, no faults but did have an expensive leak on an actuator once. Gasket was cheap but had to drop the undercarriage to get to it.

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I have had my 612 for about a year and a half with no major issues. It just went through its second annual physical under my stewardship and my mechanic found no issues and said it is in great condition. I drive it 2 or 3 times a week and alternate between automatic shifts (always in sport mode) and doing the paddles manually (depending on my mood). I drive it to work and around town on the weekends and only do a little freeway. I suspect that type of driving is harder on the F1 than long distance driving.

 

This whole discussion is one reason I personally would never buy a car on Ebay. For me it is just too much money to spend on a car you are really just taking on faith unless it is a CPO car from a dealer. I would rather spend more money and be able to kick all the tires and due the PPI etc.

I have a good friend who I have told perhaps 20 times not to buy a car on EBay because you mainly can't do a PPI. But he did just a couple weeks ago - got GREAT deal on the car. Now two weeks later it is now in the dealer with a totaled engine looking for a replacement engine. Fortunately he did not spend much on the car but he is taking it hard even though not so much money. He has a problem with face and looks kind of foolish to his wife, me and his other friends. I am biting my tongue not saying I told you so but he knows it just the same.

 

I bought a couple of cars on E Bay with very good results. However, they were both low mileage Mercedes with at least a year left on the factory warranties. So in that case, as long as you get a lot of pictures showing no body or interior damage and a clean Car Fax, then the real risk is mechanical and the expensive stuff should be covered by the bumper to bumper warranty (though in both cases i never had to use it.)

 

Yeah, but in your case you still had the mfg warrantee and carfax to fall back on along with low mileage. Often on EBay there is no opportunity to do a PPI. If the car can be inspected that should substantially reduce the risk but that is not usually the case. Keep in mind most cars are not with issues but who wants to get stuck with the low percentage that are problems just to save a few bucks.

I guess I am not much of a gambler I don't want to waste time or money on a car with issues. My friend thought the mfg of the car produced bullet proof cars and went on the reputation of the mfg, well all cars can be poorly or improperly maintained which he found out the hard way.