What am I missing here? Milegae keeping this from being agreat deal?

Discussion in 'Boxers/TR/M' started by Cadillacbart, May 19, 2017.

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  1. Cadillacbart

    Cadillacbart Formula Junior
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    Please help me understand why this car is priced so well. Am I missing red flags? Apologies for the misspelling in the thread title.

    1988 Ferrari Testarossa | eBay
     
  2. Rifledriver

    Rifledriver Two Time F1 World Champ

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    #2 Rifledriver, May 19, 2017
    Last edited: May 19, 2017
    Well mileage is certainly part of it. I have a client wants to sell his beautiful 550. It has a little over 20k miles and the value takes a big hit for that. Not a lot of miles but the market is the market. I would imagine 60k + in a TR is the same thing. A lot of cars out there with far less and people will gravitate to those. Also, I always pay close attention to the photo array and this one is a good example. Not a single photo that shows well the typical problem areas of the car. The interior photos dont show the drivers seat or the dash from any angle that allows seeing the true condition. No pictures of under the hood. How many people look at a Ferrari even casually and don't look under the hood? And many exterior pictures with poor lighting.

    Almost no mention of the cars history or service history.

    And, right or wrong, you can put me down in the column of people who distrust every car dealer in Florida, the Bermuda triangle of crooked Ferrari sales.

    It might be a great car but there are a lot of red flags.
     
  3. TestaLA

    TestaLA Karting
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    I see wear on the steering wheel which means most likely dash wear or maybe some wear between the seats. If it has a clean car fax and good PPI AND you can deal with the mileage I say pull the trigger, no doubt....

    Well a little doubt. I am all but certain the diff wasnt upgraded but you can do that when you take it for an engine out. I would add 10K to the price (for engine out, diff, and repairs). Throw in another 5k for repairs if you want to be on the safe side, that should really cover everything
     
  4. Shamile

    Shamile F1 Veteran

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    #4 Shamile, May 19, 2017
    Last edited: May 19, 2017
    This car is being sold by the Koenigsegg service center and the same people that service my Lamborghini Murcielago Roadster and Ferrari Testarossa.

    The owner is Gabe Morales, the former head tech at Ferrari of Central Florida and worked on my Testarossa there.
    I can't speak for the car as I haven't seen it but I can speak for the shop.

    Shamile

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  5. OptimusPrime

    OptimusPrime Karting

    May 10, 2011
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    I went and looked at the car for another buyer as I live near by. Very reputable shop and high quality service, amazed that they service 6 Konig Sig's. The car is priced right as it is a bit tired and needs some cosmetic care. Needs a paint job and there is paint sprayed over damage on bumper without repairing the damage. I thought that there was touch up paint done in several places. There was some leather pulling back in the usual spot in front window corners and some scratches on the bottom piece under exhaust. also there was red paint showing behind grill and it looks like it might have been sprayed red and then black and the black is now peeling off. Door seals are pulling apart also. Back bumper paint near license plate has weathered off and need to be painted. Back grill is half black anodize and half bead blasted or something aluminum...not finished with what they were atempting to do. Same with grill on top of back bonnet. bead blasted aluminum and not black anodized. Antenna on back side window..not sure if a wire goes through window but looks like it. One front panel is not aligned perfect by wheel, about 1/4" mis aligned. The front shroud is scrapped up underneath and needs to be repaired or replaced.

    So I figure, $10-15K paint job and cosmetic fixes, and another $5K for parts. I did not see any information about a one piece diff and it did not look like a fuse box upgrade, but I might be wrong. Engine looks clean and everything there. I did not drive it or hear it run as potential buyer would have done a PPI if interested.

    Tom
     
  6. lear60man

    lear60man Formula 3

    May 29, 2004
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    60,000 miles will turn off a lot of TR buyers so the price was adjusted accordingly. Money can fix a lot of issues, but high mileage isnt one of them.

    Yes I know 60k isnt a lot of miles in the real world. But this car has double the miles of its average counterpart on Ebay at the moment and is the highest mileage example. Average asking price is $128,800 with an average of 26000 miles. Thats todays Ebay snapshot.

    So it could be argued that every mile cost the previous owner $1.40 in depreciation.
     
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  8. godabitibi

    godabitibi F1 Veteran
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    And from Optimusprime's description, in my mind it is still priced too high.
     
  9. Shamile

    Shamile F1 Veteran

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    Even on the website Car Guru's, the cheapest Testarossa is 100k. I guess this is just the market now.

    Shamile

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  10. godabitibi

    godabitibi F1 Veteran
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    But are they selling?
     
  11. Shamile

    Shamile F1 Veteran

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    Well, I guess since the OP started the thread wanting to pull the trigger, I would say yes.

    ....and this price point is now the entry-level given the "what am I missing here" presumption that the car is too cheap.


    Shamile

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  12. godabitibi

    godabitibi F1 Veteran
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    Well, I guess you're right.
     
  13. Newman

    Newman F1 World Champ
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    I think Claude meant "are the cars selling in the 100's" or is it just asking.
     
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  15. godabitibi

    godabitibi F1 Veteran
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    Yes Paul, and I mean the actual car in the condition described with this mileage. Need a paint job, need leather work, diff and ALL other stuff. These cars are for bottom feeders DIY guys like me and not willing to pay much. I would personally not pay the asking price. But that is just me and I may be wrong and anyway I think I'm forever out ot it.
     
  16. Rifledriver

    Rifledriver Two Time F1 World Champ

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    I wouldn't either, I don't think the numbers add up. Besides to me an original, great, well kept, well owned car, even if it needs a differential update and a big service is worth a substantial bump in price. I'll take good original over all redone any day.
     
  17. blkdiablo33

    blkdiablo33 Formula 3

    Jul 12, 2004
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    Agreed
     
  18. Schulz308

    Schulz308 Formula Junior

    May 21, 2014
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    IMO
    The high mile rough Testas are NOT selling easy right now and some dealers have stopped buying or even taking them on trade. Prices are still dropping now and It will pick up again but mostly the very correct examples are selling to very decerning enthusiasts.

    The OP might do well going to the auction to buy rather than dealer. He may even find the exact car arrives back on the block again.
     
  19. godabitibi

    godabitibi F1 Veteran
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    I totally understand and agree with you on this but....
    For exemple, in my case I'd prefer a car in need like this one at a cheaper price and enjoy it as much as possible without any fear of damaging or ruining it because I use it a lot or as I want to. It was one of the reason that motivated me to sell my testarossa, it was too nice and low miles for me to enjoy as I would have like.
    I won't do that mistake again. I'm not a collector I'm a car guy.
     
  20. Cadillacbart

    Cadillacbart Formula Junior
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    Appreciate all the replies. This does feel like an entry level car, warts and all. I'm a DIY guy, and enjoy challenges, but I may keep looking for one at a higher price with a bit less risk, or as noted above, this car may present a better "deal" in the future.
    It IS tempting, assuming you could get into the car for maybe $75K, at least $25K back of the next nearest car.
    I've done dumber things...
    :)
     
  21. Rifledriver

    Rifledriver Two Time F1 World Champ

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    I am not a collector either. Car guys like nice cars too. My pick up truck is my daily driver and shop truck with 120,000 miles and is better than that TR. Sorry, I just don't drive wrecks.
     
  22. Shamile

    Shamile F1 Veteran

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    While I wouldn't say to go for this car, I will say based on market forces, this looks like the bottom of the market now.
    The Testarossa is no longer "just a used Ferrari" but a stamped collectable and will trade up and down like any other in this commodity space....collector cars, artwork etc.

    While still the bottom of the collectables, why can a Dino, Daytona, 365 and BB512 go up in value looking at the historical value trend line...but this not apply to the Testarossa series?

    While others have said they're not selling but with good economic times that we're in, I don't see sellers motivated to dump. So, if you want a Testarossa, you're going to have buy into this market. As Lear has said, the average price is $128,800 then use that as a baseline for a really good but not a "time capsule" car.

    Usually, the cheapest car ends up being the most expensive. Testarossa parts are expensive and interior parts even more and hard to find Buy a car that already has everything. The 5-8 grand extra in the asking is nothing compared to adding it later.

    I hope this helps you find the right Testarossa!

    Shamile

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  23. Schulz308

    Schulz308 Formula Junior

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    FYI. the car in question is still unsold. I would offer 60K and leave it as an open offer
     
  24. Schulz308

    Schulz308 Formula Junior

    May 21, 2014
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    Been a while and the car is still unsold. They will have to choose whether to spend money on the old gal or drop her off at the pool, Keep an eye on the Auction listings!
     
  25. Cadillacbart

    Cadillacbart Formula Junior
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    This car has no re-surfaced yet, to my knowledge. Perhaps they are going the route of fixing her up.
     
  26. Melvok

    Melvok F1 Veteran
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    There is no bottom Shamile ... yet.

    Prices continue to fall ... till old day's prices. Only the very few pristine cars will stay high ...
     

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