550 purchase prices?

I am sure there are many comments/articles on this subject, however I am looking to buy a 550, and I want to understand what are the real market prices.
I see cars on ebay and other internet sites for between the mid/high $90's and $130. What I can't see is the value difference.
Does anyone have comments on the real values/selling prices today?

Many thanks
Piers

 

Start by filling out your profile.

Price ranges very due to:

Documentation
Year
Condition
Options (Many high dollar options differences)
U.S. Spec or as close to orriginally intended by manufacture (Euro)
Color
Etc.

J

 

Greetings and welcome!

Elements in 550 pricing include:

1. North America cars versus non-North America - Some say that this should make no difference, but it does. Cars imported though Ferrari North America are covered by the EPA 8 year 80,000 mile emissions warranty and DOT recalls. FNA "don't know you" if you have a non-US car.

2. Earlier cars trade at a discount to newer cars. This is common with Ferraris as the platform is refined during the production run. That said, there were very few changes during the 550 run, many of which were resolved in recalls (Magnesium Wheels, etc.)

3. The major service and having the original cooling hose under the intake plenum are expensive. Having records showing a recent full major and all recalls and known bugs (search FerrariChat) fixed can be worth $5-7K.

4. There were a few pricey options like the carbon fiber interior and well optioned cars can bring small premiums.

Good luck and happy hunting. 550s are fantastic GT cars.

 

OK,
Car A)
2001 Argento black interior daytona seats, 5500 miles full documentation,new belt service, one owner, US spec, no known extras except the quilted parcel shelf. Asking price $129

Car B)
2000, Argento black interior daytona seats, 9000 miles fully documented, service up to date (whatever that means) US spec handling package Tubi, asking price $109.

That looks like a big difference and both cars look to be above 'market' value at the moment.
Thanks for any comments.

 

Impossible to tell without knowing the details, but neither looks to be above current "asking" prices with those low miles. Really nice, well equipped, US 1999s with 10-15K miles are trading hands above $100K. Beware that "US Spec" is not the same as imported into the US by FNA. "US Spec" Ferrari in some years and some models were sold into the middle-east and central America....for some odd reason Florida used exotics dealers have a habit of stocking these "US spec" cars which have been imported from UAE, Costa Rica, etc. With Ferraris you must dig into the details of history and maintenance.

 

There's also a variety in prices due to sellers not knowing what the car is actually worth, or sellers being overly optimistic. On top of that come all the other things mentioned above. As mentioned, you need to do a lot of research. Put them in a spreadsheet to compare price, depreciation, running costs (not the same for each car because some require major service soon and others don't) and so on. Finally you come to a price per month that gives a reasonable foundation for comparison like-for-like.

[BTW: I've got a spreadsheet like that that I promised to post on this site - it'll have to wait until the weekend]

If you are patient and watch the market for a while, you'll see a lot of cars for sale for a long time. If one of them matches your criteria, make an offer. You should be able to get a substantial discount. But also consider where you're buying from. Better to buy a good one from a reputable guy for more money than a 'possibly good one' from someone you don't know/trust.

Good luck with your search! I've had mine one week today and I am loving it!!!!


Onno

 

98 550 149,900CND..High or low??

 

Need more info. Condition of car? Options, miles? Also, the Canadian market may be trading differently than the US market. All those caveats aside, that's a high price for a comparable American-based car. At the current exchange rate that translates to 139K US dollars and wholesale, these cars are now trading at the low to high 80's, depending upon condition and miles. A "high mile car (>20K) might even come in below 80K at the wholesale auction. A sale from a private seller should probably be in the neighborhood of 90-100K, depending upon miles, when the last major was done, whether it is a no-stories car, etc. But in the States, there's no way that car (no matter what the condition and even if the major was done recently) is worth 140K.

 

Here's a loaded one in Argento/Black from the last year before the restrictors were mounted that regularly runs with our local FCA club.
Roy Cats can do amazing things for the negotiating and the financial end, plus his guarantee is unheard of.

Car C)
http://www.catsexotics.com/used_vehicle_details.htm?vehicleId=d6165ed14046387400504f3ccc2ac96c

 

Cars traded in Canada are always more expensive. No clue as to why, but just check prices for normal cars on Autotrader and Canadatrader and you'll see the difference there, too.

 

Even in my native Holland, where cars are much more expensive than most other European countries, a 15,000 mile 1998 car would sell for a lot less than that (you're quoting almost 105k Euro). In Germany, a 1998 car would sell for 65k - 82k Euro (depending on mileage, that is equivalent to 94k - 118k CDN).

As a comparison: for 137k CDN you can buy a 7000 mile 2001 car in Germany. So, yes, for a 1998 car I would call this expensive unless it has incredibly low mileage and/or exceptional trim/options/colour. Mind you, expensive isn't necessarily bad. The car may be exceptional.


Onno

 

I would say considering the situation in Canada, that's not too bad.

The car was sold for quite a bit more than other places due to legal issues, so I guess that's fine.

the car is well worth that for sure.

and in Canada, you never see them! So it's a huge pleasure to have that car. I would loooooove to have my car in Canada... that would be so fun.

Where I live has twisty roads, but I think this car really feel home where you have big roads at higher speeds. (at least I like it....) For twisty roads, I prefer lighter cars.

 

Thinking about that one at Autoforum, Tom?

As you know, the Canadian market is weird. Not enough of these cars for sale up here to really know what they're worth...as well, it's not just a matter of converting US dollars to Canadian by observing the U.S. market...(at least, with the newer cars it ain't!)

Regarding the silver Autoforum 550 I found the colour combo to be nice, the KLMs were a bit high, but that SHOULD make for a better running car. No mention of a major service (or anything like that) in the ad...and I couldn't really tell the condition from the pics. Tubis? # owners? interior leather condition? HISTORY?? recent work? no idea.....

Mine is a 2001, with appx 12K. I'm a nut about making sure the car gets good, regular service. Ive just had my belts done, new tires, Tubis and X-pipe, engine mounts (the Suspension actuators were done by the owner before me, in 04). All work was done by the F dealer (this was important to me, but obviously, less of a concern to someone with your background and skills). However, my colour is a tougher sell than silver.

If I wanted to sell mine, I would not take less than 175 for it (retail).
I base that partially on a depreciated scale of what (and when) I paid for it, plus its condition and service history, and on the prices in the somewhat more active Canadian 575 market.
Who knows how realistic that is?...but I hope I never have to find out!

I don't even want to tell you what I've been offered for mine by a wholesaler...but suffice it to say, with those KLMs, I doubt the Autoforum one was bought wholesale recently for more than 105K......If I wanted to buy that 550, I would offer in the very low 130s range (and depending on the service records, condition, recall work, cash deal?, maybe even go a drop higher or ,more likely, even lower.)

But who really knows??? The last 550 I saw for sale in Toronto was back when I bought mine in early 2005. Back then, I paid over 200K for mine (albeit, at the dealer), and there was a silver 2000 with very high klms (60k+), being offered by a another dealer (not Ferrari dealer) for $155 or so.
I heard that this particular car some some undefined "stories" though, so that (plus the very high klms) might have really affected the potential value.

 

If the market is really that sparse in Canada, then it would obviously have a big effect on the prices. However, is importing from the US not an option then? Being European, I wouldn't know, but 175 really is a lot compared to a similar US car.

It makes my car seem cheap, but the 550 for sale in South Africa for 200k EUR (1.9 million Rand) makes everyone else's pale in comparison.... (you can find it on the official Ferrari used car website if you want to have a look).


Onno

 

Not really looking to buy, but the price did seem a bit on the high side to me. But again, not too many came into the country and if the demand is there then the price goes up.

I do want a 550 but early Diablo's are getting quite tempting.

 

how about this one?
http://cgi.ebay.com/ebaymotors/1998-FERRARI-550-MARANELLO-BLACK-SADDLE-6565-MILES_W0QQitemZ200122296132QQihZ010QQcategoryZ6212QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

 

I was in exactly the same boat!

The other car I was looking at just before I bought the 550 was a 2001 Diablo at the dealer. They had two back then, that purplish one, and a hot orange one.
At the time, all (550 and both Diablos) were about the same price (give or take a few Ks).
Now, in 2007, the Diablo is at the same, if not a tad higher in value as before, and the 550 has gone down $ yet again. If I had bought my car as an investment, I would be very upset....but I don't regret it. I made the right choice for me, and in the end, I'm going to keep the car long term....a first for me in a long time for a toy car.

The lack of respect the Maranello gets in the market never ceases to amaze me, but it makes it even more of a steal to buy one these days!

 

How odd - those cars are not even in the same universe. I understand the attraction of the Diablo but to weigh up Diablo vs. 550 is strange to me. One is an understated sportscar with continent-crushing qualities, the other is an out-and-out-no-compromise-hard-to-drive-for-more-than-an-hour-but-complete-adrenaline-rush beast.


Onno

 

I wonder how low they will go.......

http://cgi.ebay.com/ebaymotors/1999-Ferrari-550-Maranello-29k-miles-Blk-Blk_W0QQitemZ270140964827QQihZ017QQcategoryZ6212QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

http://cgi.ebay.com/ebaymotors/1997-Ferrari-550-Red-Tan-19K-Miles-No-Reserve_W0QQitemZ140134830958QQihZ004QQcategoryZ6212QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

looks like both these cars have a few items in the interior to be addressed, as well as needing to be serviced, but I'd prefer to buy one like that, and have the service done myself. One is in Dallas, near Norwoods!

 

The black-on-black is a bit boring, IMHO (black is a great exterior colour but interior I'm not much of a fan unless the car is Giallo). Also has more miles than I would prefer. The red-on-tan looks nice enough. Are you going to check them out?


Onno

 

The red tan 550 isn't for me. I prefer the black TAN. These prices seem more realistic, from what I've seen. I'd buy one like these though, that needs a service. Near Norwood's is a bonus, to me.
J

 

Black/tan is very nice - I considered a car in Germany with that combination. Nero Daytona (metallic black) is a lot nicer still, IMHO.

I can understand you don't like the Rosso/Beige - personally, I don't think the 550 looks its best in red, but there are plenty of people who disagree with me


Onno