No Cheap 400s Left?

I like to keep an eye on the market in the UK. This time last year there were quite a few 400is coming onto the market for <£10k. This year I have only seen 1 so far?

A lot of the 400s I've seen they have been asking £20k+ which is very nearly 456 territory over here.

Is the same thing happening in the US or is it just a shortage of 400s in the UK?

 

i think the increase may be worldwide...if you can get a very nice clean one for 25-30k..its worth every penny!!!

 

Not in the US. There are always a number of nice examples available in the 20k range. Cars needing tlc in the low teens.



Darrell.

 

tlc in the low teens?? shoot me over an email when you find one!!

 

A guy I know bought a driving 400 manual for £7500 this weekend, though I haven't seen it yet.

 

http://www.ferrarichat.com/ferrariads/showproduct.php?product=1355&sort=1&cat=12&page=6

 

That one was sold about a year ago

 

Thats not a good example. Mech lein car that needs work.

 

Sorry, but I'm calling BS on that one.

"A number of nice examples" for $20k? I guess it depends on how you define nice. I haven't seen any nice ones at that price. I've seen quite a few that need $10k worth of work at that price, but nice ones? I don't think so.

 

I agree.
My take is $13,000 buys a parts car, for example the hail damaged e-bay car that sold last month for $13,000
$25,000 will buy a "driver" with issues, that will need the $10,000 to make "nice", maybe. ( the car I brought)
If there truly is an original paint, nice, no stories 85 point or better car and it cost over $35,000 plus, it is a fair price in todays market and will be the cheapest car to really own.
With $2,000 windsheilds and $5,000 used 5-speed trans. and engine core, worth $5,000, plus all the trim, etc. It does not make sense that a "nice" car sells for less than its parts. Other wise people will start buying cars just to dismantle, or have they?

 

By the way this examlpe helps "208 gt4" point sense it is an example from last year.

 

and thats from the pro!! thanks dave!!

 

i agree with $20+ for a car needing work. i bought three a month ago. will be interesting just how much i will spend

 

Call bull **** all you want. Do a search on the net. If you noticed, I didn't say "perfectly restored" did I? Everyone is an expert......



Darrell.

 

The fact is , they are unloved cars and the price reflects this. Cars pop up in the mid 20's and people negotiate from there. So it neeeds a bit of work. What old car doesn't? About a year and a half ago I looked at a silver/grey 400 because I wanted the running gear. The car was in decent shape and I most likely could have had it for just over 10k. Deals are still out there.


Darrell.

 

To answer 208GT4's question more directly, I'd say that the prices here on this side of the Atlantic tend to lag (up and down) about a year or so from your own. Thus, while a late model 550 was about 50-55k pounds a year or so ago, they were still between 110-120 USD over here. Now, with the exchange having further tanked, they're closer together. As I gather you're still at that range and we're at about 100k. The same thing happens on the increases in older cars. 365 GT 2 plus 2s and C4s went up in Europe and then caught up here pretty quickly. Boxers have been up over there for at least a couple of years and are (or already have gone up here). On the 400s and to a lesser extent 365s, these cars were so cheap here that they were regularly bought by people lacking the means or interest to keep them running well or who were inclined to buy a bargain Ferrari and tart it up with horses on the fenders and painting the heads, etc...to upmarket its appeal to the masses. That makes a goodly number of them cheap as non- or barely running parts cars. You don't see that phenomena as much in Switzerland or Germany where people buy cars to drive them. Consequently, I think over here you'll see cars at the extremes more ... well loved and maintained cars running from 25-50k USD (13-25k pounds) and crapped out parts cars from 12-15k USD. The 412 is sort of its own market, as the cars have not yet had the time to be run into the ground and are a little less needy of maintenance.

 

That car was here in Houston, I looked at it. Not counting the hail damage, which was extensive, that one had been ridin' hard and put away wet.

 

This is the cheapest one I can find at the moment in the UK at £8,350

http://www.pistonheads.com/sales/186946.htm

There was one sold for £1,300 recently that had been stored some years and had the heads missing from the engine.

 

I wouldn't make any assumptions about a trend from European prices. You're assuming that the currency conversion ratios hold true for collector cars, which they don't -- cars seem to be priced in Europe as if the exchange ratio was $1.10-$1.30 per GBP, when we know that it's closer to $1.80-$2.00 per GBP (so, for example, a Ferrari 308 that would sell for $30k in the US will be priced at GBP28k in the UK, rather than the "correct" GBP15-17k). It's been that way for as long as I can remember. It's surely a great arbitrage opportunity as long as the shipping expense and hassle are worth it in light of the value of the car.

 

hey darrell i found a nice 355 just needs a little tlc buddy for 33k..all day long..
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Kerim, dude. YOU got the deal! <grin>

-Peter (if you ever want to sell that beautiful black beast...)

 

Ha Ha , your a funny guy. I guess if YOU didn't see a car in a certain price range, it must not exist. Oh well, there are always cars available in the mid 20's (Asking). BTW I already have a 355, no need for another.



Darrell.

 

I paid $20K for my 400i and I would certainly call it better than "nice". I will not make it to Barrett Jackson any time but I have not had to put $13K in it (yet). I have a couple thousand miles on it already and I have worked my way through most of the "issues" on my own and with this sites great help. The car had small accident damage at some time but the repair was good and the repaint was pretty good with a couple of exceptions. I have done all my own work so far as with all my previous cars; this one just takes more time and certainly more money.
Ken

 

thxs peter!! i really love it..!!

 

I agree with Dave and Darrell. There are some nice-looking 400s out there at reasonable prices, but most 400s (even if they look nice) are going to set you back another $10-15 grand to bring up to standard if they are needing a major engine service, exhaust, suspension, etc.

I don't like it when people say 400s are unloved - I love mine! Unappreciated maybe, which is good for buyers, but anyone who owns a good one can't help but love it.

Aidan
PS Did someone mention black beast?
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