Advice on 550 purchase

Hello, I am new to the Ferrari world, currently have a couple of Porsches but am interested in buying a 550. They seem to be the best value and also are not as common as 360's. There are a couple for sale in the Chicago area. Prices seem to be all over the place. One is a 99 one a 00. Both under 10k, some service. Any overall advice, the 00 is at a lambo dealer has had belts done 3 yrs ago and currently on ebay. What advice do you have for me?

 

i am would say check the usual stuff lol clutch/service/oil/belts. . . as for belts although it has been changed, i would consider asking them to change it again just to be safe. i would change my belts every 5-6 years. u can never be too careful

i would advise u to buy a low/decent millage car, and of course it must be in good condition.

if u plan to sell it in a few years or so, i would say stick to colours such as red, black, TDF, titanium.

 

MAKE SURE IT HAS ALL THE KEY FOBS!!!!!!!

Checklist:

pulling of the dash behind the instrument cluster, at the windshield.

pulling of the leather on the airbag cover

sticky buttons

lifting plastic around the AC controls

records

no past electrical problems

maintenance.


-Joe

 

Timing belts should be changed every 3 years, according to Ferrari. Whilst this is a little on the conservative side, calling 5-6 years being "on the safe side" is something I would disagree with. 3 years is on the safe side, 4 - 5 should be fine, more than 5 is risking it. If the belts on this car were changed 3 years ago, you MUST let them change them as part of the deal. After all, you don't know this car yet, and this is Ferrari policy so you have a good argument.

Joe's points are all great, especially on the key fobs.

One thing that I personally find very important when buying a Ferrari is the knowledge on Ferraris of the shop you buy it from and their reputation. Try and find out something about them on this forum - it'll give you a much better idea if they would sell you a decent car or a dog.


Onno

 

Qksilver do all 550's at one time or another have those problems?Mine has the airbag and the plastic lifting .I was going to have the airbag redone and get the carbon fiber ac controls.Any other suggestions.

 

Pulling at the dash and airbag is quite common for 550's and 575's (actually, all Ferraris).

-dsd

 

Mike, first thing is I am in West Chester as well! On Saturday mornings we have a little "Cars and coffee" get together. The meeting spot is at the Starbucks in the Giant Supermarket shopping center that is located about 1 mile North of rt1 on 202. Likewise, it is 1/2 south of Otto's BMW at the intersection where Enzo's Italian restaurant is.

I'll have the 550 tomorrow-- It would be great if you could make it!

As for the interior problems-- for the most part they are consistent in the 550's. The pulling of the dash and sticky buttons can be found throughout 355's as well.

A member by the name of Jsuit has been looking/bought a CF AC plate to remedy his lifting problem, so it is possible.

The only suggestion I have now is to come out tomorrow morning... 8 AM sharp! I think Jon (Turbos7903) will be in his Barchetta too. They say three's a crowd, but not in this case!

-Joe

 

Yes I will be there in the Barchetta!!! 550's rule. you will love them. not a testosterone car as much as a 360 but I just dont seem to tire of it like I have other cars. Its the Bentley of the Sport car world!! Jon in Delaware

 

I checked the board this morning a little late.,I may see you guys next week.Thanks for the invite.

 

Yes, you should definitely come out.

There will be plenty of pictures from today.

 

FYI, I have another climate control cover available that is not warped.

It is a U.S. Spec one.

John

 

Mike is your car Yellow? I saw a yellow 550 on 202 around 12:00. It was either you or Stan.

 

California blue ,I was cruisin 202 about that time also.Jsuit I'll take that control just tell me what you want for it thanks.

 

Remember that the 550 is getting rather long in the tooth. Any car in the 8-10 year range has needs. If you are used to newer Porsches you will have to recalibrate your expectations. I loved my 550 for many years but it is a classic car now that the 599 is out. That is not a bad thing, the 550 still feels great, but it is slow in comparison to the 599 and the ASR is agricultural. If you drive fast you will also find the stock brakes completely inadequate compared with any 911. I think the 550 is a value trap - cheap to buy and cheaper to sell over the coming years with not insignificant ongoing needs. If you buy one, have your eyes open and your expectations realistic and then love the car to death because it just looks so good!

 

Great, another 550 to add to the local contingent. See you around.

 

there are a couple of yellow 550s in the area

 

Interesting. If I wanted a reliable daily driver, there is no doubt that I would buy a new Porsche for less money than a used 550.

In my case, I'm looking for a car to buy and hold for a long, long time. In my opinion, the 550 is guaranteed to be a classic. 360's will also be popular because there were so many built, but do we expect 550's to depreciate more than 360's from now on and have higher maintenance costs? In my opinion, 550's have already taken a gigantic depreciation hit. I'm not sure which is more economical to maintain, but I suppose that the extra cylinders will jack up the cost of a 550 tune-up somewhat. A nice Testarossa is still in the $60-75K range and I suspect that is the floor, so is the 550 going to drop into that range? I find that hard to believe, so just where is the floor? I'm guessing maybe $85K? How much is a new 599? If you really have to have one...about $500,000! Talk about potential for depreciation! If you look at contemporaries, which are worth more today: Boxer or 308? Testarossa or 328? 512TR or 348? 550 or 355? 575 or 360? The 12's drop dramatically in price and for a time, almost rival the 8-cylinder contemporary in price, but because they are produced in much smaller numbers and have 12 cylinders, they will maintain their value better when they reach year 15, 20, 25, even though they cost more to maintain.

 

Everything that you say makes sense. I hope you are young and can live long enough for your views to be true. IMVHO no mass production Ferrari has any chance of becoming an investment grade car. None. 8 or 12. The Dino is a clear exception to the number of cylinders rule. Queen Mothers have 12 and have so little love. 308's have a big following because they are cool.

 

Don't buy a 550 as an investment! I'm just trying to limit the expense of an expensive hobby. I just happen to think that the 550 is the best looking Ferrari ever. Add to that 12 cyliders and the fact that the engine doesn't have to come out of the car for routine service and you have a winner if you want a horsey car. I simply cannot imagine buying a car for $200k, driving it fewer than 25K miles and then selling it for $100K. I love these cars, but I don't love them enough to flush money down the toilet. I think that knowing how much money I was losing would easily offset the enjoyment the car would bring.