550s Below $100k?

When are you gonna get one of those Grouch masks and make the dealer rounds again?

It's been long enough, right 410SA?

 

compared to a 348 spider maybe about the same value, about $65K plus or minus; time will tell. some older 550s may already be valued on par with 355 spiders or less. what is the current general value of a 355 spider right now? about $90K? in my layperson's opinion, a 550 today at 90K is going to go down much farther.

all i was saying was a possible dip to $65-$70k within perhaps 3 to 5 years for the 550 is pretty durn cheap, ie, entry level. $65K seems very plausible to me. that's not much more than some later model 328s presently.

maybe you are thinking only of the 308s, 308 GT4s and Mondials as entry-level Ferraris. indeed, they are. my idea may be a bit broader a spectrum than yours, to include cars that range a little higher.

 

hello, darth.

i'm typically quite happy to make dealer rounds. not grouchy.

 

oops....Grouch-O. You're a smart cookie. You know what I meant....
Image Unavailable, Please Login

 

Are you sure Ferrari developed proprietary diagnostic software/electronics for these cars?

My mechanic (independent) has a 550 in the shop now. I'll ask next time I see him.

And yes, I know that "a computer readout alone cannot fix the car and cannot replace experience".

 

thank you, darth. i see my fan club has arrived.

 

Bullfighter, please ask your mechanic so we can have the full story behind the SD2/SD3 software. i'd like to know as well. i think SD1 is for Maserati. ask him if there are any specific major services that the software is necessary/useful for, and on what terms this software is acquired from the manufacturer. i've even heard of SD5.

 

Thanks, your post was helpful.

 

SD-1 is for the early computerized cars. SD-2 and SD-3 are newer and include SD-1.

The only cars which can't be serviced using a standard OBD-II scanner are the 1995 355 and 456s (and maybe some 348s?) Those cars do have to go someone with an SD scanner, but I'm fairly sure the later cars can be handled by most independents.

 

1995 355's and Challenge 355's running M2.7 are OBDI cars. All 348's are OBDI cars (some M2.5 later models M2.7). Ditto for F-50's and early 456's and 512TR's and 512M's.

OBDI cars can display your error codes on your dash. So you don't even need to take your car into a shop.


In contrast, OBDII cars require a scanner (a simple OBDII scanner on Amazon.com will set you back $30 and do just what you need). No big deal.

You need the specialized Ferrari tools, however, to diagnose/set F1 trannies and perhaps even some late model ABS systems (the ABS systems on the older OBDI cars can likewise display their error codes on your dash).

 

While, I don't believe quality 550s will go as low as you do, I now completely understands what you were saying. My apologizes.

Speaking of spiders, how far down do you think the Barchettas will go?

John

 

Jsuit, no worries.

Barchettas 3-5yrs may easily see $180k or less. i think both the coupes and barchettas have at least that many years to drop.

i think they're among the best F-cars to get used, even if with high miles. i'm eyeing them for this very reason. my comparision to the 3x8 is as well in years since new. i think a good many 20yr+ old 550s will be ripe for dramatic repairs that will be staggering. but that is my layperson's, non-owner's, opinion.

 

Okay, let’s clear the air here. Four years ago, I was in the same shoes as some of you. That is, I was on the outside looking in. I was thinking about buying a Ferrari, but I was scared to death of getting my ass handed to me.

In fact, I had given up. In 2000, I had come this close to buying a 1960 PF Coupe. This car was the first Ferrari ever imported to Japan, and I would be buying from the original owner. The deal was $60k for the car with its original tool kit, or $50k for the car without the tool kit. I ended up talking about the car with Tom Shaughnessy, who assured me that he would pay $10k for the tool kit, no questions asked.

I bailed. I figured that any game where the buy in was $10k for a POS tool kit was too rich for me.

The joke is that Tom later brokered the sale of that same car, which now is fully restored and worth, what, $250k? I’m not sure because I have not kept up with PF coupes. But a fully restored outside plug car with disk brakes has got to be worth a whole lot more than $60k.

However, in 2003, I was feeling white trash rich, and I started looking at a silver/burgundy 1998 Maranello at FOH that was listed for $140k. Long story short, six month later Joe Maniaci earned the hardest commission dollars of his life when I brought the car for $115k.

Trust me, I was scared to death. After all, I’m an accountant by trade. You know, rational thinking and all that.

So, looking back, am I upset that the car for which I paid $115k is now worth $85k? Nope.

Am I upset because this same car is currently in the shop? Nope.

Why am I cool with the deal? Beats me.

The bottom line (sic) is that there are only two rational excuses for buying a Ferrari:

1. Because you can, and

2. Because you want to.

That’s it. Anything else is mental masturbation.

Don’t believe me? Let me give you another story: There is a poster here on F-Chat who has even more posts than I do, and he doesn’t own a Ferrari. I ain’t gonna say his name, but he has this very weird thing about cats and fish. (I actually like the guy, but he really does have an unusual job.)

Long story short, he has had a hard on for a GTC ever since day he was born. He has got the dough, but can’t pull the trigger.

Well, two years ago, a buddy and I found a #3 GTC for, say, $90k. I offered to flip it to my F-Chat buddy for almost no markup, but he just couldn’t do it.

So, my buddy and I brought the car and have put a few more bucks into it. I figure that it is now worth at least $140k.

But here's the punch line. It ain’t for sale, not for $140k, not for $240k.

What is the point of all this?

Just frigging do it. A Ferrari is just a car. They are very unique. They are unlike any other car that you will ever drive. But at the end of the day, they are stupid money cars. They ARE NOT investments. Buying a Ferrari is not rational. It is not quite as dumb as snorting dollars up your nose or driving 180 mph on public roads. But, have no doubt, buying any Ferrari is dumb, dumb, dumb.

To prove a point, when I brought the Maranello, I could have brought a Porsche Turbo. Is the Ferrari a better car than the Turbo? No way. The Porsche Turbo is one hella of car. But, do I regret buying the Maranello?

What do you think?

At the end of the day, I get to go out to my garage and fire up the Shark at 5:30 am on Sunday morning and go hunting.

You don’t.

Dale

 

? Looks like it's just conversation or as you said, "Masturbation"....

 

Well, somebody has to take up the slack from what's his name. You know the 550 guy in LA. I haven't been around that much, but I haven't seen him.

Dale

 

He was selling too.....

 

Dr. Who,

I like your post, it's one I've been living by as well.

Regards,

Art S.

PS. Bring yourself and your GTC over to Tom Yang's site if you want to talk to like minds

 

well put and good accounts.

i agree with you. lots of people remain on the sidelines indefinitely with cold feet, holding out for that "right" time to buy and it never comes for them. like any risk, one must finally decide to just take the Nestea plunge and do it. for some that time has yet to arrive. for others it never arrives, becoming a self-fulfilling prophecy of self-denial.

 

You tell 'em!

Speaking of which...

 

That's about it......

 

I don't think you need a large toilet stall to host these montly meetings

 

Dale - I think you are exactly right about buying and owning a Ferrari. Of course some people get in over their heads, either because they haven't done their homework or because they are living too close to the edge in general. $80-90k is a lot of money for a toy, but manufacturers such as M-B, Porsche and BMW seem to believe that a lot of people will part with that much or more for a car that probably isn't a daily driver. And really, who among us could say no to a nearly new Ferrari for the price of a BMW?

Also, about that vulture fund - we've been clearing the decks for something like that, too.

 

Hello guys. It has been a long time since I have posted here. I just listed my 550 on ebay with a $85K reserve. Take a look if you are interested.

http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=140155787248&ssPageName=ADME:L:LCA:MOTORS:1123

I bought a Bentley CGT a little while ago and just do not seem to be driving it any more. Too many toys and not enough time in the day

Why let it sit there if someone else can enjoy it.

Adam A

 

see, there are ones for < $100k ... end of thread

 

I always enjoy reading your posts. It hasn't changed today.


Formerly Tomf-1