1997 550 For Sale

don't you think in 5 years 599s will be the cheap ticket into mega performance? by then also 575s will be under 100K. hard to imagine 550s will be much more valuable in 5 years. they would not yet be classic cars, just old used cars...?

john

 

Is this really where prices are for decent 550? I guess I'm not following prices closely enought lately. Maybe it's time to trade my 456 for a 550 which is what I really want. I've got a '95 456 with about 30k miles on it. Supposedly worth about $65,000 retail I've been told. If I could get an equivalent condition 550 in decent color for that, I'd be all over it. I sure hope 550's continue to drop as I'd love to own one.

Alberto

 

Another potential 550 comparison point. 1998 550, 36Kmiles was for sale in Orange Cty, CA asking $79,900. Silver/black daytona seats. Don't know where the sale ended up, but info only.

 

yeah me too i don't think 550s are quite there yet.

 

I too was surprised by the value (or relative lack thereof) of an early 550. Probably my first error is going by asking prices rather than selling prices, a seller can ask whatever they want but the buyers determine the true value of the car.

Anyway, when you look at what you can buy for the same price, I would have to think that prices would be about as low as they will ever be for a nice 550 with miles. Just a few examples of what you could buy in a sports car if you had to spend $75k on a toy. The 550 would easily be my pick over all of these non-Ferraris.

a new Z06
a new XKR
the upcoming Nissan GTR
an as-new NSX
late-model 911 Turbo
low mile Maserati GS

Even among Ferraris the price seems low. It is doubtful you could find a comparable 360 for that price, even a F1 355 Spyder would likely be at least as much. Not to mention a 512TR. In a world where excellent 328's are pushing $70k, a ten-year newer V12 Ferrari with nearly twice the horsepower seems like a real deal these days.

I would also guess 30k miles on a 550 engine would still be peanuts, the hard parts of the car should be good for probably 150k before needing overhaul, leaving a lot of life yet in the engine, correct?

 

My point is that 550s are close to their bottom on the depreciation curve. They may slide a bit more, but probably not much. And, yes, 575s still have a ways to go.

A 599? In five years, a good 599 will be selling for above $200k, maybe even $300k. Not only are 599s going for $500k new, but they are, for all practical purposes, an Enzo, which still sell for above $1MM.

Plus, wanna guess how much the Enzo replacement will sell for? I wouldn't be surprised if they go for over $2mm. No lie!

Still wanna look into the crystal ball? I'm guessing that the next sale of a 250 GTO will be over $20mm.

Sooner or later, the trickle down effect will hit the Luca Ferraris like the 550s.

Dale

 

There is no doubt that a 550 is the best bang for the buck in the Ferrari world today, and I'm not saying that just because I own one.

Dale

 

if i had a chalkboard...i promise never to say that again. i promise never to say that again. i promise never to say that again. i promise never to say that again. i promise never to say that again. i promise never to say that again. i promise never to say that again. i promise never to say that again. i promise never to say that again. i promise never to say that again. i promise never to say that again. i promise never to say that again...

 

+1

 

Bingo! I agree with that man!

 

I'd take that bet on the 599. No way are they going to be even $200k in 5 years (well, not the ones from the first model year anyway, the new ones will still be $275ish depending on how you option them)! They won't be current nice used 575 prices either (about $150k/$160k?), but they won't be $200k either. 550's will continue to drop but very slowly. How many 400/412 owners thought their cars would always be worth tons and would ANYONE of them have guessed that in 2008 dollars their cars would be available in the TEEN's?! I doubt it. What would that make them in mid 80's dollars? $4k, $8k? Who would have thought???

I have no idea why the V8's seem to hold value better. Maybe Magnum PI and the fact that those actually get raced (though I did prefer and LOVED seeing the 550's in the Le Mans races!) keeps them more expensive. I agree that you can hardly beat the deal that 550's are right now, and will continue to be for the long term.

How many 550's were built? TONS! Ferrari keeps building newer and better cars too that look very much like the 550/575...that alone should assure you that prices will keep pushing down and down though at an ever slower pace. Hard to see that with 599's right now since there are folks scalping the crap out of them, but trust me it will happen... unless Ferrari decides next year they have built enough of them and they are done with that model.

As for other super cars that are a great deal right now. I would say the Porsche 996 Twin Turbo's would be hard to beat! They are quite impressive. Much lighter and every bit as powerful as the 550 and way quicker. They big thing they are missing is the horse on the hood, but they are IMPRESSIVE! Get a good one for about $65k I guess these days...

The new Nissan GTR. Well, could they have made that car much uglier? YMMV, but to my eye that is just a disaster. NSX, while cheap is not even close to the same league as the F-cars and P-cars. New ZO-6 vette. Impressive but still wears a bow tie badge and give that thing 5 years and pick one up for pennies as a track beater car! Gotta love the Jag, but it will loose value SUPER FAST and really does not come close to the P/F cars either. Love to have one though!

Not trying to offend anyone, just calling them like I see them based on some historical perspective and production volume numbers...A GTO over $20MM would not surprise me. Might take another 5 years for that to happen, but they will get there!

YMMV,
James
Austin, TX

 

Don't bet the ranch on this one. Keep in mind that it is a global market now-a-days. The days of the the American market calling the shots are over. The future belongs to the NWBs (new world billionaires)

I have heard rumors that there is a deal working right now for $25mm. Remember, the rich are different from you and me.

Dale

 

Don't you mean the RAVs?

 

Very simple: most people want to own a Ferrari for an occasional blat around the country with screaming engine noise AND/OR they want to pose. Either way, they are looking for instant gratification. The V12 Ferrari's offer less of this, they are more geared towards stylish long distance trips or daily driving. Particularly the modern V12s (456, 550, 612) are quite inconspicuous in comparison with a V8 Ferrari. By far most people having $100k to spend rather buy a 360 Modena than a 550, even if the 360 is dearer, just because it gives them more status in the eye of the jealous peers.

3,600 550's were built, not including the 448 Barchetta's. That is 1/3 of the production of the 360 Modena and hardly what I would call "TONS!". Granted, the 575 is the same car in many respects but even so the argument that they are plentiful which causes the price to drop is null and void since the cars you are comparing them too have all been built in higher numbers. It is not production numbers but desirability that decides the market price. I think your point on the 400 series is well made and 550's are not likely to see higher values soon.

As for the 599: it all depends on the successor to it. If it is again a quantum leap improvement, as the 599 was over the 575, then the 599 will drop in price quicker. But the general trend will, I agree, as with all V12s: massive depreciation. Maybe I should starting saving up for that 599 in 5 years time...


Onno

 

No, I haven't heard this one. Must because I live in a cave.

While I hate to ruin a thread with facts, I feel I must. Fact number one, 599s are going for $100K+ over sticker in the US, and the dealers could easily sell more if they had the allotment. Fact number two, the 599 has more in common with the Enzo, including the engine, than the 575.

Now for some conjecture. Because 5-year old Enzos are still selling for over $1MM, which is $300k over sticker, it seems to be a reasonable bet that the sticker on the Enzo replacement will be in excess of $1MM. In fact, I wouldn't be surprised if the sticker is over $2MM.

Now, technology being what it is, namely tires, I'm guessing that this new $2MM Enzo will not be that much faster than the current $500K 599. Maybe 2/10s of a second faster in 0 to 60? Have you ever tried to imagine 2/10s of a second? Do you see where I'm going with this?

So, here's the bet, if in five years the asking price in the Ferrari Market Letter for 599s is not over $300k, I'll buy the first round.

Think carefully before you take this bet. In 2003, 360 Spiders were going for $100k over sticker. Today, the FML asking price is right at sticker.

It is a different world, today.

Dale

 

Russians Arabs and Villains.

 

Ah so!

Dale

PS Wait a minute. Does this mean that the Russians and Arabs are not villains?

 

I don't know about the 599 - I have a feeling that one isn't dropping anytime soon - but five years to a 612 seems entirely plausible.

<shaking head> Good 550s below $90k. Wow. Trigger, meet finger.

 

Dale I'll take you up on that first round... Because unless Ferrari STOPS making the 599 when they get to 399 of them then guess what bro', there will be more than enough out there and the price will just keep creeping down and down. It will have to creep a very long way before I can afford one, but never the less it will move down and down. As noted by another poster, if the follow on car is a quantum leap ahead of the 599 then there will be a pretty big initial hit to the 599's. I can't imagine that happening, but again, I doubt any of the guys that bought 575's brand new thought something like the 599 would come out and be such a huge leap ahead of them either!

You can not compare the used prices of cars that are built in the low hundreds to cars who have build volumes in the many thousands. Who knows how many 599's will be produced, but I bet the Ferrari actuaries (do they even HAVE those guys?!) are planning a product run above 5,000 units over the life of the model!

Personally I hope the 599's get cheap fast or that I win the lottery so I can buy one! ;-) They are AWESOME looking cars.

Did any of you guys watch the History Channel (or was it Nat. Geo???) Ultimate Factories: Ferrari? They follow a 599 all the way through production...VERY COOL!

James
Austin, TX

 

Sent you a PM

 

Agree

Disagree

In 5 years the 550 will be moving up or down similarly to the 308's moves = not very significant. Correct me please, but the 3x8 series has remained at that relative level for years; very gradual and snail's pace movement.

IMHO, when the 550 finds it's bottom, it will not suddenly start to climb. It will remain stuck there for quite a while. It will languish at the bottom.

IMHO, we haven't even seen the bottom yet for those. It will go below 70 thousand. And everyone will start threads about how "shocking" it is, even when the V12 is (perhaps) discontinued.

People say the 575 has yet a ways to go to find bottom. So does the 550.

yes, this is an opinion I may be entirely wrong but I don't think so.

And the 599 will drop, too, but because it has the Enzo engine it will not go nearly as low as the 550. Had it not the Enzo engine attached to it, it would drop just like the 575; at least very similarly. Association with Enzo DNA will stave off overly-dramatic downs in it's journey to the bottom.



If you want your bargain 550, I'd wait even longer.

 

is this car still sittting up there?

 

NOPE, SOLD

 

No, it's not. At least not where I live, in the Netherlands. Sticker price of a 2003 360 F1 Modena was 188k Euro without options. Price now is 110k. If we look across the border to Germany (where taxes are not so ridiculous) then sticker was 121k, and price today is 80k.

And anyway, you can't compare 8 cylinders with 12, they hold their value much better.

I will take your bet on below $300k in 5 years. Although I will grant you that the 599 will hold its value better than the 575, the fact of the matter is that these cars are not about how good they are. The value is about novelty - as soon as the next toy is out, values plummet. Most people who can't afford a new Ferrari will not shell out $300k for a second-hand one. The market for "almost new" is just a lot smaller than "brand new"; if people have waited a couple of years until they can afford one, they will wait a bit longer until prices are more reasonable.

Also, you must not forget your American "New Ferrari" market is very different from our European ones. Most people do not have to pay over sticker here. This means that cars sold second-hand in Europe could easily find their way into the States in a couple of years, thus pulling prices down. This very much depends on the strength of the dollar, of course, and perhaps EPA and DOT regulations.


Onno