F40 prices sinking fast? Asking below $499k and no takers

He is in jail now, the guy being stopped with his 430 Scuderia here: http://www.youtube.com/watch?v=2BVwFHhhA7E
It was not a firm that went bankrupt, "Easy Life" was a total fraud in the classic way, take money from investors and use it yourself.

 

Aha the classic, I know (of) a couple of shrewd charming people who have done that!

I was expecting an epic car chase in that video!

 

i think there is a real difference between garage queen concours cars with less than 3000 miles, and driver's cars with more like 10-20k miles. third category of track/modified cars are another category.

the garage queens have now recently traded hands around the $500k range a few times, so that is proof enough of thier current price range.

the drivers are settling lower as time goes by and the recession deepens. the average seems to be around $300k.

so, the question is, which would you rather have?

i think i am coming to my decision to aim towards a driver. first you pay less, always a plus. then you actually get to drive the car.

those buying garage queens seem to be buying stationary art. although i agree that the car is worthy of being considered in that category, thats not what it was made for. but thats your decision.

hope to find a decent driver in switzerland sometime this year.

 

+1 Buy based on condition, not on miles. Most low mile cars are doomed to an existence as garage art.

 

Joe, Pineapple Express was a movie about some stoners that were far out there...

 

Are F40 prices still falling?

 

Hard to tell right now... Several have been posted on eBay and other public sites but are not trading hands. Buyers think the prices are too high in many cases. The reserves and opening bids have come down auction after auction but little or no action because the prices still are not close to the perceived market (whatever that is). Sheenan had one on his site (heavily modified) for under $400K but it disappeared. Anyone know if it sold or if the owner just took it off the market?

 

Didn't Sackey sell one a few weeks ago for over $500,000?

 

Here's one in the UK for 240 GBP ($350k) -->http://www.joemacari.com/cars/ferrari_f40_1007/cardescription.html

It's no mystery that the UK has some great deals due to the very weak pound (and the current economic situation).

 

Fully serviced. Belts and Bladders replaced. Classiche Certificated. Been for sale for a while.

 

I've noticed that not only are they not selling quickly but seemingly they hardly seem to be selling at all. This may well indicate that the perception amongst prospective purchasers is that the advertised prices are presently still too high. But by how much? And this must surely be the question in the forefront of the minds of potential purchasers and is this reticence likely to be self fulfilling causing the prices to substantially deteriorate over the next twelve months or so?

 

Correct.

Consider that this car with 35,000 km means its a candidate in the not-too-distant future for an engine rebuild. I follow these cars very carefully, and in each and every instance of an F40 for sale, the price and how long it takes to sell can be traced to the car's condition, mileage etc.

 

Wow. Seems like you've answered your own first-post-question. Was it a rhetorical question?

Ive sold 3 F40s in the last month BTW, and from what I see, the price for well-kept examples isn't dropping any longer.

 

Ive sold 3 F40s in the last month BTW, and from what I see, the price for well-kept examples isn't dropping any longer.[/QUOTE]

Obviously a 'no-brainer' for the new owners to; diving into these troubled waters. Now there is, some confidence out there...
CH

 

I can't believe F40 engines are so fragile to require a rebuild within ~20-25k miles. A major service - sure but not a re-build surely.

 

Believe it.

Not all cars, but definitely some. Steve Hill has posted on this in the 288 GTO thread.

The point is that at 35,000km, one has to give it thought, and it is that thought process that may leave such a car unsold for while. Remember, there are a fair few F40s to choose from, so 'cream rises to the top' as they say...

 

**** floats, too.

High asking prices do not always mean a high quality car.

 

Oh very classy!

Even an idiot knows that high prices do not mean a high quality car. Duh.

Lets keep this discussion positive and informative. The point is a 'high quality car' (as you refer to them) comes at a price which isn't inexpensive, and they are truly few & far between.

 

If an F40 engine is likely to require a rebuild at plus 35,000 km how much should one build into an offer to allow for this eventuality?

 

Now in order to maintain consistent form, please go ahead and answer your own rhetorical question for our collective benefit!

 

I would plan on spending 25 to 50k on ANY F40 regardless of condition. They are old cars. That and any previous work may not be as good as it should be.

 

Here is one of the bills from 92336 (see: http://ferraris-online.com/pages/cardetail.php?reqcardir=FE-F40-92336)


2002, 26 Feb., major service done at Ferrari of Los Gatos. Four new tires fitted. Engine out major service. Cam belts and all 15,000 mile or five year service work done. All oil hoses replaced. New bellhousing fitted because of porous casting. All anodized or powder coated suspension fittings, brake parts, sway bar brackets replated or replaced. Mileage noted on opening invoice was 950 miles "in", 978 miles "out" when closed on 2002, 05 June. Invoice total amount $51,405.98. Copy of all paperwork on file.

 

I had the same work done (less suspension and brake replanting/coating as it didn't need it) on 85596 from December 2008 to January 2009 by the Ferrari dealer in Orange County for essentially half that cost.

 

Seems waaay over the top to me. I just completed a "full service" at Ferrari of Orange County about six months ago (belts and all) and it was no where near this amount (no where near half this amount actually). Of course I did not replace a bell housing nor did I re-anodize or re-powdercoat any parts. $50k sounds ridiculous to spend on a car with 900 miles on it unless they were refinishing what "Luigi" didn't finish on Friday afternoon 18 years ago!

 

I'd say $25k would be on the high side. More realistically $15k to $20k on any given car with a few thousand miles or more on it. Mine had 5900 miles on it when it went in for it's "full service" and the cost was very reasonable (considering). No where near $25k.