So what is the over/under prediction?

Monterey August 2013 brings this one-owner, 473 mile time capsule up for sale:

1990 Ferrari F40 One Owner with Only 473 Original Miles for sale by Mecum Auction

Is it time for the first $1 million F40 of the 21st century? I am going to say this may go to 7 figures. We'll know in about a month.

 

A couple F40s have sold for over a 1MUSD recently, the 443mile California car sold for 1.1M a couple months ago. I'm sure the 160mile car Joe Sackey brokered recently sold for well over 1MUSD as well.

 

Someone I know just turned down $900k for a car with 3k miles and a rebuilt motor.

 

Sounds like this car has NOT been maintained or even touched for over 20 years. Probably going to need a fair amount of work just to get it on the road again.

 

Wont matter to the buyer. All that matters is the triple digit mileage.

 

Easily over $1M.

 

I disagree, but I also know nothing.

I passed on an F-40 for just over $200k in the early 2000s.

You could easily be right.

Odd, when you think about how many F-40s were built versus all of the four digit serial number cars.

Matt

 

I am way out of the loop I guess. I had no idea any 40 changed hands at over $1 million. I love it! But it does frighten me a bit to actuall drive one. Those triple digit mileage cars can't be driven. What would the depreciation be? $500 a mile? More?

 

I'll buy 2 high Milage F40s before buying that one. Why get a low milage car you cannot drive for nearly twice as much as a regular F40 you can drive. I just don't get it.

 

You're probably right but that makes no sense. A properly maintained car should get a premium over an extremely low-mileage but neglected one. It might not even be drive-able in its current condition.

 

I agree but it's hard to put a price on "virginity". This car might not be driveable but it has the famous "air from maranello" in the tires.

 

Correct.

 

Its a heck of a lot cheaper to fly to Maranello and breathe the air yourself. Haha

 

Some people want a brand new car. Granted, you also have to ship this directly to a specialist and spend another $75-$100k, but when you're done you have a brand spanking new F40. I would think if you keep the miles under 3k/year, you won't depreciate the car at all (just lose appreciation and maintenance) and can sell it in 10 years for around what you paid.

You can probably do the same with a high mileage car, but instead of driving a brand new car, you're driving a high mileage car, so if you have the money up front, why not? JMO and only works with a car that is collectible either in high or low mileage form. We're not talking a 308i here where you'd cut the value in half to 1/4 by driving it.

 

Would you REALLY? Not that I disagree, but I think actual buyers with the funds to close these purchases are not really interested in driving these cars as much as having a pristine collectable. There may be 1300+ F40s worldwide, and 211 in the US, but how many have under 1000 miles? That point of demarcation seems to be a big value add to the car.

I agree it makes no sense, since the point of owning a car for me is DRIVING it, but I think a lot of collectors are buying pristine, static display items. As another example, look at the growing value and presige of unrestored original domestic cars - Some even look pretty bad but command greater numbers than restored cars.

If collectors are paying over $1 million for a time capsule, I have to think the floor for a solid, original car is close to $750K.

 

Last year at the Celebration, Fl Exotic Car Festival I shot this video of an F40.

Now I may be wrong as I don't usually concern myself with this type of details but someone told me this F40
had less than 500 miles and the owner had another one but didn't state the mileage. I think this F40 won best of show.

I was just wondering if this was the F40 now for sale in the OP and just how common is it to find an F40 with less than 1,000 miles.

[ame=http://www.youtube.com/watch?v=62iqowb5Kxw]Ferrari F40 and R33 Nissan Skyline - YouTube[/ame]

 

I'm slightly confused though... It said "First service completed October 6, 1992 at 459 miles" then put in storage forever. Just because it's in storage, doesn't mean it's never been serviced since. All that listing states is that it was driven and then serviced at 459 miles, and now it's got 473 miles on the clock. As a collector, just because I don't drive some cars, doesn't mean I don't ever service them.

 

If anything, I think what'll impact the price the most is that it's a 1990 car, not a '91 or '92.

 

If they went out of their way to mention the first service but then never mention a more recent one, I would assume it's because it's never had another one. Otherwise, why wouldn't you mention that it's had a recent service? That would only be another positive.

 

You're absolutely right. Still, I'd be shocked and disappointed if a local collector did that.

 

I think this mileage issue is interesting and important. I can see why some collectors want a less the 5K mile F40 in the garage; its perfect and a work of art - I am good with that. I think that is great.

I have a 16,500 mile F40 (Joe bought) that is spot on cosmetically and mechanically; but high mileage based on what the market says. I LIKE DRIVING THE CAR.

The issue that is always in the back of my mind, is how many cars have had the odometer disconnected. Unplug the cable - right. I speculate the really low mileage cars are probably correct. But if I get to 5K mi, pull the plug. Human nature prevails.

There is an old FML/GR saying that essentially says know the car - probably the best.

Not trying to fuss, make a point or start a fight -just curious what you folks think.

Appreciate ,

Drew Altemara

 

Yup. Simple mechanical odometer with no ECU logging that I know of to cross reference so sure it could be disconnected. Hard to know for sure and history/records can only tell so much.

 

At the other end of the scale I understand the F40 at Bonhams Goodwood yesterday failed to sell. Auctioneer opened at £330k or thereabouts. It seems, a massive spread on a fairly big pool of cars

 

Faults and all, even with dubious build quality they are truly automotive works of art.

Luckily with a car you have two options, unlike an expensive painting.

You can buy a hardly used one and just put it on a pedestal and admire it, or you can buy a well loved one and enjoy its engineering by taking it for a spin.

Sort of like having the chance to take the Mona Lisa to lunch whenever you want, rather than just look at her.

 

my answer to the op is.....
i am $1.2 bid at $1.4. the price pressure is building on this model.

and, boy am i glad mine has 12k miles on it already so that i can keep driving it and my insurance premium is only 3k/year !!