Forza 355 values anyone?

Sheehan will probably start listing 355's for $175K soon. He is beyond irrelevant.

 

Their numbers on many models have been off for a long time.

I should write the editor and volunteer real numbers.

Robb

 

yeah I was just thinking the same.....Robb sure does deserve it.
If he doesn't win I will demand a recount.....at least in the FL chapter

 

I saw that in Forza as well... Having just bought a 355 Spider, I can say that the magazine is completely off base with values/price.

 

I second everyone's opinion. Those price estimates are a joke/way out of date.

 

I'm guessing yes since he's now lifetime Rossa.

 

Tony and Chas,

Yes. I am very thankful for all the kind words and support. I posted a global thank you to all including the other nominees in that General thread.

I've tried to keep paying it forward with continued PM's and hopefully good info in the challenge car area and of course here in the wonderful 348/F355 section.

Flying off to Maranello this week.

Forza Ferrari. Ok back on topic...

Robb

 

I would think the author would do just a few minutes of research before publishing figures. Maybe intentionally low to facilitate purchasing?

 

It's not only that- I don't have the issue in front of me now, but I think they made some remarks in the auction section on a 355 and 360 that sold- if I remember right they said a 355 sold for a price that was over market (I thought that statement seemed wrong, although no details given as to condition of the car but if it was at one of the major auctions it was probably in good condition), AND the statement was inconsistent with the valuation guide a few pages later in the same issue! What's the point of making comments in the auction section on whether a value of a car was above or below market when you are (a) wrong and (b) insonsistent with your own valuation list?

Again, I don't have the magazine in front of me so I'm working off memory from what I read the other night after work...

 

Numbers are pulled from national new registrations from an outside company

How much did you tell DMV your car coast if you paid cash?

 

DOL didn't believe me (buyer) and the seller when we went together to transfer and do registration. It was the real price and on the lower end because it was a motivated seller and private party but the DOL person wouldn't go for it. They stated I would have to pay the full tax on what the car was really "worth" according to their computer system. When the sales tax is 9.5% that isn't insignificant money. I think the difference in "value" was around $15,000 so the difference in tax would have been nearly $1,500.

The seller just about lost it and was nearly yelling at the person behind the counter. We left and went to another DOL location (further away) that I had used many times before because they didn't question anything and it went smoothly.

 

I went through the same thing when I registered mine. They didn't believe me.

 

Make what you will out of this:

Used Cars Prices - Ferrari 355

 

Based on the only other article I'm aware of in this dopey magazine re 355s, I'm not at all surprised they're way off the mark.

Does anyone actually take any notice of this crap?

 

ahhh...that makes sense. They really should realize this and use a better source for their data...

 

To be honest I think people here see what they want to see. I think many look at the highest prices paid and think that sets the values of their cars. When someone points to a car that sold for a lower value it is said that it was a POS and should be ignored. There is a difference between the market value of a specific car and the market value of that model car in general. The people doing the market research are unbiased and don't weight the value of different cars differently. Add up the prices of all the reported sales and divide by the number of cars. You get an average value, like it of not.

If you want to know the value of your own car, either put it up for sale and see what you get, or have is professionally appraised. That's all you can do. If you're not selling what difference doe it make?

 

And don't forget the IRS. If you sell for more than you paid you owe them 28% of the difference.

 

I have never heard of this.

 

IRS: "Personal use property. Property held for personal use only, rather than for investment, is a capital asset, and you must report a gain from its sale as a capital gain. However, you cannot deduct a loss from selling personal use property."

This applies to basically everything you own. If you sell it for more than you paid for it, plus certain expenses, you have to pay capital gains tax. House, car, jewelry, gold coins.... As I understand it things that are considered collectibles don't qualify for long term rate reductions, as per my accountant 2 weeks ago when I inquired about selling my 308.

What you can consider as expenses is kind of gray. Example, if you do a major service, that is maintenance and not a deduction, even though it may increase the value of the car. But, if you were to break a timing belt and have to pull the engine to repair the damage, that could be considered a restoration cost and would be a deductible expense.

 

As an accountant I can actually back this up with professional experience. This is true.

Most people don't have to worry about this. The problem arises when you sell a big ticket item and make a deposit in your bank. The bank wants to know where you got the money so they can report it to the IRS. The bigger the fish the more the IRS will actually care and direct their resources to make sure you didn't misreport... meaning auditing you.