Mecum Auction - 1992 348ts sold for $36,000? | FerrariChat

Mecum Auction - 1992 348ts sold for $36,000?

Discussion in '348/355' started by RaginBull, Nov 22, 2015.

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  1. RaginBull

    RaginBull Formula Junior

    Oct 24, 2006
    996
    Bay Area, CA
    Full Name:
    Darryl
  2. plugzit

    plugzit F1 Veteran
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    Dec 1, 2004
    7,776
    Redondo Beach, CA
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    Bruce Bogart
    Well bought
     
  3. Wade

    Wade Three Time F1 World Champ
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    Mar 31, 2006
    32,793
    East Central, FL
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    Wade O.
    #3 Wade, Nov 23, 2015
    Last edited by a moderator: Sep 7, 2017
  4. GTO Joe

    GTO Joe Formula 3
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    Feb 15, 2013
    1,002
    Charlotte, NC
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    Joseph Troutwine
    Don't forget to add the buyer premium of 10% which pushes it close to $40,000 and most likely in need of a major and you are getting close to $50k. Looked decent on TV but many of these TV auction cars are not what they appear to be when you get up close and personal. I worked the check in area for a day at Russo & Steel in Scottsdale a few years ago and the cars were real dogs, many would hardly even run so it is definitely "buyer beware".
     
  5. itsablurr

    itsablurr Formula 3
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    Dec 9, 2005
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    Carlisle, MA
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    Matt
    Nice looking combo. A quick search shows sold for $63.8k in 2012 at Barret Jackson with 19.9k mi, then again in 2014 for $40k at Mecum, and now again in 2015 for $36k with 20.1k mi

    Had a major eng service sometime in its mid-teens, from what archived ads imply, unless there was more/updated info presented at Mecum.
     
  6. Meister

    Meister F1 Veteran
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    Apr 27, 2001
    5,516
    Duluth, MN
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    The Meister
    Would never know what happened, but people who often buy at action sell at auction. Pure speculation, but do you think the BJ buyer at $64K (assuming they sold) at mecum for $40K felt good about losing $25k and driving a few miles? :) Again, pure speculation, but car has traveled couple hundred miles in 3 years and while bringing less money each time it's sold. Hopefully new owner will get some use out of it.
     
  7. Jakuzzi

    Jakuzzi Formula 3

    Mar 26, 2005
    2,132
    PR, TX, GV
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    Jaime
    The wheels give the car a great look. :)
     
  8. PAP 348

    PAP 348 Ten Time F1 World Champ
    Lifetime Rossa Owner

    Dec 10, 2005
    100,220
    Mount Isa, Australia
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    Pap
    +1

    Car looks great in that pic.
     
  9. FLORIDAsnakeEyes

    FLORIDAsnakeEyes Formula 3
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    Jul 7, 2015
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    OC
    anyone even notice the flat paint on the front bumper...
     
  10. vvassallo

    vvassallo F1 Veteran

    Aug 4, 2006
    8,324
    Palos Verdes
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    Vince V
    Wow, wheels, tool kit and exhaust. Very well bought, I'd say.

    Also, a $60K 355 GTB.
     
  11. PAP 348

    PAP 348 Ten Time F1 World Champ
    Lifetime Rossa Owner

    Dec 10, 2005
    100,220
    Mount Isa, Australia
    Full Name:
    Pap
    Can't notice it on my computer screen. What makes you say that?

    $60K 355? Lol, crazy. What was wrong with it? :p

    I think I saw a $160K 308 GTS sold at that auction also. :p
     
  12. phrogs

    phrogs F1 Veteran
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    Apr 13, 2004
    7,344
    Kzoo Michigan
    People usually forget that little bit of info on the buyers premium and its crazy.
     
  13. vvassallo

    vvassallo F1 Veteran

    Aug 4, 2006
    8,324
    Palos Verdes
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    Vince V
    Actually, the premiums are negotiable. Generally Mecum will adjust the seller's premium to get a car off its reserve price. Or, they may shave a little off both to bridge an offer and reserve price. Mecum won't say. Without insider info on these transactions it is tough to say exactly what the price was for the cars. But, generally they have a 10% to the buyer and 5% to the seller or so.
     
  14. itsablurr

    itsablurr Formula 3
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    Dec 9, 2005
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    Carlisle, MA
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    Matt
    Well, looks like the car (VIN # ZFFRG36A3N0090810) is popping up as a listing at Frankman Motor Co in South Dakota

    Stock# C090810 USED 1992 FERRARI 348 TB | Sioux Falls, South Dakota 57108 | Frankman Motor Company, Inc.
     
  15. RaginBull

    RaginBull Formula Junior

    Oct 24, 2006
    996
    Bay Area, CA
    Full Name:
    Darryl
  16. RaginBull

    RaginBull Formula Junior

    Oct 24, 2006
    996
    Bay Area, CA
    Full Name:
    Darryl
    Just got off the phone, they said the clutch is busted and they are replacing it. Because they are replacing the clutch they will raise the price. I called them out and told them we all know it was sold for $35k plus premium on Mecum. Tried to give me a lesson on value and said I was watching too many movies LOL.
     
  17. Enzojr

    Enzojr F1 World Champ

    Dec 12, 2013
    14,001
    West of PDX
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    Tomy
    Let's guess ....
    I am guessing $55-60 with the words rare, unique, hard to find and the kicker ....
    "Just fully serviced"
    Oh and upgraded expensive wheels.
     
  18. Robb

    Robb Moderator
    Moderator Lifetime Rossa Owner

    Feb 28, 2004
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    Robb
    Hmmm, I like yellow...

    Robb
     
  19. 355dreamer

    355dreamer F1 World Champ
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    Apr 3, 2006
    10,476
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    It's called capitalism. They are a dealership and a business, and their job is to create profit. They took a risk buy buying a car at auction, put work into it, and are trying to make a few dollars. No harm no foul.

    Do it.
     
  20. zc911

    zc911 Formula Junior

    Mar 4, 2014
    707
    Brampton, Ontario
    Full Name:
    Rob
    seriously! Why do people get all bent out of shape when dealers do this, or anyone does this? Do think they are are going to say " you got me haha, i'll sell it for $36k"
     
  21. WATSON

    WATSON Two Time F1 World Champ
    Owner Rossa Subscribed

    Sep 9, 2010
    23,679
    WI
    Dealers do this for a living. Buy low, sell high. Fix what you need to. So what?

    You think Mecum or Barrett are a dealers paradise? No way....your local auto auction house is their hang out. You need dealer credentials just to get in and bid. These guys swap trade-ins and used cars like crazy.

    This dealer found what he thought was an underbid price for a good, hot car in the market and bought it to sell at a profit. Good for him!
     
  22. Robb

    Robb Moderator
    Moderator Lifetime Rossa Owner

    Feb 28, 2004
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    +1

    Money makes the world go round. I don't have any issues with finding a car in a barn, at an auction, or from an ad and turning it into a profit.

    Anyone that has bought a 15 year old Ferrari in the last 4 years and is selling it now has made plenty of money.

    Robb



     
  23. taz355

    taz355 F1 Veteran
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    Feb 18, 2008
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    Indio Ca/ Alberta
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    Grant
    Yes they have but I still think they are foooolish.
     
  24. madturk

    madturk Formula 3
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    Nov 2, 2003
    1,508
    Williston, ND
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    Seyhan Kilincci
    Best color for the 348, nice wheels, great buy.
     
  25. PAP 348

    PAP 348 Ten Time F1 World Champ
    Lifetime Rossa Owner

    Dec 10, 2005
    100,220
    Mount Isa, Australia
    Full Name:
    Pap
    Yep yep. :)
     

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