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

Wow just watched this on the Mecum Auction. Sold for only $36,000. Anyone know the story of this car? FChat member?

I recorded it with my phone:

https://www.flickr.com/photos/dgatan/22604561533/in/dateposted-public/

 

Well bought

 

And it's got those awesome GTC wheels which alone go for $5k.
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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".

 

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.

 

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.

 

The wheels give the car a great look.

 

+1

Car looks great in that pic.

 

anyone even notice the flat paint on the front bumper...

 

Wow, wheels, tool kit and exhaust. Very well bought, I'd say.

Also, a $60K 355 GTB.

 

Can't notice it on my computer screen. What makes you say that?

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

I think I saw a $160K 308 GTS sold at that auction also.

 

People usually forget that little bit of info on the buyers premium and its crazy.

 

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.

 

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.

 

Interesting, great find. Im going to call them and see how much they are selling it for. Will report back.

 

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.

 

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.

 

Hmmm, I like yellow...

Robb

 

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.

 

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"

 

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!

 

+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

 

Yes they have but I still think they are foooolish.

 

Best color for the 348, nice wheels, great buy.

 

Yep yep.