Just bought a 2000 360 from the auction

Not sure I would pay $40,000 for a salvage titled anything. Question; do the numbers match?

 

Quite easily actually. Price is important as is condition. The trade off between them matters and they are each dynamic.

Cars get totalled for all kinds of reasons. Do you think insurers never make a mistake or find the cost of waiting for parts to arrive for a repair to be to great? Remember they are often on the hook for a suitable rental until the damaged car is fixed and even then are often on the hook for diminished value.

I would pay 40k for a flood damaged gto wouldn't you? Obviously that is extreme..but there are many points between that and far worse than the OPs example for which this holds true.

On another note. Not sure why sobmany ( not necessarily you) with basicaally zero information stand so eager to be negative on the OPs purchase.

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The only negativity I see is that buying a salvage or flood damage car in the end is no bargain at all.

Most of us around here have been in the Ferrari game a long time. When you start buying parts and paying for restoration, repair or maintenance, we have all come to the same conclusion:
" The cheapest Ferrari is usually the most expensive one in the end"

.....and when you go to sell it....yes, you will eventually get bored of it. You'll find it isn't worth the money, time and effort you put into it.

After all these years, I still have to find out the hard way...

"The quality remains long after the low price is forgotten"

Shamile

Freeze. . . Miami Vice!

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It's called experience and wisdom. Do you want to play the odds with 40K? I know I don't. But I work hard for my money so maybe my perspective is a little different.

 

----plus no history, euro car, and unknown mechanical condition. That's a lot of hoping against the odds...

 

I don't have to spend 40K to play the lottery.

 

Wisdom is not making an assumption wothout the associated due diligence.

Sorry to be a bit direct however to say it is never worth it to pay 40k for any salvage car is a statement you can't possible agree with if you have wisdom. I really hope you are not saying that right?

Not sure how you working hard for your money has any relevance to this. But value is value and making a blanket statement about whether something is a good buy or not without the relevant info is not a way to find value. You would certainly agree people have bought salvage cars and made money on them in the past right?

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Anyways let's see how the car looks when he gets it ! Its all about expectations,40k is and isnt a lot. If the car is okay then he can enjoy a great ferrari at a good price. If not and he has to part it out there will be a loss or cost to restore but not as big as say a 200k car


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Look, I hope it all works out, really. But you have to know this is a real big risk given the circumstances and the costs to have these cars repaired for even the smallest of problems. But like I said I'm no in a position to gamble with 40K. I recently bought my '03 after looking at a bunch of cars nationwide. Flying in to look at one and having a PPI done on two cars. To me that's insurance. And still I found a lot of stuff wrong with the cars I looked at. Finally got a nice car. But even some of the real nice ones I looked at had the snot driven out of them and were very poorly taken care of-- And they were considerably more than 40K.

Folks here that are perceived as being "Debbie Downers" are just guys who are looking at the facts surrounding this car and are acknowledging the significant risk that you are taking.

But truly, good luck, I mean it.

 

Don't let people get you down..you will be laughing if it turns out to be a great car.

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That's exactly what i have been saying the all time; i personnaly would drive the car everyday at that price!! Cheaper than a mercedes!


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Working hard for my money means I'm not going to be able to say "oh well" if I make a bad decision that costs me thousands. It's relevant to every monetary decision I make.

 

I suppose it is all about perspective. You could say I work hard so I don't want to take risks-- even calculated ones.

Or others would say I work hard so I need to be very smart with my money and get a bargain where I can--as such I am willing to evaluate every opportunity as it comes.

I think you will likely be reading about some totaled Harvey Ferraris here in the coming weeks. Perhaps reserve some judgement on salvages until you see what how easily insurance companies will he "totalling" even the slightest flood damaged..

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Seems like unless you know how high the waterline was for sure it is a bit scary. There will he some Harvey owners that will know exactly that I imagine. If they can bid for their own totalled car that could be a home run.

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I've owned a restoration / custom car shop for over 25 years and I have plenty of guys I know in the Auto Body Shop world. I do not do insurance work and never have. However, I'm certainly aware of how easily insurance companies will simply total cars these days. They just don't want the liability of return repairs-- which the body shop (if on the "approved list" of repair shops for any given insurer) is obligated to perform for whatever reason that the customer wants. I've seen a fender resprayed 4x by a body shop because the customer feels it still doesn't match. Add in the loss of value factor on "exotics" and the insurer will have even more of an inclination to "total" the vehicle. I get that.

But with that said, "being smart with my money and get a bargain..." is kind of the point. Is a Salvage 360 with no history and is a Euro model, bought sight unseen (in person to inspect or drive) a bargain. Who knows? Is it playing with 40K to hope you get lucky and get a bargain being smart with your money? If I want to "get a bargain where I can" I don't place my money on "hope". Reality always trumps hope. The OP said he was surprised that he "won" the car. That should tell you something. With all the dealers out there looking to buy and sell cars as their business, none thought it was a "bargain"(?)

I see every day folks that "want to believe" that they beat the odds. They scooped the "big deal". But here is a case in which I simply could not close my eyes, cross my fingers and "hope" BTW, I don't gamble in Vegas either.

Again, that's just me. I have no dog in this fight. As I have said from beginning, I wish the OP all the best. But let's be real here. This is not a case of "being smart with your money" to get a bargain.
It's a gamble, a big one. And gambling with 40K in my book is not smart for me. But again that's just me.

I wish anyone luck in getting that "bargain" Salvage title vehicle from Houston after seeing the video and photos from the aftermath of Harvey. Gambling is exciting and fun but seldom has a happy ending.

And no, I have not known anyone who made money on a Salvage title vehicle -- that was repaired and not sold as is with damage still evident (parts car)

 

I think we probably agree in many respects. In others I wonder if you misinderstand what I am saying or maybe I have not been clear.

1. I never made any commentary on whether or not this particular case will turn out to be a good one or not. I don't have enough information and my best guess is you don't either. Obviously, what we can tell, is the OP is taking a serious risk. That is not indicative of all other salvage cases as you will pobabpy agree.
2. You have never seen anyone make money from a salvage. Does that mean it has bever happened? Obviously not. Further, making money is not necessarily the only measure of if it is a good deal for everyone. Another measure, particularly for those who intend to keep the car long term, is can an equivalent driving experience be bought for a fraction of the cost. If so, that is a win obviously.
3. Sounds like you agree with me. Insurance companies often do total cars for the slightest reasons. Those slight reason "totals" are a potential bargain for someone by definition right?
4. In my first post I was responding to the statement that implied there is never a reason to buy a salvage. Seems illogical and improbable to say the least. Those types of blanket statements are rarely true.
5. At no point did I say "ordinary" folks with no expertise should play this game. Merely implied that someone capable of doing proper due diligence may in fact find a bargain. Because as you said many cars are totalled for slight reasons. Obviously the market for salvage cars and the process for declaring them salvage are not perfectly efficient. By definition this can create an opportunity for a trained eye. Especially in cases where hey have all the information.

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Still never said if the numbers match. In other words, is it the original engine and transmission that came with the chassis? If so, that can ease a little concern over whether or not you paid too much.