Value on a 1993 512TR?

About to pull the trigger on a 1993 Ferrari 512TR project. Car was a theft recovery but never hit and has just 13k km on the vehicle. Its missing front fenders, and a few other minor bits.

I'll end up spending about $40k ish would be my guess to have the car refinished in its entirety including a major. The car needs to be taken apart and all suspension components cleaned, painted, and polished.

The car has no salvage history, but is an EU spec car. Any idea what an ultra-clean '93 might bring post restoration? Should I expect a big hit on price due to (a) Euro (b) paint-matched fenders if the car is near perfect when it comes out?

 

Is the car a salvage title because of the theft? That'll be your biggest hit.

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Not a salvage title, car runs and drives was a theft recovery with some parts removed.

 

Whats the asking price?

 

maybe it will be worth 120?

 

Hey Brad - I'm negotiating a price for "post-work" so its a package deal. Prefer to keep the discussion on post-restoration value rather than what I'm going to pay.

 

Interesting - you think asking $170k post repairs for an ultra-low mileage post-restoration car is a stretch? Less than 10k miles.

 

arent EU pre 94s like $160K with double the miles but original?

 

Miles seems to be a huge driver of price. <10k miles seem to be around $200k before import duties and transport. The car would be 100% original save for 2 fenders, and had recent restoration work. Has anyone bought a 512 TR recently - what did they pay?

https://www.theparking-cars.com/used-cars/ferrari-512tr.html#!/used-cars/ferrari-512tr.html%3Fslider_miles_range%3D1%7C10000

 

For what it’s worth 40,000 doesn’t get you anywhere near a full restoration...A full restoration is 100 to 300 grand in my experience… 40 thousand is a mechanical fresher and leather interior


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I think that’s within an acceptable range. Are you going to keep or sell?

 

I will likely keep for a year then sell. I've got an incoming Diablo SV that I intend on keeping and can't have both. The car won't be restored in USA (silly to pay these rates), its getting work done in the EU.

 

keep the SV. the SV is insane and very drivable. SV needs sport exhaust and nothing else. i like what you are doing - just be realistic with costs etc

 

Hear is the thing, putting it up on Ferrari Chat makes it a perpetual story car even with a good title. Probably better in the long run to stay off here in discussing it. Some people it will bother and some it won't but just to be safe. Its not like you are hiding anything but some things are just better not discussed. For example I could have used my car in a Dukes of Hazzard show once and jumped a creek. Even if I repair it all to spec it is a story car once I show the picture or discuss it. Lol. Good luck.

 

Second this opinion as a Diablo owner. While all Diablos are great fun to drive, the low production variants (SE30, Roadster, SV, 6.0) are sooo special and rare.

Hopefully you can keep both.....you can always take the slow train by putting $10k a year into the TR and do most of the work yourself. That is how I’m handling the refresh of my Ford GT.

 

I wouldn't buy a cheaply repaired 512TR ever.

Are you selling in America or Europe? What are the disclosure laws in Europe?

I say on paper, you might make some money, but there are better flipper opportunities that aren't going to tie up your time and money like this. 512TR parts are very rare these days.

If you are buying to own for a while, then this is a great opportunity to get in "cheap". Although buying a regular TR gets you 90% of the experience for 50% of the cost.

 

if you put it all back together correctly, and it runs well, then ultimately the history of this car will fade in importance.
the value in present usd i would estimate at about $150k.

some of this depends on who is going to do the work.....may i suggest a garage to you?

fast cars ltd is right there next to you in redondo beach, and run by a friend of mine named craig calder who is also a sponsor on here. i have seen his work (some of it went to pebble....), and he is the best guy i know to work on ferraris in socal.

having his name combined in the history of your car will help support its value.

 

Personally, I would be interested in the car as is but to each his own. Would make a neat project.

Paying someone else to do the heavy lifting...less appealing, particularly on the wallet!

 

Definitely, if you are capable of doing a lot of the work yourself it shouldn’t be too bad.

 

I bought the car. Its not going to be cheaply repaired - its going to be repaired to an incredible standard and gone through thoroughly. Its an example that deserved a restoration and it's not a wrecked car, just has a few stolen parts with just 13k km in need of a major.

As for a "story" car, it does have a story. If you want a "no story" car you can buy one for more money than I'll be offering this one for.

I'll be documenting thoroughly the reconditioning process and the condition should speak for itself. The work is being done in the UK (far cheaper than USA) by well known Ferrari indie mechanics. The story might turn some off, but I don't care I just need to find someone with the enthusiasm that understands a "good car" can be had for cheaper because someone stole the fenders at some point.

 

Nice man! Very exciting and look forward to watching the journey!!!

 

If it is not as bad as it sounds, make sure you take lots pf pictures to document what condition the car was in before the restoration.

What color is it?

 

Its Red on Black. Ill take lots of photos as the work is performed. Should be a fantastic car by the end of it all, and I feel good about bringing one back!

 

make sure you verify that with the state and not CafFax, most states for recovered thefts are all salvage titles that later get turned into 'previous salvage title'.

 

The "state" is Japan. Its a Japan spec car (LHD), will have a completely clean and clear title.