Opinion on 456 w/salvage title

Sounds like an ok deal to me if he fixes the airbag and you do not plan on selling it any time soon. Note that a 456 GTA sold recently at auction for about $38K, presumably without a salvage title.

See if he will take $25K.

 

Does your friend have some way of interrogating the airbag system to see what is generating the airbag light? Sometimes an airbag light can be set simply if power is applied the car without the instrument binnacle plugged in (because it can't sense the airbag light resistance).

A Ferrari SD tool is usually required for a reset. Do you live near an official Ferrari workshop?

 

Ask to see the photos before the repairs were done.

I'd also plan on a PPI at a Ferrari dealer and if there isn't a receipt for a 4 corner alignment I'd make "passing" alignment without extraordinary measures (your expense) a condition of sale. Interestingly if you run the vin through google you might find photos from the insurance auction. There are shops all over the US that buy exotics and expensive cars from the salvage auctions for repair. Often seen on eBay and Craigslist. At least you know this fellow. On eBay they will tell you "theft recovery, light bumper thump" etc. and the photos show entire sections of the car cut out and the airbags blown.

 

i'd probably buy it if u dont

 

You could part it out for more than that.

 

For sure.

 

Insuring a salvage title vehicle isn't always that easy.

 

Look into importing a 1994-1995 Japanese market car. Unfortunately shipping has gone up quite a bit the last two-three years. It appears quite a few exotics in Japan come with a binder full of records.

With the title issue, miles, (automatic trans) and price it may be worth buying a car in Japan. The steering wheel without the airbag is awesome.

 

Hagerty says a 1997 GTA in fair condition is $40k. If the airbag issue can be resolved, I think $30k is a fair way to get into a 456. Thanks to YouTube, Copart, and the chip shortage, it seems to be getting easier to sell salvage exotics.

 

I would say 25k, personally.

If the car is otherwise running well, I would just use it as a run around/daily driver!

 

Just pay a little more and import a 94 or 95 Japanese model with a clear title and manual transmission.

I would guess if an owner keeps the car for years, it will prove to be financially the correct decision - in relation to a rebranded title.

 

I've owned 4-5 cars with prior salvage titles, never had a problem. The replacement values are different in case of a total loss, which they should be but non issue

 

Do some research on what your state requires to transfer the registration/title. It really varies from state to state. If he bought it and fixed it it can retain its salvage title status as long as he owns it. If you buy it you may have to have it inspected to change the status from salvage to prior salvage or rebuilt. The inspection usually is just checking for where the part came from (not the quality or road worthiness) so make sure you have those receipts or records.

I've owned several rebuilt title cars (in MN they are called prior salvage) but there are some details to the transaction and process that you want to completely understand before you hand over the cash

IMO a 456 for $30k is hard to go wrong, drive it dont worry too much about it and when you are ready to sell move on. The title history will make it harder to sell but there is always someone looking for a deal, it jut takes longer.

 

I knew of a 1997 GTA black/tan with driver's side damage. 28K miles at time of accident in 2017. Maybe this is the same car? VIN ended in 59. If so, PM me and I can tell you more detail about it.