Market Prices 575 Manual vs 575 F1 (conversion costs) vs 550?

UPDATE THIS HIGH BIDDER PUNKED AND DID NOT COMPLETE THE PURCHASE

2000 Euro 550 https://bringatrailer.com/listing/2000-ferrari-550-maranello-23/

@otoupalik I know a few of us were watching that one pretty closely given the run up.....

FWIW the 2nd highest bidder at $190k looked like a legit player.

 

Maybe….but $190 for a euro even a nice one with great presentation would surely have met reserve by then….a little dangerous….hopefully they kept the $5k credit card deposit and forwarded to the seller….

if I had been that seller I would have been super pissed. @dhalperin13 bought one of his 575s from the seller.

 

We commented a few times on the above mentioned estate sale 575 in R/C had 11,255 miles, 2003 MY, VIN ZFFBV55A430132550 (cute when a 575 has a vin ending in 550).
Sold for $87,000 before any fees.

Today on BaT we had a low mile 575 with low documents and needing maintenance/belt service hammer coincidentally at the exact same $87k (before fees).

Here are the deet's.....

SOLD at $87,000 on 11/10/22 out of Vero Beach, FL
2002 F1 575 ZFFBV55A920128461 and assembly number 45603
+) 16,398 miles
+) Blu Pozzi over Blue scuro
+) daytonas; leather parcel shelf, I think the leather document holder was missing the flashlight? Did have all 3 fobs.
+) BELTS LAST DONE IN 2010! Misc rock chips and wear/tear.
+) From the posting: The hood, front bumper cover, and right front fender were repaired and refinished in July 2022.
+) No historical docs shown other than most recent service items
+) 128461
+) Today's auction: https://bringatrailer.com/listing/2002-ferrari-575m-maranello-26/

Bunch of us were watching/commenting.

Seemed like reasonable current market pricing for a "low" mile, low optioned 575.

 

Guys….I’ve been watching and often commenting in the auctions but have fallen behind on the BaT 550 breakdowns....

I wanted to crank these out before the current listing the “high mile” R/C 550 ends tomorrow.

I typically like doing these right after the auction….makes it feel like an accurate “feedback session” on where the "then current market" feels0.

I’m going to attack these a little different. I’ll include all the same typical stats while having an abbreviated listing and then the easy stats in a table format.

I like to have at least the vin separate so guys can search for it in the future.

550 Review #1: https://bringatrailer.com/listing/2000-ferrari-550-maranello-25/

+) Vin: ZFFZR49B000118293
+) Strong result, surprised it was RNM?
+) Notes: Federalized but no CARB Cert; Steering wheel leather poor; no historical docs, no option typical euro; photos looked like a lot of paint chips from so few miles; very well presented in photos.

550 Review #2: https://bringatrailer.com/listing/2000-ferrari-550-maranello-24/
+) Vin: ZFFZS49AXY0118476
+) felt like a very strong result for optionless/miles/cosmetics
+) No options (other than spare tire)
+) Notes: Sold new in Puerto Rico; seller notes delamination near the edges of the windows as well as stone chips on the body; stickies done 2019; seller notes delamination of the climate adjustment trim panel and that the removed factory stereo is included in the sale.
+) Previously sold on BaT Nov-18 $120,550: https://bringatrailer.com/listing/2000-ferrari-550-maranello-6/
+) looked like current owner put 3k miles and made significant maintenance investment

550 Review #3: https://bringatrailer.com/listing/2001-ferrari-550-maranello-14/
+) Vin: ZFFZS49A710123575
+) Notes: This seemed like an amazing value? A sign of the market softening?
+) historically serviced by Brian Crall
+) Owned since 2007 & FULLY Optioned (carbon, daytonas, modulars, NO shields, quilted shelf & ceiling, tubi’s, red car cover); intermittent AC; stickies 2020

550 Review #4: https://bringatrailer.com/listing/2000-ferrari-550-maranello-26/
+) Vin: ZFFZS49A0Y0119832
+) This was strong money but still maybe value based on miles, options, etc. @root had a great result on his 550. This one had a lot of the same strong/positive characteristics.
+) Notes: very pretty presentation; sold on behalf of owners estate, broker was great, very attentive; cost of belt service to be refunded to buyer.
+) shelf carpet looked a little “crumpled”; not perfect airbag leather; contrasting red stitching throughout; lots of documentation; car cover; center straight pipes with original retained as spare; also included OEM wheels/tires;

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Hope everyone enjoys these, I really love following the market and also enjoy the group of guys typically commenting @root @henryr @otoupalik and many others

 

In a “general sense” it doesn’t make any sense how “inexpensive” 550/575’s are here in the US compared to other “exotics…..that being said it’s comical what the market continues to do across the board. There is vast wealth out there still putting money in hard assets.

How many of the $100k+ cars get taken down 100% cash - no financing? I have incorrectly assumed finance doesn’t play in this area but if it in fact does then surely increased interest rates will slow this market segment? Yellow compass, Sheehan et al would have a read on how many buyers are using debt….

The “COVID inflation” has been surprising here in the car market for “blue chips”.

With general inflation now….maybe even cosmetically rough “high mile” 550’s like the one set to hammer in a few hours on BaT will not see lows we have in the past?

Seems like the peak is past but still the right time for sellers generally….

 

Today we saw a higher mile 550 hammer....it was a little weird in that it had a seller that was clearly "under engaged" in the sale and then had his mechanic that hadn't seen the car since 2020 make a comment.

It surprises me when someone takes a higher mile; non-investment grade car and then doesn't "prepare it for sale" and then on top of it doesn't engage with the crowd...even a higher mile car prepared well and attended well can bring the money on BaT.....the hungry market surely paid more for this car then it would have garnered in a private sale.

We could debate this car vs those in the table at the bottom.

I agree with a lot of you guys that the value for Maranello's seems out of whack compared to many other marque's.....will be interesting to see what inflation and then the general economy does to values.....maybe the lower values we saw will not be seen again?

We have been talking on that other thread about DDE and the drift car they built and are showcasing on YouTube....would have been nice for them to use a 550 like this one with cosmetic needs for the basis of their build......

Here are the deet's....

SOLD at $118,000 on 12/11/22 out of Newton Upper Falls, MA
2000 550 ZFFZS49A2Y0119573 and assembly number 36562
+) 51,483 miles
+) Rosso Corsa over tan
+) Owned since March 2008 and put 41k miles on the car
+) Zero option car; aftermarket post applied shields; seller did not cosmetically prepare car for sale (issues with bumper, passenger window triangle, steering wheel leather, seat leather, seat mechanism, etc)
+) Stickies noted on hood release and vents
+) Belts last done in 2020; tires last done in 2017; Car did have both fobs & tubi's
+) 119573
+) Today's auction: https://bringatrailer.com/listing/2000-ferrari-550-maranello-28/

I'd be curious to get guys thoughts.....for those that followed the auction and saw the photos....would you take today's 550 at $118k or this recent 575 with much higher miles (91k) for $63k...... https://bringatrailer.com/listing/2004-ferrari-575m-maranello-9/
https://www.ferrarichat.com/forum/threads/market-prices-575-manual-vs-575-f1-conversion-costs-vs-550.629834/page-20#post-148207869


I think we might have covered most if not all these below in this thread as a quick snapshot of "higher mile" 550's.

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Good news….the buyer of todays 550 is a well experienced Porsche CGT owner….355 owner and prior 488 owner (maybe he will check in).

 

I really was glad I missed the end of that 575 as well! ;-)

The next 550 is up on BaT and this seller is awesome….been driving with timing belts 9.5 years old!

 

100 percent agreed especially if he doesn’t come up with photos/invoice then he is hiding something. Another one that surprises me is on BaT to face the public scrutiny (why not sell privately and quietly).