The F50 Thread

625 km F50 sold for $5,395,000 https://rmsothebys.com/en/auctions/mi22/miami/lots/r0053-1995-ferrari-f50/1307491

 

That number includes commissions?

 

Yes, that’s the all-in number. It hammered for $4.9m.

 

Not a bad result .. is this the car without Original service books ??

 

I believe that's another F50 we discussed a few pages ago that Broad Arrow sold.

 

The one without service book was the Broad Arrow collector garage one with $6m+ ask of few months ago as well as the RM London Nov auction (which did not sell).

The RM Miami F50 has 1,000km.

Also the all-in number is higher that the listed £5,395,000, namely you need to add the local taxes payable on the auctioneer’s commission (in that case Miami sale tax of, I guess, around 7% on the buyer’s commission of $495k).

 

My understanding is the one at RM Miami already had the 2.5% US Import Duty paid. Buyer’s Premium is 12% on the first $250K, and 10% on the amount in excess of the first $250K.

The only way Florida State Sales Tax would be due is if the buyer were a retail Florida non-automobile dealer who planned on registering it within the State of Florida. If such a Florida retail non-dealer buyer were to lease it, the sales tax would be amortized and collected on a per month basis.

Unlike Europe with their VAT system, in the USA there isn’t a separate “VAT” type of charge applied to the Buyer’s Premium portion itself.

 

Broad Arrow private treaty Euro F50 with 179kms: #106520

2022 RM London 2022 auction Jonathan Hunt (Gran Turismo Collection) post-production ex-Brunei Euro F50 with over 20,000kms: #107575

Neither one have their original service books?

 

Indeed the 625 is miles as opposed to the kilometers that I expected a European F50 to have, so, with the correction considering the car was fully Federalized, this means it his F50 sold for $5.4m with a non-original odometer / speedometer cluster.

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Hi Joe, I think the F50 digital display can be programmed to read either way, miles or kms.

 

How do you change it from kilo to miles?

 

Not easily, I think authorised Ferrari dealers used to have the know-how, not sure about today. But there are specialists in keeping these antique digital instrument clusters alive. I think Karim will know best how it works today.

 

I know that in the course of USA Federalization, F50 digital displays have been replaced, perhaps they didn't know this could be done, or simply wanted to invoice for a new unit.

 

Thank you for this. So if a private US citizen buys the car on his name then no sales tax is payable? How about if the buyer is a foreigner private individual or foreign car dealer, is the sales tax payable?

 

Did federalisation require the tachometer to be replaced, instead of just switching the display to miles by pressing a button?

 

Simple button on the display

 

Correct and unfortunate.

 

Talking about the broad arrow private treaty F50, Does anybody knows roughly what it went for? (It is now sold; the ask was I think $6.25m).
As it was owned by broad arrow themselves, they were the decision makers on what price to let it go at (recall it had no service book and just 1 joe Macari service stamp in a replacement book) but it had the lowest mileage (which, as Joe points out, is not just the most important quality dimension, but more so with the younger generation). Would $5.75m be a reasonable guess?

 

Of course the 2.5% duty was paid - the car had been in a US-based collection for some time. The fact that the car was Federalized further underscores this, as no one but a US owner (and duty payer) would do such a thing.

Funny story - reportedly, the car was bought as a "delivery mileage" example, and nearly all of the mileage indicated on the odo was accumulated during the various tests done during the Federalization process (at least, that was the excuse).

Why would you assume the odometer / speedometer cluster is non-original when there is zero indication to assume so?

As Karim pointed out, the units simply change on the dash.

Broad Arrow bought the F50 in a package of several other cars, so it's possible that the actual figures attributed to each car could shuffle some when the only figure that matters is the cumulative total. The previous owner was not inclined to sell the F50 unless the car returned him $6mm, so presumably that's how the math worked from his perspective, which would surely influence the same math for Broad Arrow. Simply put - I think it sold for at least $6mm.

 

Including a 246 GTS F&C, 550 Barchetta and 16M amongst others?

 

Funny "story" indeed. I didn't realize compliance shops like G&K, JK and Wallace have a need to run cars on a chassis dyno. I thought the EPA testing protocol is only when a given car is running and stationary, not when under load.

 

It's just what I was told. Obviously there would be a material effect on value, so not sure what motivation one would have to make it up.

For what it's worth, the same thing happened to a LaFerrari - taking a delivery mile car to a "driven mileage" car - so it's not like it's entirely unprecedented.

 

The sales tax amount differs per State (and sometimes by County within a given State). Some States such as Oregon, Delaware, New Hampshire and Montana don't even have a State sales tax.

So in the case of the F50 at RM Miami, if the buyer was a Florida resident (i.e. US citizen or US resident) and plans on registering it for road use in the State of Florida in his/her private name, then Florida sales tax is collected by the auction company itself.

If that private Florida buyer decides to lease the car, then the leasing company (who always hold a dealer's license in the State in which they're based), will be the Buyer of Record. In that case, the sales tax is amortized for the lessee/enduser on a monthly basis (on the total lease amount) for the duration of the lease. If an amount larger than the typical minimal "drive-off" fees is initially paid to the leasing company at lease inception, I'm not sure whether or not Florida sales tax is immediately collected on that initial amount.

If the buyer was a Florida automobile dealer (or even an automobile based in any other State), then no sales tax would be due whilst the car remains in dealer inventory.

If the US buyer resides in a State other than Florida, then it becomes the buyer's responsibility to pay the registration/license fee and any applicable sales tax in that given State if he/she plans on registering it for road use.

If the buyer lives abroad and plans on immediately exporting the car, then zero sales tax or registration/licensing fees will be due so long as the buyer provides Proof of Export to the auction company.

 

Has a non-US version LaF ever been successfully Federalized as of yet?

 

Yes, the car I mentioned was eventually completed, but it took (literally) years... and yes, accumulated lots of miles.