F355 Market

Not what I meant re "driver". I presumed the buyer would drive it. Not something to be put away. But yes, the car was a turd. Bid was appropriate.

 

What is the value of a series firiano 37 out of 100 with 5300 mile and new service and tires with a tubi exhaust? All sticky **** fixed too.

 

Is it F1 or manual?

 

John. Any 355 can be cleaned up barring a catastrophe. Did the owner care enough to? If he didn’t care… what else didn’t he care about. This is a reflection of ownership. A car isn’t damaged if you drive it thru some muddy rain. But did you care enough clean it? If you left mold in the car and didn’t care to sort it, what other gremlins are in the car you didn’t sort?



How do you know what history the new 11k mi car has??? You don’t because it was cleaned up. You think it looked like that it’s entire life? Is there a secret technique to drive a 355 without accumulating dirt or marring the undertrays? Current state is what matters. The market rewards effort. The other seller didn’t put in any, but he also wasn’t gonna sell himself short over some dirt and mold. He’s probably going to have to put some $$$ into restoring the car and ship it off to a buyer in Dubai or something hoping everyone forgets about this auction.

 

If you have to ask, you already know.

 

I don't think we are in disagreement. As I said, the car that sold for $186k was not low mileage. It was the apparent condition that got it $186k. I'm not one who thinks mileage is a big deal. Maybe if you have a car with 300 miles on it, yes. But 10k miles? Not exactly a garage queen. One of the owners bought the car and enjoyed it.

Anyway, going back to my post, I think $155k was reasonable for that car, 10k miles or 20k miles makes no difference. Recall on BAT I said the condition would effect the price (or bids). Just as $146k was reasonable for the Swaters Blue car. This latest car is in a different class, IMO. Yes, the front bumper was scraped up and repaired. I'm not going to hold that against the car. Well we see what it brings. It appears to be a better car that the one that brought $186k so I'll stick with around $200k. If it doesn't pull that then it speaks something about the current market.

 

There were a few SFs that were manual. I think it was something like 6 or so.

 

26.

 

I was implying if his car was a manual Serie Fiorano, he would not leave such important detail out.

 

People are dumb. I said it. You have a 10k mile car and can’t make it 355 worthy. Cheap bastards! Probably a Sansabelt car dealer. These cars are trading way under value, but here is a great reason why.

The Berlinetta just listed is the polar opposite and the value should double

Personally I would not be selling a low mile 355 right now. Why? Wait for next wave.


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RNM bids are irrelevant. Bidders and Seller didn’t see eye to eye. Waste of time for everyone to sell a car like that if he wasn’t actually willing to let it go for cheap. Why do you think I made the comments I made on that auction. I was merely stating the obvious.

 

No point in arguing. I don't see it that way.

 

If you guys have taught me anything about shopping for 355s its this: Most owners/collectors fall into one of two camps. 1) Driven cars that are enjoyed or 2) Low mileage "classiche" cars that belong in a museum/collection. Higher mileage cars aren't anything to be feared by the first group (assuming proper maintenance.) In fact the general consensus is that regularly driven (higher mileage) cars tend to have fewer problems. Whereas the concours cars can be nitpicked over every detail as correct/original. This car didn't fit into either camp well. I was surprised this went as high as $155k assuming the next owner would likely have to dump an unknown amount (likely serious $$$) into getting it into the second category.

 

All I can assume is that the last bidders were:

A. Uneducated about those potential costs
B. Educated about those potential costs but thought they might be sniping a long term investment.

Either case seems a bit wonky to me, imho…

 

If I had to guess option A is the most likely scenario given it is on BaT.

 

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Respectfully, this is incorrect. The high RNM bid of an open auction sets the market for that item.

When the market speaks but the seller refuses to listen, it’s the latter that’s irrelevant not the former.

 

How many times have you seen in the comments a participant mention he didn’t bother with an effort to bid because he felt it was a RNM auction?

Shall I provide screenshots?

 

Yeah, seen it. But, talk is not the same as action. If someone wants something, they bid imho. You’d be foolish not to unless you had inside knowledge of the reserve.

In other words, talk is cheap!

 

When @Suffyk auctioned off his blue GTS on BAT, the seller was getting messages, calls, and emails by active bidders (multiple bidders) asking “are we even close?” … implying if they are even close to the reserve?

Why bother even asking this? Why not just keep bidding? Why should it matter?

The logic is the bidder senses the car has a high reserve based on spec/mileage, but he either isn’t seeing eye to eye with that reserve and has a price in mind for what he would like to pay for the particular car. If they feel they are far from reserve, they refrain from aggressive bidding in hopes the auction doesn’t end with a high number to use as a bargaining chip.

If the seller tells the bidders reserve is close or reserve is off, then the situation changes. It is a now or never auction. Bidders bid more aggressively than they would like to try to get the car.

 

Unfortunately, not true in all cases.

https://bringatrailer.com/listing/2008-ferrari-599-gtb-fiorano-6/

My friend recently acquired this car. Made a deal with seller post auction at around $130k. Reserve was set higher. Strategy described above worked in her favor. Highest bid on rnm BAT auction was only $123k.

 

* Important to note… she was the highest bidder of the auction at $123k. In short, she was willing to make a deal with the seller at a number higher than she actually bid. Bidding for first dibs at the negotiation table is indeed a strategy.

Deals are being made between a reserve number and the highest rnm bid all the time. This is why we seldom see a rnm car relisted or sold/advertised somewhere else post auction. To state a RNM bid is absolutely highest someone in the market is willing to pay is simply not true.
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* I would also like to point the perception of being the highest RNM bidder and getting first dibs at the negotiation table is perhaps misled.

When an auction ends RNM, the seller only gets one contact email (the highest bidder) from BAT. Technically, anyone can reach out to the seller to make a deal post RNM … including those who never placed a bid assuming they can acquire the seller’s contact info. Some sellers are known dealers, with websites, Instagram pages, etc… so it’s not particularly difficult to get. Heck, in most cases you can go check out the car in person before the auction ends.

It’s not hard to imagine potential buyers sitting on the sidelines (not bidding) hoping for a low RNM auction to use as a bargaining chip. Some buyers can be indifferent to winning/buying a car. If they get the car, great. If the car passes to another buyer, oh well… there’s always a chance at another. Most important to them is getting the car at their perceived fair price, which could certainly be higher than the highest RNM bid.

 

Steve Ahlgrim’s take on that $312k BaT GTS from the current SCM.

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