550 pricing

Looking at a silver 99 gated 550 with 11k miles tomorrow, looks nice and clean, saw it in person just now. Asking is $220k which seems a tad optimistic, but perhaps values on these have gone nuts, too? Any thoughts as I consider my first 12-cylinder?

I did sit in it, I think I need to wear the smallest loafers I can find to make the pedals work for me, that is one tight footwell

 

Aside from $220k asking price, which is pretty much "top of market," if you want a garage queen, go for it. At 11k miles, that's 500 miles per year. Can probably guarantee there have been some years it hasn't been driven at all. Maybe not even started. Soooo... it's gonna have myriad mechanical, electrical, other problems that you will have to deal with. Gonna be expensive to sort it all out. If there's one thing about Ferraris, they don't like to sit for long periods. They. Just. Don't.

If you want one to actually drive, buy one that has some miles real on it, gets driven regularly, is well maintained with good records. Lower purchase cost, too. Will still likely maintain relative value over time as long as you maintain it properly, while saving you time, money, aggravation. These cars are supposed to be FUN, not a PITA.

Good luck!

 

Forget to mention...these are very expensive cars. If you're hot after this, or any, 550, at the very least have a PPI done by a reputable shop that knows these cars.

I had a PPI done on a 550 in NJ (I'm in NE) 4 years ago when I was on the hunt, and I passed on that car based on the PPI report. The PPI cost about $600, but it probably saved me many thousands. Money well spent!

 

ViC- Incidentally, all the 550s are gated. No F1 until the 575M.

 

That's an insane price. I don't look at US prices but for Europe they've not been going up a lot. In fact, I've seen several cars actually going down in recent months.

 

Long story short ... what a great car. Grigio titanio over very dark blue. Aside from a loose driver's bottom seat bolster and the park light remaining illuminated on the dash (microswitch?), the car seemed like it was all there to me, although I have never driven one before. Clutch was a little heavier than what I remember my gated F430 being but release felt fine. Steering feels heavier than my California T but the car tracked straight, tight, no rattles, pulls like a freight train and that sound ... fugheddabout it as my uncle Vinnie would say. Loved clicking through the gears, too. AC was ice cold once I figured out to hit the STOP button. Seat position was a little awkward for me, it had Daytona seats and I'm fairly tall -- 6'0 with long legs -- so not much adjustment to be had.

I think the price is very high, however. Six owners. Clean Carfax. Last one on BAT pulled $175k with similar mileage back in April (yellow over black, sharp car). The market is crazy though. Will be keeping my eyes open. Took about 15 minutes of driving before I stopped stabbing the floor with my left foot shifting the California T on the way home

The car is at Porsche of Norwell south of Boston if anyone is looking. I took it out on a nice long drive, they were very low key about it. Resisted the temptation to drive the 812 they have there. Was somewhat relieved that I still love my Cali T with the top down and sport exhaust but that V12 sound ...

 

The European and USA 550 markets could not be more different at the moment. Someone could probably make a small living exporting euro cars to other markets. Right now is the time to buy in Europe. But many of the examples “going down in recent months” have stories that limit their markets. Shop accordingly.

$220k for a pristine 11k example in a desirable spec could be realistic if the seller iswilling to negotiate now vs. wait for the next market surge in spring/summer 2022 (assuming things stay strong, but with any economy, it could slow down).

Get the PPI done and start negotiating.

I would plan to budget $15k on replacing soft parts, inspect all plug wires and boots for cracking and microcracks that will arc to the heads ($4k alone for a new wire set and should be done with intake manifold removed), replace the tires if they are not brand new ($2k), and a professional leather conditioning.
Electrical could have issues with old wet capacitors leaking in ECUs, larger wires corroding after heat damage, etc., so budget another $1k per computer for potential repairs and inspect the 12v primaries and grounds throughout the car.
Check for rodent damage, it happens to even the best of cars in the best storage facilities.
All four shocks will likely need to be rebuilt as the seals dry out from sitting ($800+ each).
Plan to replace all relays ($1k+ for OEM metal Bosch units), and get a visual and voltage inspection of the fuse board. The boards can and will separate over time and cause a lot of issues. $4500 for a new one which will eventually fail again, or less for a modern and more robust PCB based board from 7 Lakes Auto Repair in Arlington, WA.
Check all headlight trim/gasketing. Some of these parts may be unavailable and will require custom solutions (custom=more $$$). Check part numbers and quality on motor mounts and budget for 575 mounts if necessary.
I would plan for fuel pump rebuilds and a fuel tank cleaning. Any car that age will have disintegrating black foam on the pumps that will wreak havoc on the fuel system, even with filters. Last I checked pumps are not available which could be an issue, and their wiring is vastly undersized for their consumption, so the pump motors run hot and fail early.
Have all injectors cleaned and flow tested. Injectors are getting VERY hard to find and there are zero cross referenced parts, so these could be $600-800+ each. Run a big bottle of Royal Purple injector cleaner through the fuel system. Sitting fuel systems somehow love to create sediment that gums up injector nozzles. I would replace all rubber lines and parts in the fuel system.
When the car is in for PPI, have them measure the battery at full charge, and then measure again after letting it sit overnight without a charger. There should be almost no difference. If there is a difference, add another few thousand to trace potentially bad switches, etc. that have turned parasitic and require identification and replacement.

11k examples are becoming quite rare, so it could be a great investment!

 

I bought my 4K mile 550 in Italy in 2015. Most of this, and more, needed doing! No rodents though as it had been stored on display in a Fiat main dealer showroom as a lure.