F40 prices sinking fast? Asking below $499k and no takers

No big surprise. There are only 2 or 3 people in the world qualified to accurately judge the value of an F40, and AFAIK, none of them were at Gstaad.

 

Just got Sheehan's email saying the price on this F40 has been dropped to $449,500 OBO

http://ferraris-online.com/pages/carintro.php?reqcardir=FE-F40-91912

 

The Tubi is a piece of art ...

 

It still says $529.5k when I go to that link



1992 Ferrari F40 Serial Number 91912

We are pleased to offer 1992 USA model F40 s/n 91912. Red with red, of course. Well documented ownership and service history back to the first owner. 15,526 well documented and fully serviced miles. Won Platinum (FCA National Judging Guidelines) at the Celebration Exotic Car Festival, Celebration, Florida on April 19, 2008. Comes with a near new Tubi LM exhaust, new OMP seats (sat in 3 times), Momo 4 point harnesses and a Laser Jammer with dual remote radar detectors. This F40 has been pampered and extensively detailed by both recent owners, it’s fully serviced and needs nothing. Comes with the leather pouch, the books, emissions and consumer information pamphlet, the full original tool roll and even the spare set of keys. Has all service records from 2k miles to today. This exceptionally clean and well detailed F40 looks like a garage queen but rides and drives like the supercar that it is! Includes original seats as well as new OMPs. As always, we offer the best F40, best price at $529,500 or best offer in the next 30 days.

 

that uk f40 would appear to be everything that a purist would like, other than mileage at 16k. i will take a look at it next time in london on january.

 

The website has now been updated to reflect the new price of $449,500. My guess is this could be had for $400K if a serious buyer showed up. I am going to keep waiting...

 

The market really doesn't seem to have a bottom in sight. I know of a 91 F40 for sale by a friend that has sat for a month or two now even though I hear under 500.

Personally I though those towards the top wouldn't be as affected by this. Maybe everyone is just waiting for a bottom when it will be a bargain to jump in.

 

320k USD? Was there a reserve that wasn't met or was that the opening bid and no one placed a bid?

 

In France? lol

Art

 

I'm sick of these low-mileage "collector cars" that are holding at mint prices, I hope this bubble pops and good

 

I'd say Euro..

 

no that was the price in chf. but if you add the commision and switch to usd, then the number might as well be in usd, inclusive of coms, but not including any vat etc.

as for bids on the black f40....i sincerely doubt there were too many serious ones. of course at 200k where the auctioneer started, there would be plenty, but as it got beyond 250k the hands werent rising and auctioneer struggled. it was all too apparent that he wasnt getting anywhere and the auctioneer just cut it short and went on to the next lot.

 

Euro cars are worth less than us spec cars (always have been). That may change when the f40 hits twenty five years of age. Then euro cars should be admissable in the states. Two hundred or so us spec cars versus 1100 euro spec cars.

 

So there was a reserve that wasn't met...any idea what that reserve was?

 

the low on the guide price was 450 i think. and the others seemed to have reserves right around that area, so i am assuming that was the reserve. coincidentlally, that is also the price at which it 'sold' last year. i put that in quotes because since then it has been rumored that it did not really sell last last year either....

 

At 200k I should be a buyer, but with size 13 feet, I don't even fit on the passenger's side.

Art

 

Have we seen this one? http://pistonheads.com/sales/830015.htm

 

coys auction on saturday jan 10, failed to sell the f40 with bids faltering at £190 k (or roughly $280k). there seemed very little wrong with the car from my conversations with the auction house. '89, 16k, belts and bladders done recently (may 2008 i think), no mods. did anybody see it or know any more about it?

 

210K Euro...

 

I assume you are speaking of chassis number 83916, UK-registered "F 40 ETA"?

I take it you were not at Autosport/NEC Birmingham to see it?

 

http://www.coys.co.uk/auctions/lot.php?auction=83&id=55522

 

Since I was called out, I have been intending to respond, but have not had the time. I'll try to be brief.

In my business, I have to make 'calls' on investments. I have to use information at my disposal and view it through the prisim of experience. I believe I have good judgment, but . . . as the old saying goes . . . 'good judgment is the product of making a lot of mistakes and learning from them.' I am often wrong, but never indecisive.

In this position, information is a valuable commodity for me. I gather lots of it. In the course of gathering information, some things become crystal clear. The subprime meltdown was an easy call (the timing was tricky--I was early on it.) The subsequent market fallout was apparent, once subprime failed.

The Madoff issue? That was a wild card--but something that could have been expected. Read "The Black Swan," by Taleb. We have been underestimating risk in this country for a very long time. One would argue that we truly do not understand risk as much as we should. Who among us would be surprised by an earthquake in California/ But, are we properly including that risk in our models. How about this -- there are major earthquake zones in Memphis, TN and Charleston, SC. Who expects an earthquake there. But if you research history, the last major earthquake in Charleston was 1886. Is Charleston overdue? Does anyone care?

I have no real motive in talking down the market, if by that you expect me to profit from trading cars. Cars are consumer items (with exceptions) and I consider them as such, since I can't afford a 250 GTO with race history.

I am rambling, but I will get to the point.

It may be just a facet of my ego that I have some inherent need to share my ideas with others. I have spoken at conferences, lectured some classes and shared my work with others. I like doing it, but if you really want to see me get excited, then you should disagree with me. I LOVE a spirited debate on the issues. I learn quite a lot from the exchange of ideas.

And, on boards like this, I write my opinion. I will try to post ahead of events and I will be accountable. I try not to say "I told you so." Check my posts from a year ago. I spoke of subprime and other issues ahead of time. I was willing to make a prediction, so I must have had some information that indicated a market move. It was just obvous to me and I said so.

But, how did I use this information . . . I urged those people in need of cash to get ahead of the curve. I used the information and the judgment to advise others to get out early and preserve as much value as possible. Those who sold cars a year ago are glad they did (in terms of pricing).

And now, I still see very dark times on the horizon. I think a the 'deleveraging' of America is in just the first inning. We have a long way to go.

 

Good Post.

 

If that was brief, Id hate to see a detailed report!

All opinions are respected and I certainly respect yours.

My only thoughts are that as people who have been successful enough to own Ferraris, lets put it all in perspective and leave the doom & gloom to CNN (Constantly Negative News).

BTW, we had an earthquake in California last week Thursday evening, a good sized 4.5 magnitude they say. Our chandeliers rattled a bit...

 

And I still get the advise to wait...