What is high milage

Looking at a 2002 360 spider with 19,000 miles in the Ferrari world what is high milage and at what break point if there is one does the value start to drop off,

 

This is a used car http://www.ferrarichat.com/forum/360-430/420615-100-000-miles-my-360-a.html

High mileage is anything with more than his

Less than 2000 miles per year is not high mileage

 

High mileage is one mile over the mileage when a cam belt snaps! If you maintain these newer Fcars you can put a ton of miles on them-and the lower 1/2 of the engine is bullet proof.

Worry more about really low mileage ones with no books/records

 

+1.

 

Every mile you put on any car reduces value. The first ones hurt the most, every mile thereafter has less effect. Consider: a 2005 430 with 20K is worth maybe 125K. Same car with 30K, maybe 110K. One with 90K on it sold for 75K. So the 1st 20K cost about 70K or 3.50/mile. The next 10K cost about 1.50/mile. The next 60K cost about 58 cents per mile.

Dave

 

Pretty good summary. I would add that age reduces the impact and the baseline moves up.

Having said all of that, 19K isn't many miles. Most cars will do 2-3K per year so 19K is good for an 2002.

 

60,000 miles on my car is NOT high mileage, its barely broken in

 

How about the very first mile hurts the most! Everybody loves to say 'when you drive a new car off the lot, you just lost $$.....' That phenomenon is 10 fold with Fcars!

 

While it is true a used car will fetch less than a new car the difference isn't 10% and it isn't 10 fold on F cars. A car, all cars including F cars, depreciate at 10% per year on a declining balance. There is a slight variance but that is pretty much the facts.

That means you buy a 250K car and it looses 25K the first year. Second year it looses 22.5K and so on. No more, no less. And no, no one will compensate you for sales tax, license, etc so those are always lost. BUT they are lost no matter what car you buy.

 

People act like 20k+ is crazy miles on one...I have 25k on my scud and it's wonderful every single mile. It would be a shame to not drive one of these things if you have one. I'll take whatever hit necessary when/if I sell it with 30k, 40k, or whatever on the odo...and someone will still be getting an exceptional car.

 

10,001

 

This is interesting.. it's close in the first 5 years but then decreases afterward. You'd have to factor in inflation as well.. Take a 2000 MY 360: MSRP was About $140-130k or so.. I'm going to pick $150k just for argument sake. 10% decrease on the declining balance, strictly 10% with no adjustment for inflation...
150k new,
135k year 1
121.5 year 2
109.35 year 3
98.45 year 4
88.65 year 5
79.75 year 6
71.85 year 7
64.67 year 8
58.27 year 9
52.44 year 10
47.2 year 11
42.5 year 12
38 or so on year 13

For a similar vintage Aston this holds true pretty accurately. But the FCar seems to stabilize at year 7. Granted at year 13, $38,000 to 2000 values is $51,610.

Isn't it one third of a vehicles value where it stabilizes? Very interesting..

 

One thing to remember to, as you rack up the miles, the amount of fun your having with your car, that is priceless! As I tell my fellow car buffs, I own ONE coffee table, it's sitting in the living room, not out in the garage with 4 wheels & tires attached to it. TCS: trailered cars suck!!!

 

How true, and it's been that way for a long time. I remember deciding not to buy a new Ferrari 250 GTO back in 1964 when it had a sticker price of $18,000. Sure enough, four years later in 1968 they were selling used for as little as $6000. So, those guys really took a bath losing two thirds of their investment in four years.

And now, they're getting screwed again. Imagine the capital gains tax on the one which just sold for fifty two million bucks. I pity those poor fools. They should have bought a nice Nash Rambler or something similar.

 

For Ferrari ...anything more than 1500 per year . Realistically , considering its a summer vehicle more than 5000 per year .

 

Very interesting observation indeed.

 

This is holds but not for Lambo & Ferrari. These fall above the curve

 

+1. Just try and find a good 2000 360 for 38k.

 

Who cares!!!!

 

Thanks. I agree that the exotics and a few other cars will bottom. My M-Roaster bottomed then started climbing before I sold it but they had very small production numbers. So I agree that the curve gets off for old exotics. And of course once they are collectible they can skyrocket with little/no notice.

Older exotics get impacted more by maintenance and condition than anything else. That pushes them off the curve but the poorly maintained (average for most cars) will still be near that line. For newer cars it is very close and for non-exotics, read mass produced cars, it is very accurate for at least 10 years.

I also calculated the cost per year on the first 5 years I owned the M and the 2nd 5 years. Oddly enough it was close to the same cost when you factor in depreciation and maintenance. Same was true of my Audi. Yea Yea, I buy what I like so I keep cars a long time. Had my Spider for 7 years already.

 

Yes MR, but you drive your car and the cam belts don't have a chance to stand still and get a formed weak spot. It is the cars that sit which suffer ....

 

Agreed!
13.5k miles on my 16M and love every single mile driven.
I could care less about depreciation when compared to the smiles it creates when driving.