Looking at a high mileage 550

Exactly! Sorry I was not clear. This also means if you can buy if for $40k it is pretty hard to loose your money. Certainly you will be able to enjoy it. Then part it out and get all your money back. People are charging stupid money for 550 parts because we are stupid enough to buy them. Price out a front windscreen or driver's undertray or a door but you better be sitting down.

 

We all know about smith volvo but that's why it is always buyer beware and why they sell cheap. They are excellent turd polishers. I still think as a parts car you can make out. I race SCCA and I track things too. Track driving is no big deal unless the car has no maintenance. Track drivers enjoy track cars and can't live with the 10 year old rubber bushings on 99% of the 550 fleet. They can't live with an engine that can't perform. They can't stand lame brakes. Most track drivers and their cars are well maintained and maintained to a level much better than the street fleet. My shocks get annual rebuild! 99% of 550's are still on the original shocks.

That said a well maintained track car is better than a street car. If the engine looks good on a leakdown and compression test That is a really good start. Passing a good inspection and I would have no problem at all buying such a car.

The most dangerous car to buy is the 12k miles 10 year old garage queen with original window sticker and original tires being sold by the wife of the owner who recently passed away.

 

$3400, including new trim and installation. Parting it out really would be a no-lose proposition.

But what everyone else has said about cars that sit is so true. My car only had 24K miles on it when I got it but had sat for over 4 years. It put me through the wringer after I got it. But now it's sorted and gets used regularly so it's happy. In retrospect, I should have bought a higher-mileage car that was in good order or at least one that was used regularly.

 

Sounds like there is more to Smith Volvo than I have experienced in the past. Guess I'll have to ask Allan about his experiences next time at Cars and Coffee!
;-)

Edit: Yikes! I just did a search for Smith Volvo, Ian Smith, and ISImports. Sounds like it is a good thing I only bought from the Volvo side of the dealership! Perhaps there are fewer turds to polish from Sweden?

 

There is nothing wrong with them. You just gotta know your seller. They buy neglected, suspect, beaten, or from the desperate or from the unknowning cheap. They then assuage fears by doing little things like "belt service." When you ask if a major is done they verbally say yes but the written says belt service. That is usually a nail polish belt swap kinda thing. They will fix simple things like a cam seal leak just long enough to get a car flipped. Their goal is to buy cheap, polish the turd, sell it cheap and sell it fast. It takes much more effort to sell a 2 mil house just like does to sell a top of the market 550 for $95k. If you buy a smith car you either have to drive it and flip it or put some money into it. That is perfectly acceptable if you get it cheap and you can fix it cheap. But for the average guy who pays for labor it is a better value to spend an extra $10k and just buy a better 550 that needs less.

 

FBB: the point was that ketel doesn't hang around here, so he'd have no reason to be on notice about Smith Volvo. By hearing about the dealer and getting the specifics about the car from a fellow who had first hand knowledge of it, ketel is able to make a far more informed and intelligent decision as to how to proceed based upon his needs, preferences and willingness to tolerate risks. (I didn't know about Smith Volvo and I wish I had, but I didn't do my "due diligence" at the time for a number of reasons, although I still put the blame mostly on myself).

 

Fair enough. Sorry if I misrepresented your situation. My only intention was to raise the caveat emptor flag and wave it back and forth.

 

I think it's insane to buy a Ferrari without a PPI. You should definitely have Craig check it out. Fast Cars has been around for years, and last time I was there they had some seriously choice Ferraris both in the shop and in the showroom.

 

This is simple. Find a car , don't mind miles , get PPI then decide . As I understand , 550 are bulletproof.

As owner of a "high" mile car (65k) , I don't give a rats arse about miles. This isn't an investment instrument . It's a driving pleasure instrument .

I want a 550 to add to stable . It will be a high mile car. Best price fully depreciated .

True car enthusiasts buy to drive not as status symbol or conversation piece .

 

Im not afraid of higher mileage cars but 80k is a decent amount. For 10-15 k more you can probably find one with 50k miles

 

+1 Wisdom and Truth. Paying a premium for low miles or avoiding a car that has been tracked or had paintwork are false economy's.

 

The car has sold: $48,900.

Hope the new owner will join us here !

1999 Ferrari 550 Maranello No Reserve | eBay

I had chatted once or twice with the "tracking owner,"
and we exchanged emails.I was willing to buy,
but he had committed to another gentleman.

Still tempting.

I became involved in "due Diligence,"
and went on to but a 28K 575,
with TdF blue and tan.

No regrets !

Scott

 

With the advice of FBB, I bought a EuroSpec 550 that had almost 60,000 miles on it at the time. It belonged to a guy named James Diiorio. I actually found an article on him at Mazda Motorsports:

http://www.mazdamotorsports.com/pdfs/fuel_2008_jan_feb.pdf

You can see what's now my 550 in his garage.

He tracked this car, as well as drove it regularly between Nevada and California. I think this is the key.... driving them! If they've been driven, they seem to be in better shape.

That said, I now have 70,000 miles on it and it runs like a champ!!! It's truly the favorite of my f-cars. A 599 could change that, but until then.....

 

Nicholas,

I posted this in another thread. Light track duty is good.

http://www.ferrarichat.com/forum/142719514-post6.html

 

He tracked this car, as well as drove it regularly between Nevada and California. I think this is the key.... driving them! If they've been driven, they seem to be in better shape.
[/QUOTE]

You are so right, the only thing I would add is keep up on the service.

cheers,

Bill

 

You are so right, the only thing I would add is keep up on the service.

cheers,

Bill[/QUOTE]

Oh... yeah Service upkeep is a must!

 

I had a 2003 360 spyder a few years back that I purchased from FoA, at the time it had 59k miles on it. I sold it after 6 months to buy my Stradale……..the 360 has been sold twice since then and has over 80k miles on it now. The car was maintained properly and has had zero issues other than scheduled maintenance. I know its not a 550 but the point is maintenance = little to no issues. These cars are meant to be driven……
All of the ferraris I see in Europe have plenty of miles on the,,,,,,,,I assume mostly daily drivers. We in the US have a tendency to wash, wax putz around for a few miles and cover them back up.
Drive them…….thats when they are most happy!

 

+1

When I bought my 2001 550 about 18 months ago it had 11k miles, felt rough, clutch pedal was hard etc. I now have 16k miles on it and feels better than it ever did and is become more of a joy to drive

 

And two weeks later it was still for sale and it reached only 38k, I emailed Ian and he said his bottom was 43k, I have no idea what happened with the car.
1999 Ferrari 550 Maranello | eBay

 

Gah, $43k for a 550? Unbelievable. I'd buy it if I wouldn't immediately lose it in the subsequent divorce.

 

That's funny right there!

 

Change "wife" to "daughters" in the above quote and you've described mine perfectly.

 

Change "wife" to "daughters" in the above quote and you've described mine perfectly.

 

That car needed some work, I had a family emergency and quickly sold it to a dealer/auction company. i couldn't do the necessary work and when deciding which ferrari to keep I chose my sorted out 328.

I believe it could be turned into a nice example for the right person who is an experienced ferrari owner.

Fun fact: I was informed and believe the original owner was papa-John.