Can Peter Kumar be right? | FerrariChat

Can Peter Kumar be right?

Discussion in '456/550/575' started by JohnnyRay, Feb 26, 2017.

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  1. JohnnyRay

    JohnnyRay F1 Rookie
    Silver Subscribed

    Nov 2, 2014
    2,864
    Central FL/NW WI
    Peter at Gullwing is generally known for pricing vehicles to sell. Can a 1997 550 with 8K miles be worth $179K in today's market?


    1997 Ferrari 550 Maranello -
     
  2. Oengus

    Oengus F1 World Champ
    Rossa Subscribed Silver Subscribed

    who knows.....feels about right, obviously its a manual and in demand as of late.
    Could of grabbed this car 4-5 years ago for way way less
     
  3. 15765

    15765 Formula Junior

    May 14, 2012
    302
    Las Vegas NV
    Full Name:
    Chuck King
    By looking at the drivers seat. it looks like it has a lot more than 8000 miles on it. My 550 has 40000 miles on it and the drivers seat is in much better condition than the one in the pictures.
     
  4. tres55

    tres55 F1 Rookie
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    Sep 18, 2012
    3,479
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    Seems high to me. 8000 miles or not, that thing needs a thorough reconditioning / detailing in my opinion.
     
  5. LVP488

    LVP488 F1 Rookie

    Jan 21, 2017
    4,839
    France
    Indeed it does not seem in a great condition for 8,000 miles - I am sure there are many cars with 5 times that mileage that look better (and are probably less expensive).
     
  6. Bas

    Bas Four Time F1 World Champ

    Mar 24, 2008
    41,300
    ESP
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    Bas
    180K is way too expensive. A WSR sold for that the other day, lol.
     
  7. marklotus

    marklotus Karting

    May 8, 2007
    247
    Valley Forge, PA
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    Mark
    So, Peter Kumar at $179K or Michael Sheehan at $100K.
    Let the market decide.
     
  8. JohnnyRay

    JohnnyRay F1 Rookie
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    Nov 2, 2014
    2,864
    Central FL/NW WI
    $179K for a 1997 seems high, but I don't think $100K buys much these days...
     
  9. Bas

    Bas Four Time F1 World Champ

    Mar 24, 2008
    41,300
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    Bas
    Plenty of good cars in EU sitting at low 100s. No way 180K is the market.
     
  10. marklotus

    marklotus Karting

    May 8, 2007
    247
    Valley Forge, PA
    Full Name:
    Mark
    Several on ebay asking low $100's.
     
  11. MoeD

    MoeD Formula 3
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    Aug 1, 2007
    1,278
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    Moe D
    When the market was hot, prices flew. But now a lot of dealers seem to be holding onto those prices when in fact none of them can be materialized today.

    Kumar is not one of those people; he truly does price to sell, although in this case I think the price is ambitious. Perhaps a consignment car?
     
  12. tdf550

    tdf550 Rookie

    Aug 3, 2009
    48
    new york
    it does have nice options with the mod wheels and carbon interior/shift knob
     
  13. henryr

    henryr Two Time F1 World Champ
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    Nov 10, 2003
    21,653
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    Juan Sánchez Villa-L
    never hurts to fish....
     
  14. Drive550PFB

    Drive550PFB Two Time F1 World Champ
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    No way that price is validated.
     
  15. marklotus

    marklotus Karting

    May 8, 2007
    247
    Valley Forge, PA
    Full Name:
    Mark
    ...or to hunt..
     
  16. 2HotShoes

    2HotShoes Karting

    Sep 2, 2015
    103
    Chicago, IL USA
    Full Name:
    Tal & Beryl
    My wife, Cowgirl, wouldn't take $165K for her '99 550 (Guido) so what's that tell you? Last year I suggested selling at that price (this was a solid offer the afternoon of the car's third place finish at the Ferrari concours in Columbus) and she said ok, but told me to add on the cost of a divorce. When I asked if she was kidding she simply gave me The Look. And, dear pals, we ALL KNOW what that means...

    My point is a car (or anything else) is worth the intersection of exactly what somebody will give you for it and what you are willing to take.
     
  17. FPFaeth

    FPFaeth Formula Junior

    Dec 3, 2009
    663
    NY
    Full Name:
    Frank Faeth
    Knowing 2HotShoes as I do, I suggest we pay attention, whether about the personal or the economic.
     
  18. Themaven

    Themaven F1 Rookie

    Nov 2, 2014
    4,252
    Eastdown
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    Darius
    I think there are a lot of people in the same situation right now - judging from my ongoing conversations with dealers here. People won't, and don't need, to sell their Ferraris for less than x, and people won't buy for more than (x-y). y being a fairly notable sum.

    So the market is stuck.

    I think people who know about these things (I don't) call it a bid-ask spread or offer-bid spread, and it's high. What happens next - either people decide to pay more, or decide to sell for less.

    The wife element is of course a significant unknown. An unknown unknown.
     
  19. tres55

    tres55 F1 Rookie
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    Sep 18, 2012
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    Collector car market in general is over inflated. This isn't specific to the 550's in my opinion.

    Hysteria had settled in over the last year and driven prices out to lunch.
     
  20. stardoc

    stardoc Formula Junior

    May 5, 2005
    668
    The big oven
    Full Name:
    K RA
    I have a '99 that I will be putting on autotrader for $85k with 67k miles but is in FAR better condition than this example. It's all about the condition and care, too many folk are hung up on mileage.
     
  21. Zarathustra

    Zarathustra Formula Junior
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    May 7, 2006
    863
    Hawaii
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    Gary Robinson
    Peter Kumar was usually competitive in the seller's market, but now that it's a buyer's market he has not adjusted his prices. All of his vintage Ferraris are significantly over-priced and have been sitting on Ebay way too long. Sheehan is selling now. The cars at Gullwing are collecting dust.
     
  22. tres55

    tres55 F1 Rookie
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    Sep 18, 2012
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    My 355 has 70k miles, 550 has 20k miles. The 355 feels better...the 550 feels oddly rigid and brittle if that makes any sense.

    If I could go back, I would've passed on my 550 to find something with more miles yet still maintained just as well.
     
  23. intrepidcva11

    intrepidcva11 F1 Rookie
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    Jan 12, 2009
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    Saratoga Springs NY
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    Seth
    exactly right, Tal; year ago I wrote the identical thing on a post on market prices, just added - the price a willing buyer and seller agree on, on a particular day.
     
  24. MogulBoy

    MogulBoy Formula Junior

    Sep 23, 2004
    969
    Devon
    Even a stopped clock is right twice a day. :)
     
  25. Emartleb

    Emartleb Karting

    Dec 6, 2004
    79
    San Francisco, CA
    Full Name:
    Val Beltrame
    While my car is higher mileage (but, I feel, nicer) than the subject of this thread, there's no way I'd sell at $179k. I don't have any desire to sell but if I did, my number starts with a "2". If that means I hold onto it forever, that's fine. What would I replace it with? V12, three pedals, best looking Ferrari of the (semi) modern era? There isn't anything.
     

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