Would you buy a salvage Ferrari for 70k

I would not do it. You have a perfectly functioning unit you want to trade for a potentially bid headache.

 

Good choice! Obviously the 430 is faster and more modern but the 360 is such an amazing car! It’s becoming a classic now with enough power to still be fun, there’s no urgent need to get rid of a nice one for a car that might be more trouble.

 

Is this the car?

https://www.ferrarichat.com/forum/threads/2008-ferrari-430-berlinetta-f1-2008-ferrari-430-coupe-w-scuderia-front-end-fully-loaded.571808/

 

Never.

Would not want to find the weekspot caused by the prior accident or repairs at the wrong time.

Life’s to short to settle for damaged goods.

 

Salvage titles - it really depends. Speaking from someone who is at the IAA auctions every week poking around, I can tell you firsthand that not all salvage titles are created equal. Having photographic evidence of the damage that was there previously would be ideal. Without that, I would probably pass. But if they can document the minor damage, then I might be okay with it.

A bunch of people asked why the insurance companies would total the car with only minor damage? It has to do with the resale of the vehicle through the auctions - it's all a numbers game. If the car is worth $100K and has an expected $65K repair bill, then they might "total" it and send it to the auction, where someone would probably pay more than $35K for it. I'm quite sure they have a lot of historical data on these numbers and can make these decisions (particularly on common cars like a Toyota Camry) fairly easily. The bottomline - just because the "total" a car doesn't necessarily mean that the cost to repair is greater than the value of the car. I also think that the owners have some sway over the insurance companies too - if they definitely want to keep the car.

Can't speak to pricing at $70K, but the cheapest 430 on AutoTrader right now is $75K for one with 80,000 miles on it. I think to answer this question, one would have to consider the culture of car ownership for the buyer. What does that mean? It means, are you the type of buyer who wants to buy the car and drive it? Do you care about leaving it out in the rain? Do you get bothered when the front spoiler scrapes on driveways? Do you let your wife / girlfriend have a drink in the car? If yes, then a salvage title car would probably be okay, as you're not sweating the small stuff. But if the answers are no, and you like things absolutely pristine, then I wouldn't go that route.

Financially, it may be a good decision. Let's say the whole market for 430s declines 20% in the near future. A 20% decline in value from $70K is much less than a decline from $120K. A cheaper car will always have less room to fall in value. Just keep in mind that when you go to sell it, you will have to sell it at a significant discount, just like the fellow that you're buying it from. It may be more difficult mentally to pour a bunch of money into the car (upgrades or repairs) if you know it's never going to really increase the value of the car too much.

Just food for thought...

-Wayne

 

No way... for a lil more will garner a clean title.

A salvage title on a Ferrari is like an albatross hung from the Mariner's neck.