What's the history/paper trail worth on a used Ferrari 550?

I made some enquiries on a 550 over the weekend and the dealer in question was very forthcoming and communicative considering it's a weekend. I don't want to link to the car in question as I've genuinely not decided if I'm going to take this further or not yet.


The car is a 32,000 mile 1998 550 Maranello. It is an Estate sale and as a result of what appears to have been a long drawn out probate the car has sat and remained unused for an extended period of time.


The service books are no longer present, the ownership is known and the seller is the brother of the late owner (via a reputable dealer). A gentleman that has an extensive car collection in his own right. There's no "missing" or hidden information, it's simply a car that has been neglected through circumstance.


It's MOT history is this:-


· 13/02/2019 · 32,087 · 339



· 18/02/2014 · 31,748 · 4,071



· 15/08/2011 · 27,677 · 2,522


· 21/07/2010 · 25,155 · 4,227


· 30/05/2009 · 20,928 · 553


· 07/06/2008 · 20,375 · 4,371


· 13/06/2007 · 16,004



So the car has done 339 miles in the last five and half years, 200 of which were done this year to getting it up and running again.


I've been provided copies of invoices showing a service and new tyres in 2011 and a recent major doing all belts and braking system in Feb 2019 (cost of GBP 4,700), but nothing else seems to be available.


I understand many people would just run away at this point but I'm curious about what the difference in value is between this car and one of a similar spec that has a full history and is clearly cared for.


I've bid GBP 60,000 on the car expecting to have to invest a further GBP 20,000 into addressing various seals, leaks bushes, shocks, tyres etc etc. (typing this I'm now wondering if I've bid too much already given current market conditions).


The dealer has suggested I'm bidding a "trade" price. I disagree, suggesting I'm bidding top end "retail" considering it's condition.


My thought process is this. I'm not particularly worried about resale or potential resale as I'm buying one of these to drive and enjoy and have no intention of ever selling. I'll be leaving that problem to my executors. I'm interested in getting the best use of my budget for a long term keeper. With that in mind I've always been averse to looking at super low mile "collector" cars at high premiums - I'm not that buyer.


To that end am I better paying through the nose for a car that has immaculate history but could still run up 30K in bills as it's a 20 year old car?


Or do I buy a car which has knowingly sat unused and un serviced going in with my eyes wide opened knowing I'll be bringing it back to it's best so i can use it?


The car is clean, nice colours and doesn't appear to be at all abused, it's just sat for quite some time.


What's it worth and what would you do?


Understand I'm using the Fchat collective as a sounding board here. I have no one close that I could have a meaningful conversation about this sort of stuff. They just think I'm mad for considering one of these on the grounds I have enough cars already!

 

That's one of the unkowns.

 

I agree with your sentiments.

This is where I sometimes wonder if the value of a "collector grade" super low mileage car is actually warranted. Really how different is it from the car I described above assuming it's stored dry?

 

It's probably going to be easier if I link to the car. It's this one.

(I was actually enquiring about another car they had but the conversation turned to this car as the other was over my budget by quite a margin).

https://www.dhrofgo.com/for-sale/1998-ferrari-550-maranello-right-hand-drive/

Published asking price £87,500

After one email they suggest they'd take £75,000 "for a quick sale". If they don't sell it soon it will be sold on in the trade.

I then got the full run down of the history.

 

That's the one I asked about - £135,000

That's manual 575M money so someone really has to want that at that price.

 

They are adding value due to the "provenance & spec".

I figured it was a nice £90K - £95K car. But Ross and Rod clearly add a percentage onto that.

I'm not a big fan of the Novtec upgrades but all original parts come with it.

Very nice spec though and clearly in nice condition.

 

The immediate price drop also surprised me, especially as at that point I'd not even mentioned price.

I was intending to get the car inspected but the dealer emailed this morning to say there was a trade bid of £60K pending. So I'll wait to see if it goes there first.

Obviously they will prefer to trade it at that price than sell it retail and be responsible for it.

I've not fallen in love with the car and as you say, the market is so soft I'm happy for the right one to come along whenever it comes along.

 

The UK market is a very odd place at the moment. There appears to be a huge gulf between asking and actual selling prices for "drivers".

Cars of this type and mileage with full history and good provenace seem to be selling at low to mid £70k's from a reputable dealer. So £65k for a car that's been unused for 5-7 years and has missing books and paperwork doesn't seem enough of a discount in my eye's.

 

We'll you have far more detail on it than I. I've not been to see it but I've not ruled it out. What put you off buying having been to see it?

Given that it's now potentially available at £60K or so and the history is more transparent would you now be a buyer?

 

As has the the car that caused me to start this thread. I wonder if the "trade bid" was accepted?

I guess we'll find out soon enough if it pops up for sale elsewhere.

 

Bonhams will be interesting this weekend. Some strong estimates on their listing.

https://www.bonhams.com/auctions/25502/