So, disappearing Maranellos - the ex Ross Brawn/Rod Stewart car has sold. It was advertised for GBP 130k, but goodness knows what it actually went for (goodness,plus the seller and buyer I suppose!)
Justin Banks has his 102,000 mile example up for sale again. https://www.pistonheads.com/classifieds/used-cars/ferrari/550/1997-ferrari-550-maranello-rhd/10495640 I keep looking at the advert and thinking that would do me, I'd not be sweating about the mileage I'd be able to drive and enjoy it without a worry. I'm looking for something to use and tinker with rather than a garage queen showpiece. However the asking price isn't remotely realistic. So I was thinking about what would be and this is where the problem occurs becuase of the obsession with mileage in the Ferrari world. Once they reach a certain mileage they effectively become keepers. It's unlikely anyone is going to want to buy it unless it's for a sum of money that makes it low risk. However putting yourself in the sellers shoes would you sell if offered that number? I arrive at about £30K for this car with this mileage. But if it was my car I would probably prefer to keep it than sell it for £30K - and there lies the conundrum.
I think at that point it's not as much the price of the car, but rather the buyer pool which becomes drastically reduced as the next person knows it will also be a keeper. Pricing it well below any other 550 should have it sell eventually. For a quick sale it would probably be closer to your number than his asking price. That said, if a 100K mile 550 popped up locally for $50K (£40K) I think I'd have to go for it because there will never be a cheaper one that's running and driving.
I agree, there comes a point when you hit a minimum value for these cars due to the value of the parts. In normal times £30K is a lot closer to your $50k magic number.
£60k might be a bit steep with those miles, but £30k is crazy IMHO. In a world where you can spend that much on a new disposable hatchback, then to get a clean driving 550 for that money really would take a proper meltdown of classic car prices. Who knows what might happen, but that’s not what we’re seeing just yet Sent from my iPhone using FerrariChat.com mobile app
We're also unlikely to see much change whilst the artificial financial support is in place. We're also not going to see much changing hands either. Reality will hit when the Job Retention Scheme stops paying out, the 3 months mortgage, loan and finance holidays end and the world is expected to spring back into action as though nothing happened. So right now if I was to entertain the idea of buying a 100,000+ mile 550 it would need to be at the £30K mark. Whilst that might seem slightly ridiculous now - it may turn out to be overpaying. We'll only know with the benefit of hindsight. What I do know is he's been trying to sell it for a number of years - it's his own car, and so far no one has bitten or he's not prepared to accept offers. So it'll probably go back into his garage for another year or two until he tries again. It does make you wonder how many similar cars there are that will likely never be sold on open market, unless they become estate sales where there's no family to pass it on to.
Here’s a Maranello that is actually disappearing... Literally. Check out image 174 (of 181). Currently available at ’no reserve’ on the UK’s up and coming BAT rivalling auction site... https://collectingcars.com/for-sale/2002-ferrari-575m-maranello I have long felt that the UK is a relatively harsh environment for these cars and whilst I do like to see them used, you do need to consider how they are stored. In sunnier climes, that means not leaving them out in the blazing sun more than strictly necessary. In the UK, that would be a nice problem to have.
A quite nice appearing 20k mile Grigio Titanio 550 on BaT right now: https://bringatrailer.com/listing/2000-ferrari-550-maranello-11/ Needs a 5yr cam belt service done but otherwise looks good.
It certainly has potential but further inspection of the undercarriage would be recommended. I would say that the front bumper doesn't appear to have been expertly painted/refitted (the black lip is too shiny and the black should come up a bit higher/ the gap between the top of the bumper and the bottom of the headlights/bonnet/hood needs adjusting). The 575 EFX registration certainly adds something to the appeal so hopefully the next owner will keep a little in reserve to make the most out of it.
Agreed - nothing short of absurd IMO. And anyone who expects to get that car off JB for that price is dreaming.
This one is striking a rather more optimistic note: https://rmsothebys.com/en/auctions/0120/online-only--driving-into-summer/lots/r0080-2002-ferrari-575m-maranello/890819 That's £180-220K in real money.
What would you consider a reasonable price for that car? As suggested above, It's not so much the mileage itself and what value it "erodes" from the car. It's that it reduces the pool of buyers to a degree where I think in this current market there will be none for what would be considered a sensible price. Therefore, to sell it's needs to be overly attractive cheap £30K? £35K? £37K? - I certainly needs to start with a 3 IMO. I think it won't sell, as it hasn't for the last few years he's been trying. Incidentally I've been offered a car today by a dealer that knew I was still looking. 2000 550 in Verde Zeltweg over beige very low owner car last owner for a long time, 23,000 miles. £75K is the asking price. Reasonable? I don't think it's a daft asking price, you only need to look at Pistonheads and Autotrader to see the number of £100K+ asking prices. So I certainly see it as in the ballpark. The deal seems to be subject to the owner of the 550 getting in the 599 that he wants (which unhelpfully is not for sale at this dealer but with another one), so it sounds a bit like musical chairs to me. Fingers crossed it happens, I've known about this car for a while and have been waiting for it to come available. I'd kind of given up on it happening if I'm honest.
This time last year when I was on the point of buying my car, I would have happily paid 100k for a 23k mile 550 in an interesting colour, but couldn’t find one so paid less for something with a few more miles. So 75k seems like a great price to me, but the world has changed so it is very difficult to know if that will seem seriously overpriced or a steal in 6 months time..
True, it's really difficult to know what the right thing to do is. I've wanted one of these for 20 years and fully intend to keep whatever I buy for life. So ultimately this is now coming down to what is comfortable and right for me rather than specifically what the market value is. £100K plus was always way out of my comfort zone (and wallet). I did offer £90K on a 575 2 years ago, which with the benefit of hindsight I'm glad they turned down. Like you I think the asking price at least seems realistic. I'd prefer to be at £60K for something - but I'm also conscious I might not have the opportunity to buy a car like this ever again. Sometimes timing is everything.
Buy it and drive it. Never check prices again and you will stay happy. Unfortunately, nobody can usually have the willpower to do that
Honestly, if you are able to buy it at that price and can comfortably afford it, do it. There is a world in which you will look like a genius in 12 months time - traditional economic analysis would suggest that rampant inflation is inevitable as the wads of money being printed by central banks continues to circulate and that the money you have sitting in a bank account will be worth less and hard assets will be worth more. Of course we may also be in a deep, deflationary depression and the car may not be worth what you paid for it - but in that case you will still have the pleasure of owning a great car and of having achieved an ambition..
I'd already arrived at the same conclusion. Lets see what transpires as the sale seemingly relies on the seller getting the right deal on the car he wants. I have my fingers crossed.
Verde Zeltweg over Tan? Man, what Taz said! Just buy it, drive it, don't look back, don't even use the rearview mirror!! Even you have been looking as long as you say and intend to keep it forever, just let your dream come true. You were hoping for this very car. The fates have now presented you with your desire....and 75k is reasonable. (Disclaimer: This free advice is worth exactly what you paid for it!! But really....)
I'll post some images as soon as I have them. I've yet to even see it, I've known the spec for some time so I'm looking forward to getting some pictures. Buying something in lockdown is certainly different!
Verde Zeltweg is a gorgeous color. You have to personally see a Maranello in that color to truly appreciate it. Pictures don't come close.
