Used high mileage vs low mileage | FerrariChat

Used high mileage vs low mileage

Discussion in 'Ferrari Discussion (not model specific)' started by bulldog90, Sep 8, 2020.

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  1. bulldog90

    bulldog90 Rookie

    Sep 30, 2012
    15
    Madison, Ms
    Full Name:
    Kenneth Avery
    Okay second thread on my 575m purchase journey. First i buy cars to drive them - not to look at them. Looking at 2 575m’s right now - number one 30k miles with a recent major service with over $17K service. Second same model year with 7k miles and no major service. Asking price is $10k difference for lower mileage. At .50 cents a mile that would put the higher mileage car at $15k less in value just on depreciation.

    However I do see value in a car that has been driven and maintained versus one that has basically been sitting in a garage for 15 years.

    So I see both sides - right now I am leaning towards low mileage car. Thoughts or opinions appreciated.
     
  2. flat_plane_eddie

    flat_plane_eddie F1 Rookie
    Owner Silver Subscribed

    Mar 30, 2013
    3,142
    NE FL
    Full Name:
    Eddie
    Low mileage will be easier to sell, just the simple reality of cars. For $10k I'd get the lower mileage one too or better yet, try to negotiate harder and bring that delta lower. 575s aren't exactly hot right now.
     
    bulldog90 likes this.
  3. Jaguar36

    Jaguar36 Formula Junior

    Nov 8, 2010
    834
    Cherry Hill, NJ
    Thats a tough call, only 7k miles on a ~15 year old car with no recent service doesn't sound good to me. Particularly if those 7k miles happened in the first few years. 30k miles is a bit higher than I'd be looking for though, but if its got a recent comprehensive service and is in good shape cosmetically as well I'd be leaning that way.
     
  4. Husker

    Husker F1 World Champ

    Dec 31, 2003
    11,788
    western hemisphere
    I don't know anything about 575s, but if it's never been serviced, your service bill would seem to be a whopper. No question that low miles cars bring more money due to odometer obsessive compulsiveness, but keep in mind that same obsession may keep you from driving it as you want to. Most low miles Ferraris stay in the garage because the owner doesn't want to put miles on them. I know it is a different car, but research shows that the 360 depreciation curve essentially flattens at 30K miles. After that, the number of miles (within reason) doesn't seem to have an intrinsic relationship to the price.

    I was looking for a super clean 360 and the cleanest one that I could find - with all records - was actually a 39,500 miles example. It had been owned by 3 FChat members, which that alone tells me it was owned and cared for by enthusiasts. There were others with half that many miles, $20K more, and with spotty records. Ferraris are a lot like airplanes - it's all about a good history of proactive maintenance.
     
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  5. AlfistaPortoghese

    AlfistaPortoghese Moderator
    Lifetime Rossa

    Mar 18, 2014
    3,778
    Europe, but not by much.
    Full Name:
    Nuno
    My humble two cents:

    1) 30.000 miles isn’t high mileage.

    2) Buy condition and spec.

    3) If you plan to resell, buy the lowest mileage possible.

    4) If you buy to drive, regardless of if/when you sell, buying the lowest mileage car will cost you more, as the mileage premium you paid will evaporate by the mile and it will depreciate more steeply.

    5) If you buy to drive, get the car with the most pristine service records you can find, not a garage queen, as once you start driving a garage queen, it’s anyone’s guess maintenance-wise.

    Kind regards and happy hunting.

    Nuno.
     
  6. spirot

    spirot F1 World Champ

    Dec 12, 2005
    14,501
    Atlanta
    Full Name:
    Tom Spiro
    Mileage on a car that is likely to only appreciate slightly ... I'd go for higher mileage car that has recent service. It would not suprise me that the 17K mile car needing $10 -20K ASAP to ensure its road worthyness.... all kinds of stuff like rubber and the seals gaskets etc... if they are not used regularly ... they start to perish. you'd be chasing all that stuff...
     
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  7. Cigarzman

    Cigarzman F1 Veteran
    Owner Rossa Subscribed

    Get the car that’s been driven and serviced. I bought a low mile 5k 10 year old 430 spider and wound up with a 14k bill. Why ? Because the car was not driven. It had a potpourri of issues from sitting around. YEMD. Best , Kirk.
     
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  8. vandevanterSH

    vandevanterSH Formula 3
    Silver Subscribed

    Jan 27, 2005
    1,788
    AR
    Full Name:
    Stephen Van Devanter
    "So I see both sides - right now I am leaning towards low mileage car. Thoughts or opinions appreciated."
    ******
    30k miles isn't a lot of miles for a 575M. The low miles 15yo would make me nervous. With no recent service, you are looking at a minimum of a major service + new belts and whatever else they find that need correcting. I'm no expert, but having seen low milage 550s with the heads off, the valves and combustion chambers were loaded with "carbon" deposits. I'll admit that I'm a bit biased, my 575M has 103,000+ miles on the clock and she still purrs like a kitten!

    Steve
     
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  9. A348W

    A348W Formula 3

    Jun 28, 2017
    1,741
    North Wiltshire, UK
    Buy on condition not miles.

    As said above a low mileage poor service history car is a recipe for a big bill.

    (it’s a sad day when 30k is considered high!)
     
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  10. vrsurgeon

    vrsurgeon F1 World Champ
    Silver Subscribed

    Dec 13, 2009
    15,872
    Charleston, SC
    Full Name:
    Curt
    Buy on what you are willing to put up with. High miles, low price. Low miles, high price. On either just price in any potential issues.
     
    Texas Forever likes this.
  11. mswiek

    mswiek Formula Junior

    Jan 5, 2004
    322
    A higher mileage consistently and properly maintained car will have a more predictable future service record that will most likely be able to be accomplished on a scheduled basis. A low mileage, not driven, car that has not been serviced on a regular basis is likely to require more service, both initially to get it in shape, and perhaps more unpredictable and unexpected surprises once you start driving it. As others have said, truthful condition is FAR more important than "bragging rights" low mileage. There will always be costs. But it is better IMHO to have those costs be somewhat anticipated.
     
  12. Ray Smith

    Ray Smith Formula Junior
    Silver Subscribed

    May 17, 2020
    851
    Costa Mesa, CA
    Full Name:
    Raymond Smith
    I bought a MY07 430 with 5,272 miles on the clock. I paid a premium for the car. The dealer refused my requests to see the service records even after I purchased the car. Every service performed on the car was by the selling dealer. I finally obtained the service records from another Ferrari dealer (the have a world-wide network for obvious reasons). They show that the car has not had the items required to be replaced based on age and not miles (e.g., the F1 accumulator) and that the engine oil has been changed only once since 2007, and the gearbox oil has never been changed. The brake fluid has never been flushed and refilled. Brake fluid is hygroscopic meaning it attracts water. Water boils and turns to a compressible vapor which is what causes brake fade. The coolant has never been replaced.

    The previous owner apparently bought the car to look at, and not drive. The original owner was the Ferrari dealer where I bought the car. They had minimal service performed during their ownership period. It was probably used as a demo.

    After learning these things (including their hiding the fact that the car was involved in an accident (not reported to CarFax) and repaired at the selling dealership I decided to replace all the items that should be replaced based on age and not mileage. The brake fluid, F1 fluid (replaced with hydraulic fluid and not ATF), the gearbox oil, the engine oil, and the E-diff.

    I could have purchased another 430 which had three times the mileage for considerably less money but wrongly concluded that a hangar queen would be a better deal. My bad.

    I have performed all the service on the car myself, since I simply can not afford the costs of dealer service. I still have 2 years left on the original power train 15 year warranty and that is crucial since a power train failure would be catastrophic financially.

    So in hindsight, I should have purchased the 430 with the higher mileage which was actually driven, and as a result had the age-related maintenance items replaced.

    BTW, a CarFax is a waste of money on an exotic car. They simply do not report things like accidents and major repairs. Again, my bad. I was blinded by lust and should have demanded the complete service records (I still do not have all of them) and walked away if they were not made available. The excuses they gave me included the previous owner's "privacy". I guess rich guys are paranoid.

    As the Italians say, in lieu of "good luck" in bocca al lupo!
     
  13. rumen1

    rumen1 Formula 3
    Owner Silver Subscribed

    Jun 23, 2012
    1,682
    Bulgaria
    #13 rumen1, Sep 16, 2020
    Last edited: Sep 16, 2020
    Actually low mileage cars are much harder to sell than high mileage cars. You can buy a high mileage car for a price that's on the bottom of the market and when the times comes to sell it and you put it for sale with one of the lowest prices on the market again, you will sell the car a lot faster. Low mileage cars are expensive and need a specific buyer. And the truth is, that most people are searching for the cheapest car possible. You buy it cheap and you sell it cheap - that's always the fastest way for sure. AND most of all - you will not lose money from
    depreciation because of the miles you put on the car, because some miles on a high mileage car will not make a big difference.

    As for the technical side of things - I will always prefer a well driven car than a statue, that hasn't been moved from several years. But that's just me. If the car is well maintained, than the mileage is just a number on the dash.
     
  14. azlin75

    azlin75 Formula Junior

    Jul 16, 2017
    785
    Kansas
    Full Name:
    Shawn Hicks
    To my mind a car that hasn’t been driven, especially a semi hand built car, hasn’t had all the faults wrung out yet. Plus I can’t tell you how many times I’ve been told how a car that’s been driven drives better then one that’s been left to sit. In this case it’s hard to say what way to go, on one hand tour looking at a major more then likely on the lower mile car. While the good is you know what’s been done and have the peace of mind and likely some sort of warranty on the service, the bad is the obvious cost and other issues found.

    Honestly go with the car that ticks the boxes you want, your going to be driving it. It’s terrible to drive something and have that voice in the back of your mind saying I wish I’d have (fill in the blank).
     
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  15. Husker

    Husker F1 World Champ

    Dec 31, 2003
    11,788
    western hemisphere
    #15 Husker, Sep 27, 2020
    Last edited: Sep 27, 2020
    Below is a 40,000 mile Ferrari. I bought it heavily discounted, presumably because it was at 40K miles. But Noel, SkidKid, and Artsd (Fchat members) had it for the bulk of its life and had sufficient records to impress the queen mother. Tons of nice upgrades and careful maintenance. People who look at the car are dumbfounded that it has 40K miles. One might more easily guess 4,000 miles. I am partial to yellow Ferraris, and I suppose I could be talked into trading this for a yellow one at some point, but it would have to be one special car - regardless of miles - to exceed this one in terms of condition and care.

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