Market Prices 575 Manual vs 575 F1 (conversion costs) vs 550?

Adding to this thread a few recent BaT sales....

SOLD $154,009 on 10/9/20
+) 550 MANUAL Ser no. 109665
+) 1997 with 6k miles
+) East Amhurst, NY
+) Rosso Corsa over tan
+) https://bringatrailer.com/listing/1997-ferrari-550-maranello-10-2/
+) https://www.ferrarichat.com/forum/threads/550-maranello-registry-created.576583/page-3#post-146828833

Reserve not met $211,000 on 10/14/20
+) 575M MANUAL Ser no. 135174
+) 2004 with 19k miles
+) Beverly Hills, CA
+) Rosso Corsa over beige
+) https://bringatrailer.com/listing/2004-ferrari-575-maranello-6/
+) https://www.ferrarichat.com/forum/threads/575-technical-thread.245394/page-25#post-141498296

 

This gated 575 was not sold; reserve not met. Bid to $211k


SOLD $211,000 on 10/14/20
+) 575M MANUAL Ser no. 135174
+) 2004 with 19k miles
+) Beverly Hills, CA
+) Rosso Corsa over beige
+) https://bringatrailer.com/listing/2004-ferrari-575-maranello-6/
+) https://www.ferrarichat.com/forum/threads/575-technical-thread.245394/page-25#post-141498296[/QUOTE]




Sent from my iPad using FerrariChat

 

Today we saw the following 575M on BaT meet reserve.....hope everyone finds these helpful/entertaining?

SOLD 10/21/20 for $110,000
+) 575M F1 Ser no. 130104 out of Port Washington, NY (this was historically at Sheehans and was on BAT Dec-19 RNM at $90k).
+) 2002 with 14k miles
+) Rosso Corsa over beige -- FHP, carbon package and carbon seats (showing some wear)
+) https://bringatrailer.com/listing/2002-ferrari-575m-maranello-16/
+) And then the earlier Dec-19 RNM auction: https://bringatrailer.com/listing/2002-ferrari-575m-maranello-13/
+) didn't see an F-Chat thread on that one (could have missed it)....will post from the original Sheehan email down below....

We are pleased to offer a substantial price reduction on 2002 USA model Ferrari 575M F1 s/n 130104, a very heavily optioned, very late, high serial number 2002 575M. From new in Rosso Corsa FER 322 with tan leather covered, carbon fiber racing seats, with the tan dash, tan console, tan door panels and tan leather rear shelf all nicely accented with black stitching, all offset with black carpets. Fitted with a FULL carbon fiber interior including carbon door sills on entry, carbon inner door panels, a carbon steering wheel, carbon shift paddles, a carbon dash cluster backing, a carbon radio cover plate and a carbon trunk and gas door switch panel. Also fitted from new with 19” modular wheels, mounted on excellent Pirelli P-ZERO 255/35 ZR 19 front and 305/30 ZR 19 rear tires. Also fitted with the very desirable Fiorano handling package, which improves both drive-ability and integrates the shifting. Also fitted with Scuderia shields, yellow calipers and a well-integrated and updated stereo system with sub-woofer. 575M F1 s/n 130104 also comes with it's full set of seven Factory supplied books, complete back to the original warranty card showing it sold new by Ferrari of Orange County on 07 Nov., 2002, all in their leather carrying case, and with its original silver Ferrari factory flashlight. Also comes with it's original full set of factory tools, in their leather carrying case, the battery tender/charger in it's leather carrying case and the Factory supplied spare-in-a-can in it's foam-lined case and cloth carrying bag. Also comes with a high-quality, aftermarket black car cover in its carrying bag. Also comes with both keys and three remotes. Only 14,324 well documented miles.

Originally introduced in 1996 as the 550 Maranello, and replaced in 2002 by the 575M, both the 550 and 575 served well as the flagships of the Ferrari line, taking Ferrari back to the glory days of the long-nose, short-tail, front-engined Lusso, 275 and 365 GTB/4 Daytona coupes. An indisputably elegant design with both soft and sexy, yet masculine and muscular styling by Pininfarina, we believe both the 550 and 575 Ferraris are unquestionably the best-buy in a user-friendly V-12 Ferrari in their price range. Thanks to speed-sensitive power steering, both are surprisingly light and easy to drive in traffic at low speeds, or utterly relaxed in top gear at America’s highway speeds. The cockpit is luxurious, roomy and comfortable for drivers of any size with climate control that works well. The trunk has more than adequate luggage capacity for true Grand Touring. The 575M (for Modificato) featured an increase in power to 515hp, offering simply staggering performance with a 0 60 time of 4.2 seconds and top speed of 203 mph, making the 575 the first front-engined Ferrari to break the magic 200 mph mark! Updates to the 575 included a redesigned interior and substantial mechanical improvements, including a larger and more powerful engine, bigger brake discs, improved weight distribution, and refined aerodynamics thanks to computer fluid-dynamics, along with an adaptive suspension set-up to minimize pitch throughout the 200-milliseconds shift time.

575M s/n 130104 can be described as nearly immaculate in every regard. The paint is chip and blemish free, the body panel fit is as-new and there are no door dents or scratches. The interior is elegant in tan with black stitching. The 19" Modular wheels are nearly unmarked and the Pirelli P-ZERO 255/35 ZR 19 front and 305/30 ZR 19 rear tires are near new. The underside is free of damage and the engine bay sparkles as one would expect of a pride of ownership, late model Ferrari. Just over a month ago, on 30 Aug., 575M s/n 130104 was serviced by Ferrari Service of Costa Mesa including a cam-belt service, the oil and filters were changed, a safety inspection was done, the tire pressures were checked and the cooling system was bled. Total invoice $3,774.81. Over the last two decades we've sold dozens of 550s and 575s and never have we had a car with this level of options. The Fiorano package features tighter steering, a more responsive suspension and much improved integration of the F1 trans shifting for a much improved driving experience. This is an elegant, user-friendly Ferrari in the most desirable color combination, in excellent cosmetic and mechanical condition, with only 14,324 miles, that needs nothing. Priced to sell at $89,950 or best offer.

 

Also noticed an October RNM 550 sale on Ebay I figured I'd put up here....

RNM (no opening bid) $80,000 on 10/20/20
+) 550 Manual Ser no. 118712
+) 2000 with 37143 miles
+) Grand Prix Cafe in Southhampton NY
+) Grigio over blue
+) http://vi.vipr.ebaydesc.com/ws/eBayISAPI.dll?ViewItemDescV4&item=254747926499&t=0&category=157047&seller=gpc566&excSoj=1&excTrk=1&lsite=100&ittenable=true&domain=ebay.com&descgauge=1&cspheader=1&oneClk=2&secureDesc=0
+) Asking $98k on their website: https://www.grandprixcafe.com/2000-ferrai-550-maranello
+) noted large history file, fully documented with recent belts.....
+) I didn't see a Ferrari Chat posting on this one.

 

About Sheehan's write-up: FHP has no effect on F1 at all.

 

They did offer one sentence...."The Fiorano package features tighter steering, a more responsive suspension and much improved integration of the F1 trans shifting for a much improved driving experience". Is this mild sarcsasm? Just looking to clarify. Thx

 

I know many people feel like ebay is just a place to advertise.....but since this 550 had 2 bids and went RNM, I thought I'd add this to a recent COVID era auction result.

Reserve not met $80,100 on 10/18/20
+) 550 Manual Ser no. 120163
+) 2000 with 19,973 miles
+) Miami, FL by Prestige Imports
+) Rosso Corsa over black
+) Modulars and daytona seats
+) https://www.ebay.com/itm/2000-Ferrari-550-/392976001852?hash=item5b7f31eb3c:g:UoQAAOSwDk1fcFx~&nma=true&si=%2BIMresE59x8jHc5V3zR2GmX2h0k%3D&orig_cvip=true&nordt=true&rt=nc&_trksid=p2047675.l2557
+) Asking $144,950 on their website: https://www.prestigeimports.com/vehicle-details/used-2000-ferrari-550-maranello--north-miami-beach-fl-id-34303198
+) Didn't see a Ferrari Chat thread on the car historically

 

Dan- FHP has no F1 system component, unlike HGTC. FHP does have a different hydraulic steering ECU and stiffer springs and rear anti-roll bar that tighten things up. These have no effect on F1 shifting.

 

Should this thread be merged with the Maranellos disappearing?

 

@Themaven I was going to use this thread as perhaps a medium-term cost analysis/review of auction results so we can track 550s vs 575's kind of as a tool for my own personal search and to solicit feedback/thoughts from the other F-Chat members......also a little "car spotting"......

If I had a near perfect car for myself, it would perhaps be one like @ferraridriver (550 with fantastic options and "well sorted), I just need to be a little patient on my end (and frankly I love the hunt). I also find some of these "well to moderate" optioned 575M's and the depressed numbers they are coming in at fascinating if the conversion from F1 to manual is actually feasible for $30k or less.......

This week we had 2 more interesting COVID area sales (one 550 and one 575M) which further illustrates perhaps how attractive it seems the "higher optioned low mileage" 575M's look compared to some 550's?

Doug (F-Chat user "RDM") sold his high mile but well maintained TdF 550 for a strong number......
BaT SOLD (represented by Sheehan) $103,000 on 10/30/20 Sheehan had it on his site for if I recall $99k.
+) 550 Ser no. 115139
+) 1999 with 67k miles
+) Doug out of Georgia but had car shipped to Sheehan in SoCal
+) TdF blu over blue
+) I think it was "optionless" but had good maintenance and the Silicone hose upgrade (among perhaps others)
+) BaT link: https://bringatrailer.com/listing/1999-ferrari-550-maranello-7/
+) https://www.ferrarichat.com/forum/threads/i-just-sold-my-550-friday-for-103-k-on-bat.631440/#post-147534807
+) Dougs original for sale ad: https://www.ferrarichat.com/forum/threads/550-maranello-1999-usa-model-vin-zffzr49a7x0115139-66-870-m.622638/#post-147344700
+) The thread I had started..... https://www.ferrarichat.com/forum/threads/1999-driver-550-with-67k-mi.628683/#post-147531017
****I had originally started that thread on this car because I'm very fond of TdF and the 550 and I was interested what the mileage factor would do to pricing. It was shocking to me how 3 guys and then 2 guys really ran up the price well past where I think many of us felt this would end. Great result for Doug for sure. The guy that bought this car (during COVID) also bought a black '90 Mondial T cab #0087893. There is a lot of money out there looking for places to park it.

NEXT -- OTHER END OF THE SPECTRUM on the down side was an very good looking 575M.....

BaT Reserve NOT Met at $74,000 on 10/30/20
+) 575M F1 Ser no. 134688
+) 2004 with 23k miles (Tubi exhaust, 19" modulars and daytonas)
+) Los Angeles dealer with recent belt service July 2020;
+) Argento Nurburg over Pelle Nero with Daytonas (interior looked real sharp)
+) BaT link: https://bringatrailer.com/listing/2004-ferrari-575m-maranello-4/
+) Ferrari chat link: -- I actually didn't see/find one for this car.
+) DISCLOSURE I actually bid on this car the auction was so quiet it was odd. Maybe we are nearing short term saturation on 575M's?

Hope guys find this helpful/interesting. -- Eric

 

575m F1 just sold on BAT for 69k......how low can they go?

 

Wow!

 

@ross, you probably saw a bunch of my comments on BaT on that one. I'll post up the particulars here like I have been doing.

That one was a dealer flip for sure....that seller addressed zero questions. I'd be terrified to buy that one without putting my hands on it and doing an in depth PPI given the rust, weathering, deferred maintenance, etc.

@Auraraptor With really nice well equipped and up to date maintained 575's in the mid $80's all day long, I wouldn't have touched that black one with a 10 foot pole without a PPI. I assume it set the low water mark for non-salvage-title 575's?

SOLD 11/16/20 for $69,000
+) 575M F1 Ser no. 135465 out of Houston, TX by a dealer but spent its entire life until recently in Florida
+) 2004 with 16k miles
+) Nero DS over black - Shields; Modulars with some road rash and 200k mile looking center caps - did have tool kit, 3-fobs; fire extinguisher.
+) https://bringatrailer.com/listing/2004-ferrari-575m-maranello-5/
+) MAJOR SERVICE DUE - looked rough in photos, interior and exterior and had some repaint and rust bubbles top of windshield
+) didn't see an F-Chat thread on that one (could have missed it)....didn't see it on the other forum either

 

The flip argument is if the prices keep dipping, one can always pickup a second! (Trying hard to glass half full this....)

 

@Auraraptor it's amazing no question.

@tazandjan Terry -- this is an older thread/comment..... https://www.ferrarichat.com/forum/threads/575-technical-thread.245394/page-45#post-144919406
I was wondering if on your 575 tracking, have you kept track of any other 575 F1 conversions other than the 2 noted (it sounded like in subsequent comments in that older thread that the GTO Engineering one) was the LA shop?

I'm having a lot of fun tracking these 575 and 550 sales during my hunt. There is one specific 550 physically very close to me that I keep literally dreaming about (but at the price i cannot get the early spousal pass) so the "delayed gratification" of this fun extended hunt continues. Learning a TON and really enjoying it.

 

Much less than a loaded new Corvette.

 

@ralfabco agreed......

He could have instead paid $85k-ish for a really nice fully optioned one.

I guess some guys have never heard the "buy the nicest one you can afford" adage.....or heaven help him if that is the nicest one he can afford...that major service and "while you are in there's" is going to be an eye opener.

 

Eric- No, I have not kept up with the converted 575Ms and have not updated my small SN/AN list for some time.

 

My mind was just completely blown. The amount of funny money over on BaT is just shocking. I told @EZ2SPD he needs to take his car over there as the prices that are getting closed on is just flabbergasting. Here are the stats.....

SOLD 11/24/20 for $135,000
+) 550 Ser no. 113595 out of Plainview, NY and is headed to a collector in the Seattle area according to commentary
+) 1999 with 39k miles
+) Nero over bordeaux with contrasting daytonas - Bradan resonator delete with tubi's
+) https://bringatrailer.com/listing/1999-ferrari-550-maranello-9/
+) Recent "lock and swap" belt change with some minor other recent maintenance but I don't believe any docs or historical maintenance files
+) didn't see an F-Chat thread on that one (could have missed it)....didn't see it on the other forum either

This sale blows my mind due to the drivers miles, and lack of a full/correct major since 2011 and the car had paint work.

I thought this was a nice 550 but that gavel price just seems bananas?

If that really is market for the amazingly wealthy then the Eddie Van Halen car should gavel at the top of the noted range.

Furthermore if that type of sale is repeatable then the value inherent in the 575M market is absolutely shocking.

 

It’s a good sign of the 550 market is starting to pick up. Yes the manual / F1 issue but nonetheless it may point to a nadir soon in 575m values.

 

@Auraraptor 575's have to if 550 sales are repeatable at that level and are anywhere near reality. That RNM $74k silver 575 (ser no. 134688) above was a especially interesting situation combined with the market clearing black 575 (ser no. 135465) at $69k.

What some of this shows/tells me is that there are a group of very wealthy investors that are just throwing around money and perhaps the "real connoisseur's" (I'm going to single out @tazandjan as an example) are the smart ones who buy (or have historically bought) and driven 575's as engaged enthusiasts....I say this as it really feels like some of these "interesting" 550 prices are going to collectors.

I know there are private market transactions closer to reality out there but the heavy money thrown around at BaT can affect market perception for sure. I'm economically very fortunate but I've no interest in bringing a knife to gun fight with the very wealthy chasing 550's.

Heck if that sale today was a "repeatable reality" then people that own 550's and are "light users" might considering trading out to 575's and taking money off the table.

 

dow 30,000 k

135$ for a 40k mile stripper 550 is just nuts

 

Saw your comment over on the auction....I know when I was down a rabbit hole reading somewhere in the forum I saw a funny comment by you once. We need to get you a "tm" logo for after that auction comment

They just listed a silver 2000 with driver miles (46k) so we will see how that one closes out next. Its likely to be hilarious since its very simple/basic, good historical documents but within an hour of opening it was already at $105.5k

 

fchatter has a minty red one for $150k in ads i think

only $10k more..............