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

Ah yes, I remember this one. I was actively looking for a 550 at the time and talked to the owner. I think I first saw it listed on Hemmings, but it was advertised on several exotic car sites. Euro conversion car with full carbon interior trim, but otherwise low options, and with some sketchiness in its history which the owner couldn't explain (nor could he explain the massive/funky front bumper gap/fit). I quickly lost interest.

It did eventually go up on BaT, but was a no-sale (gee, wonder why...?): https://bringatrailer.com/listing/1997-ferrari-maranello/

Euro cars don't do well here in general. There's so little practical difference between Euro and US--spec 550s, there is/was no rational reason to go through the headache and expense of importing and converting a Euro car, when plenty of perfectly good US-spec examples were/are available.

Anyway, yeah, this one's got too many stories. I would pass (again).

 

I should add that, at the time I seem to recall they were asking $120K for the car. Way too much then...and now.

 

You bet, Eric!

 

Thanks, Alan! I hadn’t seen that one before. This was another that caught my eye: https://www.pistonheads.com/buy/listing/11127261

Not sure it’s very practical (racing harnesses and leather covered roll bar), but it’s certainly an unusual spec!

 

I do like azzuro california, but I prefer the car at Paul Bentley with regular seats and stick on shields (that could be removed). £95K is a crack pipe asking price, but everything that guy sells is the same. I guess he's sale or return so doesn't need to bankroll any of his stock.

 

Despite needing a major service, a $113K sale price seems "in the ballpark" for a 550 with this mileage and condition, given rising 550 values of late and prices other 30K+ mile Maranellos have fetched recently on BaT. Prices are still down quite a bit from when I was looking 4 years ago, so it's all relative. Recent rising prices are definitely bringing out sellers who may have wanted to sell their Maranello but didn't want to sell into the down market over the last couple of years.

As for buyers, hey, if you've got the itch...and the scratch...why not scratch the itch! If there's one thing the pandemic has brought into focus for a lot of people, its YOLO. So, it stands to reason guys would be willing, even eager to pony up for the car(s) of their dreams now vice wait for the "right" time to pull the trigger. Now IS the right time!

And let's qualify "rich", a highly relative/subjective term if there ever was one. Certainly people "of means" are buying these cars, as you'd expect would be the case with any $100K+ car. But are they all Warren Buffets? Doubtful.

 

Yes I was kind of bummed that a guy throwing money at BaT drove that one up, hence my comment. I bid what I was willing to pay for it then stopped.

 

I was ok at a certain price without a PPI given the history and that it's been seen by FOA every year (and had everything found, done). That being said it hit a price high enough that, with things like a track history, respray, unoriginal flashlight, etc, I was willing to continue looking.

 

It'll be interesting to see how far the price rise continues this time before it peters out. In the end it's always a supply/demand equation, and at some point it'll reach a saturation point where there are more Maranellos for sale than there are willing buyers, and prices will level out and start to drop. Maybe this will happen later this year, maybe things continue into next year. Or the next year. We'll see...

In the meantime, the best cars (or best perceived cars) will always bring top dollar relative to the current market. Serious buyers of these things are usually pretty discerning (despite a few head scratchers here and there) and will pay up for the right cars. I still wouldn't personally buy one sight unseen, don't care how many hi-photos and videos get posted. Gotta lay eyes and hands on it for real. But some people don't seem to care, so, hey, you pays your money, you takes your chances.

Seeing one in person, though, getting to drive it and see in the metal what it's like, and depending on what options/colors/etc I might prefer, I'd jump right on a good car. Of course, YMMV.

 

"Gotta lay eyes and hands on it for real. But some people don't seem to care, so, hey, you pays your money, you takes your chances."
*****
I fall into the "some people" category. I "shopped" online for 6-8 months looking for a 575M gated, FHP, Red over black. Sent money by bank transfer, flew halfway across country, arrived a dealer 20 minutes before closing. First time I had ever sat in a Ferrari was when I drove it out of the lot and headed home. Because of work commitment, I drove 1300 miles with only gas and BR stops. Heavy ran started in NYC and snow in TN. Fun times!

 

****
The best part of the the "test drive" was when it was pouring ran and I was in the wrong lane on the Cross Bronx Express Way, had to exit and end up in the South Bronx, no Nav, no Map. #Bonfireofthevanities!

 

I asked to see the car but he couldn't make time in the entire week for me to. I asked about day 1 of the auction.

 

Hey all,

Really been enjoying the dialog on this thread and learning a lot.

Here is a bit of an update on my journey: As you might remember, I purchased an 04 575m with 16k miles on BaT in mid-Nov. It took forever to have the car shipped from Driversource in Houston to Vermont, but the car finally arrived in mid-December at Restorations Performance Motors - a well-regarded Ferrari shop here in New England.

Last week, RPM was able to do an inspection and test drive. Below, I am listing out all the items identified that need to be addressed:

1. Belt Service

• -aux belts
• -timing belts
• -tensioners
• -idler bearings
• -cam and crankshaft seals
• -Valve cover gaskets
• -intake gaskets
• -valve lash check
• -spark plug replacement
• -engine oil+filter replacement
• -air filter replacement (if needed)
• -coolant flush
• - repaint the cover (crackle has flaked off in a few places)

2. Suspension work:

• replace shock tower mounts
• replace lower control arm bushings
• new tie rods and boots
• alignment

3. Replace power steering hose

4. F1 gear oil flush

Some good news is that the brakes are in great shape. In addition, the stickies don't seem to be much of an issue (not sure because it has been cold here, so may be hard to tell). Electronics all seem solid.

I would love folks feedback on the above. Anything else I should have RPM looking at? Any obvious omissions?

Thanks!

 

ICYMI, this Nero Daytona/cuoio 15k mile '98 550 hammered sold at Mecum Kissimmee yesterday for $159,500 (including auction fees).

Photos are sparse, but appears to have some nice options including carbon interior trim and racing-style seats. No shields. Overall condition hard to determine and there are some of the typical interior issues evident, like bubbling steering wheel airbag cover and dash top surface, and bubbling HVAC control face. No word on maintenance/service history or what might or might not have been addressed, so good bet that whoever bought it will be looking at addressing many of the usual issues these cars have.

Strong result for this car, and the rising 550 market continues. https://www.mecum.com/lots/FL0121-452260/1998-ferrari-550-maranello/

 

Anyone who is too lazy / doesn't love his car enough to fix these issues, has probably not bothered with a lot of the things you can't see. Buyer can look forward to spending $$$ on this car IMO.

 

Just noticed this

If the water hoses in the vee have not been changed (prone to splitting) they should be as they are most accessible during a major service

Similarly motor mounts have limited life and are quick & cheap to do now

Also tire dates & wear should be confirmed

 

If it’s anything like the gated 430 market on BAT, people are buying these complex cars on this platform with no warranty or PPI, when there are alternatives available from reputable dealers in as good/better condition with warranty and PPI opportunity, for less money.

Because, uh, because...because? A sinister dark force invades your brain when you register to bid? I haven’t worked it out.