Yes I enjoyed that as well. Agree a strong price for LHD in the UK market, also don't think it had the FHP.
I've said it before, will be interesting to see where pricing goes as those become viable imports (without federalization) for US import. The UK/Euro pricing is so different.....heck maybe by then we will see a softening here as well.....
This 575 HGTC seems to have sold crazily cheaply. For less than the less good non HGTC non FHP LHD 575 on the same site a week earlier. sounds like it’s true that the UK RHD market is weak atm. https://collectingcars.com/for-sale/2004-ferrari-575m-maranello-hgtc
UK market is just crazy right now. Makes no sense. Taking a long time to settle down. The HGTC parts are worth almost that much.
Well, as a simple matter of supply - increasing number of distressed sellers generally - and demand - fewer buyers for a discretionary luxury toy and higher financing, running, insurance costs - it simply reflects the UK RHD clearing price in a down market right now. Nothing obviously amiss about the car itself. The price might seem low, but the seller had to accept it for a reason.
Not sold at Bonhams Goodwood Members' Meeting sale in April. Sold at Bonhams Goodwood Revival sale in September 2019 for £74166. HGTC or not, it is still a 575M F1 and the market for them isn't that strong. I'm not sure the HGTC adds that much. How many potential buyers would know what it is and consider it worth paying a premium for?
I would have thought that most potential buyers in this part of the market would be quite well informed about the, relatively few, variants, their respective merits, and what to look for as buyers. Caveat emptor front of mind for me at least, to the extent that I wonder whether I will ever find a 550 with the maintenance history, mileage and price combination that gets me comfortable before ever expanding ULEZ restrictions in Europe stop me taking it where I would like to go (I live in London so would already be charged for every drive).
Does anyone know the reason why this 550 was so cheap? £55,000 for a car with 48k on the clock seems bargain of the century. https://carsonline.bonhams.com/en/listings/ferrari/550-maranello/ea1a8307-9eb2-4b99-b92c-404f6b1605e3 Image Unavailable, Please Login
Sold through Collecting Cars in April 2022 for £70,500. Then for sale at Brookspeed (asking £89,950) from May 2022 up to the auction above in April. Suggesting it was bought to make a quick profit but ended up making a chunky loss instead. I'm not sure it is a bargain. It looks in pretty poor condition from the pictures. Leather shrinkage, sticky plastic, broken trim, cracked front numberplate etc. All of which suggests it hasn't been looked after and, if you see things like that in the pictures, then you start to wonder what else there might be that you can't see. Also being sold by someone who didn't think it worth spending the money to fix any of those highly visible things.
I'm not sure that's true of a lot of buyers. Whilst there are some who will do the research I suspect there are many more who won't and I've had dealings with some of them. I'm astonished at people buying cars via online auctions without even bothering to go and see the car beforehand and knowing very little about the model, let alone the specific car, they are buying.
I viewed this car, and I can't say anything positive about it. It was a terrible example. No history, loads of dash warnings, ran on 8-ish cylinders, awful trim and wheels mashed. A horrible thing If you paid nothing for it, you would still lose money after putting it right. I feel sorry for the successful purchaser.
Thanks for the information. That explains it. So with no history I imagine the mileage couldn't be verified either.
Things haven’t actually changed that much since that first post in this thread. Up until 2015, there were always nice Maranellos available at normal prices. Since then, the nice ones have been hoovered up and by and large are either in collections or enthusiast owned and not being sold, or offered at unrealistic prices. The less nice ones do the rounds and become known. There have been a few exceptions, for example @Scraggy sold his lovely looking manual FHP 575. And a Fchatter contacted me wanting to buy my my own one of the same early in the pandemic and I actually offered it to him at a price I wouldn’t dream of letting it go for now. But if you’re in the market for say a nice well cared for 550 or manual 575 at a good price, they are just very hard to find. F1 575s much easier. I think it’s also because there’s nothing to trade up to. A 599 or F12 is just a very different car.
Who says a "higher" mile 550 can't bring all the money? A great spec that, despite its cosmetic flaws, several bidders decided they couldn't live without. https://bringatrailer.com/listing/2001-ferrari-550-maranello-16/
That’s a nice car. But expensive. I think it would have fetched half as much now in the UK. Even though 29k miles is quite low over here.
Like this one https://www.rardleymotors.com/docs2/cars/show.php?id=966&p=30&page=1&srt=model_year%20DESC
So this 13k mile 550 is a no-sale with a high bid that was $100k LESS than the $245k winning bid for the 550 sold on BaT yesterday...again, that car had 3x more miles than this one today. Both have plenty of cosmetic flaws and appeared to have roughly similar amounts of documentation. High spec and color combo on the $245k car made a big difference, ya I know, but this is a head scratcher to me all the same. I guess it came down to lack of several highly motivated bidders completing for the win driving today's result. What a fickle market. https://bringatrailer.com/listing/1998-ferrari-550-maranello-9/
I’ve been talking with a few guys about that too as well as how those sales and still Nifty/Chris 550 have been weird. I’ve been at car week and at the Spike/Seinfeld/Lieberman/Farah forum talk they also talked briefly about the softening Then today a buddy that had a truck at mecum had a poor RNM result and then today this happened which also seems insanely low…how can a 512 start with a $1? Maybe there are strong pockets but “the softening” is accelerating….. Image Unavailable, Please Login
I really do think about your BaT listing a lot and how masterfully it was done. Great car, perfect listing.
Thanks Eric. I think luck plays a big part in auction listing. Two preferably three able and interested bidders need to be present. All a seller can do is prepare the car and present it well and be present to answer questions transparently. The '98 Black/Black with 13k miles stalling at $145k a day after the well specd '01 Pozzi with over twice the mileage sold for $100k more is a little puzzling to me. Not saying the '01 isn't worth the $250k it sold for. Just saying the Black '98 should be worth a lot more than $150k. Today just wasn't its day to sell on BaT.
