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348ts appraisal - historical pricing -

Discussion in '348/355' started by MDshore348, Dec 24, 2004.

  1. MDshore348

    MDshore348 Formula 3

    Dec 24, 2004
    2,427
    Maryland
    Full Name:
    Darron
    i didnt find the perfect 348 yet, so i think im just going to go buy a volkswagon :p
     
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  3. PassionIsFerrari

    PassionIsFerrari Formula 3

    Aug 15, 2004
    2,454
    I personally think you doing the right thing. As far as I'm concerned...if someone wants to sell their food stamps to finance their Ferrari thats their biz. But to come on this thread, ask questions, get opinions, and trying to get help finding the car that you want is just using the resources that are available to you. I scour the net constantly for good car deals and my dumb ass didn't even know there was a website called www.cars.com until HuskerNTexas pointed that out....Guess none of us know it all but together we know more then any one individual. Its called 'celebrating your differences'...not bashing each other over them. Good luck in finding your F-car.
     
  4. MDshore348

    MDshore348 Formula 3

    Dec 24, 2004
    2,427
    Maryland
    Full Name:
    Darron
    found one, going through PPI in the next few days
     
  5. Ricambi America

    Ricambi America F1 World Champ
    Sponsor Owner

    Did you see the white one that just appeared on Ferrariads.com? Other than the chrome wheels (which are mounted on the wrong side), it seems pretty cheap for the mileage.
     
  6. Challenge

    Challenge Formula 3
    Silver Subscribed

    Sep 27, 2002
    1,578
    PA
    Full Name:
    Kevin
    Then live in your home for >=2 yrs and avoid cg tax altogether. Of course, you're smart, so you already knew this.
     
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  8. zakeen

    zakeen Formula Junior

    Aug 29, 2004
    984
    Czech Republic
    Nothing wrong using money from your house to buy an Fcar. Car loan tax in Aus is about 12-14% and for a house its about 6.47% I know where I will be taking money from, one of my investment units. And to take money out of there, its a tax right off. The interest you pay that is on your unit while renting it out.

    But let him spend his money on what he wants.

    Nothing wrong putting a limit on a car you want to pay. I want to pay X amount on a 348. I know that you get what you pay for, but there are SOME sold alot under what they are worth. There was a GREAT 348 sold in AUS about 25K under avg price. Maybe he is just waiting for the next one of them.

    Not wanting to pay over X amount does not mean you cant afford to own a Fcar. I have set myself a limit also, that limit is not my limit on money I have, but the limit on the car I want to spend. I can afford to buy a 355, but I will get a 348 and pay X amount and I will wait for the right car at the right price.

    Give this guy a break and just answer to what he wants to here.

    As for RED Fcars and non RED ones, well I only want a red one. and will only buy a red one. In Aus RED Fcars(348) cost more. I can buy a blue one for about....$12k cheaper then the cheapest RED one.

    my $2
     
  9. JSL

    JSL Formula 3

    Jan 5, 2002
    2,212
    California
    Full Name:
    J.S. Leonard
    Just for the record, Capital Gains is not the net between net sales price less amount owed. It is net sales price less acquisition costs plus improvements. However, we all have the opportunity to sell a personal residence that we have lived in for a minimum of two years without gain (with some limits). Consult your tax advisor. Using home equity can be a good idea. The interest is usually deductible and with rates in the 4% range, if you are in a 40% tax bracket your net cost of funds is about 2.4%. Very cheap money. I haven't used equity to purchase a car but wouldn't hesitate given the net cost of funds. You can actually drive a great car for very little money (depreciation excepted). Go for it.
     
  10. qaev

    qaev Karting

    Jul 22, 2004
    67
    UK
    Full Name:
    Quentin
    Newbie - just go buy a good 348. I did and have really enjoyed my toy.

    Have fun and don't let the accountants grind you down!

    Q
     
  11. airbarton

    airbarton Formula 3

    Nov 11, 2002
    1,462
    Kennesaw, Ga.
    Full Name:
    Chuck Barton
    Yes! I bought mine from a private seller two years ago for $40K. It had 48K miles on it. The major service had just been done @ 44K. It had a clean car fax and a dealer inspection found no significant problems. The interior was not in great shape and it needed a paint job but the car was mechanically sound. The car now has 80K miles on it and it has been great! I have been driving it every day for the last two years with no major problems. I have done one major service @ 62K which cost about $8500 but I had a lot of extra stuff done while the engine was out that probably didn't need to be done. I also did the clutch conversion so the car would have the single disc clutch which cost another $5K. Other than that I have had no big expenditures on the car. The car may not look as good as all the garage queens out there but it sure has been a lot of fun driving it for 32K miles. If I were you I would not worry about cosmetics and find a car that is solid mechanically and fix it up. If you have never owned one before take my advice and get in as cheap as possible. These cars are not cheap to drive. Cosmetics will be the least of your worries. I had a local paint shop with a good reputation quote me a repaint and it was only $6K. That included a complete disasembly and glass removal. If you add that to the original cost of the car it would still only have cost $46K. Granted I spent an additional $13,500, but I have been driving the car as my sole means of transportation for the last two years. If you manage to find a pristine 348 with 20K miles on it for $55K you will most likely end up spending at least another $5k or more on it the first year. That will make it a $60K + car. If I were to paint my car right now I would just be hitting the $60K mark and I have already enjoyed it for two years. Make sure the car is well documented and get it inspected. Don't worry about things like color or cosmetic condition. Buy one, and drive it for a while. If you find you can afford to own it then spend the money putting it in pristine condition. I have found the longer I drove it the less I worried about how it looked. Keep in mind these cars are never going to be investments, they are toys. Even in perfect condition they will never be in the same league as something like a new 360. The fun of owning these things is not derived from looking at them in the garage, it is derived from driving them.
     
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  13. Ksullender

    Ksullender Formula Junior

    Sep 3, 2003
    886
    USA
    Charles, where did you get your car repainted? I need some touch up.
     
  14. Ingenere

    Ingenere F1 Veteran
    Silver Subscribed Owner

    Dec 11, 2001
    5,935
    On the Limit
    Full Name:
    Dino
    I have said this before....there's no such thing as a cheap Fcar.

    My brother and a good friend were hunting for a 348. They both ran accross cars that were a 'good buy'. Red/tan, 20-30K miles for around $45K. Both cars had spotty service/owner history, needed a major, and had a few electrical 'things' going on. I told them both to walk. My brother listened to me and found a car at Wide World in NY.....30K miles, all books, records, tools, no accident history, fresh service....$65K

    My brother followed my advice and bought the Wide World car, and my friend bought the 'bargin'. My brother is happily motoring and enjoying the Ferrari experience, and my friend has spent the $45K on the car, done a major for $7800. The car had some spotty body work that needed to be redone to the tune of $15K. It has needed electrical work that has run $4500, so far, tires for $800, new leather seats covering, $4000...and that is what he has admitted to. So far he's into the 'cheap 348' for $73,100 and still has a car that has been in an accident, and has no real records or history, and he hasn't been able to drive it much. This is his first Fcar experience and so far he's not a happy camper.

    My question to you is.....who got the better deal?

    There is no such thing as a cheap Ferrari....

    Ciao...Dino
     
  15. MILotus

    MILotus Karting

    May 20, 2004
    67
    Lansing, Michigan
    Full Name:
    Matthew
    Dear GOD! Are my wheels onthe wrong sides??? I hav eto go now... Going to see how many wheels I can fit in the car to get the tires swapped... oh the embarrassment! Oh, and they have polished faces... rahter than chrome.
     
  16. Exoticbro

    Exoticbro Karting

    Nov 1, 2003
    203
    St.Louis, MO
    Full Name:
    Chuck Ligon
    This is a no nonsense approach and I think it works well for huskerNtexas.
    He is confident in his ability to evaluate the condition of a car based on the price he is paying.
    Many buyers are not comfortable doing this.
     
  17. Ricambi America

    Ricambi America F1 World Champ
    Sponsor Owner

    Huh? If the tires are relatively new (and non-directional tread), just jack up the front of the car and do a left/right swap of the front wheels. Then, do the same thing in the back.

    -d
     
  18. MILotus

    MILotus Karting

    May 20, 2004
    67
    Lansing, Michigan
    Full Name:
    Matthew
    P-Zeros... Have to swap the tires on the wheels :( Thanks for pointing it out.. I swear I checked it after reading a post about someone having their wheels put back wrong after new tires but I remmeber thought all was well.

     
  19. $$$=SPEED

    $$$=SPEED F1 Veteran

    Aug 18, 2004
    5,289
    Portland, Or. USA
    Full Name:
    Depends who's asking
    That was me..I showed saome F-chatters pics of my new car a several were quick to point out to me that my fins in on the rear wheels were backwards. They were mounted with new P-Zero's. The dealer I bought it from said they would switch. Never did. My dealer here had to switch for me..Pain in the ass!!!..
     
  20. airbarton

    airbarton Formula 3

    Nov 11, 2002
    1,462
    Kennesaw, Ga.
    Full Name:
    Chuck Barton
    Believe it or not I did it myself! I had another house that was sitting empty so I used the garage as a paint booth. All I did was get a large exaust fan and some plastic. It worked fine. I bought a large compressor and some guns and researched the process. Turns out it was not all that tough. The hardest part was all the disasembly and getting the glass out. I used a base coat clear coat system which allows you to make mistakes. If you screw up no big deal just sand it out and start over. After a few times doing that you learn the gun and the paint lays on fine. Its all in the clear coat so you can screw up the base as many times as you need until you get it right. Once the base is done the clear is a snap. I enjoyed the process because I learned a lot about the car and painting. The whole thing only took a bit over a month to complete.
     

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