550 buyer question

information wanted 2001 Rossa corsa 550 for sale at Newport beach ferrari

does anyone know anything about the car I live on the east coast but this looks to meet what I am looking for

 

I dont know anything about the car per se but while I would say though it is heavily optioned it is, in my opinion, way more than all the money - just bought an 01' with same mileage, package shelf, tubi i& n perfect condition for considerably less through a FNA dealer. pm me for the exact number.

 

LarryH,

Whatever you do, note the wrinkled leather on the dash and steering wheel (maybe passenger airbag door as well). Common problems but expensive to fix correctly unless the damage is very minor. “All services up to date” is not good enough. You need the date of the last major and whether the 575M parts were used in the cam belt section.

It’s rare to see so many options on one car.

I agree with Kevin, it is overpriced even with good leather and recent (575M style) major.

It is a really good looking car.

Good luck.

Phil

 

It's absurdly overpriced. And despite a recent major, it doesn't have enough miles on it that all possible gremlins could've been worked out. It averages out to 910 miles per year, which makes you wonder if it's ever even seen sixth gear, let alone a high enough RPM range to keep carbon deposits from building up. Decade-old cars with odometers this light should be sold at a discount, not at a premium.

 

trust us - Phil & I have been through it - we even swam up some of the same tailpipes. Be patient - here is an example - there is a 00' red over tan, 10k miles two owners daytona with the burgandy trim. It came into FMFL as a potential trade, I saw the car in service and went nuts - went directly to the GM and said I want to buy the car, the owner couldnt come together on the money and took the car, the following day I get a call from another dealer who had the car, made a u turn with check book in hand - walked in and offered 85k for the car. They countered at 95 and I walked out. They proceeded to spent 9k ish on service and called to me with a revised proce of 100k. I was polite...

The car is currently on Ebay with another dealer RESERVE NOT MET they own and now want 118k.

at the end of the day FMFL did the right thing turning down the trade numbers - I know all the dealers involved and they are all friends and I cast no asperions on their ethics its just a diffence in opinion about market value

now for the other extreme ask me about Global luxury Imports LLC and I will tell you evey chance I get they are very dishonest - by way of example here is there webiste listing a car that was "sold" to two of us in this thread two months ago:
http://www.globalluxuryimportsllc.com/detail-2004-ferrari-575-maranello-used-7915350.html

forgive me boys as I will be slamming them with the truth for years to come... I can only hope someone forwards my threads to them.

I have no idea what all these dealers are thinking but for 100k you can buy a very nice 575m and have some money left over.

Ferrari of New England had a red over black for 100k plus for months...

 

Ask them to forward maintenance records to you. They can tell you a lot. I will say that I bought my car from FNB and it was a pleasant experience. They will answer any and all questions honestly, IMO. But you have to ask. That car looks nice enough and is nicely optioned. I would get on a plane, drive it and then buy it. But only after you find out why it is being sold. My car was listed at a similar ridiculous price, but I was able to negotiate a much lower sale price because the owner of the car (essentially all of their used cars are consignments) had just taken delivery of his new 430 and needed the cash. If the owner of this car is in a similar predicament, it is likely that the price is very negotiable. Ask them why the owner is selling and go from there.

 

Thank for the replies .. I know the car is WAY over priced ... WHat I have I want is a late model 00 or 01 550 .. or maybe a 6 spd 575 ???...
I want a very nice car with lots of options it really like the leather shelf.... Probably want to stay Red , black maybe Yellow.. Your opinion are very helpful....

In fact , the fact that the 550 is probably going to be the last 12 cyl ferrari really designed for a 6 spd makes it more desirable to me....

keep them coming
Larry

 

resale red with low miles...

and the now virtually impossible to find modular wheels ?

 

I saw a very nice 00' at FCI when I was paying for mine - it was going on the market next week for 76k call Keith Nowlin 336 294 0200 it is silver or bordeaux & heavily optioned - there is a small problem the dealer is rectifying Keith can explain -

here are the pictures I took in the parking lot
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But they never will, Carbon. Low mileage cars remain attractive to the uninformed. I see a non-stop parade of such cars at Classic, brought in to correct problems due to disuse and deferred maintenance.

 

Good Idea.. I just spoke to FNB and he has all the records and is going to send them to me... THe car is on consignment so we will see....
Larry

 

Thanks
I will call him .. although not a big fan of the color combo..

 

Larry- Let me know if you need any help going through the records. I have done it for a dozen or so Maranello buyers.

 

hard as it was I waited till I found a car that I didnt compromise on colors, options or condition. I also paid a price I felt was reasonable for what I was looking for - I would say as hard as it was for me to keep in my shorts the goal was always to "find the right car" BEFORE I bought one.

it is a very subjective process - just keep looking and be realistic when you find the opportunity.

 

So sad. At what point do people realize that you can't take any of this with you?

 

Carbon- You mean there are no Ferraris in heaven? Bummer, if true.

 

No, you get wings and a pilot's license. But there are plenty in the other place, all in Rosso Corsa.

 

Carbon, Carbon, <Heavy Sigh> Ah, what the hell?

Dale

 

118K That is awesome ask. I say keep those values up. The 360 is like a toaster. Everyone has a 360. Yet the bottom of that price range is $79K. A 550 was the top of the line in its day and much more car than a 360. It should be much higher in price.

 

Not really. Garage queens must be looked at with great suspicion and proper documentation of good running and records. It is easier for the uninformed to buy a higher mile car and end up by luck with a good one because first the car will be less costly and hopefully the buyer will have some cash to fix it, second there is a percieved higher expectation of more to fix, and third a high mile car is a "runner" because it has the high miles and proves it. I'm pretty informed and I would have no problem buying either a high or low mile car that I can prove is sorted. I would buy a car I could not prove it was sorted if it was reflected in the price. I am also very skeptical of cars with records even when dealer maintained. There are hacks everywhere. I look for lack of attention to detail and things like the $2000 belt swap called proper maintenance only to decide how deep I'm going to dig.

 

Bob, I'd say you're very informed (I don't know whether or not you're pretty). And while my comment was only partly tongue in cheek, I defer to the mechanical genius of folks like yourself to explain away the pros and cons of both low and high mileage cars (though queens really do scare me more than high mileage cars).

 

I'm very pleased with my 2002 Maranello and it came into my hands with about 3500 miles on it from an RM auction in Lauderdale this past March for $75K plus the auction fee . Just to be safe I paid to have the belts replaced and a full service. The only real flaw is the dash pulling back some, and this is a $2500.00 replacement I was quoted. Some of the interior controls were sticky, but that cleaned off with oven cleaner, which I learned about from you fellows. Also, the passenger visor was broken, and thanks again to Ferrarichat, I fixed it myself.
So, the bottom line is, I have a very nice car, with incredibly low mileage, and I'm doing my best to drive that odometer up as high as I can ! I believe getting the records is great advice, and the mileage is of lesser concern in my view.

 

I agree with you. Queens scare me too. I look harder at a queen than a "driver."

 

I think every buyer needs to think this way. You never know how the prior service on the records was done unless it is from one of the very few unimpeachable sources or a known person. I don't consider "my friend said that mechanic to be good" as a known person. An important thing happens when you have taken your course of action. First you start from a known referrence point. Second you form a new relationship with a Ferrari mechanic and begin to develop trust or keep looking. Hopefully you find trust. Third your new mechanic can alert you to missing deferred overlooked and pending maintenance that will either be a "while you are in there" or for a future service. Fourth a good mechanic can get in your head and understand what your goals are and help you get there. If your first experience with a new mechanic is fixing broken stuff nobody is really very happy.

As a diy'er I look at all those records just to get a flavor of what was done and what kind of car I'm buying. Then for all I care the records can be burned because when I get home I'm going to strip the car down redo all the service and check everything before I beat on it. I'll have an immediate must do list so I can get to driving and a future punch list that keeps me interested in the hobby like a set of sticky new tires and things that make me trackday ready.

 

On a miles/year basis, what is the consensus as to what the threshhold is for a 550 to be considered "high mileage"?