550 prices?

Don't go for a "bargain" on a 550. More so with this than many other Ferrari's, get a clean car--known history, dealer maintenance with records, and reasonably low mileage. A 2001 with low miles (say 7500) will probably run you about $135-$145k; you can step this down to about $115-125K for a 1998 with about 15k on it. Cars at $100k are likely to be higher mileage or mixed records. A clean car will be more fun to own, will save you much $ on maintenance/repairs and sell better if you try to later.

 

I'm sure there are a few of them out there, but I personally have yet to see one < $100k. Martin at Cavallino Motors has an excellent reputation and currently has one listed at $107, which is a good price assuming everything else checks out ok, but it'll probably be a while yet before they begin to level off. Even in a few years, I doubt we'll get much below $90....

 

Don't be so concerned about mileage, just look at the service history.
A car that only does 1500miles a year is not being used and has the potential to be more problematic.
A 3 year old car that has 15000 miles is only doing 5000 miles a year (obvious I know), but average mileage on a prestige car is usually around 8K per annum.
Sorry to go off topic here for a bit, but I drive my MB less than 10K miles a year, it is an '04 S600 with not quite 10K km's (about 6000 miles). It is considered EXTREMELY low mileage.
My 550 did about the same mileage, this past year and is considered by the Ferrari community, high mileage. It is a 2002 delivery 550 with 15K km's ( 9K miles). The car has had it's major and is pampered like a baby (from a service perspective at least), but other cars seem to spend their lives in garages, rotting away, doing less than 1000miles a year. Why are Ferrari owners, wrongly IMO, so hung up on this mileage issue? The higher mileage cars (which are still considered extremely low mileage on any other marque)with full service histories, seem to be less problematic. Am I missing something?

 

I don't know anything abou this car.... but Jim is a real guy.

http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&category=6212&item=4543732223&rd=1

 

Bottom line IS condition and service history. If your working on a limited budget your best bet would be to check out '98-99s with 'so called' higher mileage or over 15K. Also, as the major or 30K is quite expensive I would factor this into the purchase price. As already stated, both Jim Lyons, Sports Car Co. and Martin at Cavallino Motors are both stand up guys. Personally I would pass on the Euro version cars as the dealers will not touch them and typically will raise an eyebrow at time of sale. If you do decide to pursue one expect a 20% discount over a like US version.

 

All the mechanics that I polled said that the "higher" mileage cars were actually better provided that they were properly maintained, as all of the isssues were addressed. I find it humerous that a 5K per year car is high mileage. I take my GT3 to and from the track and that is pretty much it and it will still have that many miles in a year.

 

I never got why everyone is so concerned about mileage on these cars, but that's just me. I put a ton of miles on one and there's another board member (Im half asleep and I forget who, sincerest apologies) who also has an 01 with now over 50k on it.

These puppies can absolutely take high mileage and they are quite reliable aside from the POS mirror switch. Well, maybe I'm ham-fisted.

Maintinence costs are a bear, but then I think we all know that going in. Heck, am I about to chance a $50,000+ engine repair bill and not do a 30k service if needed on, say, a 98 with 15k? Nope! So even the low-mile cars are going to need the belts done every few years (Yeah I know, the tiing belt issue gets beaten to death and such, but seriously.. it's cheap insurance on a hellishly expensive engine).

I sold an 01 for well under 100k with about 49k miles on it... car ran great and I was religious with maintinence.

Not long after I sold it I drove a 5k mile 550.. car felt SLOWER than my old one (Although it had the added benefit of not stinking like parliament lights and had no stone chips!)

Just my 2 Lira...

 

Apparently the thrill of driving a Ferrari cannot overcome the fear of losing one's shirt!

 

I'm guessing that the 550 will bottom at around $80-85K for a good quality car. With the V12 nad enduring styling it is hard to imagine it going a lot lower, so based on today's prices for an early model the downside seems pretty limited. What does everyone else think?

 

Condition of the car should be the most important issue when searching, I would not sacrafice that at all. Next I would decide which year model falls into your budget while only considering mid mileage or low mileage cars in top condition. Then I would make sure a 30K and belt was done or have it done after you purchase the car. Figure 5k for that with no surprises.
I may not fall into the main stream of thinking here, but I tend to see too much interior wear for my taste on high mileage cars. You should also be able to tell a little from the front exterior chips how much the car has been wailed on. They all get road rash but a lot of high speeds will show up a little more even if the car is taped.
A euro car will be about 20k less or more and is less desirable here in the US. I would not touch one because it may be something yoiu can;t get rid of later on.
good luck
Once you own one, a v8 wil most likely never trip your trrigger unless it is an F40 or comparable.

 

Condition, condition, condition.

That said, if you can find a US Maranello in good condition, services done, for under $100k, you better buy it. Cause this is the bottom.

Dale

 

You can get them for <$100K. I just did for a '98 one owner car. Your best bet is a PP versus a dealer. just look around they are out there if you are patient.

 

You should be able to find a slew of 98's and 99's from private parties for under 100K. I would limit my search to private parties and when you find the right car start negotiating. If the seller is not motivated, move on to the next car. There is always a motivated seller out there with a good car. You just have to be willing to travel, don't limit your search to your area.
Start with a Ferrari market letter and figure prices about 10 to 20% less than those posted sicne most are cars on consignment with dealers. Then start lokig at the ads in there and look at the date to see how long they have been running them. That is a good start, then maybe start calling dealers and asking if they ahve any coming in on trade that they are willing to pass through to you for a small profit.

good luck.

 

I personally don't believe that you will find a "slew" of 550's out there for under $100K that are worthwhile, but I could be wrong. maybe the prices are higher in Cali. Then again no salt, better roads, more quality mechanics....maybe they are worth more too.

 

On eBay, the bidding for 550's always starts at $10,000 or $50,000 and I've noticed a lot of "reserve not met" signs in the $120,000's when bidding ends. And I've seen low mileage 00's and 01's being offered in the $130,000's. I bought my '97 with 11,000 miles on it last summer from Penske in Scottsdale for $127,000 and put 6,000 miles on it in six months. I took it to the track, took it to Yellowstone Park. I don't care what I'm doing to the "value" of the car...it's a CAR! I'm having a blast driving it in wide open Wyoming!
Because I was the fourth owner in seven years (and 11,000 miles), there were all kinds of glitches, due to it not being driven (electrical ground faults, a failed cat convertor--on warranty thank god-- and cam belt pulley failures, etc). But it runs fine now (as long as I keep the gas tank half full or more-- otherwise it stalls on high speed cornering)!
I tell people it costs a dollar/mile to maintain and another dollar/mile in "depreciation"
http://www.laserradio.com/550.html

 

You are probably right Code Red. Maybe not a slew of them, but a few.
I personally feel that someone who wants a good 550 would need to raise their buy in price to 120 to 130 and then they would be assured of finding a very nice car that would be a keeper. That moeny would also include a 30K and belt service.
Regarding the positing of the 550 cutting out during hard cornering: I try to ensure that my tank is never less than 1/4 full, but never have the ACR on. I think your problem may be the acr cutting in.
gary

 

I run my car on a race track with less than a 1/4 of atank with no such issues. You may want to have a closer look at this problem, because it is not normal, unless of course, it is just the ASR kicking in.

 

Very common mistake.

people forget that the ASR defaults to "ACTIVE", every time you start the car.

You may "think" it's off, but you've only got to stall the car at pit exit, re-start again and it's back on!!

Sport mode reduces ASR activity, but it does not turn it off......

Oh yeah... back on topic....

As said already, the ONLY things REALLY important in assessing value.. are CONDITION (include colour in this) and HISTORY.

Number of owners, mileage, even year to a large extent are just not good yardsticks for value.