550 - Realistic Price?

Greetings All -

I hope to start negotiating with my local independent Ferrari dealer for a 1998 550 Black w/ 15k and the major done. Cavallino just came in the mail today and puts the upper price at 125,000 (falling)and the FML has it at 141,844.

Has anyone recently purchased an early 550 and put the market to the test? I suspect that there has to be some real downward pressure on on these 97-99 with average miles. There seem to be alot out there.

Also, I am curious about leasing - has anyone tried Premier? They seem to advertise on every Ferrari site on the net. I ususally buy my toys with a home equity line but I wonder if I'm missing something on the lease front. (I read the thread from some weeks ago about leasing in general.)

Thanks for all your help. Cheers, st.tully

 

St. Tully - Check your email, I sent you a PM.

 

The FML is a waste of time the prices are completely unrealistic. You can find many choices through the internet w/out paying for that rag.

 

I'd be interested in knowing what Internet sites are available that provide Maranello pricing.

Thx, Dale

 

I know of a Slate Grey/Red interior 550 w/ 15K mi for $115K.

Beautiful car. First Maranello in the US if I am not mistaken! Collectible!

Nick

 

Since it's impossible to determine what every car is worth, the FML's asking price index is just that; an ASKING PRICE index... It's not mirroring what these cars are worth (directly) rather it's showing you what the current ASKING PRICE is for them... Of course, we all know that most dealerships ask for more than a car is worth...

 

if you are looking to lease talk to putnam leasing they are very good. ask for rick.

 

leasing an out-of-warranty, used car is generally ill-advised.

if the car is perfect with the major just done and 90% or better rubber, i'd be stunned if anyone could sell it for over $130K. stunned. i doubt i could get $125K for my 1999 (july 1999) with half that mileage.

doody.

 

Doody, i'd gladly take it off your hands for 500 easy, quarterly installments of $250...

 

Hey Banana Boat -
I just might go for a yellow - I am surprised that you have not sold yours yet - I am going to make a run at the black one locally because its here (southeast) and I do have a trade (328) - however, it may not workout as the asking price for their 1998 is 130K and the market is a lot closer to 100k.

Many thanks for all of FChatter member input. Several of you have PM'd me with details of recent negotiations. This kind of market insight is critical for a novice like myself. The written sources of info which track asking prices just don't bear-up to reality of what folks are actually paying. Its not like pricing a Porsche where you can review a variety of auction results and wholesale books.

Cheers, st.tully

 

Honestly, 115-120 is a fair price based on what I've seen transact.

--Dan

 

I paid 158K 1 year ago for a Red/Tan 99 with 2700 mi. Had all the right stuff, shields. silver calipers, shelf & headliner, luggage, Tubi. I really looked and found about 10K difference in either direction for year differences but did note that 99-01 was preferred over 97-98. Not sure why. Bottom line super clean with the right stuff is worth more than settling. A Silver W/ Bordeaux interior is worth 10-15K less than one with Black interior and so on. By the way don't fool yourself, The reason I paid what I did was because I paid 65-70K less than the original owner for a car that was virtually brand new! I'll loose 40K + leasing my 745 for 3 years and I don't think I will ever loose that on the 550. Lastly, for what parts and service costs it must be dialed or you'll have an extra 10K in before you know what hit you.

 

dude - i hate to rain on parades, but think you've already lost that 40K on your 550

i'm not one bit happy about it, but the market is a mess on these things. dealers don't want them.

i expect to lose good money on my 550 - such is life.

doody.

 

the thing is, the cars may be depreciating, but every new owner raves about how wonderful they are... I am no longer considered a new owner, and I rave about mine (and I have had my share and still do of Ferrari drives)...I guess 360's are still the vogue, but I would not trade my maranello for one.

I bought mine seven months ago for 160,000. It had 1350 miles, and it was practically new. 2001 model. I now have over 3000 miles on it and have loved driving it. If it has lost 20,000 of its value, so be it...Ferraris are not investments (eventually, many of the models seeing lofty prices now will drop...with few exceptions) they are toys...and you know the old saying...the difference between a man and a boy is the price of his toys...

ENJOY the ride....that's what I say. You cant take it with you.

 

I bought my 2000, 550 last month ...paid $ 139,000. with 8,300 miles. Red/tan, fac. shields .... in excellent cond..... Didn't steal it ... but feel the price was right. Love this car...... worth every cent I paid. Considered a new Porsche turbo instead for exactly the same money ... yes would've had a new car with a 4 yr factory warranty ... and there's no question Porsches are much more reliable and less expensive to maintain..... but a 2004 Turbo will also take a $ 50k hit in 4 years on depresiation ... I doubt my 550 will drop anywhere near this much in the next 4 years ... but who really knows..... so even with high maintence costs considered for the 550 ..... should be at worst a push .... but my 550 is twice the car to drive....... and the most beautiful car ever made .... and the only Ferrari I've cared to own since they discountinued the 275 GTB in the 60's........

One other thought... the purchase price is but a small percentage of the actual cost of owning this car ... so a few thousand more or less on the purchase price... really accounts for very little. Buy the one you like and don't worry too much about getting it at the lowest possible price.

 

Coach, now that the dust has not settled. I'm wondering what you think about the Maranello v. the Daytona. If you could only have one, which would you keep? Isn't it amazing that they are so close in price!

Thx, Dale

 

Amazing because one should be more than the other? If so, which one?

 

they're pretty different cars.

i for one have basically decided that i'm too much of a stupid **** to make it without ABS and airbags.



no daytona for me unless i get into collecting, in which case, shoot me.

doody.

 

DOODY! No Daytona? I thought we had a nice long talk, and that you sorted this whole thing out.

Oh, and you know the trick not to lose out on depreciation right? Don't sell.

--Dan

 

If you are eluding to the one was for sale at Bentley, Houston, this car had history. I know because I put a deposit on it back in December of last year and had to back out after discovering the problem.

 

Coachi, I dig your philosophy.

 

I am buying a 99 NART Blue 550 with 10k miles from Fof San Fran this week.
It is $120k but i'm paying $125 to get a 30k major plus all the cosmetic work to make it look perfect including upper dash replacement(leather)..front air dam(owner hit curb)..leather on drivers seat(some wear) etc. I thought it was a good deal on a cool color 550.
Bill

 

No kidding? Would you mind sharing what the "history" on that car is?

Looked pretty straight to me, a few chips in the front spoiler... spoke to a few Fchat guys in the Houston area and they said it drove fine...

 

DO NOT BUY THAT CAR.....

Hard to make this long story short but here it is....

I came across this car in Dupontregistry last November. After talking to the GM, I liked it and bought it the next day contigent on passing PPI. I called Ferrari of Houston to hire them for the inspection...they politely "declined" due to potential liability reason although the car has been serviced there...I thought that was strange but decided to move forward.

So I called around a few highly recommended independent Ferrari shops in the Houston area and happened to run into a Service Manager of one who coincidentally know the previous owner of this 550. Here is what he shared.."the previous owner is a Turkish diplomat who after a night of drinking, got into a hit and run incident with this 550M. When the police arrived, he fled the scene. In the ensuing chase, he hit a light poll or a tree (yes, a second accident on the same car...same night) and that's how chase was ended. The Turkish diplomat was taken into custody but immediately exercised his "diplomatic immunity" defense and within hours, he got off free and clear and no record. As for the repair, this gentleman paid cash for the repair; hence, it never showed up in Carfax. Keep in mind, the story was told by the Diplomat himself at a social gathering because he thought it was pretty funny...

Just to be sure, I spent a couple hundred bucks and have the car PPI by a second Independent Ferrari service and HOLY CRAP... there is a loooong list of problem with the car structural integrity....(ID tag removed, replaced, doors off alignment, hood replaced, oversprayed repaint in the engine compartments....).but mechanically, it seemed ok...The estimated cost to fix the body is in the thousands...

I called Mike (GM of Pre-owned at Bentley Houston), told him of my findings, he didn't appear too shock but claimed he didn't know....He thanked for sharing and gladly refunded back my deposit. I think I still have copy of the PPI...somewhere in my office....