Here’s one that may spark someone’s interest: https://www.ebay.com/itm/183460034343?ssPageName=STRK:MESELX:IT&_trksid=p3984.m1555.l2649 It will on eBay for 1 week only. Call 973-768-0824 for any additional info or questions.
Is this one known to anyone? https://www.ebay.com/itm/1998-Ferrari-550-Maranello-Coupe-2-Door/392134509458?hash=item5b4d09c392:g:z1gAAOSwfVpYnfrK&vxp=mtr Another car that seems to have been hanging around for a while.
This is probably the best looking and cleanest 550 out there. Be interesting to see if a very clean and well maintained car can overcome the high mileage hurdle. Personally I prefer a car like this with high miles and well maintained but not everybody shares my opinion on this.
This car has been on the market forever. I looked into it and seems that it has an issue with the front fender and acid rain on the paint. Also the headliner is coming down. They want $120 for it but for that money I would buy Toms car that is really well maintained. But then we go back to the same question, this car has been on the market for over a year and there just not selling. Color combo is perfect, and with no disrespect to Toms 550, I don’t foresee that selling at $125 either.
Once the interest rates start creeping up again, these overpriced cars will become too expensive for the dealers to service their loans. You'll start seeing some realistic price adjustments.
Yup you can apply this to the housing market as well, already hitting the new car market with tightening in both loan duration and rate increases But hey, if you want to buy one to live and enjoy life, just do so, in the next uptick these cars will be worth more then the former top as will homes etc... The economic cycle Buy it and drive it! We are not getting any younger.....
Is it normal in the USA that the dealer actually owns these cars? What I've discovered in the UK is most of the Ferrari's around this age are consignment sales as opposed to dealer stock.
Not only that, but the opportunity cost of owning them becomes more significant too. Maybe not so much at this price level, but think about the $2m cars of which there are many now.. at 1% interest you’re “only” giving up $20k a year, but at 5% interest that’s $100k a year. Maybe not a lot to someone who owns a $2m car but I would think it’s still a factor.
I've followed a certain Murci currently on sale by this same dealer for the past 15 months. It was originally bought by another well known dealer from the Lambo dealership when it listed for $170k back in '17, it got relisted the following week for $230k, did not sell and after 3 months sold to the current dealer and relisted for $300k. I believe some of these cars may be on consignment, but the majority are owned and serviced by the bank where the dealership simply pays the interest on the loan. So they are relatively cheap to maintain in their inventory and marked up at exuberant prices.
All asset values are inflated right now. We're nearing the end of the cycle in my opinion. A decade of low to zero interest rates combined with "quantitative easing" has done its damage.
This '99 RC/tan 28K mile 550 just sold on BaT for $130K, and it needs a timing belt service. https://bringatrailer.com/listing/1999-ferrari-550-maranello-2/
550s seem to do very well on BAT. Besides the silver one with the modulars, they’ve all been pretty average spec / condition from my eyes. Then the dealers see these sales and raise the prices on their average to below average examples that continue to not sell. It’s all very odd. But at the end of the day 550s are special cars and worth the price of admission.
The BAT auction was very interesting. That car was being sold by Swithcars and was listed for $129k, and it sat for a while. Then it was put on BAT and got bid up to $130K plus the $5K buyers fee. I was watching the bidding and the Seller commented that when the bidding hit $110K that the reserve was off. Seemed a bit crazy not to buy directly from the dealer and negotiate a better price vs crazy bidding on BAT Sent from my iPhone using Tapatalk
I like your taste in cars! I have had the pleasure of owning A LOT of sports cars, and the two that I love the most are my 2007 911 GT3RS and the 550 Maranello.
July 2013 I picked up this classic beauty from the classifieds here in f chat with 18k miles, now 49k with stacks of receipts from Bradan, where she is right now getting serviced. $22k spent early last year on everything (major, clutch, gaskets, injectors, fuel pumps seals anything it needed). 575 modulars could be included. She includes wheel spacers, Tubis, Bradan straight pipes, and in person looks like a 15k mile car. Stickies getting done after holidays. Books, keys, covers, records, as she should. Even the official Pinninfarina sketch print, framed. I almost drover her to Cali recently, but decided to just prep her thoroughly and keep mileage under 50k. Try to sell in Jan, or wait to Spring? Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login
That’s a tough call. Gorgeous looking car….fantastic options. It feels like the 575’s just haven’t felt as much love. I’ll send you a DM/conversation as well.
There are a lot of very experienced and extensively educated folks that have not completely understood what has happened in many/all markets during COVID. There has been a serious disconnect with reality in asset pricing. It should be unsustainable to value publicly traded assets based on revenues or “price to sale” rather than true profitability and positive net cash flow. When people don’t pay attention….Carvana stock values happen and perversions like the FTX debacle occur. Let’s hope the music doesn’t completely stop….just slows down and then continues. In our hobbyist arena….how could all those Porsches be that aggressively priced ;-)
To be fair...what followed one year later was an unprecedented amount of money printing which led to further exacerbation of inflated asset values. The cars haven't become more valuable, our dollars are just worth much less.
The inflation is scary. I’m grateful my house is locked in for a 30 year at 3.0% and my Santa Cruz mountains home has doubled in 8 years and I really don’t know how “normal” people out here could afford a down payment or the property taxes. I worry for the general situation.
Agreed. 94% of the bottom quintile of employed US Consumers' monthly income is spent on essentials (shelter/food/energy). We all have much to be grateful for!
