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550 values

Discussion in '456/550/575' started by CodeRed, Dec 23, 2003.

  1. CodeRed

    CodeRed Formula Junior

    Nov 8, 2003
    341
    LALA LAND
    I am considering the purchase of a 550, but a knowledgeable source told methat they expect '97 values to be at or even below $110k by next summer. Is this due to the new models coming out? perhpas it is better to wait. Any opinions?
     
  2. mr. green

    mr. green Formula Junior
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    Oct 31, 2003
    263
    I'm not trying to piss off anyone I just want to know if you can read my post.
     
  3. BrentC

    BrentC Formula Junior

    Aug 13, 2003
    278
    There was a '97 550 for sale in Ft. Wayne, IN for about $97K-$99K (I don't remember the exact amount). This was in August. It eventually sold at the Kruse auction and (I believe) went to Michael Sheehan who had it advertised at like $110K. So, it would seem the market is even softer than you indicated. Of course one example is not statistically relevant, but it is a case I have first hand knowledge of and know the selling price (not just the asking price).
     
  4. Doody

    Doody F1 Veteran

    Nov 16, 2001
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    assume the values will continue declining to zero.

    behave appropriately.

    be pleasantly surprised if it turns out that's not the case.

    doody.
     
  5. CodeRed

    CodeRed Formula Junior

    Nov 8, 2003
    341
    LALA LAND
    Do you think that the prices are already that low for US versions of the '97? The one that Mike has is a Euro I believe. What is the consensus on purchasing a Euro model? I have been advised against it even though the cars are really the same.
     
  6. mr. green

    mr. green Formula Junior
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    Oct 31, 2003
    263
    Thanks for responding, It's a lonely world if you can't communicate.
     
  7. BrentC

    BrentC Formula Junior

    Aug 13, 2003
    278
    Codered,

    You are correct - the car I was talking about was a Euro model. It still begs the question, though. What is the "real" value of a 550? If one (even a Euro one) can be had for <$100K, then that is the value. Not that there won't be exceptional cars at other prices, but it gives you an idea what the market will bear.
     
  8. Doody

    Doody F1 Veteran

    Nov 16, 2001
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    i'd buy a properly-converted and documented euro 550 in a heartbeat.

    just remember that although you'll pay less, you'll get less at resale time as well. conservation of capital, i guess :)

    doody.
     
  9. Pierre

    Pierre Rookie

    Nov 1, 2003
    3
    seems to me a guy at Ferrari of SF told mde they sold a 97 for $115K when I was there tire kicking a Yellow/Blue F512M. Don't know anymore about it but assume it must have been a US car and decent since it was a Ferrari dealer sale. Pierre
     
  10. Texas Forever

    Texas Forever Three Time F1 World Champ
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    Apr 28, 2003
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    Right on, brother.

    As a rule of thumb, late model "production" Ferraris tend to hit bottom at or around 45% of sticker. (This rule excludes 360s, or so it seems.) The sticker on a US 97-550 was $210K. You do the math.

    But this number is somewhat meaningless, because the key to any Ferrari that is out of warranty is whether you are getting a well maintained car or a nightmare. An up-date-car is worth a hefty premium over any rule of thumb, IMHO. With Ferraris, it is either pay me now or pay me later. What you want to avoid is doing both.

    DrTax
     
  11. CodeRed

    CodeRed Formula Junior

    Nov 8, 2003
    341
    LALA LAND
    There is a '97 blk/cream with 12k miles for $125K in th FML. I know for a fact it has been well maintained. It has been on the market at that price for 6 months now.
     
  12. Texas Forever

    Texas Forever Three Time F1 World Champ
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    FML numbers are "asking prices." By design, they are not "getting prices." If it were me (and I wasn't suffering from major blood lust), I'd start the ball rolling at 80% of the FML price. But, this is just a point of beginning, buying a Ferrari on your own, i.e., without a broker, is typically a fairly long dance. 6 months on the FML is not unusal.

    Good luck. If you like big torquey cars, you'll love a Maranello.

    DrTax
     
  13. CraigFL

    CraigFL Formula Junior

    Jan 17, 2001
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    Panama City, FL
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    Craig
  14. Texas Forever

    Texas Forever Three Time F1 World Champ
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    >>The miles you see are the actual miles on this vehicle. Clean smell througout, appears to have never been smoked in. Appears to be free of any prior collision damage. This automobile appears to have no current damage. The previous owner parked his vehicle away from everyone. There are no dings on this vehicle. To look this good, it is obvious that this beauty has been garaged. The transmission in this vehicle still shifts like it did when it was brand new. This vehicle's engine is in perfect working condition. All power equipment on this vehicle is in working order. There are no reported manufacturer defects on this vehicle. Clean is a great way to describe the exterior of this automobile. Interior is clean and well taken care of. The tires look new<<

    Given all the weasel words (appears, obvious, still, look), it obviously appears that the dealer doesn't know jack about the car or the previous owner. Moreover, most these dealers put very unrealistic reserves on these cars because they are just using Ebay to gin up interest.

    The Sports Car Company (http://www.sportscarcompany.com), who is one of the larger Ferrari wholesellers just offered a 97 550 Black/While for $125 on Ebay and got no bidders. That car had 11K miles, tubi, and a major service. My guess is that you can buy this car for $110K to $115K. I have never brought anything from them, but they do have a good reputation as a real seller and so I would assume that this is a real car. However, my opinion and $1 will not even buy you a cup a coffee.

    DrTax
     
  15. CodeRed

    CodeRed Formula Junior

    Nov 8, 2003
    341
    LALA LAND
    Thanks for all of the insight. It sure seems like it takes a long time to sell a 550 which is somewhat surprising based on the solid reputation of the car and the value it represents on a used basis.
     
  16. CodeRed

    CodeRed Formula Junior

    Nov 8, 2003
    341
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    I believe that is the same car that I mentioned in the FML for $125K.
     
  17. lukek

    lukek Formula 3

    May 2, 2003
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    I always search the completed auctions on e-bay. More often than not the top bidder flakes, so it is not always the real proof of sale, but I found it to be more accurate than other sources:

    For example, here is a yellow 98 550 that went for $114K, reserve met:
    http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&category=6212&item=2446649694

    A 99 red 550 sold for $140K
    http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&category=6212&item=2446847248

    and a fixer upper 550 did not sell for $28K
    http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&category=6212&item=2448603264

    I am hoping that the 45 percent rule is not true. If the 550 ever gets down to 70-75K, and my car, a 1963 250 GTE appreciates a little bit, I hope to be able to make the jump, lift my leg, bark the bark, run with the big dogs, you get the idea.......
    :)



     
  18. Doody

    Doody F1 Veteran

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    i would not consider this an accurate statement.

    it can take a long time to sell a 550, just like it can take a long time to sell any car - especially any six-figure car.

    some 550s sell in a matter of days. that one hasn't. who knows why, but i'm sure there's a rational explanation.

    i purchased my 550 within a couple weeks of the dealer taking it on trade. i looked at it within a couple days of it being listed for sale - they hadn't even washed it yet and two of the wheels were out being refinished (it was up on jacks on one side). i would have taken it home within a week if it had been ready to sell when it was listed.

    doody.
     
  19. CodeRed

    CodeRed Formula Junior

    Nov 8, 2003
    341
    LALA LAND
    I actaully like the black for sale on ebay. It looks good with the saddle interior.
     
  20. Texas Forever

    Texas Forever Three Time F1 World Champ
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    Watching the dude man buy a car is worth seeing. His posse clears the way. Then when he walks in, the bling is so heavy that you gotta get out the really dark sunglasses. And when he wants somethang, don't git in his way cause he want it. :)


    Your humble servant from Tejas.
     
  21. Doody

    Doody F1 Veteran

    Nov 16, 2001
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    the sucka dealers lose all ability to negotiate when i trip the joint in my bootsy collins funkadelic glasses. they're owned before the door opens!

    doody.
     
  22. JOEV

    JOEV F1 Rookie

    Aug 6, 2003
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  23. Texas Forever

    Texas Forever Three Time F1 World Champ
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    Like I say... u da man!
     
  24. Texas Forever

    Texas Forever Three Time F1 World Champ
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    In the FWIW department, Sheehan and the Sports Car Company do a lot of JV stuff together...
     
  25. Senna1994

    Senna1994 F1 World Champ

    Nov 11, 2003
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    San Clemente
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    Anthony Tonokaboni
    The Black 550 that is at the Sports Car Company and that was listed on E-Bay belonged to a Gentleman that is a member of the FCA South CA chapter. I have seen the car and it is in great condition. He took great care of it and is selling it in order to buy a 360. The 550 is a hell of a car for the money and my opinion only down the line I believe it will be worth more than the 360's. The torque on these cars is incredible and they are wonderful GT cars. You can't go wrong. Be careful with the Euro cars that may have been abused, especially the Transaxles on the Euro Cars seem to go out quite a bit.
     

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