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A Further Price Inquiry

Discussion in '456/550/575' started by michaelo, Feb 28, 2009.

  1. michaelo

    michaelo Formula Junior

    Mar 25, 2006
    310
    Tn.
    Full Name:
    Michael O.
    I posted a few days ago about a 2001 550, Silver/Charcoal, 17,000 miles, recent belt service ($6,000). I found out that it did have shields, which is cool. Standard wheels and tires. It was in great shape. He doesn't want to move below 90K. I guess it comes down to how badly I want this car. The interior needs a nice detail and I noticed a squeak on the passenger side around the window area. I was advised to offer in the 70-80K range. I didn't want to insist that his car's value was less. It is unbelievable that you can get this car for less than you would pay for a 2009 Carrera coupe. I really don't know what to do. The economy is not good and I really don't know whether these cars will lose more value, but I sense finding a really nice example might be harder as time goes on, due to fact that they are so affordable and anyone with any cash and a desire for a nice ride might gobble the good ones up. I have been checking eBay and it seems that the cars posted there have been on the site for a long time. There is a nice Titanium/Black 2000, with 21K miles in LaJolla. That thing has been there for a long time. They are asking 94K. I think that this is a high price for the car, even though it has 19" wheels and shields. Need some advise. Thanks.
    Michael
     
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  3. losang

    losang Karting

    Feb 11, 2005
    153
    Patience.
     
  4. vunico

    vunico Formula Junior

    Feb 20, 2007
    380
    southern florida
    michael,
    it's a pleasure to see such an accomplished music man on our humble forum...you have worked with many of the giants and my hat's off to you...
    i agree that patience is a good strategy,but mine ran out...pick up my 03 575 next week!
    best of luck in your search...
     
  5. JazzyO

    JazzyO F1 World Champ

    Jan 14, 2007
    11,917
    The Netherlands
    Full Name:
    Onno
    +1. Decide on the maximum price you want to pay and inform him every week or so. In the meantime, continue your search for another car. There are enough out there.


    Onno
     
  6. oss117

    oss117 F1 Rookie

    Jan 26, 2006
    4,043
    Plantation, Florida
    Full Name:
    Alfredo
    Michael,
    in similar situations, in the past, rather than saying to the seller "your car, your house or your boat is worth less than what you are asking for", I say: look, I really like your car, I would like to buy it, but my present situation is such that I cannot afford to spend more than..........or something to that effect.
    That line and a good dose of patience, with me it has worked each and every time.
    The above notwhistanding, I believe the level you are at moment with that 550 is already pretty good.
     
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  8. 348SStb

    348SStb F1 Rookie
    Owner

    Just to give some perspective here. Ferrari dealer Wide World of Cars just took in a gorgeouss 2003 575M F1 with 11,000 miles. Don't remember the color.

    They're asking just around $100K (can't remember exactly what I was told -- we'll need to check their web site)

    An 01 550 with 17K miles would retail no higher than inthe 80s I'd say. No reason why $80K would be a bad offer.
     
  9. michaelo

    michaelo Formula Junior

    Mar 25, 2006
    310
    Tn.
    Full Name:
    Michael O.
    Thanks for the great advice. This is a valuable resource for wisdom and truth.
     
  10. dakharris

    dakharris Two Time F1 World Champ

    Jun 7, 2001
    29,441
    Sleepy Hollow
    Full Name:
    Cavaliere Senzatesta
    Well, patience is a virtue until the weather is more conducive to enjoying a 550. $90K is not an unreasonable price for that car. I paid about that for my '99 with similar miles, but some expensive upgrades (Novitec wheels, Tubi, CF steering wheel and shift knob, built-in radar, Alpine stereo). The value of that car is going to go down over time, no doubt. Once the sun comes out, you have to weigh the cost of not owning the car. Once you have one, you will know what I'm talking about. I set out yesterday on short run to the library with my wife. Four miles turned into 100.
     
  11. henryr

    henryr F1 World Champ
    Silver Subscribed

    Nov 10, 2003
    18,326
    Atlanta
    Full Name:
    Juan Sánchez Villa-L
    i don't think that $90k is out of line with that recent service. it's a 2001. the last of the 550s. sounds like the car in FLA. if so, that color combo is less than. anything close to $70k would be a fire sale.


    i think time is going to show that the late 550's are going to trade in parity or even at a premium to the 575 f1 cars for those looking for a gated and "purer" car.
     
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  13. tritone

    tritone F1 Veteran
    Silver Subscribed

    Dec 8, 2003
    5,406
    On the Rock
    Full Name:
    James
    #10 tritone, Mar 1, 2009
    Last edited: Mar 1, 2009
    michaelo -

    opinion from a happy '01 owner (who paid close to 2x that figure):

    1 these cars absolutely will be trading lower in the near future......
    2 can you afford 90K + required maintenance?
    3 if so, buy & enjoy. you will never regret it. (see #1. so what?)

    this advice fits with my new life plan:
    plan as if you will live forever; live every day as if it's your last
    (the trick obviously, is to reconcile the two.......;-)

    Tritone
     
  14. ketel

    ketel Formula 3
    Silver Subscribed

    Aug 6, 2007
    1,231
    Sausalito, CA
    michaelo - All good advice and perspectives offered here. All I would add is that you did not indicate whether this '01 was your ideal combo and package of options, etc. Reason I ask is that there are a LOT of nice 550s in and around this price range. Unless you suffer from what some call "one-itis" as in, there is just ONE perfect car out there (which, of course, is nonsense), then defintely consider other 550s. $70k is a bit on the low side for a car seemingly this nice, but then again, ask me again in a month! Who knows. When I suffered from one-itis and thought a 2001 Tdf/Tan 550 was MY car, the asking was $129k. I passed from various reasons and it ended up going for $84k after nine months on the market.

    Bottom line? Find the best you can afford and expect to own it longer than you think. If you follow that principle, you're not likely to get hurt.

    ketel
     
  15. michaelo

    michaelo Formula Junior

    Mar 25, 2006
    310
    Tn.
    Full Name:
    Michael O.
    Thanks Ketel. I love Titanium, Silver and TDF or any dark blue. Thanks again for all of the good advice. 90K is reasonable and totally affordable, with services. I have had 3 360's and believe me, a service that cost 10K quickly got me acclimated to current ferrari ownership. The 550's belts are at the front of the engine, as you know, which makes the belt change job something that doesn't require taking seats and bulkhead out of the interior. The other thing I love about this car is how basic it is, without the cumbersome electronic gizmos of so many cars today. I have a great Italian car mechanic here in Nashville and i will be able to do services without having to send the car to Atlanta for everything that requires sophisticated equipment. I know that there is an argument for having services documented at factory approved service centers, but paying the kind of prices that these cars are going for, how badly can get one get hurt if everything is being done first rate, just not at the haloed Ferrari dealers. (though I have nothing against them)
     
  16. vunico

    vunico Formula Junior

    Feb 20, 2007
    380
    southern florida
    "I love Titanium, Silver and TDF or any dark blue."

    f.o.n.e has one of each in 575's...the silver one is gated and they're all very nice.
    i cannot recommend a dealer more highly
     
  17. Jettafanatic

    Jettafanatic Karting

    Nov 8, 2008
    150
    Santa Barbara, CA
    Full Name:
    Claudio
    I agree with you and the posts above... you should try to offer lower as a "what I can afford right now" rather than a "don't think it's worth that much". Values will come down, buyers are scarce, and more and more are coming onto the market. They'll have to budge. And when you spend what you'll spend, you'll be glad you did :)
    I bargained mine down a bit, but did not push as hard because I found "the one" and was afraid I would not find another like mine again (TDF blue, cream interiors with custom blue piping, 10K miles, excellent condition).
    Good luck, and hopefully soon, "welcome to the 550 club" :)
    Cheers :)
     
  18. toggie

    toggie F1 World Champ
    Owner

    Nov 30, 2003
    18,453
    Virginia
    Full Name:
    Toggie (Ron)
    Michael,

    I agree with the others here that you ought to consider buying the 2001 550 with the fresh service done on it. Paying $90k, or just above that, is not an unreasonable price for such a car in this market. As you have said, it is not the lowest price possible. But, if it is a nice car and everything checks out, I'd probably buy it for that price, if it was the right color combo & options you like.

    I just bought a 1998 tdf blue 550 with 17k miles on it about 2 months ago. I agree with you that the 550 is the perfect blend of a modern Ferrari without too much electronic sophistication added. I love driving mine on the open roads, manually shifting through the gears. The car is a comfortable one to drive, with plenty of room on the inside for 2 people. I also have owned a few different mid-engine V8 Ferraris, and the 550 is quite a different feeling when you're behind the wheel. Like the rest of us who visit this section, you'll love owning one.

    I suspect, like expensive boats & airplanes, a 550 is easier to buy than to sell. There only seems to be 30 or 40 of them for sale at any one time in the entire country. And, as you say, some of them stay for sale for several months at a time. This kind of implies you are one of only 30 or so serious buyers of a 550 at this time. One of the people who actually is pre-sold on that model of car and can afford to buy one. Even though there are never many 550's on the market, it is a buyer's market these days and many of the people trying to sell these cars will eventually either make a deal for less money or wholesale the car to someone else. If the car you want is at a dealer, one strategy is to leave your name and number with them and say that you definitely want to buy their specific car, but to keep you in mind when the day comes when they are starting to consider wholesaling it off. Like they say, you have to "negotiate with your feet". Until your feet leave the dealership, they won't start to get serious about price.

    Good luck. Let us know when you buy one (and post some pics).
     

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