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Bid Price for 2000 Maranello

Discussion in '456/550/575' started by yimn, May 20, 2004.

  1. yimn

    yimn Karting

    Nov 2, 2003
    155
    Hong Kong
    Full Name:
    Nick Yim
    My friend is negotiating with the dealer for a 2000 Silver 550 Maranello with 12K miles in good condition (no other options). Please share your opinion as to how much my friend should offer to the dealer.

    thks everyone
     
  2. ghost

    ghost F1 Veteran
    Lifetime Rossa

    Dec 10, 2003
    9,836
    Singapore
    Considering its a dealer sale, I would assume a "good deal" for the car specified is about $135K - $140K. Make sure recalls are done, and the 15K service is thrown in at this price.

    This is my sense, having followed 550 prices for some time. Hopefully the guys that have actually recently bought one can also weigh in.

    What is the dealer asking?
     
  3. 550

    550 Rookie

    Sep 19, 2003
    46
    My 550 is for sale. It's in the dupont registry for $133,900. New michelins, tubi, red cal. GT shelf, daytona seats, nart blue, 11,400 mi. mint cond.
     
  4. Doody

    Doody F1 Veteran

    Nov 16, 2001
    6,099
    MA USA
    Full Name:
    Mr. Doody
    if the main dealer is selling it, that car should have its major done - just so your friend doesn't have to worry about it. if it's an early 2000 MY it'll be due in a few months anyways (five years).

    doody.
     
  5. ryalex

    ryalex Two Time F1 World Champ
    Consultant Owner

    Aug 6, 2003
    22,202
    Las Vegas, NV
    Full Name:
    Ryan Alexander
    Beautiful car, BTW. I've seen the ad a few times. Are you moving up to something else?
     
  6. Texas Forever

    Texas Forever Four Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    44,369
    Texas!
    Based on my little database, the average asking price for 20 2000/550s that I can found on the Internet is $150,000, with an average miles of 9,200.

    At various discounts, the gettin prices should be

    5% off - $142,500
    10% off - $135,000
    15% off - $127,500

    I doubt that you are going to get more than 15% off asking, so anything below $135,000 on a good car should be a very good deal.

    HW, timing in life is everything. A year ago, you couldn't give a 550 away. Today, you have a lot of bottom feeders like me :) who have snapped up a lot of cars.

    Hope this helps, DrTax
     
  7. 550

    550 Rookie

    Sep 19, 2003
    46
    Yes. 05 bentley GT
     
  8. garysp7

    garysp7 Formula Junior

    Mar 28, 2004
    436
    Florida
    Full Name:
    Gary
    I have always had excellent results when negotiating for a car to show up with a briefcase full of cash. What ever you feel is the best average going price for that car, then subtract another ten percent and open the briefcase with that amount in it. Just let them look at it awhile.
    In your case, I think an decent price for an excellent 200 550 with all the service done would be in the mid 130's with the service done.
    I would offer him 125K in 100's and ask him if it is a done deal. IF he is brokering the car you may want to ask him to get back to the owner and make the offer or contact the owner directly.
    Gary
     
  9. 911Fan

    911Fan Formula 3

    Apr 15, 2004
    1,291
    Southern California
    "I have always had excellent results when negotiating for a car to show up with a briefcase full of cash."

    I think I'd call the cops if anyone showed up with a briefcase full of cash and tried to buy my Ferrari!
     
  10. Texas Forever

    Texas Forever Four Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    44,369
    Texas!
    If you do this today, get ready for a visit from the MIB. The dealer or even an individual seller will be required to file a currency report...
     
  11. PCH

    PCH F1 Rookie

    Apr 7, 2004
    2,977
    Authorized F-dealers are not obligated to do any service prior to the sale, (unless you purchase a Ferrari pre-owned warranty) per FNA. Unfortunately I found that out the hard way. Therefore make sure you have a full understanding of what has been done and what needs to be done prior to purchase. Also, regardless of what the warranty books states, FNA has changed the recommended timing belt service from 5 yrs. to 3 yrs. or 30,000 miles.
     
  12. garysp7

    garysp7 Formula Junior

    Mar 28, 2004
    436
    Florida
    Full Name:
    Gary
    Wow, the cash concept seemed to hit some hot buttoms with you guys.
    I have seen exotic car deals and motorcycle go down over thirty years like this routinely. No one involved is doing anything illegal and the funds involved have not been from ill goten gains. I have found that seeing cold hard cash many times triggers sellers to give a little more. I have seen Ferrari dealership owners show up with suitcases full of cash to try etice a ferrari owner to part with his car. They even throw in the briefcase also:)
    Then everyone is on their own as to how they want to report it or distribute the funds.
    gary
     
  13. Texas Forever

    Texas Forever Four Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    44,369
    Texas!
    I understand what you are saying. But I have to tell you that 9/11 changed everything. If someone pays you over $9,999 in cash, and you don't report it, you have possibly committed a felony. At any rate, if the seller puts the cash in the bank, guess what? The bank will definitely file a CTR.
     
  14. abarre

    abarre Formula Junior

    Jul 9, 2003
    295
    It has been this way for MANY years. I remember the late-80's when a drug dealer came by my friend's Acura dealership with a briefcase and wanted to buy a Vigor for four cash transactions of $9999 each. Take a guess why....
     
  15. garysp7

    garysp7 Formula Junior

    Mar 28, 2004
    436
    Florida
    Full Name:
    Gary
    I know about banks having to report any transaction involving 10K or over. I have had many patients who are bank owners tell me they have been trying to raise the amount due to having so many people show up with that much cash, but I guess it is still the same.
    I do agree since 9/11 it is much harder to travel with large amounts of cash when flying due to the new security.
    I think now a happy medium might be to shjow up with a certified check for the sellers amount minus 10 to 15% and have the difference in your pocket in cash. Then offer the check by itself. If no go, then you can decide if you want to pay his price with the difference.
    I watched by friend by one of his 308's from a guy who was getting divorced. When he offered cash at 3/4 value of the car, the guy grabbed it so it would disappear from the estate settlement. A great deal for my friend.
    Gary
     
  16. Doody

    Doody F1 Veteran

    Nov 16, 2001
    6,099
    MA USA
    Full Name:
    Mr. Doody
    that is 100% correct. i was simply suggesting that the buyer NEGOTIATE the major into the deal since it's probably due - or damn close.

    replacing maranello belts every 3 years is INSANE. i've talked to a number of f-car mechanics (independent and main dealer) about this and they uniformly agree it's silly. the only reason they did this was because of the newfangled pre-owned warranty. remember, the whole point of a warranty is to RARELY if ever pay out on it. and one way to ensure that is to make sure the car is GROSSLY (in this case) over-maintained.

    doody.
     
  17. Texas Forever

    Texas Forever Four Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    44,369
    Texas!
    Now you're talking! The cashier's check ploy works very well. And yes, Abarre, the IRS has been interested in cash transactions for a long time (wonder why?). When I worked at the IRS in the 70s, we used to get calls from the local Ferrari dealer when some guy would show up with paper bags full of 100 dollar bills.

    But today, everybody is taking this much more seriously. You are more likely to get a visit from the FBI as opposed to the IRS.

    Dr "MIB" Tax
     
  18. garysp7

    garysp7 Formula Junior

    Mar 28, 2004
    436
    Florida
    Full Name:
    Gary
    I guess much of your service is going to be determined how often you use your car. I would think though that if the car is going in for some service and the work might overlap what would be needed to do a belt service. It might be worth it. Which is worse, a periodic belt service too soon for what? maybe sever al grand or wait until you throw a belt and then rebuild the motor for what? maybe 20K or more?
    You might want to also try to negotiate having the dealer throw in taping the front with clear tape. I hear it is costing about 700.00 now to tape the front bumper and about 1/4 of the hood with clear tape. We used to call it helicopter tape but now they have a thinner clear tape that works just as well and is a little less noticeable.
    I would definitely make the belt service as part of the deal though, otherwise, deduct the entire price of the service.
    I am interested in hearing how much the factory warrantee is if you buy the car from a dealer and ask to purchase it for the car. That way I will know how much it is worth and negotiate it into the car. Can it still be obtained for a 99 and a 2000 both?
     
  19. speedball

    speedball Formula Junior

    Mar 29, 2004
    268
    Pasadena Area
    Full Name:
    Scot Anderson
    I bought my 2000 550 three months ago from an independent dealer in the LA area for $ 140,000. Had 8,300 miles and was in near perfect condition. I actually found the wholeseller who sold it to them through a friend ...... and he told me he sold this car to the dealer I brought it from for $ 135,000 ..... so there was only a $ 5,000 mark up which didn't seem too bad. The dealer I bought it from tried getting high $ 140's .... but had floored the car for several months until I showed up.

    Regarding the cash option mentioned above ..... I did just this (as with most cars I buy) ... showed up with "cash" and to my surprise, the dealer wasn't very interested in this ...... actually told me to leave a small down payment, take the car, then mail a cashiers check in a few days ...... guess they just went thought a DMV audit recently and never wanted to see cash again!
     
  20. garysp7

    garysp7 Formula Junior

    Mar 28, 2004
    436
    Florida
    Full Name:
    Gary
    I am looking now Speedball, and I figured I would be paying about 135 to 140 for a perfect or near perfect car.
    Did you get a warrantee with it?
    Did you tape the front of the car or has it already been taped?
    Did it include the belt service?
    What optiuons did it have on it? Shields? any interior options?
    Thanks for the info and I would love to see some pictures.
    I guess the world has changes when people don't want cash.
    Gary
     
  21. speedball

    speedball Formula Junior

    Mar 29, 2004
    268
    Pasadena Area
    Full Name:
    Scot Anderson
    As for options .... my car has factory shields, daytona seats, but not much else. The car is the one pictured with my logon name and is in very nice condition. I didn't get a warranty or service ... but it did have a fairly recent 5k service and with only 8,300 miles on it, really didn't need another one ... but am considering the t-belt service within the next year or so. I looked at several waranties .... found the best one at www.exoticcarwarranty.com .... about $9k for a 4 year policy ... but haven't decided if this is something I need or not since I plan to do most, if not all maintinance myself. This is my first ferrari and I didn't buy this from a Ferrari dealer. I looked around for about a year ... and seriously for the three months before jumping. Debated going with an older model 550 to save some money ... but really wanted as new a model as possible so decided on this year because anything newer would be getting into serious depresiation issues. I wasn't looking for the cheapest deal ... but IMO it was the right car at the right price and everything I looked at was at best close to this price or $ 10k more. I have no idea where the bottom is on these cars ..... but hope they're close to this level at this point.... time will tell. I looked into taping the front of the car .... got a quote that was in line with what others stated on this thread ... but may or may not do this.

    I will tell you that my 550 is the best car I've ever owned and is too much fun ..... traded up from an 850csi ..... and my 2000, 996 (which isn't fun at all since buying the 550) has now been religated to daily driver status. I've also owned an NSX and many other Porsches .... all of them, no comparison! If my Ferrari doesn't bleed me to death with maintinance costs or quality issues I'll most likely own one forever...... But I think the secret to this is staying as far away from the dealership as you can ..... BTW ..... the 15k service according to the owners manual doesn't include t-belts ....... so I don't know if you're really getting much if they include this in your deal. But I am aware that they now state t-belts every 3 to 5 years regardless of mileage...... guess you'd best confirm what work will be done if they throw in a service.
     

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