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Can Peter Kumar be right?

Discussion in '456/550/575' started by JohnnyRay, Feb 26, 2017.

  1. JohnnyRay

    JohnnyRay Formula 3
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    Nov 2, 2014
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    Peter at Gullwing is generally known for pricing vehicles to sell. Can a 1997 550 with 8K miles be worth $179K in today's market?


    1997 Ferrari 550 Maranello -
     
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  3. Oengus

    Oengus F1 Veteran
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    who knows.....feels about right, obviously its a manual and in demand as of late.
    Could of grabbed this car 4-5 years ago for way way less
     
  4. 15765

    15765 Formula Junior
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    By looking at the drivers seat. it looks like it has a lot more than 8000 miles on it. My 550 has 40000 miles on it and the drivers seat is in much better condition than the one in the pictures.
     
  5. tres55

    tres55 Formula 3
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    Seems high to me. 8000 miles or not, that thing needs a thorough reconditioning / detailing in my opinion.
     
  6. LVP488

    LVP488 F1 Rookie

    Jan 21, 2017
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    Indeed it does not seem in a great condition for 8,000 miles - I am sure there are many cars with 5 times that mileage that look better (and are probably less expensive).
     
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  8. Bas Jaski

    Bas Jaski Three Time F1 World Champ

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    180K is way too expensive. A WSR sold for that the other day, lol.
     
  9. marklotus

    marklotus Karting

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    So, Peter Kumar at $179K or Michael Sheehan at $100K.
    Let the market decide.
     
  10. JohnnyRay

    JohnnyRay Formula 3
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    $179K for a 1997 seems high, but I don't think $100K buys much these days...
     
  11. Bas Jaski

    Bas Jaski Three Time F1 World Champ

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    Plenty of good cars in EU sitting at low 100s. No way 180K is the market.
     
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  13. marklotus

    marklotus Karting

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    Several on ebay asking low $100's.
     
  14. MoeD

    MoeD Formula 3

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    When the market was hot, prices flew. But now a lot of dealers seem to be holding onto those prices when in fact none of them can be materialized today.

    Kumar is not one of those people; he truly does price to sell, although in this case I think the price is ambitious. Perhaps a consignment car?
     
  15. tdf550

    tdf550 Rookie

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    it does have nice options with the mod wheels and carbon interior/shift knob
     
  16. henryr

    henryr F1 World Champ
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    never hurts to fish....
     
  17. Drive550PFB

    Drive550PFB Two Time F1 World Champ
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    No way that price is validated.
     
  18. marklotus

    marklotus Karting

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    ...or to hunt..
     
  19. 2HotShoes

    2HotShoes Karting

    Sep 2, 2015
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    Tal & Beryl
    My wife, Cowgirl, wouldn't take $165K for her '99 550 (Guido) so what's that tell you? Last year I suggested selling at that price (this was a solid offer the afternoon of the car's third place finish at the Ferrari concours in Columbus) and she said ok, but told me to add on the cost of a divorce. When I asked if she was kidding she simply gave me The Look. And, dear pals, we ALL KNOW what that means...

    My point is a car (or anything else) is worth the intersection of exactly what somebody will give you for it and what you are willing to take.
     
  20. FPFaeth

    FPFaeth Formula Junior

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    Knowing 2HotShoes as I do, I suggest we pay attention, whether about the personal or the economic.
     
  21. Themaven

    Themaven F1 Rookie
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    I think there are a lot of people in the same situation right now - judging from my ongoing conversations with dealers here. People won't, and don't need, to sell their Ferraris for less than x, and people won't buy for more than (x-y). y being a fairly notable sum.

    So the market is stuck.

    I think people who know about these things (I don't) call it a bid-ask spread or offer-bid spread, and it's high. What happens next - either people decide to pay more, or decide to sell for less.

    The wife element is of course a significant unknown. An unknown unknown.
     
  22. tres55

    tres55 Formula 3
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    Collector car market in general is over inflated. This isn't specific to the 550's in my opinion.

    Hysteria had settled in over the last year and driven prices out to lunch.
     
  23. stardoc

    stardoc Formula Junior

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    I have a '99 that I will be putting on autotrader for $85k with 67k miles but is in FAR better condition than this example. It's all about the condition and care, too many folk are hung up on mileage.
     
  24. Zarathustra

    Zarathustra Formula Junior

    May 7, 2006
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    Peter Kumar was usually competitive in the seller's market, but now that it's a buyer's market he has not adjusted his prices. All of his vintage Ferraris are significantly over-priced and have been sitting on Ebay way too long. Sheehan is selling now. The cars at Gullwing are collecting dust.
     
  25. tres55

    tres55 Formula 3
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    My 355 has 70k miles, 550 has 20k miles. The 355 feels better...the 550 feels oddly rigid and brittle if that makes any sense.

    If I could go back, I would've passed on my 550 to find something with more miles yet still maintained just as well.
     
  26. intrepidcva11

    intrepidcva11 F1 Rookie
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    exactly right, Tal; year ago I wrote the identical thing on a post on market prices, just added - the price a willing buyer and seller agree on, on a particular day.
     
  27. MogulBoy

    MogulBoy Formula Junior

    Sep 23, 2004
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    Even a stopped clock is right twice a day. :)
     
  28. Emartleb

    Emartleb Karting

    Dec 6, 2004
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    Val Beltrame
    While my car is higher mileage (but, I feel, nicer) than the subject of this thread, there's no way I'd sell at $179k. I don't have any desire to sell but if I did, my number starts with a "2". If that means I hold onto it forever, that's fine. What would I replace it with? V12, three pedals, best looking Ferrari of the (semi) modern era? There isn't anything.
     

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