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Car valuation with questionable mileage?

Discussion in 'Ferrari Discussion (not model specific)' started by btemplin, Jan 5, 2004.

  1. btemplin

    btemplin Rookie

    Dec 17, 2003
    39
    Houston, TX
    Full Name:
    Brian Templin
    I'm looking at an '86 328 that had it's odometer replaced. The story I got is that the original odo stopped working around 16000 mi. The owner tried to have it repaired, but apparently that did not work. So eventually it was replaced by a Ferrari dealer (documented) at an estimated 22000 mi. The car currently shows 8000 mi., so total mileage is somewhere around 30000.

    How much of a penalty should be levied on the selling price for this car? I'm not opposed to getting a car that has a slightly questionable milage history if it's overall condition is good and has been properly maintained. However I don't to get into it now and then find out somewhere down the road that I paid $2K or $5K or $10K too much based on the odo history.

    Thanks,
    Brian
     
  2. GrigioGuy

    GrigioGuy Splenda Daddy
    Global Moderator Owner

    Nov 26, 2001
    22,938
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    Yes, I have one
    Approach the car as if it has 200,000 miles on it. Get it picked over by the most anal-retentive qualified mechanic you know, and note everything. Most likely even the 30,000 mile number is wrong.

    86 328s are going for 35-45K right now, and it has to be NICE to get the 45K (witness Martin's 89 328 that has been sitting for a long time at 45). It's really a buyer's market, so push the seller hard. He's going to have a hard time selling a car with 'unknown mileage' on the paperwork.

    Likewise, so are you. If you're considering resale value you'll be stuck with the same problem when it comes to sell. It's not quite a deal killer, but you really reduce the number of people interested in the car.

    You didn't mention the color combination or condition. If it's not Resale Red in fabulous shape, I wouldn't pay more than 30K. The seller probably won't let it go for that, so you might want to start looking around.

    Of course, I could be completely mistaken.
     
  3. hardtop

    hardtop F1 World Champ

    Jan 31, 2002
    11,211
    Colorado
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    Dave
    ODO's are known to fail, so the story is probably true. The only question is how many miles elapsed before it was replaced. The owner would have been smart to replace it right away, that way the mileage could be more reliably documented. A PPI is a must by someone really familiar with these cars. You can have the car's health checked and also get an estimate if it really looks like a 30K car. 328's hold up well, a 30K car should still be very nice if it was cared for. The ODO problem still justifies a lower price, maybe 5K less than it would otherwise be if everything checks out.

    Dave
     
  4. Sean F.

    Sean F. F1 Rookie

    Feb 4, 2003
    2,997
    Kansas
    Full Name:
    Sean F
    The condition of the car will speak for itself.

    My 308 has 25,000 miles on it, but I have no clue how accurate that is other than the condtion of the car. Except for the drivers leather (which is warn but it's 25 yrs old so I expected that) the rest of the interior is in great shape. The dash looks almost new and the carpet looks good. The engine bay, while not sparkling, is in decent shape as is the body, the suspension and steering are very tight. Luggage cover and spare tire cover look new...in other words, it may have more than 25,000 miles on it, but it's not much more.

    That being said, since it's a 'known issue' then you'll have to discount it some b/c it will be an issue when you sell it. I'd say 5% from what you think it's worth if their was no odo. issue.
     
  5. MS250

    MS250 Two Time F1 World Champ
    Lifetime Rossa

    Dec 10, 2003
    23,060
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    Avvocato
    Brian, I would have to agree strongly with the Tillman. Documentation is very important...how many owners? Whne did it happen? And where are the service records. You mentioned it was replaced at the dealer...call the dealer and drill them on the car and see what they have on record.The 328 does hold up well, a buddy of mine has one and it has 80,000miles on it..never seen rain or snow and has it detailed 3x a yr.
    Let us know the outcome of this story...good luck !!
     
  6. norm

    norm Karting

    May 30, 2003
    204
    Rochester, NY
    Need to look this car over very hard, and the "anal-retentive" mechanic is a good suggestion. Are you dealing with the owner who had the odometer replaced, or is this another party? If the car has had ownership changed, the title may indicate it is True Mileage Unknown. Good case of proceed with caution, as car is said to have been driven 6,000 miles without the odometer working. Stating the obvious, was it 6,000 miles or more? If it took said owner 6,000 miles to fix the odometer, was anything else that needed repair also put-off, or not done. Any receipts or documentation?

    Car will certainly take a hit on resale with questionable odometer. How much will depend on the condition of the car, and price.
     
  7. btemplin

    btemplin Rookie

    Dec 17, 2003
    39
    Houston, TX
    Full Name:
    Brian Templin
    Here's the ad for the car...
    http://www.parkplaceltd.com/webinventory/details.asp?id=2058

    It has the Euro mirrors (which I really like), but I asked the dealer if it is a Eurospec car and he said it isn't.

    If I get more serious about this one, I will certainly get a complete PPI. I'm guessing there would be one or more qualified places to get this done since it's in the Seattle area.

    As you can see, the asking price is not bad (assuming the mileage really is somewhere around 30K). But as several of you have pointed out, the resale hit I may take in the future needs to be taken into account.

    I really appreciate your responses...they are very helpful.
    Brian
     
  8. GrigioGuy

    GrigioGuy Splenda Daddy
    Global Moderator Owner

    Nov 26, 2001
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    It's a good color combination. The cigarette lighter is missing, and the wheels are not stock. They look like chromed OEM wheels. I don't have a problem with that (mine are the same) but you have to again watch the resale on it. Some people will deduct for non-original wheels. Fortunately you can get a set cheap through Ferrari UK.

    The engine looks typical for the 328. There does look to be some overflow indicators at the coolant tank, you really should find out why.
     

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