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Cons of resale of Ferrari with accident on CarFax

Discussion in 'Ferrari Discussion (not model specific)' started by F_NERO, Aug 27, 2018.

  1. F_NERO

    F_NERO Rookie

    Aug 26, 2018
    13
    Full Name:
    Kevin Yates
    Ferrari buying and selling gurus, how bad will A 21 year old Ferrari with an accident 17 years ago that CarFax lists as "Accident reported with another motor vehicle" hurt future resale?

    The car looks flawless with no signs of repair and multiple owners since the accident.

    Thanks in advance
     
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  3. Wade

    Wade Three Time F1 World Champ
    Rossa Subscribed Owner

    Mar 31, 2006
    32,193
    East Central, FL
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    Wade O.
    If you're flippin' then, yeah, it might hurt.
     
  4. gilly6993

    gilly6993 Formula 3

    Aug 20, 2009
    2,287
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    Eric
    If you "pay" for the accident when you buy it depreciation should be consistent with any other similar car....if you buy it to drive it and enjoy don't worry about it.....
     
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  5. Viperjoe

    Viperjoe Formula 3
    Silver Subscribed

    Documentation and photographs relating to the mishap are critical to assessing diminished value both now (when you buy) and in the future (when you sell).
     
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  6. F_NERO

    F_NERO Rookie

    Aug 26, 2018
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    Kevin Yates
    Not a flip, but more than likely part with the car in 2 years.
     
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  8. Wade

    Wade Three Time F1 World Champ
    Rossa Subscribed Owner

    Mar 31, 2006
    32,193
    East Central, FL
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    Wade O.
    Too many variables, and everything is a guess without knowing the specifics on the car you're referring to. However, based on what you've given, I'd say that the car will depreciate further during the next twos years. Like most cars do. Unless, of course, it's a F50.
     
  9. F_NERO

    F_NERO Rookie

    Aug 26, 2018
    13
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    Kevin Yates
    I am not trying to be intentionally vague. I am just trying to see how minor accident history affect resale (assuming a private sale in the future). I understand the car will depreciate as it should with time, but just wondering if it is a big deal breaker which will ultimately drive the price / value down or will it be understandable as long as the car checks out structurally and visually.

    Thanks
     
  10. WLFerrari

    WLFerrari Karting

    Mar 17, 2017
    89
    Northern California
    Full Name:
    Wayne
    I think the accident will affect the resale value - and the extended time needed to sell the car. Buyers have many choices amongst cars for sale that have NO accident histories. Unless the car is a bargain or something that is a limited edition (a car hat I have to have), buyers will just move on.
     
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  11. Cigarzman

    Cigarzman F1 Veteran
    Rossa Subscribed Owner

    May 7, 2014
    6,548
    Sarasota , Florida
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    Kirk
    For starters, what kind of accident do you consider minor ? What and where was the damage ? What model Ferrari are you speaking of ? Miles ?
     
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  13. F_NERO

    F_NERO Rookie

    Aug 26, 2018
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    Kevin Yates
    Unfortunately I am multiple owners down the line of this vehicle and do not have a clear answer to what the damage was 17 years ago. This one in particular is an F355 Berlinetta 6 speed.
     
  14. anunakki

    anunakki Six Time F1 World Champ
    Rossa Subscribed Owner

    Oct 8, 2005
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    No collector is going to buy it, so its a driver. Nothing wrong with that. Be conservative and consider the value to be 20% less than a non accident car.

    Me personally ? I only buy drivers so as long as the PPI checks out I wouldnt care if it were in an accident as long as the price is discounted for it
     
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  15. AceMaster

    AceMaster Three Time F1 World Champ

    Feb 6, 2009
    31,534
    Ontario, Canada
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    Mike
    I will state the obvious that a clean record is better than the one you are asking about. An accident, no matter how big or small, will always haunt the vehicle.
     
  16. F_NERO

    F_NERO Rookie

    Aug 26, 2018
    13
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    Kevin Yates
    This one would be a driver for sure.

    Is the price discounted appropriately?
    https://m.ebay.com/itm/355-Berlinetta-/332754318760
     
  17. ross

    ross Three Time F1 World Champ
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    Mar 25, 2002
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    Ross
    yup. my 430 is recorded as having had a fire. well technically that was true....early in its life, a mechanic took it out for a test after a service and left the handbrake on, which ignited the right rear pads, and melted the plastic wheel well liner. i have it all documented and even spoke to the fireman who was on the scene and wrote the report, and got him to explain what happened. makes no difference, the event is listed in carfax, so all the wanna be ferrari expert collectors refrain from buying it.

    so, it is a driver and i will drive it, along with my other cars, until i die.
    however, if this is my fate, then things arent so bad are they !
     
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  18. anunakki

    anunakki Six Time F1 World Champ
    Rossa Subscribed Owner

    Oct 8, 2005
    60,553
    Las Vegas Nevada
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    I preface this with, I am far from an expert. Ive owned a 355 and Id like to get another sometime. But I dont follow the market closely.

    Having said that, I feel its a tad on the high side. But honestly not so much Id be turned off by it.

    But Id want to make sure I could have a mechanic check it out.
     
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  19. WLFerrari

    WLFerrari Karting

    Mar 17, 2017
    89
    Northern California
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    Wayne
    I don't really know what the current market is for 355 - but at almost $70K for a 1997 Berlinetta you may want to take a look on the website sfmotorsports.com (they have three F355 spiders that are reasonably priced - although I don't know their histories). I don't work for them but they are reputable and located in the San Francisco Bay area. Matt Mauer is the general sales manager and he should be able to help you out.
     
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  20. tbakowsky

    tbakowsky F1 World Champ
    Professional Ferrari Technician Consultant

    Sep 18, 2002
    16,931
    The Cold North
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    Tom
    Look. Bodyshops soak insurance companies. When a ferrari rolls in, they will inflate the damages 2 to 3 times the actual amount it costs to fix. If you see a 30k claim, you can bet your butt is was a 5k repair. Body shop pays the adjuster, tow truck, and In some cases the owner a cut of the insurance payout. The shop enjoys a 10k profit, the owner walks with 5k in his pocket, and the car is fixed.

    It's all a big game. Heck a 20k bill on a murcialago is a headlight and and paint work.
     
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  21. RonH

    RonH Formula 3
    Silver Subscribed

    May 29, 2016
    1,053
    Newport Coast, California
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    Ron H
    Exactly! Get a 20% discount and plan on driving it until it drops. If either you cannot get the discount or you don’t plan on keeping it then move on and get something accident free (there are plenty of those fish in the sea).
     
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  22. Cigarzman

    Cigarzman F1 Veteran
    Rossa Subscribed Owner

    May 7, 2014
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  23. F_NERO

    F_NERO Rookie

    Aug 26, 2018
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    Kevin Yates
  24. tr0768

    tr0768 Formula Junior

    Oct 28, 2008
    715
    maltby wa
    Full Name:
    Howard Musolf
    You might want to check with your insurance carrier to see if they will insure it. Since the advent of Car Fax insurance companies have been checking accident history and if there is previous history either they place a higher premium or they will not insure. This all depends on the underwriter and his mood of the day. We are also finding banks doing a previous history on exotics and have turned down financing.

    just sayin'

    brasscarguy
     

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