Cons of resale of Ferrari with accident on CarFax

If you're flippin' then, yeah, it might hurt.

 

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.....

 

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).

 

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.

 

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.

 

For starters, what kind of accident do you consider minor ? What and where was the damage ? What model Ferrari are you speaking of ? Miles ?

 

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

 

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.

 

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 !

 

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.

 

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.

 

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.

 

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).

 

https://www.ferrarichat.com/forum/threads/1997-ferrari-f355-spider-grigio-titanio-6-speed-manual.582162/ look at this , here is the car i would buy .It is the same money and a no story car for the same money or less with a fresh service. NO affiliation with this car. Best , Kirk

 

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