Ferrari Enzo a bargain at RM Auction - $755,000

My notes show we were offered this car in the trade at very close to this number 2 years ago.

 

Alright well, now the price makes even more sense. I have the griffin car as a different S/N thanks for the correction. That car wasn't even repaired through an official dealer, I spoke with Matt when the car was first repaired and he wanted 1.15MM for the car. A friend of mine drove that car after the repair and said the car "didn't feel right". Another forum drove the car and said the same thing. I believe all of the money was payed for that car.

 

+1 makes me sick every time I see the crash.

 

I sincerely hope the buyer knew that this was the Sadek/Griffin car. The car was said to be abused before it was wrecked (I heard it sat outdoors in the desert for a week with a busted windshield during the filming of Redline), and I agree with T-F, far from a bargain, this was every single penny of that car's value, and probably a few extra.

Add in the auction fees, shipping and any work it currently needs and cardiac pain cannot be far behind...

 

The point I was trying to make.

I know the OP meant well with this thread's title, but as I say time & time again, its all about knowing the individual cars.

 

It all depends on what these cars command over the next decade. It wasn't that long ago when f40s were in the 3's and 288s were in the 2's. Rock-solid enzos in the 7's in the not-too-distant future really isn't that far-fetched.

Anyone noticed what's happening with used veyron prices lately? Similar price range...

 

That was me that had asked.

I'm glad it's been clarified and the price is no longer surprising.

 

So this is the Griffith car? Or is this the one that the guy who owned the RV dealerships let his kid drive and crash? The first reported Enzo crash. I believe it was in Texas..... or was it Florida?

 

It's the crashed and abused EG car. Not worth the price it sold for IMO. I agree with those who said it sold for all the money and more.

 

Another interesting tidbit is that bondo, yes bondo, was used in this car's repair. The brakes have yet to changed on this car, and the car had at least one other accident prior to Griffin getting his hands on it. Like I said all of the money....and then some.

There is no way the repair place made any money on this car.

 

"A two-owner car from new, this 2003 Enzo Ferrari is finished in Rosso Corsa and has travelled fewer than 10,000 miles from new. "It has always been properly maintained and serviced by a Ferrari dealership from new"lol and is up to date in its servicing. "While some paintwork"lol was performed on the right front fender, the Enzo is complete with all service records. Please note the car does not come with a tool roll. "

Not really how i would describe the EG car lol....

 

I'll probably get flamed for this. At the very least, I expect "naive" to thrown about, but I think it's abhorrent, bordering on fraudulent for a prominent auction house to insufficiently, if not intentionally, misrepresent such a vehicle.

Yes, yes, "Buyer Beware" and all that, but when they sell a vehicle at a profit of $50K plus in a matter of minutes, one would think it behooves them to have some staff member do a little research on the vehicle so that they know what they are presenting, and at least avoid "misrepresenting" the vehicle.

After all, this was not some decades old classic, that was off the grid for a generation (or more), wherein documentation and historical investigation might prove more tedious, and the potential for even the middle man to be "duped" by a high quality "clone," or misrepresentation by the seller is undeniable. This is a car that should have taken one of their staffers all of about 30-60 minutes to research a fairly complete and detailed history.

There is, IMHO, a sizable difference between downplaying the story and providing one which might serve (intentionally or not) to mislead the buyer. I know they can't be perfect, and again, the ultimate responsibility will lie with the buyer, but for a business that holds themselves among the elite, a transaction like this should stain their reputation. Maybe the buyer did actually know the car's history, but the outward perception of the transaction is nevertheless dubious.

In this transaction, they fell well short of a cultured, elite service offering rarified product. They should have just donned polyester suits, shirts unbuttoned half way to their belts, gold chains, and pinky rings, before the car hit the stage.

/rant.

 

The auction houses that do these collector car sales typically do not generate the catalog blurbs for the cars themselves. They rely on the consignor to provide the description of the vehicle and the auction catalogs usually include a disclaimer saying exactly that. That simply serves to put the onus of due diligence on the bidder. It does seem to me that the auction house did try to alert bidders to the infamy of the vehicle. I believe that at some point the truth of the car was discovered by the auction house and they requested the addendum mentioning the "accident in 2007".

IIRC, Mathew's Auto advertised the car truthfully when they sold it. Of course, it was difficult for them to hide the car's identity as several media stories had been done on the repair. Once the car was sold, the attempt to hide its history from prospective buyers began.

Andy "Pelican + Veyron = Splash" House advertised the car on eBay. Note the VIN...

Then, when asked directly about the provenance of the car, he lied.

It eventually passed to a dealer who, while smart enough to not advertise the car here, attempted to mislead prospective buyers of this car by withholding information as to the provenance of the vehicle in their ads. It appears that they may also the consignor of the car for this auction, as the blurb in the catalog somewhat resembles their eBay ads for the car.

It is my suggestion that, if you want to see the worst used car dealers can be, follow this car. I'll wager dimes to donuts we will be seeing it for sale again, without mention of the cars infamy and priced above $900,000, sooner rather than later.

 

Perhaps we will see it available again, but not for anywhere near $900k. In fact it is my belief that the reason this car was still overpriced at $755k is not because of its checkered history, but because Enzos in general are overpriced.

 

I will definitely defer to your experience on this subject.

That said, I doubt that anyone who thought it was a good idea to buy this car, at that price, with that 800lb Gorilla in the room (if it was in the room), with the idea of flipping it, isn't going to be smart enough to know where the real Enzo market is.

I just hope the buyer isn't some cash rich, impatient noob who didn't do the diligence and thinks he got a deal...

 

You'll be surprised how many people think they know where the market is...

 

LMAO

 

Here's your chance . . . tell us.

PFFFFFFF! (Holding my breath!)

 

Lol.

 

I must say I have no idea where the market is, but I obviously thought I wasn't getting ripped off when I bought my Enzo last month...However i'd be very interested to hear why you think the Enzo is overpriced at present.

In my view good F50s are certainly underpriced and I think 288 GTOs are about right, but I don't think either car will ever be worth more than the Enzo. So there is a natural "floor" in the market

I also think it depends on the pricing of the Enzo replacement due in 2013...A year ago I was told they were targeting 600,000 EUR plus local taxes. At that price, Enzos would certainly drop.... However last month I was told that the new target is for 800,000 EUR plus local taxes, so we're talking 1 mio EUR all-in...For this sort of money, I am not sure the Enzo will drop, especially if the new car is not a V12

The only thing I can come up with to support your view is that all limited edition Ferraris go through a rough patch price-wise when they become 8-10 years old...It happened to 288s, F40s and F50s. I guess it is the point at which technology has moved forward enough for these cars to be surpassed by modern road cars and people expect the new champion from Ferrari...

 

There is that... and there is also the fact that in the USA there are 4 times as many Enzos as there are GTOs, almost as many as there are F40s remaining, and almost 3 times as many as there are F50s. For some of the silly numbers being asked for some Enzos in the USA, Id rather have a 288 GTO AND an F40 or an F50. Perhaps I should have clarified that I was speaking of the market I mainly operate in, the USA market.

 

Joe do you mean an 288 and an F50 for the price of an Enzo? Or am I reading it wrong?

 

Yes if you want to spend all the money. But Id still have a 288 GTO and an F40 as a pair, and a number of my clients do.

I should point out that whilst I'm not the last word on the USA market, I do make a living in it, and those are my thoughts on the subject.