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finally bought a WHITE Testarossa

Discussion in 'Boxers/TR/M' started by Parnelli, Apr 13, 2019 at 5:25 PM.

  1. Parnelli

    Parnelli Formula Junior
    Silver Subscribed

    Aug 30, 2013
    540
    Milwaukee, WI
    Full Name:
    Greg P
    After a very long an exhaustive search I finally bought a white Testarossa this past Tuesday.

    It is the car that Boracci Motor Group in San Francisco listed for sale in late January. I'd post a link to the sales ad but it looks like they already took it off of their website.

    It is a 1989 model with 14,400 miles. Clean Carfax. White exterior/tan seats/brown dash (same as the 'Miami Vice' car of course :))

    I had originally passed on the car because, like so many of these cars, it had no service paperwork/receipts prior to 2018. Obviously I am a big fan of that info.

    But then I started to do some homework on the car. It was bought early last year by a major car enthusiast (this was his 16th Ferrari and he has owned dozens of other high end exotics as well). He then proceeded to put an additional $20K+ (I have the receipts and invoices) and a lot of time and effort into the car to make it what it is today.

    I have communicated with him (great guy BTW) a lot these past few weeks to learn about what he had done to this car.

    After he bought it he took it in to Salerno Motorsports in Rocklin, CA. I was encouraged by the fact that Salerno seems to get mentioned positively by members on this forum frequently (Vincenzo being one of them.....thank you Vincenzo!).

    According to the Salerno invoice the following work was done:

    $8,110 for a 30K service (full engine out , leakdown test, all cylinders under 10%, replace belts, checked timing: OK, replace cam belts and tensioner bearings, replace valve cover gaskets, cam shaft seals and O-rings. Replace spark plugs, reseal water pump, change oil and filter, change transaxle oil, fill and bleed coolant system, flush brake and clutch systems. Refill A/C system, Pressure check and a road test)

    $750 to powder coat valve covers and cleaner
    $4,003 Clutch assembly
    $638 Fuel pressure regulator
    $180 Drain fuel tank....replace fuel tank cross over hose
    $380 replace battery, hold downs and cable
    $140 hood insulation pads
    $316 front hood shocks
    $165 Fuse panel inspect, clean and service fuse panel

    The total came to $15,330 (a few other minor things done as well).

    Then the car had this work done to it:

    $1,470 Remove seats and disassemble interior to install customer supplied carpet kit (Interior now looks great!) Replace front speakers. Reassemble
    $700 remove door panels and install Rodney Dickman window speed accelerators. Clean and lubricate window mechanism. Reassemble
    $280 remove aftermarket wiring
    $800 4 new tires
    $680 make and install test pipes

    The total for this work was $4,000

    Other invoices for minor items was about $1,000

    The seats were also re-dyed but I can't seem to find the invoice for that job.

    The front bumper was removed and resprayed ......so there are zero scratches or chips now

    Black trim around the bottom of the car repainted to look more "black" again.

    Replaced marker lights

    The dash does have the typical TR shrinkage, unfortunately. The past owner bought a new dash and had it color matched to the rest of the car. It was not installed before he traded the car in but it comes with the car. The guy that will be working on the car for me mentions that it takes a lot of work to install this piece. Probably $2500-$3,000. So I have to determine whether I want to do that or not. The car currently has a "cover" for the top of the dash in the meantime.

    He also went out and bought a new owners manual for the car and a few other things (a leather pouch?? Not sure what he meant by that exactly). It is not the luggage, though.

    So, net net, $20K plus of work was done to the car in the past 6 months

    The car also comes with a new red satin car cover

    I am not very mechanically inclined but I am guessing the above listed work puts the car in pretty good shape at this time.

    The one big negative (that I am aware of anyway) is that the front brakes squeak. A Brembo big brake kit was installed on front. Supposedly, according to Salerno, that can cause the brakes on this car to lock a bit under heaving braking as well. So, this is the big issue that I will need to address. I'll have my mechanic look at it when I get the car. He preliminarily thinks it could be something to do with the compound and brake pads but can't say for sure at this point.

    According to the past owner, the car scored "very high" at Concorso Italiano and won best Ferrari in its class at Niello Concours late last summer/fall. I really don't know much about either concours (and yes I know they are certainly not Pebble Beach :)) but it can't hurt either. He sent me pictures of the car sitting on the concours lawn and admittedly it looked pretty cool :)

    The previous owner had his fun refurbishing, showing and driving this Testarossa, and eventually traded it in for a 458 Italia. Personally I never understood why people flip cars so quickly but I guess some guys get bored quicker than others. And it doesn't hurt that this guy has the financial means to do so.

    A fellow F-Chatter saw the car in person a couple of times while it was at Boracci. He did not drive it but PM'd me with quite positive things to say about it nonetheless. I have not asked his permission to name him so I won't. But he knows who he is and I'd like to thank him for all of his feedback! It helped me in my decision process.

    Many will find this quite difficult to ever comprehend but I did not go see this car in person. Whether I should have or not doesn't really matter at this point. I've bought several other cars sight unseen only AFTER I've conducted extensive homework and research on each of these cars....just as I did in this case. I didn't do a PPI either (more on that in a minute).

    So, since about half of the threads on this sight have to do with prices and valuations, most of you are probably wondering what this car sold for.

    The car was originally listed late January (2019) at $118,888. After a few weeks the price was lowered to $115,888. I think most here would concur that a 14K mile white TR with a very recent full engine out and ALL of the above additional work done to it would be conservatively valued around the $105-$110K level. I would tend to agree.
    I also personally believe that past service records are worth 3-5% or so of the cars value (one man's opinion of course. Not interested in starting a debate on that statistic). So, given the fact that some of that prior paperwork is not available on this car, knock $3-5K off and now you are at "fair value" of $102-$107K ish.

    That was the valuation process that I considered for the sales negotiations. Now, I believe we all agree that a PPI serves a big purpose. It does. In this particular situation however, I decide to take a chance. Salerno told me that the prior owner was an "open checkbook guy". They've worked on other cars of his and indicated that he is one of those guys that, if his car needs something done to it, then he does it. Period.
    Heck, the past owner told me the same thing. And after talking to him on the phone and hearing the passion about these cars in his voice, I could tell he wasn't bullshitting me. And keep in mind that the work was all done within the past 6-8 months (by a very reputable shop per Fchat).

    Sellers obviously get a bit concerned when a buyer wants to do a PPI. A large percentage of deals fall thru because of PPI's. If the deal doesn't fall thru the seller may still have to deal with potential price reductions if any serious issues arise in the PPI.

    So I decided to use my homework and "learned knowledge" of the car to help leverage my offer.
    I offered $90K cash with NO dreaded ppi. They turned me down as they had offers higher than that. Eventually we agreed on $93,500 with no PPI. Quick, clean, easy for both parties involved. I was happy with that number figuring I had another $10K plus in "savings" (off of the $102k-$107k valuation) to address any issues that may or may not have come up on in a PPI.

    We are leaving on a family vacation on April 20 and won't return until April 27. So the car will not be delivered to me until the first week of May. Admittedly I am a bit nervous and don't fully know wat to expect. But, hey, that's life!

    I'm considering putting Capristo exhaust on the car. The mechanic I will be working with worked on 8 Testarossa's last year and said one of those owners put Capristo on the car. He said it sounded so awesome that he called all of the other TR owners over to listen to it :)

    Finally, I want to thank NatKingCole for all of his "behind the scenes" help educating me about these cars. His passion and knowledge of TR's was a significant help in my purchase!!
     
    ChipG, tomc, blkdiablo33 and 3 others like this.
  2. Natkingcolebasket69

    Jul 2, 2017
    2,297
    Bay Area
    Congrats !!! Thanks for the shoutout;) I kept quiet.
    Happy that you have your dream car and with a great exhaust will be amazing !
    Spot on valuation!


    Sent from my iPhone using Tapatalk
     
  3. Shamile

    Shamile F1 Veteran

    Dec 31, 2002
    6,089
    Lakeland FL
    Full Name:
    Shamile
    Congrats!!

    A big....no, a really big "Freeze....Miami Vice" out to you!


    Shamile

    Freeze....Miami Vice!

    Sent from my SM-G950U using FerrariChat.com mobile app
     
    Natkingcolebasket69 and Parnelli like this.
  4. xplodee

    xplodee Formula Junior

    Jan 3, 2017
    400
    Allentown, PA
    Full Name:
    Tim
    Congrats!!!! Thats awesome! Pics please. Also, let me know if you want to sell the brembo brake kit. I’m a buyer.
     
  5. Alcav5

    Alcav5 Formula 3
    Silver Subscribed

    Jul 28, 2012
    1,678
    Scarsdale, NY
    Full Name:
    Al
    OP , that's a great write up!
    Thanks for sharing and being open with your thoughts and what you paid.

    Congrats and best of luck to you.
     
  6. Natkingcolebasket69

    Jul 2, 2017
    2,297
    Bay Area
    I’ll tell u what Parnelli writes me the most detail texts ever;) me and him are always open on prices ;)


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    Shamile likes this.
  7. Scaledetails

    Scaledetails F1 Rookie
    Owner

    Nov 19, 2003
    3,852
    Las Vegas
    Full Name:
    Stephane
    Another white TR owner!!! Congrats!! And don't feel bad, I did the same, I bought my white TR last month after a long conversation over the phone with the owner Steve, who happens to be a stand up dealer. When I saw the car in person to drive it home I knew I made the right decision, in fact, it was better than I had anticipated.
    One note about the Capristo exhaust. DO IT!!!!! I just had a level 3 installed with the racing test pipes. OMG. It sounds simply incredible, probably too loud for some, but this is a supercar, it should have a sound to match. I had done that same exhaust but with Hyperflow cats on another white TR I owned back in 2011, and posted it on Youtube years ago. It got so many views I had Capristo contact me for the permission to use the videos for their own use, what a compliment.
    Can't wait to see pics of your car!!! Congrats!!!!
     
  8. Natkingcolebasket69

    Jul 2, 2017
    2,297
    Bay Area
    Let’s see how many girls parnelli get with that car now;)


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  9. Parnelli

    Parnelli Formula Junior
    Silver Subscribed

    Aug 30, 2013
    540
    Milwaukee, WI
    Full Name:
    Greg P
    You wanna know how I can afford all of these cars? Because I never got divorced !! LOL !! If I start picking up chicks in this thing that is where my wife will draw the line.
     
  10. Natkingcolebasket69

    Jul 2, 2017
    2,297
    Bay Area
    Steven is a great guy, I know him well.Love the guy but parnelli offered him cash 100k for that car in the summer and well u know what he got a bit later...the same way parnelli told him to fix that title before he sold the car but Steven didn’t do it and hoovies ended up returning the car over it to your benefit!! Congrats to you!! I have sat in that car and it’s a pretty nice one!

    Great guy, trust me love him but still young in the dealer game.

    As far as the exhaust I fully agree with u; I’d rather remove the precats than the cats but that’s just me. The Capristo doesn’t do a precat by-pass does it?

    Congrats on both of your purchases.


    Sent from my iPhone using Tapatalk
     
  11. PineChris

    PineChris Formula Junior

    Apr 17, 2013
    834
    California
    Full Name:
    Chris
  12. cnpapa24

    cnpapa24 F1 Rookie
    Silver Subscribed

    Jan 19, 2014
    3,015
    NOLA
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    Chris
    Congrats and enjoy!
     
  13. blkdiablo33

    blkdiablo33 F1 Rookie

    Jul 12, 2004
    2,609
    congrats parnelli enjoy in good health
     
  14. vincenzo

    vincenzo Formula 3
    Silver Subscribed

    Nov 2, 2003
    2,282
    Pictures!

    Congrats - enjoy it and stay safe!
     
  15. Parnelli

    Parnelli Formula Junior
    Silver Subscribed

    Aug 30, 2013
    540
    Milwaukee, WI
    Full Name:
    Greg P
    Thanks guys. I'll get some pics up as soon as it arrives in early May
     
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  16. ag512bbi

    ag512bbi F1 Veteran
    Rossa Subscribed Owner

    Nov 8, 2003
    5,753
    So. Cal
    Full Name:
    Armen
    Yes, please post photos. Love the White.
    I bought a New White 1990 TestaRossa back in the day and got offered BIG $$$ soon after and sold it. I wish I enjoyed it for a while.
    Hope you enjoy the heck out of yours.
     
  17. lear60man

    lear60man Formula 3

    May 29, 2004
    1,781
    Los Angeles
    Full Name:
    Christian
    Congrats!!!!! Here is to you motoring aound in your new whip. I would have the do the dash install, period. Once its on the transport, its not their problem.
     
    Parnelli likes this.
  18. ChipG

    ChipG Formula Junior

    May 26, 2011
    618
    Santa Monica, CA
    Great post! It's people like you that make others want to jump in and enjoy the ride! Thank you for that!
     
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  19. ChipG

    ChipG Formula Junior

    May 26, 2011
    618
    Santa Monica, CA
    Can someone please tell hovie that the first testarossa in Miami vice was black (they had to repaint it white so it could be seen in night shots)... glad they got the title issue worked out btw :)
     
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  20. blkdiablo33

    blkdiablo33 F1 Rookie

    Jul 12, 2004
    2,609
    you are 100% correct it was black :)
     
    Shamile likes this.
  21. Parnelli

    Parnelli Formula Junior
    Silver Subscribed

    Aug 30, 2013
    540
    Milwaukee, WI
    Full Name:
    Greg P
    It sure was! The guy who played the principal in ‘The breakfast club’ drove the car on that one and only episode where the car was black. Then the Vice department confiscated the car when they busted him. And painted it white.
    Michael Mann, the producer of Miami Vice, wanted the car to be white so it would show up better in at night scenes
     
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  22. Shamile

    Shamile F1 Veteran

    Dec 31, 2002
    6,089
    Lakeland FL
    Full Name:
    Shamile
    There was never any mention of the black car being confiscated and being painted white by the vice dept as part of the story line. The Testarossa first shows up in "when Irish eyes are smiling" and there's no continuation of that story line.

    Shamile

    Freeze....Miami Vice!

    Sent from my SM-G950U using Tapatalk
     
    blkdiablo33 likes this.
  23. Parnelli

    Parnelli Formula Junior
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    Aug 30, 2013
    540
    Milwaukee, WI
    Full Name:
    Greg P
    Not true. All of Sonny’s possessions are of course confiscated from drug and gun dealers. Including the Daytona. After his Daytona got blown up by the arms dealer he had to drive around in that stupid truck for a few weeks. He finally got sick of that and got on Castillo’s ass about it.
    That is when Castillo replied to Sonny, “it’s out back”..... it of course being Sonny’s new testarossa
    If you go back and play the scene where Sonny goes outside and first sees the car you hear him say to Rico ‘new paint , new rubber”
     
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  24. Parnelli

    Parnelli Formula Junior
    Silver Subscribed

    Aug 30, 2013
    540
    Milwaukee, WI
    Full Name:
    Greg P
  25. Parnelli

    Parnelli Formula Junior
    Silver Subscribed

    Aug 30, 2013
    540
    Milwaukee, WI
    Full Name:
    Greg P
    BTW, keep in mind that when ‘Irish eyes are smiling’ played it wasn’t meant to be aired at the very beginning of the season. That is why there is actually an episode where the Daytona is driving around even after it got blown up and Sonny has his TR. Strange but true. I’m at the gym and don’t have time to look it up but if you Google it under Miami Vice information you will see that to be in fact the case.
     
    Natkingcolebasket69 likes this.

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