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Fun hypothetical situation: Making an offer on a Lusso...

Discussion in 'Vintage (thru 365 GTC4)' started by rob lay, Jul 29, 2004.

  1. rob lay

    rob lay Administrator
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    Dec 1, 2000
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    Hypothetical Lusso.

    2nd owner, but has owned since 1970. Unrestored, but a good driving condition car. Unknown driveline information, assumption is original parts with maybe one rebuild over 10 years ago.

    Red/tan car. Owner was offered $300k at peak and turned it down. Spoke with owner a couple years ago when it was common to see Lusso's at $130k.

    Not sure if owner knows they've appreciated or not the past couple years. However, owner has huge collection and enough money that $100k here and there on price doesn't matter.

    The angle is if you ever did want to sell one of your prides out of the collection, that you would rather it go to a great home vs. worrying about how much money you would get out of it.

    1st question is how to approach this owner. I think the best would be to leave price out of it. There are some personal connections that might make this deal work along with the resume of why I would be a great new host for this beauty.

    2nd question is if it ever did come to price, what is the low market considering the worse that the cosmetics are rough and driveline has never been rebuilt. Now let's assume high market if cosmetics are great for an unrestored car and driveline has been rebuilt.
     
  2. zjpj

    zjpj F1 Veteran

    Nov 4, 2003
    5,938
    USA
    Definitely don't mention price. In your "hypothetical," the guy wouldn't mind the price going north or south a little bit. So, the thing to do is to touch a nerve and make him want to sell it to you.

    What I would say:

    "You know, I've always admired your Lusso. They are such beautiful cars. I would love to make room in my garage for one." Then, some chit chat about the car, how it runs, what's it like to drive, etc. Then: "Well, gosh, have you thought about parting with yours?" Then, see what he has to say. If he starts talking figures that are too high, play hurt. "Aw, that's too bad. It really is a special car. I wish I could find some way to get it from you, but that really is out of my range." Then, hope that he asks, "Well, what is your range?"
     
  3. richard_wallace

    richard_wallace Formula 3
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    Feb 6, 2004
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    I kind of did the same thing with my 330 a number of years back - the old days prices were over - this particular 330 needed a lot of TLC - pretty much everything - even though it did drive - but lots of cosmetics and engine/drive train work...

    I made him an offer of 40K -(Same car in the 80's would have been much much more... knowing what kind of work needed to be done... He took my offer...

    I did the same thing that Zip mentioned - just started chit chatting about it, etc... and then I took the advance - saying that though it needs some unknown amount of TLC and $ - I would be willing to take it on and give it a good home...

    Couple of things that I have learned - it will cost more and take way way way more time to get it to where you want it... Parts for the Lusso and my old 330 GTC (and even my old 250) are hard to come by "cheap" and in a timely manner if you want to keep it original... This is part of the fun and quest of restoring a vintage - so don't get me wrong - but there will come a time when it is in your garage in multiple pieces (and some at specialists across the US fixing things that you cannot do yourself) - and you will just start to go mad by wanting to just get it done so you can drive it / not work on it. I took about 3 years of pretty steady work and outsourcing to get it where it needed to be. Also - My first few F-cars were vintage - once I sold them both (made money on both and not bad money either) - I bought my 355 Spider... My wife hit me about 3 weeks after I bought the spider - saying - why didn't you just get a new(er) ferrari to begin with - that you would actually drive and not have to spend hours working on...

    So make sure you have the time - and a lot of pocket cash to be able to dump a lot of money into it - of course in hopes that it is a good investment. The outlay of cash was a little bit more daunting than I thought it would be - due to the natural tendency of us F-lovers under-estimating the amount of work you will need to do (or may have to once you start taking it all apart). My wife would say - wow you are spending a lot on that thing - and it is still in pieces - I heard this a few times... And it wasn't a money issue necessarily - it was just the amount and length of time needed to see the $$ make a difference...

    Lesson - always have a new and old Ferrari - that way you keep the better halves happy :) (And my wife loves F-cars as much as me... well almost ;-)
     
  4. teak360

    teak360 F1 Veteran
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    Part of what's pushing the price up on cars like the Lusso is that they are eligable for events like the Tour Auto. I think the Lusso has been undervalued. I think the car would be a very good buy for you at $200k and $275K for the two conditions you described.
     
  5. El Wayne

    El Wayne Global Moderator
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    Aug 1, 2002
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    Depends on how rough is "rough." I'd say in the $175K -$200K range. To be honest, though, I haven't seen a Lusso in this condition change hands recently.



    Rebuilt 10 years ago with decent yet "patinaed" cosmetics? $225K - $240K. More if the cosmetics are nicer and the PPI comes in strong. Here in the US, $250K - $275K will land you a pretty decent Lusso.
     
  6. jimpo1

    jimpo1 Two Time F1 World Champ
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    Jul 30, 2001
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    Rob, you going to sell the new house and move back to the old one? :D
     
  7. BigTex

    BigTex Seven Time F1 World Champ
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    No, he's stacked all the $20s up, from 10,000 subscribed members...do the math! :)
     
  8. rob lay

    rob lay Administrator
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    I'm just dreaming and want to start the process early. I couldn't afford a 308 right now, much less a Lusso. When I first talked to the guy a couple years ago the good market was $130k. I'm still thinking a little in the past. $200k will never be in my price range.
     
  9. BigTex

    BigTex Seven Time F1 World Champ
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    It's not a big number if you say it real fast! LOL!

    Or as I like to tell people of my note, "a little bit per month".

    Which could also apply to the ex's love life...:)
     
  10. tifosi

    tifosi F1 Veteran
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    for the most part anyone with a huge collection has lots of money and they have lots of money because they do worry about 100k here and there :)
     
  11. UroTrash

    UroTrash Three Time F1 World Champ
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    Agreed. People don't get rich by p!ssing money away. I've never met a wealth person that didn't look for good value.
     
  12. atheyg

    atheyg Guest

    Find one in a barn for cheap, it's out there waiting!
     
  13. donv

    donv F1 World Champ
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  14. dretceterini

    dretceterini F1 Veteran

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    It's been my experice that those with the most money are the biggest nickel and dimers...
     
  15. teak360

    teak360 F1 Veteran
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    I thought you might be interested in seeing my friends car. I just shipped the bumper off to him in Costa Rica after having it rechromed here in the states. No good plating shops in Costa Rica (or in Colorado for that matter). I sent the bumper to Graves Plating in Georgia(beautiful work). He bought the car last year and is just finishing the restoration.
     
  16. rob lay

    rob lay Administrator
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    Rich people can also be some of the most generous. My dream is that he would rather sell to me at a lower price for several reasons vs. a stranger for absolute market value. Can someone wake me up now?
     
  17. teak360

    teak360 F1 Veteran
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    Rob, why don't you make contact with the guy and see where it goes?
     
  18. zjpj

    zjpj F1 Veteran

    Nov 4, 2003
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    scott, tell your friend his Lusso is absolutely gorgeous.
    Love the interior
     
  19. thecarreaper

    thecarreaper F1 World Champ
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    I NEED A JOB

    heck if thats the case i would offer to be his mechanic and play with the cars and keep them happy! just a thought........... :) just a thought!
     
  20. GTE

    GTE F1 Veteran

    Jun 24, 2004
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    But damn, those Lusso's are stunningly beautiful aren't they?
     
  21. dretceterini

    dretceterini F1 Veteran

    Apr 28, 2004
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    Beautiful car, but personally I would have chosen a darker color interior with the silver paint. My favorite color on a Lusso is the very dark blue (almost black)
     

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