Help? Value of 98 550 w/ 50k miles?

**A Ferrari is one of the best sportscars to take a cross country trip in. I owned 2 348s and a 355. You can change lanes and get ahead of traffic with ease and when you pass a vehicle such as a school bus or motorcoach full of kids, everyone gives the thumbs up and cheers.
On the highway one can blast down the freeway and pass everyone, unless there is another Ferrari or sports GT with equal performance capabilities. Fuel economy is better than in the city and if the roads are in good shape, the trip will be very rewarding.
Trouble is that the majority of Ferraris never see this type action. They either sit in the garage or hang with the Mercedes Benzes at the local country club parking lots. What do you suppose they talk about ?
Mileage on a Ferrari is worse than a rusty bumper in winter to lots of buyers. I read somewhere that in Europe that Ferraris are DRIVEN most of the year. If someone can afford them, the cars are "used" and they think people "abuse" their cars by not driving them. I drove the wheels off all three of my cars over a period of six years and had a great time. Of course if the cars are driven, they require servicing. In the event I wanted another Ferrari at this point in time, I would not run from a mid to high mileage car. A 50k mile 97 Maranello that has been cared for properly will be less expensive than a 5k mile car and one you can drive. Someone else enjoyed it and so can you. Above all things make sure all the service records are available. Without service records keep looking. DO NOT buy a Ferrari without these documents ... they can be a lifesaver concerning your finances. I would rather have three kids to feed, clothe and put through private school for four years, than have a Ferrari with mechanical and electrical problems. Good luck with your search.
FAMILY MAN

 

Is this car a silver and black 1999 with a roll bar and the "Fiorano" upgraded suspension? If so, it might be Marshall Field's old car. He sold it for, I believe, for $110K to $115K one year ago with 30K miles. This was a very interesting car that I came this close to buying.

Quite frankly I have not heard of a 550 with 50k miles yet. First stop is see if the 30K service has been done and/or the 60K service. If so, check with your local Ferrari dealer, you may be able to get the new one-year bumper to bumper warranty. (Well, this is as close to a bumper to bumper as you are gonna get for a 1998 Ferrari.)

You should, of course, get a PPI at a minimum. If the car checks out, I wouldn't be afraid to open at, say, $85K to see what happens. This assumes that you plan on keeping the car and driving it for at least a couple of years. If you are planning on flipping it, good luck. You'll need it. Maranellos are not good speculative investments at this point, unless you plan on taking the car to Europe and playing the Euro/Dollar spread. Even then, I doubt that you'll make money.

Keep us informed as to what happens, DrTax

 

FWIW----

I have seen a 2 550's with more then 30k on the clock.

I just drove a 360 with 19980 miles, so these high mileage cars do exsist, and they happened to be very well taken care of.

Just my .02

R

 

Mine has 43,000. I know of one with 60,000+ and another which is pushing 100,000. The 100 k one is a daily driver and has had no major problems.

Mileage is good on a 550.

 

Sounds great! I'm putting about 1,000 miles a month on mine and it is NOT a daily driver.

DrTax

 

A 550 with more than 100'000km (60K miles+) was on sale a few months ago and went. Dealer told me that the car was running fine, no problems throughout.
There has been a story in french mag Sport Auto of a TR which was driven up to 300'000km by its first owner until he traded it in against a Maranello. Apparently, V12s can put up huge mileages, as long as you pay for maintenance for everything that goes around them ...

 

50,000 is not high mileage. It's hardly broken in. If it's been taken care of, you'll have a well-sorted car, in my opinion. If you can get this car for $80,000 miles (a $50,000 savings) because of the mileage, go for it. That's good news for me as I hope to be in the market for a 550 within a couple of years.

Tom
(77,000 miles on my '88 Mondial

 

Couple years ago had a rental 550 with 60k kilometers on the clock.
The car rattled like an old Chevy and lost the 2nd gear synchro.
When stuck in traffic(Riviera in August),it overheated and I could not use the A/C.
Regardless of all these problems,I had the time of my life and put on it about 3000 kms in 2 weeks.
When really pushing it on the Autostrada(260-280 km/h) that car just became alive again and made you forget the worn leather and sweaty shirt on your back.