How concerned should I be? | FerrariChat

How concerned should I be?

Discussion in '348/355' started by Kalstar, Sep 29, 2015.

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  1. Kalstar

    Kalstar Karting

    Sep 29, 2015
    52
    Cape Cod
    Full Name:
    Jim Kalweit
    I have a $10,000 deposit on a 1998 355 Spider from a private seller. The PPI was completed by Ferrari and for the most part it came out excellent. All records and services are here and they check out fine. Leak down came within specs as well. The tech when as far to say is was an extremely nice example. It is high mileage but that is not what concerns me. Carfax say 3 previous owners one for nearly 12 years, next owner for 4 years and current for 4 months. So here is the rub.....

    2011 car was sold at 49000 miles
    2011 inspection station reports miles as 50533
    2015 Car is registered as 50,167
    2015 Current miles is 50629.

    Car fax show a mileage discrepancy between 2011 inspection and 2015 registration (went down 366 miles). The current owner says he might have made a mileage mistake when he registered it (he purchased from a private party).

    What are your thoughts on this and how bad does it effect value. I will be into the car for $57,000 after the belts and CV joints are done at Ferrari.

    Thank you foe advice to the Newbee.
     
  2. Kalstar

    Kalstar Karting

    Sep 29, 2015
    52
    Cape Cod
    Full Name:
    Jim Kalweit
    I have a $10,000 deposit on a 1998 355 Spider from a private seller. The PPI was completed by Ferrari and for the most part it came out excellent. All records and services are here and they check out fine. Leak down came within specs as well. The tech when as far to say is was an extremely nice example. It is high mileage but that is not what concerns me. Carfax say 3 previous owners one for nearly 12 years, next owner for 4 years and current for 4 months. So here is the rub.....

    2011 car was sold at 49000 miles
    2011 inspection station reports miles as 50533
    2015 Car is registered as 50,167
    2015 Current miles is 50629.*

    Car fax show a mileage discrepancy between 2011 inspection and 2015 registration (went down 366 miles). The current owner says he might have made a mileage mistake when he registered it (he purchased from a private party).*

    What are your thoughts on this and how bad does it effect value. I will be into the car for $57,000 after the belts and CV joints are done at Ferrari. **

    Thank you for advice to the Newbee.*
     
  3. greyboxer

    greyboxer F1 World Champ

    Dec 8, 2004
    12,692
    South East
    Full Name:
    Jimmie
    1 - Ferrari are a car manufacturer based in Italy - they are not doing the PPI or the service - an unrelated dealer is

    2 - surely there are service records to cover the period which give the mileage

    3 - you have agreed a price based on all the information - it is likely the 50167 should read 50617 - if you intend to drive the car the difference is minimal - now is not the time to renegotiate - just think of how long it would take and how much it would cost to source another 'extremely nice example'
     
  4. mseals

    mseals Two Time F1 World Champ
    Lifetime Rossa Owner

    Sep 9, 2007
    24,468
    Kuwait
    Full Name:
    Mike Seals
    Please post the VIN... someone may know about the car specifically.

    Mike
     
  5. galileo

    galileo Formula Junior

    May 20, 2011
    334
    Small milage discrepancies are very common on carfax/auto checks. Would t be a deal breaker for me, especially with service history.
     
  6. Kalstar

    Kalstar Karting

    Sep 29, 2015
    52
    Cape Cod
    Full Name:
    Jim Kalweit
    #6 Kalstar, Sep 30, 2015
    Last edited by a moderator: Sep 7, 2017
    Thank you for the responses. I stated it was done by Ferrari, I should have said an authorized Ferrari service tech. Was not done by someone that did not know The 355 well.

    Not trying to renegotiate, I was not made aware of the discrepancy till after the PPI was done and deposit given. The seller too does not think it is a big deal either. I was worried about a roll back.
    Image Unavailable, Please Login
     
  7. Kalstar

    Kalstar Karting

    Sep 29, 2015
    52
    Cape Cod
    Full Name:
    Jim Kalweit
    #7 Kalstar, Sep 30, 2015
    Last edited by a moderator: Sep 7, 2017
  8. Mitch Alsup

    Mitch Alsup F1 Veteran

    Nov 4, 2003
    9,739
    This says the car has basically not been driven in 5 years.
     
  9. Kalstar

    Kalstar Karting

    Sep 29, 2015
    52
    Cape Cod
    Full Name:
    Jim Kalweit
    Yes Sir, that is my concern and fear of roll back. Maybe I am putting to much trust in the PPI but the tech went out of his way to say what great shape it is in.
     
  10. Kalstar

    Kalstar Karting

    Sep 29, 2015
    52
    Cape Cod
    Full Name:
    Jim Kalweit
    #10 Kalstar, Sep 30, 2015
    Last edited by a moderator: Sep 7, 2017
  11. Enzojr

    Enzojr F1 World Champ

    Dec 12, 2013
    14,001
    West of PDX
    Full Name:
    Tomy
    #11 Enzojr, Sep 30, 2015
    Last edited: Sep 30, 2015
    Any way to contact the owner who had it between 2011-2015 ?
    Who never drove it, it is getting harder and harder to get this info from anybody. I had one dealer tell me they were required by law to dispose of all past records .... ? To protect the privacy of the prior owner ?
    So last owner only had the car for 4 months ?
    Curious if you could talk to him also.
     
  12. Oengus

    Oengus F1 World Champ
    Rossa Subscribed Silver Subscribed

    wouldn't worry about it......leakdown is consistent, a few miles here or there is not a deal breaker especially if your gonna drive it.
     
  13. Kalstar

    Kalstar Karting

    Sep 29, 2015
    52
    Cape Cod
    Full Name:
    Jim Kalweit
    How about on resale? Would this discrepancy scare buyers away? Seller said he would give me a notarized letter stating he accidentally transposed numbers when he registered the car. This is the guy that has only had it for 4 months. I am buying it from a private party.

    No luck on previous owner before him, my understanding is he might be deceased.
     
  14. 355dreamer

    355dreamer F1 World Champ
    Owner

    Apr 3, 2006
    10,476
    DC Metro
    Full Name:
    L.C.
    There are a ton of spiders on the market. I'd suspect that for 57k, you could find another with less miles and without mileage inconsistencies.

    Get your money back. (And 10k is way too much of a deposit BTW)

    The search is half the fun.
     
  15. Kalstar

    Kalstar Karting

    Sep 29, 2015
    52
    Cape Cod
    Full Name:
    Jim Kalweit
    #15 Kalstar, Sep 30, 2015
    Last edited by a moderator: Sep 7, 2017
    Here is a picture of the car incase anyone recognized it. As for the deposit there were several people looking at the car include someone that was a friend of a friend. I agreed to his asking price and offered the large deposit.
    Image Unavailable, Please Login
     
  16. RS6bird

    RS6bird Formula Junior

    Mar 20, 2006
    316
    Lisbon, Portugal
    Full Name:
    RS6Bird
    +1

    You can justify it at the purchase as no big deal, but wait for the nightmare when it comes time to sell. For all you know, the car could have done 0 miles in those years or done 30,000 and been rolled back. Headache for the future.
     
  17. Enzojr

    Enzojr F1 World Champ

    Dec 12, 2013
    14,001
    West of PDX
    Full Name:
    Tomy
    The notarized letter is helpful, if the mistake was made by him. Curious if you have the maintenance records and how far back they go ?
    Your PPI seems solid if the guy doing it knows 355s, all documentation plays a part in value.
    If the prior long term owner is deceased this may explain the ... not driving it, health issues may have been a factor.
    I totally understand your brain when you see and drive "a" Ferrari and your brain says THIS IS MY NEW CAR, my common stable brain starts misfiring especially when you hear the exhaust ;) granted as mentioned the price may be a bit high for the miles, but can also indicate known issues have been resolved at this point.
    Knowing me, I would probably go for it.
     
  18. SoCal1

    SoCal1 F1 Veteran
    Owner Silver Subscribed

    Jun 14, 2011
    8,633
    SoCal LA/OC/New Mexico
    Full Name:
    Tim Dee
    You may be able to get carfax to fix it

    But 5 years no mileage is a red flag

    Carfax sucks sometimes try the other reporting agency
     
  19. Skippr1999

    Skippr1999 F1 Rookie
    Silver Subscribed

    Dec 22, 2009
    4,521
    Ive seen these inconsistencies in the past too. When you get the car inspected, it's a human entering the mileage and may not be the most intellectually gifted human at that. The mileage thing would not be a issue for me and I've resold a F car in the past with a bigger error on the Carfax mileage than that with no problem. Paranoia is setting in.
     
  20. Skippr1999

    Skippr1999 F1 Rookie
    Silver Subscribed

    Dec 22, 2009
    4,521
    As Tim says above, I'd be concerned about the 5 years with no mileage, but not a small error on the carafax in general.
     
  21. John_K_348

    John_K_348 F1 Rookie

    Sep 20, 2013
    2,757
    Boston, MA
    Full Name:
    John E. Kenney
    How about the lip on your wheels? I think they are typical and it's just an optical illusion but the front lip looks wide than the rear. ;) My car had 3200 miles when I bought it. Called/fedexed back to NY to have title updated and salesman wrote 29,000 not 2900, haha,

    Anyway car is in very good shape. Bolster wear on otherwise great interior. I wondered about that but it's impossible to get in and out behind the wheel without it. No rear view mirror, 355 rear fender liners, slow down lights, worn out light control stalk. All valves tight, plugged heater core, cracked oil tank pipe. Axle work, cracked radiator up high thankfully, leaky washer motor, blown rear speakers after market, crazy after market wind blocker that gouged seat backs (removable panel luckily) shift linkage needs adjusting, replaced gearbox fluid with redline shockproof, clutch engage is high. That's basically all I had done on the major plus tbelts, pulley and 355 exhaust ecus. Clutch and shifter were NOT adjusted. Better since I lubed cables. I think the car may have been spun and curbed. Drives great and I want to try and lube or bushing the top joints. Weird creaks lately on our crap roads.
     
  22. Kalstar

    Kalstar Karting

    Sep 29, 2015
    52
    Cape Cod
    Full Name:
    Jim Kalweit
    Lip on rear wheels are about 2.1/2 inches, the lip on the front are about 1.3/4. The angle of the pic makes it look funny. I would be less worried about a mileage jump forward (like yours) then one jumping back, seemingly like this one.
     
  23. Skippr1999

    Skippr1999 F1 Rookie
    Silver Subscribed

    Dec 22, 2009
    4,521
    Bringing these cars back to life is a labor of love.......can you say, "neglected"?
    There are some really terrible owners out there!


     
  24. Kalstar

    Kalstar Karting

    Sep 29, 2015
    52
    Cape Cod
    Full Name:
    Jim Kalweit
    I was lucky enough to track down the previous owner ( first owner is deceased) second owner never drove it due to back surgery. He kept the car hoping his many surgeries would fix the problem. Well after 4 years he gave up and bought a GTC. The current owner said he transposed numbers when he bought it from the second owner and would give me a notarized letter. The second owner (no dog in the fight now) promised there was no funny business and the car simply sat. He said the longest ride he took in the car was 10 miles, most were just into town and the pain of getting in and out wasn't worth it. He also said he would give me a letter for future buyers to contact him.
     
  25. Skippr1999

    Skippr1999 F1 Rookie
    Silver Subscribed

    Dec 22, 2009
    4,521
    Sounds reasonable to me
     

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