Maranellos are disappearing

The Silverstone F1 575 looks nice in the pix.

Do you have any pics or links to the gated 575 sold by the dealer to your friend?

 

Definitely a different market in the UK, where over a quarter of 575Ms had three pedals when sold.

 

I will ask. I don't think the car was advertised as it was sourced at her request. It was due a big service as part of the purchase, so don't know when it arrives at the new home.

 

nice...

http://www.kulumotorcar.com/car-detail.asp?id=1589

 

That’s about 1/200 of all the cars MADE (who knows how many are left). So no reason to panic. It is just good for potential buyers to see some examples in different colors and with different equipment.

 

They made over 5,000 maranellos, 3k+ 550's and 2k+ 575's.....that means 99%+ of maranellos are not for sale......

RIP to those maranellos in heaven those were not counted in this #fakenews

 

No, it means 99% of the Maranellos are not for sale in the US.

 

Nice looking UK RHD 550 up at auction shortly. Reasonable estimate at £80-90k. But terrible time to be selling.

http://www.silverstoneauctions.com/1998-ferrari-550-maranello-14096

 

Taz, given 5000 made, did the US market get the usual 30% so there are (or were) ~1500 in the US market??

 

Looks nice ,estimate is STG 90-100K / @1.31 US$ 118-131K plus fees 15% plus Vat on the 15%.

 

This will be a reasonable barometer with regard to the UK 550 market.

Other than having 575 wheels it looks pretty much as it left the factory, saleable colour combination and low miles.

It will be very interesting to see what it brings if the seller is brave enough to let it go to sale.

 

Very true. Although as 308GTB points out, the estimate has gone up overnight - I'm pretty sure it was the £80-90k sterling I quoted, yesterday. £90-£100k plus commission/VAT for a car sold as is at auction with no comeback is not a bargain, and if the reserve is £90k, I'm not sure it's a good deal.

I suspect the owner wants to sell, as it's otherwise a curious time to take a good car to auction. The owner of the 996 GT2 in the same auction certainly looks like he wants to sell - distressed sale, but slightly distressed car also.

 

I'm going to throw out a guesstimate and say I see bidding stalling in the low £70k's if it does in fact come up for sale. Maybe even high £60K's.

550's are certainly being priced at a higher level than 575 F1's even now. The manual transmission is still garnering an increased asking price.

In comparison the recently renamed Kent High Performance Cars (previously The Ferrari Centre before Ferrari got upset), have this 575 listed at what looks like a more realistic number - and it's still not sold.

https://www.pistonheads.com/classifieds/used-cars/ferrari/575/ferrari-575m-f1/9547353

The market really seems to have come to a grinding halt.

Those that own them preferring not to sell rather than take what they perceive to be a "reduced" price. The cars that are for sale either asking too much, not great condition, not great specs or distressed sales.

Anything really nice finds a home relatively quickly.

 

The UK market with RHD cars are in my opinion not a referance point for the Maranello market due to the fact that because of Brexit, many sell off their assets to gather money in the bank. The US boat market is on fire and I supposed the economy is gret also for classic cars. I understand the Americans do prefer to have US spec cars and there are certainly a lot of them in the US. Still, the prices are in some cares higer than in Europe. Previously, before classic cars went up a few years ago, cars were «always» cheaper in the US!

 

Why is it such a terrible time to be selling? If we look back 10 years, this car would have been almost half the estimate in what was a normal market.

May be a case of someone who wants to get ahead of the crush?

 

I'm not sure it's really true that many people are selling off their assets in the UK. Although I'm not an asset manager. But nobody I know is selling assets any more than they normally do. What does seem to be true is that the Maranello market, in fact the classic car market in general (with a few exceptions) is just as slow in continental Europe as it is in the UK, and the Maranello market in the US seems pretty slack also from what people say, and what indices like Hagerty show about prices, and auction reports. Particularly for mid-market 'modern classics' in the £€$100k-300k range. You can read this all over Fchat, from the Testarossa prices thread to the debate about sinking 430 Scuderia prices (all in the US) on the relevant forums. Maranellos are part of a wide trend that isn't specific to a region or model line. I don't know why, the best explanation I have seen is in the Testarossa market thread.

But maybe it's true to say that while people in the UK may not be cashing in their assets (the UK economy is actually growing faster than many EU economies), I don't think, anecdotally, many people here are assigning discretionary spend to cars, out of Brexit uncertainty.

There are a bunch of auctions, apart from the one I outlined above, in the next week that will give some indications of the European market as well as the UK: there are two big modern classic auctions at TechnoClassica in Essen, one of which I am hoping to get to. There are some interesting Ferraris on sale in all of them.

 

I also happen to think that Brexit is disguising a larger economic problem that has grown over the last decade. With all eye focused on the UK's exit from the EU, elsewhere the sings of an economic problem/correction are being missed/ignored/swept under the Brexit carpet. Germany is on the brink of a technical recession for example, in fact Germany is in quite a mess right now and could really do without the UK leaving the EU. Which is one of the compelling reasons FOR the UK to leave the EU!

I don't personally see people disposing of assets here either, what I do see is people choosing not to spend where they don't need to and preserving capital through a period of uncertainty. The housing market is also stagnant.

The Maranello market (and other modern classics) here in the UK hit some surreal prices 3 years ago or so. You only have to look at some of the prices achieved by some "classic" Fords to realise how daft it became. What we're seeing now is a correction back to some sort of reality, but we're in the denial period of that correction. We have some way to go, especially considering the utter shambles that is Brexit has been delayed yet again.

You only need to look at any local High Street here or read the news and see which household name FTSE 100/250 company is going into administration this week to see that we're not in good shape.

The historic way to stimulate a stagnant economy is to reduce interest rates. So what do you do when interested rates are already negligible?

 

Cut taxes and regulation. Something that won't be done until there is something like a depression.

 

Today's results from RM at Technoclassica ("Youngtimers") in Germany were quite low. One of the biggest, if not the biggest, modern classic auctions in Europe.

 

In Switzerland alone there are today (11 April 2019) 60 Maranellos for sale (on the web).
Plus dealers and garages have dozens more (not on the web).
Clearly a total oversupply. And everybody is dreaming of 2015 prices without accepting (unwilling to learn!) that the market correction has started long ago already and certainly isn't over yet. It's going south, not north.

Marcel Massini

 

Marcel, I would be interested in your view on the reasons behind the market correction. Was the demand never really there? Are people moving away from cars, generally? Are there just too many 'modern classic/youngtimer' cars made? Or...?

 

140k for a 550 maranello is not realistic unless it is a factory fresh unused car with little to no miles. Yet this is what people continue to try to sell driver quality cars for ever since early 2014.
80 on the low end to 110 on the high end for a clean maranello is what I would value the car at. Plenty of Maranellos out there yet the "experts" kept blabbing their mouths about "how rare" 550s were. Give me a break LOL

 

Low interest rates, cheap money and little returns elsewhere created an asset bubble that became self fulfilling.

Once momentum starts the momentum traders (aka investors) start ploughing in and we all know the results." It's different this time", "rare", "last of the true manual V12's" etc etc. Then reality sets in and it takes a while of nothing before normality resumes.

If you don't need to sell, sit tight and it'll come back. If you never intend on selling it's all irrelevant anyhow.

I intend to buy and keep forever, I'd like to get in as low as reasonable. Not cheap, just value is what I seek.

 

I like the trade benefits of EU, but the total caos related to immigration is a really serious problem that made me move back to Norway dom Sweden as Norway is not a real EU member. The Maranello cars are not super rare, but rare enough that you NEVER see them on the road. Just sometimes during car events. So it is very Nice to be the only one in the city driving around in that type of car. That is why I think the car has a great value and is very unique. And should be driven.