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Maranellos are disappearing

Discussion in '456/550/575' started by intrepidcva11, Mar 30, 2015.

  1. Harryk

    Harryk Rookie

    Oct 3, 2004
    30
    Northern Ireland
    Similar story to my 550 purchase, got mine in Hamburg. Flew to check it out and purchase in January, flew over again in June to collect and drive home.

    Sent from my GM1913 using FerrariChat.com mobile app
     
    F456M and Themaven like this.
  2. 21ATS

    21ATS Formula Junior

    Dec 10, 2016
    506
    Kent, UK
    Full Name:
    Alan
    I watched some of this auction this morning and embed the results I saw live. None of the three cars sold, high bids embedded in the quote above.

    However this one above on Collecting Cars has already reached £56,000 with 3 days to go. Already all the money for this car so it will be interesting to see where it ends up.
     
  3. BarryK

    BarryK Formula 3

    Dec 17, 2016
    1,059
    Europe
    Full Name:
    Barry K

    The LHD manual 575 got to a £100k high bid. In my view the manual 575 sellers still haven't adjusted to reality, at least in Europe.
     
    21ATS likes this.
  4. Vilhuer

    Vilhuer Rookie

    Aug 3, 2008
    36
    Helsinki, Finland
    Anyone know how high it went? Was at £56K last I checked but don't know if it went any higher before deadline. Obviously where ever it went was not enough for sellers reserve since site says unsold now.

    https://collectingcars.com/for-sale/1997-ferrari-550-maranello
     
  5. David H Jones

    David H Jones Rookie

    Dec 6, 2019
    10
    UK South Coast
    Full Name:
    David Jones
    Last time I checked it the high bid was £59k
     
  6. F_driver

    F_driver Formula Junior
    Rossa Subscribed

    Mar 27, 2015
    321
    Belgium
    I believe it went to £62k
     
  7. NE550

    NE550 Karting
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    Omaha, NE
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    Dave
    m5shiv and tres55 like this.
  8. 21ATS

    21ATS Formula Junior

    Dec 10, 2016
    506
    Kent, UK
    Full Name:
    Alan
    £62k as F-driver says, it didn't meet reserve. I was chatting with the high bidder on Pistonheads. He was bidding with the intention of taking the car to Germany, but it reach a point at which it made no sense with all the costs involved.

    So £62K bid for a LHD car imported from Japan with incomplete history. That's all the money and some IMO.

    Especially when you see what this RHD car sold for on the same site 3 months ago:- https://collectingcars.com/for-sale/2000-ferrari-550-maranello
     
  9. Themaven

    Themaven F1 Rookie
    Rossa Subscribed

    Nov 2, 2014
    3,184
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    Darius
    £62k is a good bid for a Japan LHD car auctioned in the UK (during corona). That’s a late 2014 price.

    that RHD car that sold for £60k was honest, but you’ll always have to sell a 55,000 mile modern era Ferrari at a big discount.
     
  10. Vilhuer

    Vilhuer Rookie

    Aug 3, 2008
    36
    Helsinki, Finland
    I wonder if LHD owners in UK realize what hard Brexit means regarding exporting cars to EU countries starting January 1st. Or at least what I think it means. £62K is around 72-73K Euros. Add auction site 6% fee and its 76-77K. AFAIK that and transport/driving related costs and some small fees for registration should be it to register it in Germany today. So total remains under or around 80K Euros.

    From January 1st forward situation is totally different unless some agreement is reached between UK and EU. 10% tax is added on top of CIF (cost, insurance and freight) price adding extra 8K Euros. On top of all that EU country specific VAT is added. In Germany that would be 19% bringing total from 80K to over 100K Euros. Basically UK LHD sellers either find buyer from UK or reduce price over 25% to be competitive compared to inside EU sellers. This must have effect on LHD prices in UK. This seller should have taken £62K. In five months bids will stop at £42K.
     
  11. 21ATS

    21ATS Formula Junior

    Dec 10, 2016
    506
    Kent, UK
    Full Name:
    Alan
    I agree with your calculations and your thought process. Although I'm not entirely sure exactly how things will work from January onwards. (Does anyone actually know yet?).

    I think the seller will regret letting not letting that go at £62k.
     
  12. 21ATS

    21ATS Formula Junior

    Dec 10, 2016
    506
    Kent, UK
    Full Name:
    Alan
    Here comes another one on Collecting Cars.

    https://collectingcars.com/for-sale/1999-ferrari-550-maranello-1

    Still awaiting the write up, but on the face of it, this looks like a UK supplied RHD car with low miles. If it has good provenance and no stories then it'll be the first "good" 550M for sale on CC.

    If the LHD imports with sketchy history are anything to go by then this should easily make it into the £70k's or £80k's

    I'm out for the time being, the market is in a kind of vacuum. Very little new stock is making it to market and the little that is being offered or is still available has speculative asking prices or stories. And why not? If I was in that position I'd probably do exactly the same given the circumstances.

    KHPC called me on Friday and said a Verde over beige 575 F1 had come to market was I interested (at Barkaways)? He then went on to explain there's no shortage of buyers but there is a huge shortage of cars to sell - they are caught in the same limbo.

    My own personal business is in rude health, it's E Commerce and has been booming now for three months. It can't last though, each week I'm just waiting for all the money to run out and people to stop buying. What a strange time this is.
     
  13. tres55

    tres55 Formula 3
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    Sep 18, 2012
    2,237
    Canada
  14. m5shiv

    m5shiv Formula Junior

    Feb 25, 2013
    920
    SF Bay Area
    Full Name:
    Shiv
    Truly !
     
  15. m5shiv

    m5shiv Formula Junior

    Feb 25, 2013
    920
    SF Bay Area
    Full Name:
    Shiv
  16. 21ATS

    21ATS Formula Junior

    Dec 10, 2016
    506
    Kent, UK
    Full Name:
    Alan
  17. haroonok

    haroonok Formula Junior

    Sep 5, 2007
    791
    england
    Full Name:
    haroon
  18. Themaven

    Themaven F1 Rookie
    Rossa Subscribed

    Nov 2, 2014
    3,184
    London
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    Darius
  19. Themaven

    Themaven F1 Rookie
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    Darius
    Very nice. Alan, you should buy it!
     
    21ATS likes this.
  20. Crocodon

    Crocodon Rookie

    May 12, 2020
    8
    Full Name:
    X
    Nice. I prefer the parcel shelf on that to the diamond quilting on the 550s. V. smart. Is there a name for it?
     
  21. 21ATS

    21ATS Formula Junior

    Dec 10, 2016
    506
    Kent, UK
    Full Name:
    Alan
    That's the leather luggage shelf option for the 575.
     
  22. 21ATS

    21ATS Formula Junior

    Dec 10, 2016
    506
    Kent, UK
    Full Name:
    Alan
    Price point 31/07/20

    Looks like an import from the middle east

    https://www.silverstoneauctions.com/events/2020-auctions/the-silverstone-classic-live-online-auction-2020/the-silverstone-classic-live-online-auction-2020/friday-31st-july-sale-11am-bst/1997-ferrari-550-maranello

    1998 550M LHD 79,500km Sold £64,125 incl fees.

    There seems to be very little between LHD and RHD cars at present in the UK. Not the huge gulf there has been historically. Also the difference between a driver and a low mile collecter seems to have narrowed. This is a strong bid all things considered.
     
  23. jtremlett

    jtremlett F1 Rookie

    Feb 18, 2004
    4,002
    It is worth noting that is a Euro spec car and not a Middle Eastern spec. Also, if the auction blurb is to be believed it didn't spend much time in the Middle East. I know it was registered in Belgium for a while.
     
    21ATS likes this.
  24. Themaven

    Themaven F1 Rookie
    Rossa Subscribed

    Nov 2, 2014
    3,184
    London
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    Darius
    Still, a high miles LHD car from the Gulf selling for £65k is not a knockdown panic lockdown auction price. With respect to the buyer, why pay that if there are so many sand-free LHD cars around. Anyway. It suggests the opposite, that the market is healthy and quite strong. Not crazy, but certainly not crashing, as some of the other prices achieved by this auction show. Someone paid £130,000 of actual money, during a pandemic, for a Subaru. And the 456 GTA achieved a decent price. We are above 2015 values here.
     
  25. 21ATS

    21ATS Formula Junior

    Dec 10, 2016
    506
    Kent, UK
    Full Name:
    Alan
    I agree. I see no bargains at present. Just oddities that often leave me scratching my head.

    These auctions going on line have been a revelation to many and I think it will change how many of these businesses run in the future.

    As you say, in comparison to this:- https://www.carandclassic.co.uk/car/C1243759

    Asking price at the same level, originally a German car, you have the time to view and arrange a PPI and have a bit of barter. It seems an odd choice to buy at an auction for the same value. People clearly are though so what do I know?
     

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