It is a combination of auction fever and cabin fever, isn't it? Some of the online auctions have achieved good money because people have been stuck at home much more than usual and are looking out the window and see the sun shining and start to think about enjoying themselves with a nice car. Then if they have money and limited other places to spend it and it is easy to get carried away with an auction especially if you aren't a seasoned auction buyer. You have long been able to bid online for most of these auctions. I'm not convinced it will change things in the future particularly. I think the market will be very different in 2 or 3 months time.
I think the entire economy will in a very different place towards the end of the year, not just the car market. As the false money tree runs out of money it filters through from the bottom up.
All true. And still, there has not been a better year to own and drive a Ferrari in the past decade. Traffic down - at one stage back to 1950s levels - and in the Uk anyway the sunniest year in centuries, plus few other demands on time, let alone spare time. for several weeks, you were actually doing your locked down household a favour by going for a drive, rather than being selfish. It's a hoot! Unfortunately the speed cameras didn't get the virus.
https://collectingcars.com/for-sale/1999-ferrari-550-maranello-1 Unsold, Final bid £71,500 - didn't meet reserve So pretty much bang on where I expected it to be. Time will tell if the seller should have taken that or not. With commission that's over £75K - which is what The Ferrari Centre would be marketing a car of this spec and mileage at. In my mind the 550/575 market has reached an impasse, in the UK at least.
Thanks for posting- I missed this result. The market is very interesting currently. It feels like it could go in either direction and in a couple of years we will all be looking back thinking “I can’t believe these were £75k!”... It feels like recent history when they were £50k and also when they were £120k.
If you log in and "watch" the cars you're interested in then it gives you the high bid of finished auctions on your watch list.
You guys realise you are speculative of a mass produced Ferrari at one of the most depressed economies? Rich folks do not buy 575. People who make a little extra at work and get a promotion buy used 20 year old cars. just deal with it. Drive the hell out of what you own, buy a cheap one from someone who is selling. ps. I have had my 575 for 14 years. Mine is not for sale
I can't comment on the generalisation, but it seems like *some* do. TZFZ on Instagram has the following: F50, F40, F12 tdf, 599 GTO, 458 SA, 488 Pista and a 550... I imagine you have to be pretty well off to have that line up.
In France I just bought (from an independent dealer, not from a private party) a 2000 550 with less than 20,000 miles for EUR 85K (which is less than GBP 77K), I think it's about the current market price. Not sure about seller's expectations leading them to set high reserve on auctions.
I agree. Cars with low miles (20K or lower) are in the 70K-80K region. Drivers - say 30K upwards are in the 60-70k region - condition and spec dependent. At least this is the level at which sales seem to occur. Anecdotal, based on comment such as yours and others that have been kind enough to discuss with me what they paid/sold at. Of course sellers can ask 90k or even more if they don't really care if it sells or not.
I turned down an offer a few months ago north of $130k on my 20k mile 1999 550. I wasn’t really looking to sell but there was someone local interested in a 550 so we just met up and went for a drive.
This ^ This is what I'm coming across a lot. "I don't really want to sell but if you offer me a stupid amount of money way above market value I'll take it". I've now been offered two 550's at a price I was comfortable with (mid £70k's) I said yes to their asking price on both only for the seller to get cold feet and pull out of the sale. In both cases they cited some of the ridiculous asking prices for advertised cars that have been for sale for years. This is why we're at an impasse. The difference between advertised asking prices and the level at which deals are actually completing is huge in the UK market right now.
He actually found a similar car that he paid $125k for. I’m not sure why I fell for the value question trap, I guess I was trying to insert actual data.
Seems like $100K to $125K US is about the range for "most" 550s that are not at either extreme of quality, features or mileage. It would take a buck and a half for me to part with mine... ;-)
Someone from Fchat contacted me a couple of months ago, during lockdown, about my gated manual 575. Nice chap and a proper enthusiast. I am not really looking to sell and the price I'm willing to sell for was more, but not by much, than what he was willing to offer. The difference was pretty small, around the the price of a major service. But I thought, I love my car and while I don't drive it enough to really justify keeping it, I can't be bothered to back and forth with haggling. In TDF over beige with FHP and Daytonas, it has its value, even with 30k miles. I guess the prospective purchaser must have thought the same thing in reverse, they want the car but not enough to haggle over the difference. The actual difference is kind of moot. In the end though I have a great Ferrari and he doesn't, and I can't see too much of a change in our market dynamic coming. For the most part, If you want to buy a car you want, you'll have to reach. And if you want to sell your car, you'll have to stoop.
You may be right in your last paragraph but I think we will start to find out in the next two or three months what the economic fallout from all the covid stuff really is and it might well be that the result is quite a few more cars on the market from people who need to sell.
Prices can’t defy gravity indefinitely... Worst recession in 100 years. No sign of a rapid economic bounce back. Writing on the wall.
Couldn't agree more, Darius. It's human nature to want a "deal," but you also have to be willing to pay up for a good car if you find one even it's a bit more than maybe you'd like to pay. Like most cars, there are a relatively few good Maranellos and there are some dogs, with most cars somewhere in the middle. "Buy the best car you can find for the price you can afford" is still the best advice. Presumably most Maranello buyers have the wherewithal to afford these cars, so if you find a good one that more or less suits your preferences and it's a few shekels more than maybe you'd ideally want to pay, just buy the damn thing and be happy.
kinda cheap one here with the exchange rate https://vancouver.craigslist.org/van/cto/d/vancouver-1997-ferrari-550-maranello/7154533938.html
I think that's about the current price (maybe even a little bit high) in Europe for that mileage (78,000 km is 48,000 miles). I just paid only 9,000 euros more to have a 2000 model with 19,000 miles, timing belts changed just before the sale (not 2 years ago).
