Market Prices 575 Manual vs 575 F1 (conversion costs) vs 550?

8600 miles? Hard to find a 550 with those kind of miles.

 

Hagerty has #1 at $250k; #2 at $221k. Add $20k for Verdi + low miles + service records + Barchetta wheels. Subtract $10k for potential California registration issues. I call a shenaniganless $220k to $240k for this one.

 

Thank you for the kind words Eric! It is definitely hard to compete with almost 6x the mileage on my car! And that Verde with the nero/beige interior is a beautiful and unique spec. If I had all of the funds I would just buy all of the 550s I found for sale...and maybe one Zonda.

 

Haha, okay you have made a wonderful point!

 

Based on what the Blue Pozzi sold for on RM Sotheby's ($252k) I may need to bump up my estimate for the Verde Zeltweg. But I will hold for now mainly because Marqued is no where close to RM Sotheby's or even BaT with respect to exposure. We shall see in a few days.

 

I think it speaks to a divergence in the market, with the separation between (essentially) museum pieces and drivers cars is ever widening.

That car was a steal.

Quite frankly, the 550/575 Family remains an absolute steal to a nearly bizarre level. For whatever reason the market doesn’t seem to like them nearly as much

 

Eric- Probably a typo but the Pozzi on RM Sotheby's sold for $252k not $225.

I offer a few anecdotal, non scientific, and meandering explanations for the relatively low selling price of nifty's car earlier today on BaT not in any particular order.
- No Reserve for non premium entry on BaT seems to imply low quality low price to BaT bidders. Setting a low reserve would be better than NR in my opinion just to avoid the NR label.
- Buying a first Ferrari tends to be more emotional than buying almost any other car. While the car may be very interesting and valuable to a more experienced Ferrari buyer the mods, CEL, miles, potential difficulty with California registration are too much for a potential first time Ferrari buyer especially one residing in California to deal with.
- The cosmetic imperfections in the car would probably not be a major factor if it were a Porsche but a Ferrari is expected to be perfect despite what everyone in the peanut gallery seem to be saying
- I don't think there is big difference as far as collectability is for cars with more than 1k miles, but that seems to be the market psychology. There might be a second category for cars with less than 5k miles but above that the mileage should be of less significance compared to condition and service history. I don't think that's how the typical BaT buyer views mileage. They seem to in general value cars with 25k miles more than cars with 30k miles.
- The 550/575 markets seem to do better at the traditional auction houses than at BaT. I have a theory but that and a token will get you downtown as they say in New York.

 

Those containers are a great idea. How are they ventilated? They can turn into ovens under the summer sun if not well ventilated.

 

Yeah, Nifty's 550 result was a bit of a head scratcher. I, too, would've expected a substantially higher result. You know, could be just some unfortunate timing what with all the converging economic, pandemic and geopolitical drama going on in the world right now. Maybe this is starting to make people a little gun shy. I was watching the BJ Scottsdale auction today and there were some cars that seemed to struggle a bit to get to a price where one would think they should be given the strong collector car market over the last year. Seemed to be some hesitancy from bidders evident in the bidding for some lots. Now, that's nothing new at an auction per se, but seemed to be a little more pronounced than in recent times. Dunno...guess we'll have to see how things play out over the next few months.

 

I agree with everything said so far, and it was certainly a risk for me to not spend the $5-$10k restoring the bumper, rear shelf, stereo, exhaust, etc. for top dollar, which may have just been a similar outcome given mileage, unique interior spec, and volatile market conditions this week. I was also much more interested in seeing the car go to a good home vs. an investor or flipper, and @chris1866 appears to be the perfect next caretaker of this amazing car. Plus, the ownership experience and people I have met both here and on the road have been the best part of this car. There is no other car community like this!

 

A 1987 328GTS sold at auction today for $150. So go figure. Wonder what a GTB would sell for.


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@NE550 & @LorenzoOO

Sotheby's reported total sale from their 1/27 auction at $43.3 million with 95% of their cars selling and 24% of all registered bidders were first-time clients. A lot of new buyers/money are still entering the market. Not all of them are as knowledgeble about cars as the traditional car collector/enthusiast. For example the 1964 MB 300SL that sold for $2.315 million had a dozen imperfections as identified by one of the long time collectors of these cars that would've brought down its price in the past but were seemingly either not noticed or ignored by the bidders. Today's buyers seem to value and pay more for GTS than GTB. I noticed that in the F355 market a few years ago. Unless there is some major political or economic event to drain the punch bowl I think there is more room for this market to run. It will eventually deflate or crash but I think we're still in the inflation phase.

 

Likely not true for the 328 where the GTB was way rarer than the GTS (1344 vs 6068).

 

As the new owner of Nifty's 550, I figured I would check in here and offer my perspective as a buyer.
First off, I had a 2 hour conversation with him last night, and he is an absolute class act. The willingness to explain his ownership, maintenance, recommendations, etc. was beyond helpful. I try to be a resource for the new owners of my previous cars (355s and 308) who are all here on fchat.....it's fun to keep in touch and see how things are going. This community truly is the best!
I have always wanted a grigio 550 (my 599 is the same color), but the timing and market was never right. I was intrigued by this car because it was not a perfect, bone stock garage queen, which I believe actually gave me a fighting chance to buy it.
Some things that may have contributed to the lower than expected sale price, as I saw it:
-mileage (weakest argument, since the other silver car with similar miles went for significantly more), but there are plenty for whom 48k miles is "high" on a Ferrari.
-Interior colors. Admittedly this was one of the biggest drawbacks for me personally. Red or black would have been ideal, and I could see the two-tone grey being a bit polarizing, but it certainly didn't deter me to a large extent.
-Exhaust/CELs. Obviously Fabio's headers are legendary here on fchat, but I'm not sure how much appreciation they get in the broader market. I installed Fabio's headers & cats on my 599 and would absolutely do the same on a 550, so the fact that this car already had them was a HUGE bonus for me. The fact of the matter is, the car will not pass emissions in many states as it currently sits due to the CELs for no cats or secondary air system. I think this could have deterred a number of buyers.
-Aftermarket stereo stuff. There is quite a lot of it, some of which will require a bit of effort (parts hunting, etc.) to reverse. Plenty of buyers are skittish when it comes to anything aftermarket on a Ferrari. Maybe an amp in the trunk and some speakers aren't as big of a deal, but when you have multiple custom pieces which are immediately obvious at even a quick glance, it can be a turn-off.
-Leaking shocks. Though common, they are a relatively expensive rebuild.

Personally, I do most of my own work. I installed the headers on my 599 (not a fun job), did the major on my 355, lots of things on my 308, etc. I am by no means anywhere close to a professional mechanic, but I am somewhat capable, and a car with a few "needs" doesn't bother me in the slightest. So from my perspective:
-Mileage....great! A driven car is typically a sorted car. Most around fchat know this, but the market at large seems to be very fixated on low-mile cars for reasons I will never understand.
-Interior colors? Meh....if the price is right, I can live without my "dream spec" interior.
-CELs. Not a huge deal. Will require some money to sort out, but there are several options and none are particularly difficult.
-Aftermarket stereo stuff. It's all coming out, simply because I'm not an audiophile at all and rarely listen to the radio. No problem for me to remove, tidy up wiring as necessary, hunt some parts, maybe get a couple of custom pieces made if needed, etc. Something that can be addressed over time.
-Leaking shocks. Stay tuned on this.....I may have an option that would benefit the community at large.

I am very excited to get the car and hope to become a regular in this sub-section. Seems like there is a lot of knowledge and nice folks!
The ONLY drawback is that I will have to sell my 599 to fund the purchase. Ad coming to the classifieds section soon.