Matt's Testarossa Journey - November 2015 to Present

Greetings, one and all.

I've been around for a little bit now, asked a few questions, and posted about a few cars that I was following leads on. My journey may be coming to an end soon, so I'd like to have all my stuff in one place to ask all the advice, and to chronicle what actually went from the start to the finish of finding the car. I'll add pictures later.

So, the end game of this search was to buy either a 512TR or a Testarossa. Since the TR was more in my price range, I decided to go after it first, after which I would collect the 512TR as well.

The ideal car is black on red 1988-1991 Testarossa, 512TR wheels, Euro spec for performance and no mouse belts.

It all started when I was five years old, and I saw a black 512TR. I was hooked.

Fast forward to:

November 2015

I just turn 24, and I buy my first car, a 911. It's then that I decide that I should start looking for a Testarossa, as well.

August-September 2016

1) I see a black on black 1988.5 TR out of Manitoulin Island, Ontario on Craigslist out of NYC, posted by some intermediary dirtbag (since someone cross-posted the original ad from Autotrader).

I fly out to see the car and give it a drive, but the car had major corrosion underneath. Dave wanted 120 CAD. Car needed that corrosion addressed, needed a major, and some general TLC. I was thinking closer to 100-110. We don't make a deal, the car sells in November for 115, on the market six months.

Car had Dave Helms upgrade, and 512TR wheels. My ideal. In hindsight, I maybe should have bought this car, but my ideal is red on black. Car had mouse belts removed.

2) Pete's 1986 is offered to me, at a reasonable price and the car is well sorted. In hindsight, this was an amazing car, but it wasn't the vision I had in my head, so I had to pass. Pete's been great, and I really can't say enough.

October-November 2016

1) Mel from this forum steers me towards a gentleman, Martin, who needs to sell his TR due to some health issues. Car is in the Netherlands, it's a 91 with about 60,000km on it, asking 92,500 Euro. Car is done and totally sorted, and it's a car I had seen for sale a year earlier. I fall in love with the car, and we strike a deal. The issue? My bank totally gets me and renegs their offer after finding out the car isn't in North America, and the advisor won't change their mind and doesn't really understand "these old cars and why they're worth so much."

Car sells for 90,000 inside the Netherlands. I vow that if I get a TR, it's going to turn into this car.

Car had a new Forza diff, Daytona racing seats, Dave Helms upgrade, 512TR wheels.

2) IAG's 40k mile car comes up for sale, and I call to make an offer, but the car is already sold. Turns out, it's a heap and they're now getting sued over it. Dodged that bullet.

December 2016

I take December mostly off and take the girlfriend to Europe for Christmas. I see a 1987 for sale on Autotrader back in Canada, sells in two days listed at 120 CAD. Black on black in nice shape. Darn.

January 2017

New year, new searching.

Several cars are reposted on several websites in the EU, after being offline for Christmas time. I notice a few cars in the NL that pique my interest.

1) The Yellow Car. The yellow car is out of Belgium, and has 512TR front bumper, brakes, wheels, etc. Amazing! Problems include no one to be able to check out the car, slightly overpriced, and bubbling paint. I pass for now at 117k USD. Needs a major, 40k KM.

2) The Red Car. This is the car I had Mel check out in April of this month, but this is when we started negotiating and talking. Needs some work, but looks like a good car with a dealer who is willing to...deal. More later.

March 2017

1) The ****ty red car: EEC has an extremely high mile (60k mile), well used Red on Black. I'm working on seeing what this car actually needs, but Tom went and checked it out for me. It might be a pile, but I'm looking into it. The price is really where I want to be. The mileage and work sucks for resale, but if I never plan to sell, then does it matter?

2) The Red Car: From above. PPI indicates it's a great car, but importing from overseas is a hassle. Add 10% import tax, $7000 to ship it to my door, and suddenly a nice TR that needs a major starts to float into 512TR territory. Can't spread out those costs over time, either, since once the car is across the ocean, it would be hard to retrieve it. This is a good car, but I think I really need to fly to see it.

3) Black on Tan 512TR: The one from the sales section. Nice looking 512TR, Black on Tan, that came out of Japan not long ago. Car needs a major, but the owner is willing to play ball with me. Bonus - it's a 512TR and the car is in Canada, so no import problems. I'll be flying out to see the car soon.

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Pics will be updated soon, but I'm looking for some points of view here. I've discussed this with Dr. Miller (this morning over breakfast, thanks again!) about which of the recent cars I should get. Ideally, I should get the best car I can afford, but I also have to not put myself in a precarious financial position should rates change or bad things happen.

My ideal is to build a stable with various 911's, a 512TR, a TR, a 550, and a 355 (the 456 isn't my thing). My goal is to complete the Ferrari's and a 993 Carrera S in the next ten years.

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So, what's the play? Buy the cheapest, but still fix it up over time? Buy the best car I possibly can, and hope I have enough for upkeep? Buy the 512TR due to rarity?

 

Matt, I think you will have as many different answers as there is posters. You have to go with YOUR feeling and what you like. Shopping for a used car as you found is not easy when it's for a high price collector car. You want to make the right move and you're affraid to make a bad decision and this is understandable.

From your story I feel you want the car for a long time if everything goes well for you. On a long run I think no matter which car you buy you will do OK but you need a car that please your eyes if you want to keep it forever. The money you will spend on a car with needs will equalize in value over the years when it's all nice.

A higher priced car in better condition is always a better buy for someone who has to pay for any work to be done. That is a fact. But in short term if for some reason you need to sell fast it will probably be the worst investment in percentage of loss. After you pay all the fee and taxes to buy it when time to sell comes those are all money you loose. And for a car to sell fast the price has to be attractive. So if you buy a prime exemple they are most of the time priced high and to sell fast you will loose on the purchase price itself before all fee. High priced Testarossa don't sell fast.

From what is see and from my experience cheap cars always sell and fairly fast. Less taxes and fee to pay from puchase price. If for some reason a fire sale is needed after purchase the percentage of loss could be the same but the total loss will be much less.

Because I'm a DIY guy I always used the last aproach and I did good with most of my cars. Losses were never high but most were a small profit.

 

Just go in to it with your eyes open and with plenty of money for maintenance and you'll be fine. All the better if you can turn wrenches yourself as well. You'll save tons of money that way too.


Sent from my iPhone using Tapatalk

 

Thanks for sharing your journey with us. Since it seems you are a bit undecided - I have to ask - have you driven a Testarossa & a 512TR to compare? Maybe that will help in narrowing your decision.

 

Good question. I haven't yet had the opportunity, mostly because the locals around here haven't brought the Ferrari's out much yet.

I'd love the opportunity, though! Either way I plan to get both, it's just a matter of what car to get now, and what car to get in say, 2-3 years.

 

Old advice, but it's true...get the best car you can afford. If you can afford to stretch a bit, get the 512TR. From all of the accounts I've heard, the 512TR is the best "car". I'm partial to a flying (single) mirror redhead but that's just me.