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Mike Sheehan - The Ferrari Curmudgeon

Discussion in 'Ferrari Discussion (not model specific)' started by Texas Forever, Jun 9, 2011.

  1. Texas Forever

    Texas Forever Four Time F1 World Champ
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    Check out his latest in the Sports Car Market. It’s copyrighted, so I’m not going to post it. You may be able to find it on his web site.

    Mike is one of those people you either love or hate. I know some who say he walks on water. I know others who wouldn’t pee on him if he was on fire.

    Me? I’ve enjoyed his writing over the years. He is pretty good at busting bubbles. But I gotta say his latest is the best yet. (I dunno Carbon if you had anything to do with this, but it is good.) Basically, he explains how your Fiat-era Dinos are nothing but money pits Let’s see, buy a 1989 328 for, say, $40,000 and then put another $40,000 in it. You know, you can buy a lot of car now-a-days for $80,000. It even comes with a air conditioner that works. Imagine that.

    It’s a good read. Yeah, a man’s gotta have his dreams. But when it comes to spending your hard-earned dough, man’s gotta think.

    Your thoughts?

    Dale
     
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  3. ASK328

    ASK328 Formula 3
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    #2 ASK328, Jun 9, 2011
    Last edited: Jun 9, 2011
    I think he is an older Ferrari Snob and unless it's 500K plus he thinks it not "investment grade" etc. His examples are ridiculous and he consistently contradicts himself with what he offers on his website - For example when I read that article he stated a 40K 328 GTS - then you go to his site and he has one for 55K. Who ever heard of 40K repair bill on a 328 GTS? Has it happened, sure but only to some guy who bought a terrible car that needed everything.

    I personally find him very knowledgeable and he clearly is a Ferrari expert, however he doesn't get it with the new stuff and the younger generation. At times he reminds me of and old man talking about how the "internet is over rated".

    Every Ferrari is a classic - Personally I would NEVER own a 250 GTO series car if I was worth billions - I would have the car that I grew up with, you know MY generation.
    $$$$ aside the 250 GTO's IMO are worthless next to a 512 TR, who would want a old car like that????? Oh the OLD guys that grew up watching them race and have turned into 100 Million Dollar ++ guys -

    I can't for the life of me understand why someone would pay 20 Million plus for one, or 5 Million for a Cal Spyder - when you could have the Super Car set of 4 modern Super Ferraris for 3 million and change. But WAIT I can understand it, it's cause they grew up LOVING that car - Or today more likely its cause they have so much Funny money 20 Million just isn't that much money to them any more; and well frankly they have everything already and Art collecting has gotten boring - and to top it off the 300' Lurssen needs a "run about" for the Med for groceries and such for the chef.

    To me WHO CARES about Enzo Era F cars - Unless it's a 288 GTO or F40, they are all worthless to me.
     
  4. Bandit

    Bandit Formula Junior

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    #3 Bandit, Jun 9, 2011
    Last edited: Jun 9, 2011
    By Sheehan's thoughts the Dino 246 should be nothing but a boat anchor.

    My opinion is that the 308's and 328's are going to have a continuous appeal because of the era they represent. Sure the will never be as valuable as the GTO's, F40's or other limited production runs, but that doesn't make them worthless. They are a relatively affordable exotic that can be driven without having to worry too much about the loss in value from mileage. They also don't suffer from all the electronic controls the 348 and newer cars have. A person with reasonable mechanical skills can maintain one without too much trouble.

    I think (hope) we are almost getting to the point the 246 was back around 1995-2000. Prices for a 246 were similar to a 328. Now good 246's are over $100K. There are fewer and fewer good cars around. It is a matter of time before the supply of 3x8's dwindle enough to where the demand starts increasing the prices of the good cars.
     
  5. rossocorsa13

    rossocorsa13 F1 Rookie

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    #4 rossocorsa13, Jun 9, 2011
    Last edited: Jun 9, 2011
    In reality you can buy a lot of car for $20K nowadays. Hell, you can build a damn good street/track machine for $30K if you aren't a brand snob.

    A car in a market is one thing; a car in a man's garage is another. The funny thing is that they both always lose value one way or another--the former via whatever drives the market that particular year, the latter via wear, tear, and maintenance.

    The question is:

    Do you want to watch a car lose value on the internet or drive it off one smile at a time? Owning a Ferrari of any age does require a certain brand of cynicism, I am convinced...
     
  6. GrigioGuy

    GrigioGuy Splenda Daddy
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    If it was built within the last 40 years, he ain't interested.

    He doesn't like my car. Big deal; I didn't ask him.

    End of story from my perspective.
     
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  8. Roadking

    Roadking Karting

    Oct 9, 2005
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    Someone would pay $20MM because someone else would pay $21MM and you can't drive a Rembrandt. A 512TR next to a 550 Maranello, next to a 599? Old cars have charm and character past their performance comparable to new cars. A 512TR? Seriously?
     
  9. ASK328

    ASK328 Formula 3
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    #7 ASK328, Jun 10, 2011
    Last edited: Jun 10, 2011
    The point: It was on my wall as a young man, it was the car for me in my very impressional years - I have owned a 550 and a 512 TR, I am thinking I will get a 512TR again soon, it's an amazing car in art as it is in performance as a GT. I attempt to buy my cars at or near full deprecation so the 599 is out for me for a while
     
  10. SCantera

    SCantera F1 Rookie
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    I read the article. I think Mike has a certain amount of cynicism that results from his frustration dealing with uninformed buyers. All used cars have issues. Just some more than others. In this world where even exclusive Ferraris depreciate putting deals together for $60k cars that need $10k worth of work is not easy. The more highly valued cars, vintage and super cars for example often trade hands through private means. So Mike has a harder time having valuable inventory to trade and has to deal with the more common cars. I would venture to say it's not an easy place to be.
     
  11. amenasce

    amenasce Two Time F1 World Champ
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    I didnt grow up with a 250 GTO poster (It was an F50 poster) but if i had the means, i would buy one. Or an LM.

    If an LM was priced as a 458, i would buy an LM first.
     
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  13. rob

    rob F1 Rookie

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    Yeah, a man’s gotta have his dreams. But when it comes to spending your hard-earned dough, man’s gotta think.

    Your thoughts?

    This statement above sums it up. You have to go with your gut feeling. I drive myself insane sometimes being a car guy. I found a 308 that I'm interested in but I got to thinking with the money I'll spend to buy the 308 I could use that money and throw in my s2k and get a new c6 but if I get the 308 then I could keep my S2k and will have a 308 but then I have upkeep on two cars that I won't be driving much but if I get the c6 it's just going to lose value..... you get the idea but you really have to buy what makes you happy and what works for you not what someone else says.
    Dale[/QUOTE]
     
  14. ASK328

    ASK328 Formula 3
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    A good point, however his points are over cynical IMHO on a regular basis - and bashing all the post era Enzo cars is in itself ridiculous.
     
  15. furmano

    furmano Two Time F1 World Champ

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    If you buy a $40k or maybe a $50k 328 you shouldn't have to put another $40k into it. Someone's math isn't adding up.

    BTW, how much does it cost to maintain/restore all those million dollar Ferraris? Lots and lots of money.

    News flash, they are all money pits.

    -F
     
  16. SCantera

    SCantera F1 Rookie
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    I agree. Dinos, Daytonas, BBs, can all be considered post Enzo I guess. I certainly would not trash these fine examples.
     
  17. Nurburgringer

    Nurburgringer F1 World Champ

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    Can somebody pls provide a link, I can't locate the article.
    SCM website used to be easier to find the latest auction reviews and articles, much tougher now I guess to encourage paying for a subscription lol
     
  18. ASK328

    ASK328 Formula 3
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    I have a hard time trashing any Ferrari's - go up to a guy who has his dream 348 that is all sorted and Bash it, same with a Mondial - I saw a black Mondial coupe drive by the other day and I was taken back on how it looked and how it sounded. Would I own either of those cars, never say never however I don't think I would - However they are special cars and just because one deals in mostly 200K+ pre Enzo cars - it's arrogant, condescending and simply obnoxious to bash all the other models.
     
  19. Hawkeye

    Hawkeye F1 Veteran
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    To me, all Ferraris are special, to others, maybe not so much. He does seem to sell lots of Fiats.
     
  20. Hawkeye

    Hawkeye F1 Veteran
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    +1
     
  21. BigTex

    BigTex Seven Time F1 World Champ
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    Great post.

    Sheehan has driven his own business interests off a cliff once, and I think left some hurt feelings and most likely unpaid bills, but I dunno.

    Like Keith Martin he now "opins for a living" and while that's fine for them, "those that can......do"

    The writing of both those guys is filed right behind the onshore Gulf Wind stirring the pecan trees, at my place......:D :D :D
     
  22. BigTex

    BigTex Seven Time F1 World Champ
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    hammer/nail...:D
     
  23. BigTex

    BigTex Seven Time F1 World Champ
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    Life is "kindof hard" at my office, too, these days!!!
     
  24. BigTex

    BigTex Seven Time F1 World Champ
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    The F40 was the last car commissioned/completed by Enzo Ferrari.

    1998.
     
  25. werewolf

    werewolf F1 Veteran
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    plus or minus a decade ;) :)
     
  26. BIGHORN

    BIGHORN In Memoriam

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    Re previous snob comment, there is a big difference between pre computer and computer cars. My GTB was 2 seats and a motor, and my daily driver 308 retains some of that.

    The newer cars are more comfortable and easier to drive, but not as much fun IMO

    Mike has been around a long time, as have I, and you tend to like what you grow up with.
     
  27. DennisForza

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    It will be on Mike's site at the end of June or first week of July.
     
  28. rcm360

    rcm360 Formula Junior

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    #25 rcm360, Jun 10, 2011
    Last edited by a moderator: Jun 10, 2011
    I have not read the article, but what is funny Sheehan has a Dino on his home page of his web site and one listed for sale. If those are his feelings, good luck trying to hold his price on that car.
     

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