Salvage 575M | FerrariChat

Salvage 575M

Discussion in '456/550/575' started by msbbc833, Jun 19, 2013.

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  1. msbbc833

    msbbc833 Guest

    Jun 19, 2013
    2
    #1 msbbc833, Jun 19, 2013
    Last edited: Jun 19, 2013
    Seller is asking $53K.. really close to pulling the trigger.
    He doesn't know much history about that car, it was involved in an accident where the passenger front end collided with a guard rail and that side was repaired. Here are the pictures. It has 8k miles. It does need some re-sealing around the passenger headlight. Also the hood doesnt look straight to me, but the seller says its fine. The leather on the interior leather handle passenger side is also wearing away, and the drivers side visor bracket is broken

    Deal or no deal?

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  2. spirot

    spirot F1 World Champ

    Dec 12, 2005
    15,113
    Atlanta
    Full Name:
    Tom Spiro
    while not a 550/ 575 expert - its a lot of car for the money, but also LOTS of $$ to repair a bad job.

    PPI with a dealer would tell you wonders - especially with diagnostic equipment.
     
  3. henryr

    henryr Two Time F1 World Champ
    Silver Subscribed

    Nov 10, 2003
    22,412
    Atlanta
    Full Name:
    Juan Sánchez Villa-L
  4. SCousineau

    SCousineau Guest

    Jul 17, 2004
    3,652
    Full Name:
    S Cousineau
    If you are not familiar with working on or maintaining Ferraris, that LOTS above is going to be significant. Multiply by at least two any estimates you have from other experience.
     
  5. GatorFL

    GatorFL Moderator
    Moderator Owner

    Nov 18, 2005
    16,963
    Wellington, FL
    Full Name:
    Duane
    For not a lot more you can get a no-stories 550. I'd walk.
     
  6. LARRYH

    LARRYH F1 Veteran
    Owner Rossa Subscribed

    Jun 3, 2011
    9,668
    virginia usa
    I would pass.. nice 550s with clean titles are available for a few dollars more..
     
  7. ///Mink

    ///Mink Formula Junior
    Silver Subscribed

    Sep 5, 2006
    820
    Fair Oaks, CA
    Full Name:
    Tom Mink
    Those photos are horrible. Could he not step 2 feet back and get the whole car?

    I second what the others have said - I'd back away. Another consideration with salvage cars is insurance - you may not be able to get full coverage on it if it's salvaged.
     
  8. fatbillybob

    fatbillybob Two Time F1 World Champ
    Consultant Owner

    Aug 10, 2002
    28,991
    socal
    If it is a cheap salvage 50% of the price why would you pay for insurance coverage? Drive it an enjoy it. I guess it is the same mentality that looks down on euro ferrias in the USA. News flash they are all euro ferraris. If the mild modern conversion has been down then there should not be any difference.

    To the OP you need a PPI and a trip to the body shop. Only the body guy can put the car on a jig to measure all points to make sure it was put together properly. If it was repaired right then no problem.

    Ferraris get totaled more than other cars for one reason and one reason only the cost of parts to repair them. One day I'll post a very sad/happy story about a salvage ferrari.
     
  9. ///Mink

    ///Mink Formula Junior
    Silver Subscribed

    Sep 5, 2006
    820
    Fair Oaks, CA
    Full Name:
    Tom Mink
    Because it's still $53,000. To most folks that's a good amount of cash.
     
  10. fatbillybob

    fatbillybob Two Time F1 World Champ
    Consultant Owner

    Aug 10, 2002
    28,991
    socal
    If you wreck it you might have 50k in parts! If you guy a $50k bmw it will be worth 20 in 5 years. If you buy the salvage for 50K you will probably be able to sell it for 50k in 5 years. Ferraris have been the cheapest cars I have ever owned and I have had 5 of them so far. You could pay 1500/yr for insurance and still only get actual cash value BS from the insurance co anyway. The parts are worth more than the salvage value. If you held the car for 5 yrs you probably get 50 back plus save 7,500. I think it comes down to ones driving records and exposure etc. If you bend the car and have a 10k repair and can't afford that then you aren't going to afford the upkeep either. Stickys 2500, major 8000, alternator 2000, brakes 2000, tires 1500, recover dash 1500, new cats 10,000, used cats 5000, 02 sensors 1000, replace front windshield 6000, oil change with codes 500 etc...
     
  11. 575 Maranello

    575 Maranello Formula Junior

    Jun 3, 2013
    335
    So Cal
    The price of $53k is cheap. You could most likely find a comparable car the same color for high $80's low $90's. You have to look deep down inside and decide why you want this car. If you want it to drive the snot out of it this is a good candidate. If you want to keep it and hope that it increases in value some day, I suggest you choose a car with NO stories. BTW a salvage car is easy to obtain insurance. They don't even ask. I have a salvage mule of a Honda civic no problems.
     
  12. ///Mink

    ///Mink Formula Junior
    Silver Subscribed

    Sep 5, 2006
    820
    Fair Oaks, CA
    Full Name:
    Tom Mink
    I guess it's just a matter of perspective. I have a beater F250 that I use for dump runs, trips to Home Depot, etc. I don't carry collision coverage on it because it's basically worthless. I wouldn't do that with a Ferrari.

    FWIW, my insurance company doesn't offer full coverage on salvaged cars.
     
  13. bobzdar

    bobzdar F1 Veteran

    Sep 22, 2008
    6,895
    Richmond
    Full Name:
    Pete
    If I were in the market, I'd be looking at it right now and getting it gone over with a fine tooth comb. I buy cars with the intention of never selling, though. Not that I think you'd have trouble selling it if it turns out to be straight, but from my perspective you will never get more car than that for less money. Plus, do you pull out your title and look at it before you drive the car? I sure don't, I think I've looked at it once, when I bought it and it has no bearing on how fun my car is to drive.
     
  14. SCousineau

    SCousineau Guest

    Jul 17, 2004
    3,652
    Full Name:
    S Cousineau
    I drove a car with a salvage title for several years and insured it with State Farm. They had stamped the title salvage and then sold me the car back. They never asked as they knew and did not appear that concerned about it.

    The issue of the salvage titles comes when you actually have to determine market value of the vehicle in the event of claims, sale, stated value insurance and so forth.
     
  15. fatbillybob

    fatbillybob Two Time F1 World Champ
    Consultant Owner

    Aug 10, 2002
    28,991
    socal
    Another funny thing about Ferrari "salvage" is the vintage market. some of those cars I have seen rebuilt from a vin plate into a million dollar+ show piece. No one seems to worried about those. Those buyers want a vin, restored to a certain level. If half those cars were crooked the drivers wouldn't even know. Most of their miles are from the trailer to the spot on the viewing grass.
     
  16. miha4x4

    miha4x4 Rookie

    May 18, 2008
    9
    Philly,PA USA
    Full Name:
    Michael
    53k is High for salvage ,35k would be a good deal. Structural damage check is a must .don't even think about buying it without it. Also check for body filler, easy to do job with pain meter.
    Cars with prior salvage history what were driven for couple years are less scare , prefferable to the car that was just repaired.
     
  17. craterface

    craterface Formula Junior

    Apr 14, 2011
    622
    Sanibel Island, FL
    Agree with posts about paying a little more for an un wrecked 550, one in good shape but 30-50k miles.

    Probably several 550s out there for 65-70k.

    If you are keen on this car, I would pay no more than 45k, and that is after a PPI.

    I would budget 10-15k for hidden surprises in the first year. If you don't have 60k in cash (45 for the car and 15 in reserve), then I would not buy this car. It is not a bargain at 53k.
     
  18. Ferris Bueller

    Ferris Bueller Formula 3

    Mar 23, 2004
    1,864
    New Jersey
    Full Name:
    Dominic
    I wonder what the VIN is of that car.
    I looked at a salvage 575 that was hit in the front 3 yrs ago. Body wasnt that bad but the undercarriage and chassis was bent and twisted
     
  19. msbbc833

    msbbc833 Guest

    Jun 19, 2013
    2
    This was salvaged in 12/2006..located in Cali
     
  20. bobzdar

    bobzdar F1 Veteran

    Sep 22, 2008
    6,895
    Richmond
    Full Name:
    Pete
    50% off is high? Add up the parts even at fire sale prices and it's over $50k...
     
  21. Texas Forever

    Texas Forever Eight Time F1 World Champ
    BANNED Rossa Subscribed

    Apr 28, 2003
    85,600
    Texas!
    The most expensive Ferrari you will ever buy is the cheapest. I dunno about a 575, but the hood for a 550 is $12k.

    Dale
     
  22. lourus

    lourus Karting

    Sep 14, 2011
    91
    Seoul, Korea
    Full Name:
    Jimbo
    never. disaster.
     
  23. lkilbrith

    lkilbrith Rookie

    Jan 9, 2011
    36
    Raleigh, NC
    Full Name:
    Lee Kilbrith
    When its only the tip of the iceberg.........
     
  24. angelop

    angelop Rookie

    Mar 21, 2007
    10
    Miami, Florida
    Full Name:
    Angelo Patrizio
    When looking for my 550 my bank and credit union specifically said no to Salvage cars.Credit union requested a copy of sellers title before handing over the check. And after many
    Years of buying fixer uppers I never expected to get more than 50% of what a clean title of the same car would get.
    With patience the right car will come along .
     

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