the illogical notion of buying low mileage cars | FerrariChat

the illogical notion of buying low mileage cars

Discussion in 'Ferrari Discussion (not model specific)' started by TheMayor, Aug 10, 2009.

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  1. TheMayor

    TheMayor Nine Time F1 World Champ
    Rossa Subscribed

    Feb 11, 2008
    98,779
    Vegas baby
    I'm sorry but I'm having a problem understanding the logic of wanting to actually buy someone's garage queen.

    Aside from the fact that some original owner wasted the best years of his (and the cars) life by letting it sit in his garage while he wiped it gently with a diaper, I find it strange that potential owners would even want one.

    Let's say you find a car that's 5,6, or 7 years old with less than 2K on the odometer. You're going to be asked to pay a premium for it because the mileage is low. But, after driving it a few thousand miles, its mileage isn't much better than if you bought one with higher mileage. So, you get the more depreciation than if you had bought a higher mileage (and cheaper) car in first place and then drove it.

    And, there's no guarantee that a low mileage car is any more reliable. In some cases, just sitting around while the gas and fluids deteriorate and the rubber hardens is worse for a car. Who's to say that with a little more mileage, something truly defective from the factory could have been found and corrected under warranty?

    Then, you fall into the psychological trap of the "fear of putting on mileage". OK, so you bought a potential museum piece. Is that what you bought it for? To sit around and have people gawk at it in your garage? Or, was it to enjoy it for what it is.. a truly magnificant representation of Italian driving machinery?

    Alright, you could say that the parts are new and there's less wear and tear on the body, interior, tires, etc. Well, after 5 years of sitting around, those tires had flat spots that make it impossible to give a smooth ride. The interior needs conditioning and the body still needs a good detailing. Time (and oxygen) still march on even if the car stands still.

    So, whenever I see someone really get excited about finding a typical garage queen, I wonder just why the new owners would want a museum piece rather than just buying a higher mileage but well maintained car at a lower price.
     
  2. Jedi

    Jedi Moderator
    Moderator Lifetime Rossa Owner

    Mar 18, 2008
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    Seattle Area
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    Dave
    I completely agree. And add to that, I could teach my 14 year old how to disconnect the ODO sender
    on my 328. Makes me wonder why SO BLOODY MANY 3x8 cars have "37k, 39k, 42k" miles on them.
    I have a very sincere feeling that MANY - a majority - of these cars have an entirely dishonest mileage.
    And to those who cry CARFAX and State Mileage Registrations - there is NOTHING stopping a buyer of
    a 44,000 mile car only allowing the ODO to be connected a few weeks a year - the CARFAX and state
    records will then record a sale at 46,549 miles when in reality the car was driven 25,000 miles during
    that time.

    Just ranting. I am really sceptical of all the 'low mile' cars out there. Sure some i'm sure are legit,
    but I'm willing to bet that an awfully large number have 'on again, off again' ODO sender units just
    to keep the mileage down and the value up.


    Jedi
     
  3. Rifledriver

    Rifledriver Three Time F1 World Champ

    Apr 29, 2004
    34,097
    Austin TX
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    Brian Crall
    We got a 9 year old TR with 950 miles. It cost no more than any very clean TR at the time. We paid about 22% of what the original owner did and got a brand new car. We do not fear putting mileage on it. I don't understand why anyone would. Whatever patina it has is ours. It has been as perfect in every way as it would have If we got it new at the dealer. I have never done anything beyond routine scheduled service. I do this for a living. If cars are run and serviced they can easily go for many years with very few miles. Hanger queen stories are very overblown. I know of at least a hundred Ferraris in collections around the country, well maintained and driven very little that are quite capable of being driven cross country tomorrow.

    There are many poorly maintained cars out there, some are never driven, some are driven every day. The condition is not dictated by the odometer, it is dictated by the willingness of the owner to take care of it. I used to service a black/black 512M. The original owner sold it at about 12 or 13 years old. I bet I drove it more during servicing than the owner ever did. It sold with about 1500 miles on it. It was perfect because the owner maintained it like a bomber for SAC.
     
  4. mwct

    mwct Karting

    Oct 17, 2008
    166
    How do these ODO sender units work? I'm interested in knowing how they are supposed to prevent fraud (and why they fail).
     
  5. mwct

    mwct Karting

    Oct 17, 2008
    166
    On the flip side, what do you think is a realistic maximum mileage? I know Hondas and Nissans can routinely run for 200k+ miles but I would doubt a Ferrari engine would have the same longevity...
     
  6. Rifledriver

    Rifledriver Three Time F1 World Champ

    Apr 29, 2004
    34,097
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    Brian Crall
    #6 Rifledriver, Aug 11, 2009
    Last edited: Aug 11, 2009
    They do not prevent fraud, never intended to.

    You are just hearing the ranting of people who are mad because someone elses car has less mileage and is worth more than theirs. These threads are the second most popular at Fchat. Right behind the ones about timing belts started by people that dont want to have to actually spend money servicing their car.
     
  7. Jedi

    Jedi Moderator
    Moderator Lifetime Rossa Owner

    Mar 18, 2008
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    Dave
    #7 Jedi, Aug 11, 2009
    Last edited: Aug 11, 2009
    Ok here's a step by step:

    1. Buy a car with 33,000 miles. Record the sale with the state and record the mileage
    2. Disconnect the ODO sender for the next five years - drive 40,000 miles
    3. Reconnect the ODO sender - drive 5,000 miles over coming months
    4. List the car for sale with 38,000 miles

    When ACTUALLY, you DROVE 73,000 miles plus 5,000 miles = 78,000 miles total

    CARFAX and your state will just show 38,000. As long as it's MORE, no one would
    question it.

    And I'm of the opinion this happens a LOT with these cars. NO, NOT ME!!!!!! I revel
    in putting miles on my car (69,132 as of today - God only knows if it's not 169K given
    that there is NO WAY to know).

    The sender is very easy to disconnect - unlike 'modern' cars that have a computer
    that tracks mileage and cannot be easily tampered with.

    It's a shame, and I truly feel it's FAR more prevalent than most folks know... just my opinion.

    [EDIT] DO NOT take this as 'advice' on 'how to do this' - but OMG it's not ROCKET SCIENCE
    and I'm completely sure that there are a LOT of early Ferraris and other cars that have had this done.

    Jedi
     
  8. Rifledriver

    Rifledriver Three Time F1 World Champ

    Apr 29, 2004
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    A local has a TR with 225,000 miles. Never more than standard routine service. He called a few weeks ago looking for a new clutch, his 3rd.
     
  9. Jedi

    Jedi Moderator
    Moderator Lifetime Rossa Owner

    Mar 18, 2008
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    Dave
    LOVE stories like that!!! [although his ODO will only show 25,000 - hopefully the state records
    are accurate]

    Jedi
     
  10. mwct

    mwct Karting

    Oct 17, 2008
    166
    That is a shame. And one reason I am highly suspicious of low mileage cars with more than the usual wear and tear.

    A recent test drive I took was an Audi R8 with 3k miles. The tires had to be completely replaced before I could see it. And there was much wear and tear on the inside - nothing MAJOR that you could put a finger on (you can tell stuff like seat bolster wear, plastics that yellow, abrasion on soft-touch control surfaces, etc... there wasn't any of that). But I got the feeling right away that that car wasn't quite right. And I have been in a new Audi R8 before so I knew the difference. I had suspicions about that car all over, but never could quite place it. The thing is, theres a lot you can do to cover up minor blemishes in a car but in the end, a 20k car is still going to feel different from a 5k car. And this felt like a 20k car. Needless to say I passed on it.
     
  11. ddemuro

    ddemuro Formula 3

    Nov 16, 2006
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    Doug
    Part of it may be the exact opposite. If you're going to drive your car, but want to minimize the loss of value, wouldn't you rather buy a low-miler?

    Imagine it: you have the choice between a 3k mile 360 or a 30k mile 360. If you're going to drive it 30k miles over the next three years and then sell it, you're faced with selling a 33k mile 360 or a 60k mile 360. The latter is going to be hard to sell.

    That's why I'd look to buy a low mile Ferrari or anything for that matter. I'm a high-mileage driver and low mileage cars tend to hide my high-mileage driving habits.
     
  12. Rifledriver

    Rifledriver Three Time F1 World Champ

    Apr 29, 2004
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    Brian Crall
    There you go, applying logic. When will you ever learn?
     
  13. UroTrash

    UroTrash Three Time F1 World Champ
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    Jan 20, 2004
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    Clifford Gunboat
    I hear there's an outfit that can help you with that pesky high mileage odometer....
     
  14. Bullfighter

    Bullfighter Two Time F1 World Champ
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    Jan 26, 2005
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    Exactly.

    End of story, on both counts.
     
  15. SrfCity

    SrfCity F1 World Champ

    Just like a lot of other buyer's I'd prefer to get a deal on a low mileage car. That way I can put mileage on it, not worry and have fun getting everything working in harmony while driving. You might as well enjoy an F-car and drive it because you're going to lose money anyway. If you expect to minimize the hit, buying a low miler at a great price means more "reasonable" miles for you.
     
  16. Robie

    Robie Formula Junior

    Apr 26, 2008
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    C. Camillo Negroni
    I had a choice between an 02 with tan interior and 18K km and an 02 with black interior and 27K km. Same price. I think the decision was made on the basis of the red contrast stitching and leather shelf. Call me shallow.

    Car ran fine and had a new clutch, boom! end of story.
     
  17. Robie

    Robie Formula Junior

    Apr 26, 2008
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    Hsiang Kang
    Full Name:
    C. Camillo Negroni
    ...I went for the 27K car...
     
  18. donv

    donv Two Time F1 World Champ
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    I had a Mondial Cab with around 60k miles-- but the odometer had been replaced at 50k miles by a previous owner-- and documented, so I was fine with it. I think it showed around 10k miles when I sold it-- as a 60k mile car.

    After I sold the car, it was sold three times at Barrett-Jackson as a "low mile" car. How anyone with eyes thought it was a low mile car is beyond me, but whatever...
     
  19. AceMaster

    AceMaster Three Time F1 World Champ

    Feb 6, 2009
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    Couldn't have said it better myself. I don't see any low mileage owners complaining about other owners who put on too much mileage. It is every bit an individual's right to own a garage queen as it is for someone else to use their Ferrari as a daily driver. If a someone bought a Ferrari to park in his garage and never drive it, that's his business, just like it is the business of someone doing the opposite.
     
  20. Rifledriver

    Rifledriver Three Time F1 World Champ

    Apr 29, 2004
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    I don't think these conversations happen on Toyota Prius boards. You buy a car, you drive it, it depreciates. That applies to Ferrari, Ford and Toyota. Some people dont drive them much and from time to time somebody scores. Sometimes people do cheat on mileage and that happens on Ferrari Ford and Toyota too. I have been in the car business a long time and it happens to ordinary cars more because buyers do not scruitnize them anywhere near the degree Ferrari buyers scruitnize their purchases. We all grew up with the stories of the little old lady who only drove it to church on Sunday. It really does happen and it happens with these cars more often because so many belong to people with lots of cars and little time to use them. Our household has seven cars and 2 people to use them. Not at all uncommon but the people with cars that do get to drive them more and rack up a lot of miles somehow see that as unfair.

    Sheesh, get lives.
     
  21. Axecent

    Axecent Formula 3

    Oct 15, 2008
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    John
    didn't they make a movie about this?

    Bueller...bueller?
     
  22. AceMaster

    AceMaster Three Time F1 World Champ

    Feb 6, 2009
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    Mike
    +1
     
  23. GrayTA

    GrayTA F1 World Champ
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    Jun 25, 2006
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    PDG
    Some of you know that I just bought my first F-car. I picked it up two weeks ago (Whoo hoo!!!).

    In my search I didnt limit myself to a car with low mileage because I WANTED to know that it had been driven. I WANTED to know that someone else had wrung out some of the minor bugs that are going to happen with any car. I felt that I could get even get a better deal on a higher mileage car. I planned to drive it anyway. I feel that the miles are honest miles so no problems for me there.

    So, I bought my car with right at 64,000 miles and love it.


    PDG
     
  24. Neonzapper

    Neonzapper F1 Rookie

    Oct 19, 2008
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    Mykol
    I bought and maintain a low mileage car. It's my choice. Don't assume I bought my car for all of your reasons. I bought it for mine. Don't assume I didn't know timing belts need changing regardless of mileage. Don't assume low mileage cars just sit and are not driven.

    Instead of asking eachother about the illogic of buying a low mileage Ferrari, think about the "logic" of buying a Ferrari in the first place.

    Ask Newman why he wanted to spend years working on a car that he didn't drive until it was complete. Ask a cabinet maker why he would rather build a cabinet instead of putting cups in one. Ask someone why they would rather read the book than see the movie. Some people maintain their cars in areas where the weather gets rough on a car 6 months out of the year, etc.

    Cheers to all car lovers for all their reasons!
     
  25. J. Salmon

    J. Salmon F1 Rookie
    Owner

    Aug 27, 2005
    4,363
    VA
    When I sold my 512TR, I think it had 30ish k miles (I cannot remember exactly now). The car was really, really nice. I had more than one person tell me they would not buy the car at any price because of the miles - they simply would not buy such a high mileage car. One guy referred to it as a "bottom feeder", not fit for anyone but a guy without enough money to buy a proper car.

    Gershwin bought it. He later told me it was a bit nicer than some lower mileage cars. I am glad it went to someone who will appreciate it and keep it in the condition it deserves. And DRIVE it.
     

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