And Mecum isn't exactly the best auctioneer for Ferrari. Mecum, in March, in Phoenix. A week or so after Amelia Island. Not a propitious setup for high dollar yields.
I don't understand people who sell a valuable collector car at auction. No doubt the seller is disappointed with the #'s. If a broker was consulted to move the car, it is not a problem to decline an unrealistic offer. An owner in another section had a last minute auction flip-flop where the car was incorrectly considered non-matching. It was assumed the rear axle was non-matching (this information was not correct). The owner changed the car at the last minute, to no-reserve. The last minute changes spooked a number of buyers. You are stuck with the settlement check after the hammer falls.
The other 575s that sold all had similar miles around 15k. This 99 sold at a similar price but with 50k miles. Interesting. Image Unavailable, Please Login Sent from my iPad using Tapatalk
FYI That looks like a euro. A euro carries a stigma with some buyers and lenders often balk. In addition, at times some snooty F dealers will not turn a wrench on the car.
A few other things - one, according to that, only one of those cars sold and we have no detailed idea what kind of history that car has. I looked it up and it says major done at 14xxx miles, not when. Interior looks a little rough...not bedraggled, but...I'm not thinking this car has been loved all that much. My point about the others not selling is that it is encouraging to see the owners not biting at those low bids. Two, they are all grey or silver cars, and we know how some people are about Ferrari colors. Three, a lot of people (me included) are not into the idea of buying a Ferrari at auction, excluding Enzo era cars and the like. Dealers don't necessarily like having them on their lots because they can be tough to sell. The people who will impulse buy often can't afford them and the serious buyers ask "too many" questions and want PPIs, etc of course. Finally, Mecum and BJ have a pretty good history of poor Ferrari results.
Even look on ebay it seems most of the maranellos for sale are gray/silver/black/blue very rarely do you see a red or yellow one for sale. I don't know the breakdowns of maranello colors but it definitely seems like 1 model where red and yellow are the minorities.
Yep, I think the silver and grey cars especially get hit pretty hard. Seem to be quite a few of those. Shame honestly as I think the car looks fantastic in grey. It looks fantastic in ANY color, really.
You’re right the earliest f1 system ever put in a v12 will never be desirable especially since every Ferrari made today comes with a non manual transmission. The very earliest form of this transmission that was put in just a few cars will never be desirable, ever. Did you have the same thoughts about 246 dinos when they were $100k 15 years ago as wel bc they made less 575s than those....
I don't really see people clamoring to get their hands on Commodore 64s. Sure, there is a devout group of enthusiasts but it's not a market shifting phenomenon. That's the problem too with technology and cars: we are still at the point where computers and "cutting edge" electronics are going to kill long term maintenance on cars that survive. All of these Mercedes, Audi, etc. with full LCD/digital/touchpad clusters are going to be nightmares. Ultimately I think the biggest problem with the 575 version of the F1 is that it shifts rather slow compared to modern ones... even the 599's version is much snappier. Despite the power difference, the 550 was more engaging to drive IMO. The overall beauty of the 575 and stylish interior are what have kept the prices up even to what they are, and they have not dropped as low as GT competitors such as the Vanquish or various MB AMGs... But I see no justification for a 575 F1 to be asking $110-125k when that is now 599 money, other than looks. look at the price difference between automatic 456 and manuals and I think that's kind of what you're going to continue to see with 575. I think manual 575 will probably bounce up even a little higher, may be closer to $300k in the long term. Aside from the Scuderia/16M I don't think 430 F1 is a collector buy and hold, either. Manuals sure, although the 430 is rather touchy to drive in manual. I remember going to test drive a 550 a long time ago with Darth at fast cars it was a titanium on blue and I think they were trying to get rid of it for $73k. This was before the recent mania (last 5 years) for late manual Ferraris and Lambos. Funny you mention the 246, I didn't really see the burst over 300 being predictable. I think I remember seeing them between 55 and 70,000 when I first got into Ferraris. But what they have is a pure and simple driving experience, and being mechanical that can be worked on almost indefinitely. I suppose you could say in a way it is akin to the massive jump in early air-cooled 911s. That same pure, mechanical and relatively direct driver engagement.
You may be right, you may be wrong, nobody has a crystal ball. I'll tell you think though, im 33 and bought my 575 when I was 31. I used to attend a cars and coffee in miami when I lived there and there was another 575 owner and he was 33 as well and a 550 owner who was 29! So if that says anything, I don't know, but as I've said many times in the past, most guys are age are nowhere near financially stable enough to buy or maintain one of these cars bc of things like student debt, mortgages,weddings,etc but guys in that age range, this + the diablo + the murcielago were the supercars of our teenage years. Obviously today there's a ton of cars with endless performance, but real car lovers go back and buy what they loved as kids and we really didn't have that much in the late 90s and early 2000s. My dad has a whole warehouse of old muscle cars and mercedes from his youth. Do I think a mercedes 6.9 is cool? Not at all my dad thinks its the coolest thing ever made, same with most of his old cars. What Im saying is just bc you personally don't think that, nobody thought air cooled porsche's or the 246 dino would ever blow up, hell even in a 2003 dupont registry i found in my bedroom at parents house, a 365 GTB was just a hair over $100k then. As men age, they go back and buy childhood dreams, this has happened for a long time, there's no reason to think that trend will change, its just a matter now of it takes longer for men to be able to buy one bc of all the student debt + mortgage + wedding bills most young guys have to pay first. These are great cars, and maybe not rare in the context of ferrari the brand, but actually pretty rare in the context of modern day ferraris. They made wayyyyy more 360's,430's,458's, etc. Even the 599,F12,812 are better cars, but they just don't have that look that ties modern performance with classical beauty of the early ferraris like a 250 gto or a 275 gtb. The 550/575 is really the only car that is the best of both worlds. Trends change, tastes change, enthusiasts usually appreciate early technology, my dad think its so cool how his mercedes 6.9 lifts up when you start it, that first of a kind self leveling air suspension it has......the 575 with its first of a kind F1 technology in only about 1700 of the 575 made, and made 450 or so of the ones in the US, that technology came straight from the desires of the best engineers and race cars drivers of the time......today people think its meh, as an owner, its actually quite cool, and down the road enthusiasts will probably appreciate early F1 systems in the 355 and 575 for the contributions they made to the current transmission Ferrari's have. Without these early test cars, we don't have the DCT that exists today. I have an 812 and its spectacular, but to be honest, the shifting is too smooth and good, the F1 system really makes you feel like you're shifting, it throws you back in your seat, you know you switched gears. The 812 honestly shifts as smooth as a rolls royce i had a little while back, amazing car the 812 is, just not sure I enjoy my Ferrari being "smooth" after all you're in a race car, you want that rough feeling.
The 50K miler is a 550, so manual. Supports the view that a 550 is more valuable than a 575F1, presumably because of the manual box, even in the USA where all but a very few new cars are sold with autoboxes, so most of you have forgotten how to change gear for yourselves. On the 246 front, interesting to see that in the recent round of auctions, some of the best Dinos were selling for the same as (apparently nice) Daytonas.
There are 42 listings for 575M's on Auto Trader, with the usual duplication for sponsored results, about a half dozen of which are Superamericas. Plenty of reds, and some of the asks are now below $100K. Frankly, I never thought they'd get this low, so now I'm very tempted to get one. Weirdly, they are lower than similar spec 612 OTO's! 599's are also coming down, so those are in range for me now too. If it weren't for the strange shocks and their problems I'd be hot for one of them. It's a great time to be a buyer, but the choices are also dizzying. Oh yeah, early FF's are also lower than late 612 OTO's! I'm just waiting for the must have spec to pop up in any one of at least four models now.
I don't even like the superamerica looks wise but this one looks like a complete steal on autotrader at least vs what others are asking, not sure what recent ones really trade hands at but i know a manual one got $900k recently cool car for $240k and low miles https://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?listingId=475923210&zip=33139&referrer=%2Fcars-for-sale%2Fsearchresults.xhtml%3Fzip%3D33139%26sortBy%3Drelevance%26incremental%3Dall%26firstRecord%3D0%26marketExtension%3Don%26modelCodeList%3D575M%26makeCodeList%3DFER%26searchRadius%3D0&numRecords=25&firstRecord=0&modelCodeList=575M&makeCodeList=FER&searchRadius=0&makeCode1=FER&modelCode1=575M&digitalRetail=true&clickType=listing
575s were never that strong despite the marshall goldman of the world jacking up asking prices to try to chase the 550 mkt
I've been watching 575 prices almost daily for the last year since I've been thinking of getting one. I'm not the market but I think they're overpriced right now. I barely see any sell and the ones that do are at quite a low price. Some I've been watching for a full year. There was one at a McLaren dealer in Philadelphia that had competition seats and they eventually lowered the price to 87k and then it sold, not sure for how much, though. I can only speak for myself but if a 575 F1 is in the low 100s, I'd rather get a 599 for 130-150k. Will be interesting to see where the market takes them.
Bottom line is the market is what a buyer and seller are willing to commit to right now. People ask all kinds of crazy numbers and that is not the market. At some point a buyer wants it bad enough or a seller wants to unload it.
Same here, with the UK market. I've been watching for around 18 months. Many of the same cars still there, many taken off then put back on. Only those sensibly priced are actually selling. Obviously we have our own special set of economic hurdles right now in the UK. My take on this is for the UK market:- A very high percentage of the Maranello market in the UK is sale or return, very little seems to be actual dealer stock. Many of these cars are most likely owned outright (i.e. no finance) by their owners who are not in need of the capital unless someone offers the right price, "their" right price. If no one does, they are happy to let it sit. Buyers (me) are looking at some of these asking prices and we know they are no longer realistic, but we know it's a waste of time putting in what we consider a "market" offer for the reason above. Therefore we end up with a non market and lots of dealers "storing" SoR stock and selling very little. Auctions:- Like many others here I simply don't understand why you'd chose to sell at auction unless forced. I would certainly not buy at auction. I assume Maranello's being sold at auctions (forced sales) are due to the seller needing the cash, and fast. Otherwise why would you? Maybe estate sales could be included there also with the beneficiaries not being inclined to deal with brokers/dealers. There's an article on the BBC news website about the classic car market, interestingly about a dealer in New York. https://www.bbc.co.uk/news/business-47525435
