Update on the $69k 575m

As some of you may remember, I purchased a nero/nero 2004 575 F1 on BaT last November. At the time, it was one of the cheapest 575s purchased and there were questions about the wisdom of the purchase. The car was delivered in December, but had to go straight into storage for the long Vermont winter and for some TLC with the mechanic.

I thought I’d give a bit of an update.

Over the winter, I was able to do some further research into the history of the car. The previous owner was a prominent real estate developer in Miami. I tracked down his email and sent a note, asking some basics about the car history. I got a terse response from the owner saying that the car was one of 39 in his collection and he had no recollection of the car except that it was one of a bunch of cars he sold a year or two earlier. The car was first sold to Gullwing up in NY and they transferred it to DriverSource in Houston, who put it on BaT.

I still scratch my head a bit at the BaT auction. I put in the bid at $69k – the first and still only time I have ever bid on a car on BaT - I didn't think my bid would meet the reserve. Fortunately, I have a very wonderful and understanding wife. (-;

My shop did a once over on the car and pulled together a list of items that needed to be addressed. Most issues were pretty much expected – belts, hoses, etc. A few were not expected, but not hugely surprising – we needed to replace a number of components on the front suspension. There were some pleasant surprises too – clutch is at 88%, brakes are great, tires are old, but good enough for at least a season, possibly two.

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I had been hoping to have the work done on the car in early May, but delays in getting parts along with a flood in the shop, meant that I did not pick it up until last week. Since then, I have put about 300 miles on it, getting to know the car and taking friends/family for spins. So far, I have been totally thrilled with the car – this is my first Ferrari and like many on this forum, it is the fulfillment of a lifelong dream. A highlight was taking my 80-year-old father for a spin this weekend – he is a total car nut and was thrilled to ride in his kid’s Ferrari.

The car is in great driving condition – the ride, engine and handling are all fantastic. I can totally see how and why some folks daily drive these cars. So far, I am liking the F1 transmission.

There are some issues – a rattle in the bell housing from 2500-3000 rpm, it needs a new stereo and there are some minor cosmetics. I am also debating getting some aftermarket rims for fear of damaging the eye-wateringly valuable modulars on our crappy VT roads. Down the road an aftermarket exhaust may be in the cards.

Originally, I was lukewarm on the black color, but now I love it. I love the subtle, menacing look. I love the fact that it pretty much flies under the radar screen here in the People’s Republic of Vermont. The only downside is it also definitely shows the dust, pollen and dirt that are part of life in northern New England.

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I am hoping to do some longer drives over the course of the summer, but some post-COVID family travel and dropping our daughter off at college mean that free weekends will be somewhat scarce until late August. In the meantime, it will be mostly early evening jaunts through the Green Mountains.

I want to say how much I am learning from this forum and having fun seeing what other owners are up to. Thank you for sharing all your knowledge and passion – I really appreciate being part of the community!

 

Congratulations on a good catch. Looks beautiful.

 

I absolutely LOVE these types of posts!

Neither my dad or stepdad were car guys so I’m super excited for you to have that kind of fun and of course jealous.

looking forward to hearing and seeing more as the miles get added on!

 

"A highlight was taking my 80-year-old father for a spin this weekend – he is a total car nut and was thrilled to ride in his kid’s Ferrari."

For the win.

Good for you, and congratulations.

 

Steve- She looks great and I know you will really enjoy owning her.

 

Congratulations. My original radio does not work and I do not care. Enjoy


Looks sharp.

 

congrats..welcome

 

She's a beauty ,, and the car is nice also.... you really lucked out on the price, and that yo didn't get killed with repairs..... i had wanted to write something about the bidding on BaT, it just takes 2 guys at the end to bid the price up, otherwise the majority of the bidders drop out at a reasonable level,, so in your case , the other guy wasn't there

i think we wrote something before re the British Invasion ,, i expect to be there in Sept ...

 

Thanks for update, really pleased you’re loving the car and looks as if you’ve got yourself a real bargain!

J

 

Congratulations, great pick-up, even better the car has found a true owner and home!

 

Great post. Glad everything is working out. I too recently purchased my first Ferrari. It’s a great feeling, isn’t it?

 

Fantastic car and great story Steve . I'd say you just need to tell your daughter to pack light and drop her off at college in the 575!

 

Thanks- the repairs were not cheap, but I think I am coming out ok.

On the British Invasion - super excited to see it happening this year. Give a shout - would be great to meet up in Stowe.

 

It is a wonderful feeling. I suspect like a lot of us, I had posters on my wall - in my case the 288GTO and the Testarossa (child of the 80s). I keenly remember riding in sister's best friend's father's corsa 308 in first grade. I even wrote my college application essay about seeing a 1962 250GTO at the New Hope Auto Show when I was 10 (perhaps a small miracle that I was accepted to college!).

It was a long, winding and wonderful journey, but I am so glad I got here. Fulfillment of a lifelong dream, for sure.

 

You raise an interesting point, there's more to the car (s) than meets the eye, MY car is in the shop and i have to say , i miss seeing it when i go into the garage, I have to say, i would always get a smile when i saw it there, and i miss it. The shop is always backed up, cars go in and hardly come out.
Anyway, i hope i get mine back soon.

 

Old tires are NOT good for a season, much less two.

 

I'm so glad you got to do that! My dad passed away 9 years ago, and I only got the F355 last fall, so it's something I wasn't able to do. I'm sure my dad would have been happy for me.

 

Dad got a ride in the Dino, the Daytona, the Fiat Dino, and the 308 GTS, but died the same month 135171 was built.

 

Great story Steve. You are lucky to be able to share with your Dad.
Enjoy!

 

Hi Steve.
What a great story! It is hard to understand why a guy sells a car like this at a price that low. It looks absolutely in a superb condition. Just use it!! It will make your life better. I put on soon 90.000kms. on my 550 during my first eight years of ownership. You can always look into the future, but you can’t do the past all over again... Keep us informed and updated of it goes. No question about who is the right owner. The guy in Miami did the right thing and give it away to someone who got to apprechiate it!
Erik

 

Congratulations on your first Ferrari and finding a nice 575M. Enjoy the ride!

 

Erik - Your travels around Europe in your 550 are real inspiration! I love the updates.

So far, I've managed to put about 1000km (650miles) on it and am really enjoying it. Today, my wife and I took it for a jaunt through the mountains over to Stowe to have lunch at the weekly farmers market and buy some wine - a lovely way to spend a summer Sunday afternoon.
Best,
Steve

 

Thanks. Yes that sound like a great way to exercise her/him/it!! Post some photos. My car is in south of France and I am in Norway and Sweden. I am driving around in my 2002 XK8. Much quieter and I like it (might be a sign of becoming older!?!), but will pick up the 550 some time before it is too hot down there. Wish you a very happy summer!