Value of 355 after an accident?

Greeting. I've followed F-chat for some time and I finally joined. I look forward to many discussion.

My question: How much does an accident affect the value of an F-car? Specifically, a very reputable local Mercedes dealer I have purchased from recently took a local trade, a 1999 F355 F1 Spider with ~8000 miles. Blue with beige interior. Maintained by FofW. Listed price of $99,000. Soon after getting it a dealer rep put it in a "ditch" on a test drive, evidently banging up the nose. They call it minor. It's off site being fixed now (I don't know where yet) - new front bumper, paint, and having the front end checked out. My wife and I actually saw it being pulled on the flat-bed truck after the accident (I thought it broke down), so from across the interstate at 65mph it didn't look too smashed. All cars get an occasional rock chip, curb scrape, or other minor blemish, but what does an accident with bent parts mean? Problems with repaired/fixed body parts and panels? Severe trouble reselling? It could be a great deal and it could be a huge liability. Thoughts?
Thanks.

 

Any crash will hurt resell value--how much?? anyones guess---I would say if it is cosmetic/paint damage versus metal/frame damage it shouldn't hurt the resell as bad..But they won't get $99K for it--especially now!!!!

 

Most people prefer cars that are closest to their "new-like" state. Once a car has incurred accident damage it is further away from that new state and therefore becomes less desirable. Even if you can't spot the damage, the mere knowledge of an accident associated with a car can be sufficient to reduce the value of that car.

Additionally, once a car has evidence of (repaired) accident damage people will often wonder how extensive that damage may be. Unfortunately, that can be difficult to assess without taking the whole car apart. It is that unknown damage factor that will further reduce a car's value. Evidence of paint work therefore makes a car harder to sell compared to a car that has no such evidence.

How much value the car actually loses will depend on various factors including but not limited to:
- Whether it has cosmetic/paint damage versus metal/frame damage as was stated earlier.
- How well the car was repaired. Detailed evidence of repairs at a reputable shop will help. (Obviously, if no original replacement parts were used, the body panels don't quite fit, the paint on the body panels does not match and body putty was used, then that would further hurt the car's value).
- How many other cars of the same model are still around. (The less, the better).
- And last but not least, whether the accident shows up on a CarFax report, because then the car's accident has become a publicly known fact.

 

I knew this was an opened ended question. Just wanted to get a few opinions. Ten years ago I had an NSX with a decent sized scratch that was very hard to see, so I left it there. That way I didn't have to explain body work. Someone will buy this 355 - and hopefully the history will be fully disclosed to buyers. The car mentioned is VIN: ZFFXR48A0X0115153 (as posted on the dealer site). I'm sure it will be fixed appropriately and someone will be very happy with it.

 

do you have a link to the website

 

Try this:

http://www.mcgeorge-mercedes.com/

 

thanks that car clean with no history is probably worth $85K in the wholesale market. the accident just brings it down to about $70K wholesale

 

They'll call me when it gets back and I'll take a close look and get more details.

 

If you want a blue and tan 355, there is a Fiorano in Atlanta. It's the only 6 speed Blue Fiorano. You can pick that one up for somewhere in the 90's. It hasn't had a 30K, but the body and interior is perfect. A Fiorano will hold it's value much better.
You can PM me and I'll give you more info since I've checked it out in person several times. I even made him an offer to trade my 97 blue and tan spider.

 

Someone needs to tell them it's not a Berlinetta. How do people get into the car business and not know anything about cars.

 

if anyone knows of a clean F1 spider around please let me know preferably titanium,.pozzi blue or black

 

Thanks for the PM offer, but I'm not quite ready to jump on one right now. Since this blue one was local it caught my eye, then I learned about the accident, so I wondered about value after accidents. See how bad they want to get out of it and I might get interested. I'd rather have a GTS or B, but who knows...

 

The dealer's website has not been updated as of yet. I doubt that they will disclose the damage (I have yet to meet a dealer who would). Most dealers prefer to play dumb when it comes to paint and bodywork. Anyway, thank you for sharing the VIN number and the story with us. This way, it won't be an F'chatter making the mistake of paying more for the car than it's really worth...

 

I think you guys are making too much of the incident. Accidents happen. If this looked like a light bumper bender with no substantial damage, then that's just what it is. It's not nothing, but I wouldn't look to hamer the value down.

However, that said, dealers like to represent they have perfect cars and that's why they sell at the price they do, so much higher than the private market. The effect on selling price should be more significant to the dealer than if offered by an individual. That would be a seller's expectation. The reality is that it is the same car and if it is repaired to stock or even better - some of these Ferrari body shops are super serious - then the loss in price should be minimal if anything.

 

A lot of people seem to make a big deal about paintwork and parts being replaced. But as these cars pass the 10 year old mark things start to change and the cars with new paint will start to be more valuable. With some old Ferraris maybe the value would be highter with original paint. With the more common ones like a 308,348,355 and soon to be 360; people buy ones that look nice. New paint looks nice if it's done right, and most Ferrari owners don't take their car to Joe Bob's paint and rib shack to get new paint.

Although a major accident will show up on Carfax and probably will be a big negative.

 

The correct way is to take many pictures before, during and after the repair was done and put them in an album with the receipts to show future owners what was damaged and how it was fixed. Start to finish. Not just before and after. This is especially important if it is listed on carfax.

Rodney Dickman

 

Not all dealers will deceive you I looked at a 360 at Ferrari of Atlanta and they were very open about a fender replacement. Having said that the car is still there 7 months later. I ended buying a 360 from them that had no stories. A car is only original once and an original car in excellent condition always has the highest value.

 

Do you know if the blue/tan fiorano is still available? Thanks.

 

Yes, the #38 Fiorano is still available. PM me if you want more info.

 

PM Sent. Please let me know ASAP. Thanks.

 

Ray, PM sent. Thanks. -J.