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Value of Low Mileage

Discussion in 'United Kingdom' started by KenC, Feb 6, 2004.

  1. KenC

    KenC Formula 3

    Dec 7, 2003
    2,120
    Kent, UK
    Full Name:
    Ken
    All Fcars selling at main dealers have less than average mileages and Glass's guide allows in the region of 7k p.a. for the prices they quote. Does anyone have experience of the value of lower than average mileages? In my case I have been offered a 360M registered on 1/1/03 with only 700 miles on the clock. I would like to know what price premium this is likely to attract.

    Any thoughts would be appreciated.
     
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  3. 360CS

    360CS F1 Rookie

    Nov 1, 2003
    2,641
    Kent
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    Joe J
    #2 360CS, Feb 6, 2004
    Last edited by a moderator: Sep 7, 2017
    Hi Ken,

    This is a very good question, I personally think that the mileage does not add or detract the value unless its seroiously excessive.

    The value of cars ive checked at main Dealers such as Marenallos etc seem to be priced in a bracket up to an average milage of 5-7k per annum...below this doesnt seem to make any odds.

    The prices tend to be same on say 03 car with 2-5k to a 02 with 4-7k on the clock.

    What id say is, that the saleman who sold me my car said invest a little more and get the Spider, it will depreciate less than the Coupe, despite a little higher mileage I hope hes right.

    Not sure if this helps......

    Joe
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  4. KenC

    KenC Formula 3

    Dec 7, 2003
    2,120
    Kent, UK
    Full Name:
    Ken
    Thanks - I guess my question should be posed differently then. Are main dealer prices that are well over Glass's retail prices justified (low mileage or not)? Or put another way, is Glass's to be trusted?

    This is my first Fcar purchase and I would be nervous about buying from other than a main dealer. Will I pay the penalty in a couple of years time by finding that my low mileage example only attracts buyers at trade price? In the case of the 360M there is £10k between trade and retail so a purchase at retail plus say £5k leaves you £15k down immediately, never mind ongoing depreciation which will only add to the cost.

    Do you generally get a (large?) discount from screen price if you haggle hard enough?

    Don't get me wrong - a dealer should make a profit, but I don't like being taken for a ride.

    Ken
     
  5. 360CS

    360CS F1 Rookie

    Nov 1, 2003
    2,641
    Kent
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    Joe J

    Ken,

    These cars can demand premium prices from main dealers such as Maranellos HR Owen and others, its a bit different than going in to buy say a Merc, BMW.

    Take the 360 Spider, new cost 109k i paid 118k as the cars are demanding the premium over list due to availablity.

    However im also told that Dealers are not allowed to sell a new car more than list price, hence the reason dealers luv to sell secondhand nearly new Fcars as they can demand the over list value without penalty.

    The cheapest way to buy an Fcar has to be new, hold for 6 months and sell both you and the Dealer win by applying the premium price, however this only applys to the models currently most sort after.

    Thats why I may sell my Spider in May and buy another.



    Good luck and happy hunting....nice 360CS at Meridien at mo 145k 650 miles I believe a reasonable investment as the cars a sort after.

    Joe
     
  6. KenC

    KenC Formula 3

    Dec 7, 2003
    2,120
    Kent, UK
    Full Name:
    Ken
    Joe,

    Thanks again for sharing your experience. In the next 12 hours I will have made my mind up between the low mileage example, available immediately, and a new one for September. I have swayed between the two almost on a daily basis this week, but was concluding that waiting would pay dividends financially. Still, who said buying a Ferarri was a rational choice?

    Having said that your comments endorse the way I am currently thinking - to bide my time and enjoy the anticipation.

    Time for another restless night coming to my final decision.

    Thanks again.

    Ken
     
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  8. 360CS

    360CS F1 Rookie

    Nov 1, 2003
    2,641
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    #6 360CS, Feb 6, 2004
    Last edited by a moderator: Sep 7, 2017
    Ken,

    Post some pics when you get the new Fcar, and dont forget to come down to the Lion in Farningham on the 5th of every month Fcar club meeting, with or without the car.

    See you soon and the pics..Im sure you are making the right choice.

    All the best


    Joe
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  9. robinh

    robinh Formula Junior

    Jan 3, 2004
    622
    Cambridgeshire, Engl
    Full Name:
    Robin
    For my money I would buy a car pivately with a proveble history. It's easy to check if all of the services have been done and to find out what work has been done under warrenty. The front bumper of the 360 tends to get repainted due to stone chips so check this is ok. I doesn't have to have been done by an F-car paint shop but the seller should be honest about it.

    If the car is in warrenty it will be whether it came to you via an F-car dealer or not. It's a good idea to get it checked over (as with any car) before parting with cash and if it's a private sale you can be there while they do it, get to look under the car etc.

    I did nearl 10k miles in my 360 last year and at 3 years old sold it with 26k miles on the clock. It made very little difference to the price as the car still looked great when I sold it, in fact better than many newer and lower milage cars the dealer had (perhaps down to the polish I used).
     
  10. 360CS

    360CS F1 Rookie

    Nov 1, 2003
    2,641
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    Joe J

    Forgive my rudeness Robin,

    Did you make on the sale/Breakeven or lose when you parted company with the car??

    Of coarse you dont have to reveal such sensitive info....but it may help to put some scope on resale values of the 360m...



    regards


    Joe
     
  11. KenC

    KenC Formula 3

    Dec 7, 2003
    2,120
    Kent, UK
    Full Name:
    Ken
    Joe,

    The deed is done. I have paid my deposit for a new 360M which will be registered in September.

    So no pictures for the time being, but I'm sure one red 360 looks any other.

    I did turn up at the K1 meet last Sunday for a nosey, but I was in my Lotus Elise, so didn't feel confident enough to approach too many people and didn't stay for a drink.

    All those, mostly red, Ferarris made a tremendous sight.

    The excitement starts now.

    Ken



     
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  13. 360CS

    360CS F1 Rookie

    Nov 1, 2003
    2,641
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    Well done Ken,

    Large Congrats

    Im sure youve done the right thing, which spec have you gone foe ie nero? stitching etc.

    well next meeting is the 5th March at Lion in Farningham come along and see us for a beer..

    You must be one exited man???? I know I was..

    Joe
     
  14. robinh

    robinh Formula Junior

    Jan 3, 2004
    622
    Cambridgeshire, Engl
    Full Name:
    Robin
    Made a loss - don't all cars! We pay for the things we enjoy whatever they are
     
  15. KenC

    KenC Formula 3

    Dec 7, 2003
    2,120
    Kent, UK
    Full Name:
    Ken
    Yes, very excited. Fully intend to start to mix at meetings now that I can hold my head high amongst Fcar owners. I will check my diary for 5 March. I work in West Malling so Farningham is on my way home.

    I hope to meet other forum members there.

    I will definately have nero leatehr and carpets. Not sure whether my budget will stretch to the other nice but expensive extras. I like the red calipers and shields but together they are well in excess of £1k, so perhaps not.

    Ken

    Ken
     
  16. paul360m

    paul360m Karting

    Jan 8, 2004
    53
    Nr Heathrow
    Full Name:
    Paul
    Hi Ken

    We meet in YET another car forum!!!

    Good luck with the car & do hope to meet you - at a Ferrari OR Lotus meet!

    Cheers

    paul
     
  17. Texas Forever

    Texas Forever Four Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    44,483
    Texas!
    Hi, question from the States. What is the Glass guide? Is it kinda like the NADA?

    Thx. DrTax
     
  18. 360CS

    360CS F1 Rookie

    Nov 1, 2003
    2,641
    Kent
    Full Name:
    Joe J

    Hi Doc

    Well its like a book with all the models etc and its used by the trade as a guide to a cars worth ie Trade/Retail. etc.....

    not sure what NADA is????...similar i guess..


    All the best


    Joe
     
  19. Texas Forever

    Texas Forever Four Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    44,483
    Texas!
    Joe, NADA stands for "National Automotive Dealers Association." Here is their website

    http://www.nada.com/

    They are not the only starfish in the sea, but many used car dealers use them.

    Is the Glass guide available on the Web, or is it strictly a subscription pub?

    Many thanks, DrTax

     
  20. KenC

    KenC Formula 3

    Dec 7, 2003
    2,120
    Kent, UK
    Full Name:
    Ken
    Paul,

    Yes, looks like we need to meet as we not only have similar tastes in cars but similar internet habits. Perhaps we will also communicate on an M3 forum!My Elise is sold, but still in my garage until Saturday, so I will not be attending any Lotus meets. Would welcome the chance to meet up to see your 360 though. Mine will not be on the road until September.

    Ken
     
  21. TRACKMIESTER

    TRACKMIESTER Rookie

    Feb 7, 2004
    5
    Hi all

    Can I just put over a comment regarding Glasses Guide and exotic cars (this is from experience of selling Ferrari, aston and Lotus etc)...Glasses Guide is a complete and utter waste of time when valueing these cars.the way we used to value them is to decide what we could ask retail, deduct a generous amount for preperation for sale (service, belts, whatever) then deduct a profit margin........leaving a trade value.

    You will find most sellers of these cars will operate in this way when buying a car for resale or taking a car in p/ex they will retail again.

    Glasses Guide would be in some cases tens of thousands of £££ss wrong on some models.

    Regards

    Matt
     
  22. gts328uk

    gts328uk Karting

    Nov 26, 2003
    122
    Yorkshire, UK
    Full Name:
    Mark
    I agree with Trackmiester that is my experience also.

    mark
     

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