Valuing a High Mileage 550 | Page 5 | FerrariChat

Valuing a High Mileage 550

Discussion in '456/550/575' started by Texas Forever, Feb 5, 2024.

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  1. wbklink

    wbklink F1 Rookie
    Silver Subscribed

    Sep 2, 2009
    3,342
    Los Angeles
    Full Name:
    Bill Karp
     
  2. NE550

    NE550 Formula Junior

    Mar 23, 2017
    424
    Omaha, NE
    Full Name:
    Dave
    Did it myself. BaT was straightforward enough to work with and the auction specialist they assigned to me was pretty helpful and they guide you through the whole process of getting the auction ready to go (photos & videos uploaded, write-up drafts edited and finalized, etc). But it was a lot of time and prep work to put everything together, from cleaning/prepping the car, to getting a photo shoot set up (I used a good friend who's a decent amateur photographer), to shooting videos (took me three attempts on three different days to get one decent driving video), and just making sure there weren't any loose ends with the title, paperwork, etc. All in all, a good experience.
     
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  3. wbklink

    wbklink F1 Rookie
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    Sep 2, 2009
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    Bill Karp
    I would never be able to put my car at auction .... My car is a very personal thing so I would want to go to somebody in our community if not it will just stay here with me !
     
  4. NE550

    NE550 Formula Junior

    Mar 23, 2017
    424
    Omaha, NE
    Full Name:
    Dave
    At just over 27k miles, my 550 is approaching the range of high(ish) mileage. In Ferrari world, 30k seems to be the threshold for that. Anyway, a car like a Maranello can be difficult to find a local buyer if you live away from a major metropolitan area like I do, as there just aren't as many buyers with the wherewithal to put into an exotic six-figure car. With decent Maranellos right at or exceeding $200k these days (and even good driver-quality examples getting up there), the buyer pool shrinks. An online venue like BaT at least provides a well-managed outlet with global reach to sell a high-end car. But I do get what you're saying. To each his/her own.
     
  5. Ferrari55whoa

    Ferrari55whoa F1 Rookie
    Owner Rossa Subscribed

    Dec 21, 2005
    2,797
    Los Gatos, CA
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    Eric
    Let’s be frank….it also feels so good for the buyer to meet and shake hands and see the prior owner and from the sellers perspective it’s the best knowing (or at least hoping) the next guy will love and adore and use it as you have.
    That’s always the dream. It’s delightful when it’s the reality.
    Your car is delightful and you are the perfect dream of a prior owner.
     
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  6. 308 GTB

    308 GTB F1 World Champ
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    Feb 7, 2002
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    Barry Wolinsky
    Your engine isn't even broken in yet, Dave. :D
     
  7. 308 GTB

    308 GTB F1 World Champ
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    Feb 7, 2002
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    That was precisely the experience both I and my 550's previous owner have, Eric. We both tracked our 550s extensively and graduated to F355 Challenge ownership to hone our skills.

    One important modification the previous owner made was to put a 1 centimeter spacer under the brake pedal...


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    ...to allow for safe and effective heel and toe (more correctly, outer sole-inner sole).
     
  8. 308 GTB

    308 GTB F1 World Champ
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    Feb 7, 2002
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    Well how do you like that?! I found pictures of the 550 and our F355 Challenge cars together at Pocono Raceway back in 2014...


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    My 550 is always standing by for track duty should I need it...


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  9. Robbe

    Robbe Formula Junior

    Aug 22, 2013
    616
    The Netherlands
    Is the market in Europe so much different, that prices are at least 25% lower? Any ideas?
     
  10. JohnnyRay

    JohnnyRay F1 Rookie
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    Nov 2, 2014
    3,014
    Central FL/NW WI
    This car, if I read it correctly, has the equivalent of 61K miles on it, which would be regarded as very high in the US. It also has been cosmetically modified - no black paint on the front air dam and apparently polished wheels. It also looks like some custom upholstery work on the interior. Depending on service history, it could be a low cost option to put a Maranello in the garage though.

    I think to further answer your question regarding European market values, there seems to be more evidence of corrosion there...particularly on UK vehicles. Tough climate! Shipping to the US is expensive these days as well...making it tough to be attractive to the North American market.
     
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  11. Robbe

    Robbe Formula Junior

    Aug 22, 2013
    616
    The Netherlands
    Ok, thanks for your thoughts on it. This car is the cheapest in Europe, nr 2 is in Switzerland, like 10% more expensive. But as Switzerland is no European Community, importing it into the EU means one has to pay VAT (often 20% ) over the total price, making that car expensive.
    Nr 3 in Europe already is like 100k euro, still lower than the US...
    So maybe it a combination of a car that does not hold up in person to the nice pics and the costs of exporting and shipping...
     
  12. Melvok

    Melvok F1 World Champ
    Owner Silver Subscribed

    Jul 25, 2008
    14,161
    Amersfoort, The Netherlands, Europe.
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    Mel
    Lijkt me een prima auto Robbe !
     
  13. Vilhuer

    Vilhuer Karting

    Aug 3, 2008
    130
    Helsinki, Finland
    Realistic bottom for asking prices in EU is 120k euros. Anything below it has serious issues. What cars sell in reality can be lower if seller really wants to sell. Many currently available options were already available two years ago. Same cars stay listed forever. If USA prices keep going up eventually it makes sense to empty Europe at current price level. But if exports start to happen in scale its likely sellers just raise asking prices and same no actual sales situation returns.
     
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  14. Texas Forever

    Texas Forever Seven Time F1 World Champ
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    Apr 28, 2003
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    Texas!
  15. 308 GTB

    308 GTB F1 World Champ
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  16. Texas Forever

    Texas Forever Seven Time F1 World Champ
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    Apr 28, 2003
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    Texas!
    Rub it in, dude. I'll be rejoining the fraternity of the truly insane soon. I remember driving my 550 on the old Texas Speedway many years ago. I would dive off the old front speedway to bottom out and then do a left sweeper. T3 was a hard right hander. The option was a concrete wall. I'm sure @RobLay can chime in. In a Shark, the ABS would be doing the dirty boogie, but that wall kept getting bigger and bigger. Somehow I made it.

    Those days are gone. Thank goodness.
     
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  17. 308 GTB

    308 GTB F1 World Champ
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    ^

    I know the feeling. After many bottoming outs, I had to replace the broken undertray vents with this hardware cloth assembly...


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    I still bottom out occasionally on the streets but that assembly can take a licking. It's also comes in handy as an inspection port to see if my motor mounts have to be replaced.

    I'm hoping you rejoin the fraternity soon, Dale.

    Barry
     
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  18. Texas Forever

    Texas Forever Seven Time F1 World Champ
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    Texas!
    Soon.
     
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  19. 308 GTB

    308 GTB F1 World Champ
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    :)
     
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  20. BarthVader

    BarthVader Rookie

    Sep 19, 2021
    36
    South Carolina
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  21. Texas Forever

    Texas Forever Seven Time F1 World Champ
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    Apr 28, 2003
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    Texas!
    Uh oh. I hope you have something minor wrong with the car, like a check engine light. It is bad luck to have everything working in a Ferrari.
     
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  22. NE550

    NE550 Formula Junior

    Mar 23, 2017
    424
    Omaha, NE
    Full Name:
    Dave
    Only in Ferrari World is 30k considered "high mileage." Lol.
     
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  23. Texas Forever

    Texas Forever Seven Time F1 World Champ
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    Apr 28, 2003
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    Well, if I recall correctly, 550s only had a one-year warranty. Ferrari never meant for these cars to last that long.
     

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