What to do with a damaged 550... (parts, sale for rebuild, etc...)

Discussion in '456/550/575' started by Schultzois, Mar 13, 2018.

  1. Schultzois

    Schultzois Formula Junior

    Jun 22, 2004
    879
    Hi FChat community ~

    I used to be on here a bit more than a decade ago. Most of the people I knew were in the NYC area, where I had a 2001 550 from 2001 until 2005. I then proceeded to drive this same 550 down to Florida, across to CA in 2006, up to OR a bit after that, and eventually to WA, where she spent most of the time garaged and well looked after.

    Unfortunately, I had a recent mishap in my 17 year old single owner 550, and the repair estimate is well beyond reasonable repair, even though the damage "didn't look that bad." This has to do with cost of sourcing replacement parts, which even for a few things can quickly add up to the value of the car. I am now left with a 550 that I know has some value in parts (or may even be of value to someone who wants to rebuild but doesn't care about replacing everything with new-quality replacements), and I will admit that I didn't expect to be in the position of trying to evaluate the best way to recover value.

    And so I turn to the FChat community to learn if you know who can best manage the salvaging of parts, which I expect is where the most value can be recovered here. As a longer shot, maybe a 550 that's in otherwise pretty good mechanical shape but has had a number of body panels damaged is of value to someone to rebuild as a track car or something. Again, though, I'm not sure where to start looking when it comes to that.

    Vehicle is in Tacoma presently. Advice welcome either in this thread or via PM. Thanks.
     
  2. fatbillybob

    fatbillybob F1 World Champ
    Owner Consultant

    Aug 10, 2002
    15,196
    socal
    Well these cars total easily. Parts are awesome expensive. I owned 2 -550's at one time and considered making a racecar out of one. The problem was the cost of a fender or a motor considered disposable items for racers like me. Even doing the work myself including welding my own cage which I have done many times before the 550 racecar was daunting because of cost. So I sold one 550 and kept the other as a streetcar. It is also best to sell the car complete as is than try to part it yourself. The 1st 1/3 will sell fast and the next 1/3 will take a decade and you will never be able to sell the last 1/3rd. Post up some pictures....
     
    rubenpadron likes this.
  3. Schultzois

    Schultzois Formula Junior

    Jun 22, 2004
    879
    Thanks for the comments... I would offer up pictures but this all happened up in WA where I've kept the car for quite awhile now. I was a bit too rattled to take a bunch of pictures at the time, and have been traveling elsewhere myself since then. I also thought the car would be able to be repaired (obviously I underestimated what that would cost) so I wasn't really thinking about other needs at the time.

    Next time I'm there, I can take some pictures. I do have a parts list of what the shop/insurance considered to need replacement, along with values of said parts sourced from Ferrari, which as you point out are "awesome expensive."

    If you think it's best to sell car complete as is, where/how do you think is the best way to find a buyer for a wrecked Ferrari... this isn't something I've tried to do before.
     
  4. ferraridriver

    ferraridriver F1 Rookie
    Rossa Subscribed

    Aug 8, 2002
    3,219
    Bay Area Calif.
    Full Name:
    Dave
    There is a foreign auto wrecker in the pacific north west, his eBay name is Slava81
    John and I have bought quite a few 550 parts from him, no other affiliation.

    S Auto Parts
    503.544.1599
    MAILING ADDRESS:
    5105 NE 109th Ave
    Portland, OR 97220
    US
     
  5. scowman

    scowman Formula 3
    Silver Subscribed

    Mar 25, 2014
    1,592
    Cypress, TX
    Full Name:
    Stu Boogie
    I didn't see you mention the title status. What did your insurance do with it? Total it? Is it a clean title or salvage? If it's clean it will be worth a lot more if it can be fixed in a way that it is factory sound.

    I guess it depends on the damage.
     
  6. LorenzoOO

    LorenzoOO Formula Junior
    Silver Subscribed

    Sep 21, 2017
    465
    Italia, US NE
    Full Name:
    Lorenzo LaMattina
    I assume its not been totaled. If it was totaled then the insurer would own the car. Was it insured for a only fixed amount, that is not enough for the repairs that are necessary? Your'e not mentioning how much is the damage, and how much, or whether or not, you are getting a check from an insurer.
     
  7. henryr

    henryr F1 World Champ
    Silver Subscribed

    Nov 10, 2003
    13,952
    Atlanta
    Full Name:
    Juan Sánchez Villa-L
    why didn't u take the insurance check ?

    pick a number and throw it out on ebay as is

    parting it out seems like a second job if you have a first and will take time
     
  8. scowman

    scowman Formula 3
    Silver Subscribed

    Mar 25, 2014
    1,592
    Cypress, TX
    Full Name:
    Stu Boogie
    +1. All that eBay shipping and returns. No way

    I am interested in purchasing as is with clean title depending on extent of damage. Imagine others are as well.
     
  9. ItalianOne

    ItalianOne Formula Junior
    Silver Subscribed

    May 21, 2008
    420
    Mich
    Full Name:
    Kevin R
    I might be interested in purchasing, Please PM me
     
  10. scowman

    scowman Formula 3
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    Mar 25, 2014
    1,592
    Cypress, TX
    Full Name:
    Stu Boogie
    Me too please
     
  11. apex97

    apex97 Formula Junior
    Rossa Subscribed Owner

    Nov 25, 2006
    583
    Stockbridge, GA
    Full Name:
    Edward Zabinski
    I buy quite a few damaged Ferrari and repair them rather than part them out. Please PM me, I have someone who can look at the car for me in Tacoma.

    I might not offer as much as others, but I wont strip the car and part it out.

    Thanks!
     
  12. Schultzois

    Schultzois Formula Junior

    Jun 22, 2004
    879
    Yes, this is the best description of what I understand happened, although I don't know when the word "totaled" applies or doesn't apply. By the language you use above, it wasn't totaled as the insurer does not own the car and has made clear they don't own the car. I am getting a check from the insurer for the declared value on my policy. They are also saying that they are not taking the car, and it's mine still to do with as I choose in its current position. Title is in my hands still. The claims adjuster who explained this most succinctly to me said it's because they legally can't take ownership of a vehicle that was worth so much more than the declared value before the accident, and that indeed even the salvage value in current condition, as estimated by one of their assessment partners, could be more than what they paid out.
    It's important to note that my declared value policy was based on a number that seemed reasonable to me several years ago, when even many pristine 550s were trading in 5-digit territory. I was also driving the car very infrequently, so considered the risk low. Unfortunately I didn't re-evaluate my coverage level before coming back to the car, and was unlucky enough to have this incident just before a policy renewal where I planned to increase coverage to something more appropriate to today's market. (For those wondering, the car was being maintained by a top notch mechanic whose shop stored it for me, and was being driven periodically to ensure condition kept up, so although the car sat, she was far from being neglected.)
    As we all know, 550s are worth a lot more now, and as parts become harder to source, cost to repair also is a lot more. The parts list produced by the estimate ran well into 6-figures, although virtually everything that was affected by the accident is listed as "remove/replace" even though I'd have thought reconditioning or looking to secondary markets for some parts could be a viable option.
    Title has been in my hands since purchase new, and insurance didn't take it when paying out what they call "total loss" in amount of declared value on policy.
    Curiously (and perhaps not relevant) the engine was replaced under insurance by a Ferrari dealer with a brand new engine back in 2002 due to an oil-sending unit incident (not so uncommon to those familiar with 550s... basically even a minor blow to the front sway bar in the wrong place can instantly drain the oil from the engine and destroy it). This showed up on the history of the vehicle, and until I explained gave my present adjuster the impression that the vehicle might have been totaled and rebuilt 16 years ago - which is definitely not the case. The only thing I can think of is if insurer then took ownership of the engine and somehow mis-documented that as taking ownership of the vehicle.
     
  13. Schultzois

    Schultzois Formula Junior

    Jun 22, 2004
    879
    Just to reiterate - I did take the check, but because of the difference in declared value versus market value of car, the insurance company did not take the car. I would never part the car out myself (for reasons mentioned and it's simply not something I'd be any good at), but expected that one valuation of what the car is worth as is would be what someone in that business would make parting it out (less their expenses and a reasonable return to them doing so, of course).

    Another matter to research seems like it should be whether repair can be accomplished for sufficiently less than cost of replacing everything new, which seems to be where the estimate used by insurance to make its determination starts out.
     
  14. Schultzois

    Schultzois Formula Junior

    Jun 22, 2004
    879
    Finally - those asking me to PM, I'm still doing some research and trying to get some perspective myself. I intend to follow up with you, but it may be some time as I'm not even where the car is at present.
     
  15. LorenzoOO

    LorenzoOO Formula Junior
    Silver Subscribed

    Sep 21, 2017
    465
    Italia, US NE
    Full Name:
    Lorenzo LaMattina
    OK, I understand your predicament. I have a similar situation with Grundy. I insure my collector cars with Grundy, and I update the values occasionally, up or down, depending on market value. Last year I asked to increase the stated value of my Maranello from $80k to $125k. They insisted on my providing them with updated fotos. I guess some people try to bump up the coverage after an accident? Anyway, probably the best thing for you to do is to sell the car in it's entirety to one of the many suitors responding to you on this posting. Good Luck!
     
  16. Schultzois

    Schultzois Formula Junior

    Jun 22, 2004
    879
    Just checking in with those who have been kind enough to comment on my predicament. I'm up in Seattle now for a couple days, and plan to get some pictures.
    Anyone around the Seattle/Tacoma area (or elsewhere, but especially here) who either has an interest in the car or has leads on how to evaluate the overall situation, feel free to start a private conversation.
     
  17. F456M

    F456M Formula 3

    Jan 8, 2010
    1,757
    Worldwide
    Full Name:
    Erik
    Can you write what parts are needed?
     
  18. scowman

    scowman Formula 3
    Silver Subscribed

    Mar 25, 2014
    1,592
    Cypress, TX
    Full Name:
    Stu Boogie
    Pics?
     
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