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What to do?

Discussion in 'Ferrari Discussion (not model specific)' started by Tspringer, Jan 6, 2004.

  1. Tspringer

    Tspringer F1 Veteran

    Apr 11, 2002
    6,155
    What do you do if someone REALLY wants to buy your Ferrari.... but you dont want to sell?

    I "trade" around in cars as a business/hobby. However, my Ferrari I consider a real keeper. I dont think I could replace it, its EXACTLY what I want. However, I have been contacted by an individual who wants to buy it. It could probably sell for a good deal more than what I paid, perhaps 25% more than I have in it.

    From a pure business perspective, it would seem selling is the right thing to do. But if I sell.... I may have more money in the bank and less debt, but I wont be able to terrorize the neighborhood any more. I really like driving it and playing with it.

    Ive been in this situation before, and always ultimately sold the car. However, it was never my "dream" car and it was always a car I knew I could replace. I once really struggled with the decision to sell a '63 Jag E-Type roadster. I had restored it from the ground up doing all the work myself, and drove it as a daily car for a year. I loved that car. But I sold it. I knew there were plenty of other good E-type roadsters about so replacing it was not that big a deal.

    My Daytona is an early Euro model with the plexi nose. I love the cleaner look of euro cars and the plexi nose to me is just gorgeous. It also has great paint, perfect show quality interior and mechanicals that are phenomenal. The engine was rebuilt, balanced/blueprinted has factory competition pistons, P6 cams, the heads were ported and polished, a lightened flywheel and it runs VERY strong. Im also only the 3d owner and the history of the car is well known and documented.

    I know there are other Daytonas out there that are nicer than mine, its not a 100pt concours car. I know I could probably buy one for less than I could sell this one for. But could I find a very early euro model, with plexi nose, perfect interior, competition spec engine and in the colors I like best? Am I being stupid? Another reason I dont think selling is a great idea is that I think values are going up and in a few years its likely what seems a great price today will seem a silly bargain.

    I told the gentleman I was not interested in selling. However, he called me back after a week asking again and asking that I give it more thought. I really doubt I would sell, but I thought it made an interesting delima.

    What do you guys think?


    Terry
     
  2. noony

    noony F1 Veteran

    Nov 25, 2003
    5,903
    Seoul
    Full Name:
    Johnathan
    Don't sell, a little extra cash is not worth the enjoyment you seem to get out of it.
     
  3. SrfCity

    SrfCity F1 Veteran

    Nov 1, 2003
    9,842
    Orange County, CA
    I'd sell and then go find your next beauty with some $$$ in your pocket.
     
  4. Texas Forever

    Texas Forever Three Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    38,914
    Texas!
    Terry, Peter Egan wrote a column in either R&T or Cycle World about having a blank spot in your toy house.

    His point is that having money burning a hole in your pocket while searching for a new toy is almost as much fun as owning the toy. The looking, daydreaming, hunting, and finding is part of the fun of owning a dream car or motorycle.

    So either way, you win. If you keep it, you have a great car. If you sell, think of the fun you'll have in finding another.

    Let us know what happens, Dale


     
  5. Mitch Alsup

    Mitch Alsup F1 Veteran

    Nov 4, 2003
    6,335
    If it is exactly what you want, then you will forever regret selling it.
     
  6. Teenferrarifan

    Teenferrarifan F1 Rookie

    Feb 21, 2003
    2,989
    Media, PA
    Full Name:
    Erik
    I am with Mitch on this one. If this is really what you want don't sell it. Finding another one where just like this won't be easy and probably not as fun as you think because every road block you face you will ask yourself why you sold the one you had in the first place. Just my .00002 cents worth
    Erik
     
  7. tifosi

    tifosi F1 Veteran
    Lifetime Rossa

    Sep 5, 2001
    5,382
    texas
    Full Name:
    Tom D
    since it is a daytona, I say keep it, you love it, they are getting rarer and rarer in the shape yours is in, it will hold or grow its value anyway. I am sure your other cars were not like this. If it was a 360 I would say go for it.
     
  8. thecarreaper

    thecarreaper F1 World Champ
    Silver Subscribed

    Sep 30, 2003
    15,225
    Savannah
    Full Name:
    name
    DONT SELL IT!!!! i had my dream car in high school. i sold it to go to college. i came back, tracked the guy and the car down and bought it back. you struck a nerve with me about it bieng " right", i too trade in cars as a hobby business, but the keepers ARE NOT FOR SALE! the money wont matter when no matter what you buy, you have the ghost of the other car in your head. it will be come a too perfect benchmark, better than it really was , and the replacements will be just that---- " not right" in your minds eye. its your car, you are a person of means so you can get what you want, but feelings like that for the " RIGHT CAR" are rare for a reason. i may get flamed at the keyboard alive but i say keep it. best wishes. michael
     
  9. flashman

    flashman Formula Junior
    Silver Subscribed

    Jan 5, 2004
    479
    Star Valley, Arizona
    Full Name:
    William Rappaport
    If you love it, keep it! Take it from someone that gets it all the time.
     
  10. Miuraguy

    Miuraguy Rookie

    Nov 12, 2003
    2
    Atlanta, Georgia
    Full Name:
    Kirk Stevenson
    Terry,

    I know you'd really regret it if you sold the Daytona. It's nearly impossible to replace that car exactly, and it's exactly what you want. So kindly tell the would be buyer that you are flattered, but the car is not for sale.

    You know I have a couple of cars that aren't for sale....there's nothing wrong with that!

    Kirk
     
  11. Coyote

    Coyote Rookie

    Nov 10, 2003
    36
    Toronto, Canada
    I'm not getting why you would want to sell a rare Ferrari in top shape which I presume will likely increase in value and that you stated is exactly what you want and when you presumably don't even have another vehicle in mind that you feel confident that you would like even more than this one. Where's the motive? Just to make a few dollars? You can still do that in the future. Money is made to be spent on things that can bring pleasure to your life. Now having found such a thing, keep it until you find something better. Just my $.02.
     
  12. Brian C. Stradale

    Brian C. Stradale F1 Rookie
    Lifetime Rossa

    Mar 17, 2002
    3,603
    Dallas, TX, USA
    There's always *some* inflated price where it makes sense to sell. If he offers you $1M... sell.

    How do you know if the price he is offering is enough? Think of it this way:

    Assume he had the car and you had the extra money he is offering you... and he offered you the car at that price... would you buy it? If you would, then do NOT sell it! If you would NOT buy it or aren't sure if you would, then ask what car you WOULD buy for that money... if you have an answer, then sell the car and go shopping!
     
  13. ernie

    ernie Two Time F1 World Champ
    Owner Lifetime Rossa

    Nov 19, 2001
    21,828
    The Brickyard
    Full Name:
    The Bad Guy
    Here is one way to look at it. If you sold it, would it be one of those cars that when you look back you wished you never got rid of? It sounds like you have put alot of time and money into making this car just how you like it. If you were to sell it and then get a replacement, you have no idea what bugs the next car will have. This car you know what has been done, and what hasn't. How many versions of your Daytona are still on the road? How much are they selling for? How much has it cost you to get the car to the were it is now, etc. Did you spend all that time getting the car ready for someone else to enjoy, or did you do it for you to enjoy? Do you want to go through that trouble all over again? It sounds to me that you just wanna enjoy your dream car. Don't sell it.
     
  14. AJS328

    AJS328 F1 Veteran
    Owner

    Apr 23, 2003
    7,518
    New Jersey
    Full Name:
    Augustine Staino
    Terry,

    You're car is fabulous! If there is a possibility that you'll regret it later then I think you should keep it. :)
     
  15. Tspringer

    Tspringer F1 Veteran

    Apr 11, 2002
    6,155
    Lots of great opinions and points. Thanks.

    Coyote.... I think you hit the nail on the head. I do think there is a "price for everything".... and if I was offered a million bucks of coarse I would sell. If offered $250K.... I would probably sell. But less than that.... why would I sell? Is the car worth that? Not from a todays market/sanity perspective.

    I'm going to let the gentleman know its just not for sale.

    Does anyone out there know of a nice, plexiglass nosed, left hand drive, Euro model Daytona for sale that is not in Europe? Perhaps I can help the guy find one.


    Terry
     
  16. rob lay

    rob lay Administrator
    Staff Member Admin Owner Miami 2018

    Dec 1, 2000
    49,039
    Southlake, TX
    Full Name:
    Rob Lay
    I'm with Brian, there's a price for everything. Pretty high in your case for how much you love THIS car.

    My economics professor said that when interviewing for the job, the school asked her if she would take a bribe to give a higher grade. The interviewer was shocked when she replied 'yes'. She said that even though that was way against her morals, that there was a price point that would off-set any hardship from her decision. She got the job.
     
  17. Schatten

    Schatten F1 World Champ
    Rossa Subscribed Owner

    Apr 3, 2001
    11,234
    Austin, TX
    Full Name:
    Randy
    if it is THE car for you, then you wouldn't have posted this question. so there is something to say about "everything has it's price." but I don't think this one is for you. keep it, enjoy it, or sell it and be glad that it was part of your life and search for the next dream.
     
  18. Miltonian

    Miltonian F1 Veteran

    Dec 11, 2002
    5,933
    Milton, Wash.
    Full Name:
    Jeff B.
    Reminds me of a story about Pete Lovely. Years ago, at one of the Vintage events, an Asian gentleman came up to Butch/Pete and said, "Excuse me, Mr. So-and-so wishes to purchase your car." Pete said, "Thanks, but no thanks". The gentleman responded, "You do not understand, Mr. So-and-so WISHES TO PURCHASE YOUR CAR." Pete said, "Butch, put it on the trailer, we're leaving."

    The point is, don't let someone else make the decision for you.
     
  19. M.James

    M.James F1 Rookie

    Jun 6, 2003
    2,720
    Worcester, MA
    Full Name:
    Michael.C.James
    Isn't there a famous proverb: A Bird in the Hand is worth Two in the Bush? I would think it applies here....
     
  20. Ken

    Ken F1 World Champ

    Oct 19, 2001
    16,078
    Arlington Heights IL
    Full Name:
    Kenneth
    If a bird in hand IS worth two in a bush, than go for the two in the bush; it's worth it by definition of the proverb. But say a bird in hand is NOT worth two in the bush....THEN you keep the bird in hand; the two in the bush are NOT worth it. Funny how no one understands that proverb.

    But for the Daytona...the problem is your lack of confidence. If you sell it you'll regret it; if you keep it you'll wish you cashed in and had bought a new toy the second your valve guides need replacing. So with that attitude, you're screwed. Try to not second guess yourself. Is there another car you want to try? Then sell. Is that car your baby? Then keep it. Only YOU can decide.

    Ken
     
  21. cochise

    cochise Karting

    Nov 3, 2003
    139
    Lake Mary, Florida
    Full Name:
    Dempsey Chavis
    Terry, I was hoping you would hold on to it !! Until "I" am in a position to give you a call and make an offer you can't refuse .
     
  22. Horsefly

    Horsefly F1 Veteran
    Rossa Subscribed

    May 14, 2002
    6,929
    You might as well keep the Daytona. DES's cashiers check is probably a Nigerian forgery anyway.
     
  23. malcolmb

    malcolmb Formula Junior
    Rossa Subscribed Owner

    Apr 17, 2002
    911
    San diego
    Full Name:
    Malcolm Barksdale
    Dont do it. Drive it to New orleans next year, meet methere and I will buy you a drink.
     
  24. PSk

    PSk F1 World Champ

    Nov 20, 2002
    17,673
    Tauranga, NZ
    Full Name:
    Pete
    Don't sell IMO.

    Why some of you might like hunting for the right car, I prefer to drive them and find buying and selling cars a pain in the arse.

    Sounds like you really like the car, so I would keep it until you trip over something that makes you think you should replace it ... and if that never happens then you will still be happy :)

    Chasing the opposite sex is fun (er, was ... I'm now married :)) but looking for a decent car is not my kind of fun.

    Pete
     
  25. rico

    rico Formula Junior

    Nov 2, 2003
    578
    Bournemouth
    Full Name:
    Andrew
    I would tell the guy you like the car too much to sell...

    then he may come back with an even better offer... :D

    If hes paying 25% over now... he is probably able to afford an even grander sum.

    This way you're either keeping the car or getting yet more dollars for it :)
     

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