Would you buy a salvage Ferrari for 70k

With a salvage title, you will always live with diminished value and I think $70k is not low enough. You need to get a good PPI to know what you are dealing with. Are the original headers in place and are they leaking? What is the condition of the oil/water pump? Those items will set you back if they fail. I had to replace both after 2 months of ownership.

 

I think the only real thing to worry about on the F430 are the stock headers and the exhaust mount brackets - both of these are prone to cracking.

The other items wouldn't be too different than the 360 since the F430 shares a lot with the 360. Obviously you wouldn't need to worry about belts anymore but with a salvage title, I don't think 70K is low enough either as if you're ever looking to resell the car in the future, think about who will want to buy your salvaged F430 when clean titled F430 values are coming down to under 100k now.

 

Personally I wouldn’t give up my 360 for a 430 no matter how pristine because I just like how the 360 looks much better. However many people think the 430 looks better so I think what matters in the end is what car YOU want. Everyone has different tastes. If the 430 is the car you want then get one. Either car could end up with expensive issues.

 

I purchased my F430 with 12,700 miles. Replaced the oil/water pump at 13,000 miles. My PPI was inadequate (I believe). I would do a search on this forum for others that have had problems. I don't think I am alone. Part alone was ~$3.5k although rebuild options are cheaper.

 

Also you can’t finance. Fwiw

 

I wouldn’t be too worried about buying it if the ppi is clear. Just be sure you really want it as it will be very difficult to re sell, should be a keeper. I do agree with others that 70k is to high for a salvaged title car. Especially when you can get slightly higher mileage cars in pristine condition for 96-105.


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First every state has different rules about (you may need to jump through some hoops like enhanced inspections) Salvage cars, and some insurance companies will either not insure the car, or if the do total it no matter what type of damage you have on the car. You might want to look into that because they may give you 25K on a car you paid 70 for. I looked into getting a dealers license and buying salvage cars to rebuild and sell, but changed my mind when I realized what was involved and the time (which I have little of now) you need to put into it. Also who did the repair, was it one of Ferrari's authorized body shops (that might help you if you want to unload it in the future). You have not said what year (coupe/spider F1/gearshift) the car is, but if it was a gearshift car for that I'd have a body shop I trust put it on a lift (something that was totaled would require a bit more than a standard PPI at least for me) and looked at. These cars require a bit more equipment to fix than a Honda. If it is a F1 car, I'd agree with what has already been said 50K is about the max I'd pay.

 

Here is my 2 cents for what ever it's worth. If anyone does a little digging you can find a plethora of vehicles that have very minor damage that can be repaired, yet the insurance company totals the vehicle for what ever reason. Now you have a vehicle that is worth 40% to 50% less and you will have a hard time selling. I see all the time people saying you can't get a loan for a salvage title vehicle, I say rubbish it's just harder, same for insurance. It is true you'll have to get one heck of a PPI because your going to need that information for the loan officer and insurance salesman.

So how bad is a salvage title vehicle? Well assuming your not going to sell it and your going to drive it a lot it's probably the smart way to go so long as you can get a decent insurance policy. 70k unfortunately for the seller is too high considering the loss you'll likely take if you go to sell it if you can. My advice is fine several examples that are very similar and average the prices they are going for. I doubt the average price is 130k to 140k. I wouldn't even consider it until it was under 60k.

 

Nope.
I would not buy a salvage Ferrari-- or any car of value unless it was a daily driver beater Toyota. Especially since you already have a "pristine no stories 360"
Your Pristine 360 will likely have more value in the long run.

Most folks think that they will keep a car "forever"-- even a nice pristine 360. Truth is things change over the years and most don't see that coming. Selling a salvage Ferrari is going to be a really tough sell. Especially since the market is not really a sellers market as of now and could continue to decline.

 

Would I buy one to replace a solid, and beautiful 360? NOPE. Would I buy one to have for gits and shiggles, to supplement my cars, or to have as a fun driver. MAYBE. Salvage cars are a crapshoot when it comes to reliability (laughable I know), what caused the salvage title in the first place (stay far, far away from flood cars), who performed the work and how well was it repaired, and the price. It's up to you, but I wouldn't get rid of a 360 for a salvage title car.

 

If I was looking a track car, I would. Anything else, probably not.

 

Superspeedersrob talked about a rental they had at Gotham that had minor damage to the right front portion of the vehicle and even showed photos of the damage. Was totally reparable yet the insurance company totaled the car. I totally would have been comfortable buying that car at a hefty discount, which I'm sure it sold for. But it was in a rental fleet albeit one of the better rental agencies and now has a branded title. For what it's worth I probably would keep what ever i buy for quite a while, at least well into retirement. And should something pop up where I have to sell well I knew that going in it had 2 marks against it.

I grant you most cars probably don't fall into this category but if there is plenty of documentation proving the minor damage, dented fender, cracked nose clip etc there is no reason not to consider it after a ppi and damage inspection should you be keeping it for a while. Removes a lot of the question of should I drive this car or not.

No I don't know what the OP's situation is but I probably wouldn't trade a pristine 360 for a salvage f430 either. Could probably get into a decent F430 for a smallish amount over the value of the 360. However if the OP was wanting this car in addition to his 360 and the prrice was right and passes all inspections then I say why not. And using the average sale price of 110k for a good one ( though there are plenty around that mileage in the 90's) and the issues involved it would have to be sub 60k to even consider it.

I do agree that a flood Ferrari is a headache waiting to happen especially considering what they are selling for at salvage.

 

On the topic of resale (i.e., you buying the car and then reselling it later), I'm thinking that if an owner has a salvage titled car that he has owned and maintained for years without issues, that would to some degree lift the cloud over the car. Not saying it would ever be worth what a non-salvage titled car would be worth, but it would remove some of the fear I would have about buying it from you. In other words, you'd be the Guinea pig and if the car turned out to be okay for you, I'd have more confidence in buying it from you.

 

I would think that car CLEAN would bring $ 110k'sh...so picking it up for $70k would seem like an ok deal. Obviously, it all depends on how much money you need to put in it to get it to a point where you feel comfortable enough. If all you are dealing is with a leak that can be fixed for a few bucks, then you should be ok...for a while. One thing you need to consider is, the potential of diminish value as years come by. If you are only going to keep it for a year or two, you might be able to get close to what you paid for, should everything stay intact.
However, if you plan to keep it longer, who knows what 430's would bring...they may bring 70k in a few years, which would make yours worth...what...35-40k? Again, putting it in perspective, even if you would have picked up a clean one, you would still have to deal with depreciation.
If YOU like it, like Dewinester said, do it - that is all that matters. You checked it and it looks ok, so have at it! Post some pics if you do!

 

I mostly agree with this except 40% puts a 110k car at 66k. The stripped oil plug adds some significant cost from an F dealer which is who is tap for the repair and I'm assuming a few odds and ends along with the oil plug issue. Maybe 60k down is significant but I don't think so, may be fair to say 60 to 65k but personally I'd feel more comfortable at 60k. It may be that the seller is hoping for around 65-66k and started the ask at 70k. Might be different if I knew for sure what year car it was, I don't think the OP provided that information.

I'm also curious about the scrape down the side and how far down the side the scrape went. If it didn't make it to the rear quarter panel and was just a fender and a door I might feel more confident about paying a higher price. Personally I'm not afraid of a damaged car assuming I know what the damage was and that it's been repaired properly. I nearly bought a California that needed a hood and the front plastic engine cover from a truck that backed into it and the hitch did all the damage but decided against it due to the price the car was bid up (I stopped biding at 72k) and it also would have had a branded salvage title. I grant you most of the salvage cars have more damage that will need repaired.

 

No

 

60K would be my magic number under the circumstances. I can't speak to getting rid of a good 360 for the 430 though. I can tell you I love my 430 and wouldn't sell it for a 360.

Steve

 

Short answer: No. Stick 360 is always better than F1 430.

The rub run into here is the depreciation of the model. Right now (strictly IMHO) we're coming off a sports car bubble. That's keeping prices high.
If we have a slowdown and people start unloading their toys (which *sarcasm* never happens), that's going to suppress prices and accelerate the decline in what we've already seen happening over the last half year - year.
If a clean F1 430 falls to 80k, why would anybody spend $70k for a salvage title? There were ALOT of 430's made.
Unless this is a 3-pedal example, IMHO there is no reason for a spending more than $50k, less you factor loosing $10-20k on a potential sale in the future. Granted, if that happens the 360 will likely continue its descent...

 

This is pretty simple, if you wanted to get a Ferrari and you couldn't afford top dollar then the answer would be yes.
If you want a Track car, yes.
To add to the collection, and drive, yes.
To sell a Good 360, No way, No how!
360's and 430's are not all that different. If say Salvage 430 was an F12, or FF or any V12 Front engine, that is something to consider. 430? no.

 

$70k is too high for a salvage title. Here is an example that sold on eBay last week which is similar miles and Spider. Sold for $75k

https://www.ebay.com/itm/2006-Ferrari-430-Spider-F1/142704552480?hash=item2139daaa20:g:7p4AAOSwT0talWJM&vxp=mtr

 

$70k much too high for this car. $45 would be fair. but the 430 to drive and keep the 360. trading pristine 360 for this would be crazy

 

I second everybody here. A salvage for $70k is too much. I would pay $55k if all maintenance is on file, all stock and repair / accident record.

 

Ya, I think it’s a pretty fair deal. A few bucks less would be nice, but there’s no magic number.
If you’ve seen the pics of damage and have no intention to sell the car for a long time (you can tell from the posts in here what that will be like ). Wouldn’t bother me, but I’d accept that it would bother plenty of others.
I’m sure my car has had its rear bumper taken off 2-3 times already for routine service....what’s the difference if it’s one more and a different bumper got put on? make it a door panel as well...I don’t care as long as the work was done well.

The eBay deal above sounds good, but no PPI and the seller makes no mention of any mechanical services to the car, just his wrap, which I’m not sure if it’s an oversight or a red flag.