You've heard of real estate flipping? How 'bout 430 flipping? | FerrariChat
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You've heard of real estate flipping? How 'bout 430 flipping?

Discussion in '360/430' started by hifipj, Dec 18, 2009.

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  1. hifipj

    hifipj Formula Junior

    Sep 26, 2009
    402
    #1 hifipj, Dec 18, 2009
    Noticed this 430 for sale a couple months back in the Miami area, stood out in my memory b/c at the time it was the lowest price 430 sale that I've seen. 21k miles Yellow F1, sold for 106k.

    Now the same car is for sale by the new owner, who kept it all of 2 months (maybe less), for the low, low buy it now price of $125k! $19,000 would be a not bad profit for keeping the car for a couple months!


    http://cgi.ebay.com/ebaymotors/Ferrari-430-f-430-f1-F-1-F-430-DAYTONA-CERAMIC-PWR-SEATS-SCUDERIA-NO-RESERVE_W0QQcmdZViewItemQQhashZitem27adeacaddQQitemZ170421570269QQptZUSQ5fCarsQ5fTrucks

    This isn't the first time I have seen an attempted 'flip' in the current market. Back in late summer, a red '03 360 F1 with rather unusual red/tan interior (dash top was red, was a bit blingy but car was clean) sold for about 74k. Saw the same car for sale by a dealer on ebay a couple weeks ago, asking 109k. I emailed them to ask why the 30k increase in a couple months - of course no reply!

    Maybe I'm in the wrong business, working my A@# off to afford a used 360 - maybe I need to get into the flippin' business! Why create a product and work so hard to actually produce something unique in the marketplace, when you can just flip??? !!!
     
  2. andrew911

    andrew911 F1 Rookie
    Silver Subscribed

    Sep 8, 2003
    2,894
    Northern NJ
    #2 andrew911, Dec 18, 2009
    If it makes you feel better, just because they are asking it doesn't mean they will get it....odds are they will lose money or make very little when factoring in how long they will have to hold the car, finance and insure it, and other things. In this market, not too smart in my opinion.
     
  3. lowboy

    lowboy Karting

    Feb 20, 2008
    157
    Underground
    #3 lowboy, Dec 18, 2009
    Rental.
     
  4. hardtop

    hardtop F1 World Champ

    Jan 31, 2002
    11,294
    Colorado
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    Dave
    #4 hardtop, Dec 18, 2009
    Sometimes people get lucky and buy a car "right" and can sell it for more but rarely enough to cover the taxes and registration, insurance, etc. 106K sounds pretty cheap without knowing more but 125K also sounds pretty high.

    Dave
     
  5. Bullfighter

    Bullfighter Two Time F1 World Champ
    Lifetime Rossa Owner

    Jan 26, 2005
    22,596
    Gates Mills, Ohio
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    Jon
    #5 Bullfighter, Dec 18, 2009
    I concur -- still a depreciating asset, although if he had a dealer's license he could make something if an uninformed buyer snaps it up.
     
  6. PCH

    PCH F1 Rookie

    Apr 7, 2004
    3,007
    #6 PCH, Dec 18, 2009
    Last edited: Dec 18, 2009
    Cars are bought and sold everyday. Everyone is entitled to 'ask' whatever they wish. Certainly not uncommon for owners of exotic cars to change/switch/flip them frequently, sometimes within days or weeks for loss or gain. Does the current owner really owe you an explanation as to why the price increase? Maybe you should have purchased it last summer and flipped it yourself.
     
  7. spyderman

    spyderman Formula 3
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    Nov 4, 2003
    1,622
    Toronto - Canada
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    Spyderman
    #7 spyderman, Dec 18, 2009
    Completely agree!! :)
     
  8. brokenarrow

    brokenarrow F1 Rookie

    Sep 25, 2006
    3,737
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    Bill
    #8 brokenarrow, Dec 19, 2009
    Yeah, there's always a deal out there.






    but there's always a reason!
     
  9. RSQP

    RSQP F1 World Champ
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    Apr 25, 2005
    18,999
    California
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    Boudreaux
    #9 RSQP, Dec 19, 2009
    The days of flipping Ferraris are over, though. You've got 430s, Scuderias, etc. that are sale-proof these days. If you get one at firesale prices, you better be prepared to sit on it for a while for the right buyer to make a few bucks.
     
  10. forgeahead

    forgeahead F1 Rookie
    Owner

    Sep 16, 2008
    4,408
    Rocky Mount, NC
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    Ray
    #10 forgeahead, Dec 19, 2009
    106k for a 430 with 20k miles seems on the low side, even today. 125, eh. He got a good buy for 106. 430s with much lower mileage can be found all day lonh for 125.

    Flipping Ferraris is a precarious business which is bound to be a net loser.
    I will stick to my legitimate paycheck!
     

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