https://bringatrailer.com/listing/2002-ferrari-575m-maranello-8/
Was interesting to learn from a post in the discussion therein that 3 manual 575's have sold on BAT in recent months/years. All over $200k. Nice. This one is well below that level, but the real action is about to begin I suppose.
Holy Smokes! $192,222 + $5,000 commission. 6-speed, with FHP, Black/Black. I think the bottom just fell out of the 6-speed market.
Peter's going to be sitting on this for a LONG time at this rate, and it's already been there 2+ years... https://www.gullwingmotorcars.com/2002-ferrari-575m-c-2856.htm
I think the BaT car was a great buy. Clearly the manual craze has tailed a bit but I think that was a low price.
The BAT car looked nice. Just a little too early for the 19" wheels, but most of the goodies are there. The blue one is very rare. Only 5.5 liter 575M I have ever seen.
This BaT listing was in Canada and that may have deterred some buyers even though the car was US spec. This interior with the red piping is not to everyones taste. Cuoio would have been near perfect. Modular wheels would have been great too. Add about $10K for import duty, $5K BaT fee, and I don't know what else it will take to get the car reregistered in US. Still it seems to me this was a great buy and especially rare since it has factory FHP.
The bottom has been out on the classic ferrari market for a while, dealers and owners just refuse to accept reality. Regardless anyone lucky enough to own a maranello gets to stare at a gorgeous piece of art everyday, I rather enjoy gawking at mine when i come home and see it staring back at me from the garage.
Import duties do not apply to cars that were imported in the past and exported in the interval. https://www.cbp.gov/trade/basic-import-export/importing-car And the rate is 2.5% anyway so wouldn't be $10k if they were to re-tax it (per same link). The 575 had 30k miles so likely played a part in price.
It’s nice to see a little ice water thrown on the manual car parade for once. Everyone with a stick thinks their car is worth way more than it is.
Consider a f1 gray 575 recently sold in Mecum(Houston) April for 76k ..getting 2.5 times for a manual is pretty good in my book 15k miles on it Sent from my moto g(7) using Tapatalk
Consigning at auction in a smaller market without paperwork for a neighbouring much larger market will narrow the pool of potential bidders and depress the price. If it's a GTO it doesn't matter but US buyers would have looked at that and thought, why bother with the hassle. Also if something goes wrong you are dealing with another country's legal and administrative system. It seemed like quite a high price to me, as someone said it's a leggy car (for N America) at 30k miles. I would have guessed $20k less.
I think the 2.5% duty (5k, not sure if need to hire a customs broker for paperwork) played a small part (didn't think on the legal but that makes tons of sense). The bigger part in my eyes is the mileage, easily 25-30% higher than the other examples sold. I would agree price should have been 10-20k or so less (my math all in would be -50k or so from other examples sold). So I am guessing the FHTK makes up the difference to the positive. That being said, my fuzzy logic could be way off but that is how I would have bid.
It is a US car that was sold new in the US. It already paid import tax when it came in the first time. It's exempt from being taxed again per in the US CBP link I posted.
Thanks, that is good to know! I don't recall someone posting that information on the thread for BAT, if not what a bummer.
ya lol when i tried to consign my 575 recently the ferrari dealer said they weren't interested bc it was "high miles" and "not a stick"....its a 22,000 miles 2002 F1 aka garbage. I never thought 100 miles/mo since it rolled off the line was considered overuse but even if it did have low miles, it wasn't a stick so it was worthless.
I believe it, I sold a car on BAT 3 months ago for way less than that and AFTER the auction the guy couldn't obtain financing. I messaged BAT and they would let me re-list it a month later but I couldn't bc the car was sitting at a shop from the time the photographer took pics till sale which was also 3 weeks bc BAT is insanely slow in setting up your auction once you submit the pics. So I wasted 3-4 weeks of my time, $99, answered a ton of questions and inconvenienced a friend of mine for 3 weeks letting my car sit in his shop and the buyer fell through over financing after.....BAT said they banned the user but that doesn't do me any good, I didn't even get my $99 back.
F355 That sucks. Be interesting to know the stats from BAT re: non completed sales but I doubt they would release that info...
It is interesting to hear someones experience. I didn't realize it was a bit more challenging getting things listed...
I sold a 5k mile sl500 of mine, it wasn’t even much money I saw a few got $45k, mine only got $27k but the buyer needed financing and then couldn’t even get that and then wanted me to do owner financing and I said no. It was a giant waste of time.
that sux.... i listed 2 88 M5s on Bat 1st NR but high bidder stepped up to meet reserve 2nd met reserve but buyer flaked. but it made the sale easier afterwords as i referred buyer to the BaT listing. wasted 3 or so weeks. and i sold another one off the advertising for number 2 and an e9 porsche i listed was NR but it was an easy sale afterwords to watchers
I would be interested in hearing other folks experience. I am/was strongly considering selling an e21, e30, and e36, figured the best place for BMW's, but kinda wondering if the easiest most trouble free. Perhaps sticking with old school websites or in person auction might be the best place.