Plenty with more miles on the market if you look in all the regular places. How about 102,000 miles:- https://www.pistonheads.com/classifieds/used-cars/ferrari/550/1997-ferrari-550-maranello-rhd/10495640 90,000 miles:- https://www.pistonheads.com/classifieds/used-cars/ferrari/550/ferrari-550-maranello-uk-rhd/10514771 55,000 miles:- https://www.pistonheads.com/classifieds/used-cars/ferrari/550/ferrari-550-maranello-1-of-457-uk-rhd/8636068 50,000 miles:- https://www.pistonheads.com/classifieds/used-cars/ferrari/550/ferrari-550-maranello--v12-flagship-in-rosso-corsa--rhd--excellent-service-history/9946407
I don't know, my friend. You outline four examples with "more miles" on them, but only two of them (102k and 90k) have more miles. 50k miles is less than 55k miles, the other is 55k miles, which is the same, not more. All of these are asking more, not less, than the one I said should be the cheapest on the market. One of them is a Singapore car, which in Britain, means devalued. There are people on this forum who own Maranellos and put their love and money and thought into them. There are genuine dreamers, there are tyre kickers who like to play with the idea of knocking down prices (not that this forum has any effect on prices). The Bradwilliams of the world. One day before Armageddon, there will always be people playing for the last minute bargain. I root for the owners and dreamers, for I have been both.
I paid less than £50K for mine and it still has less than 50K miles on the clock, so I am still ahead on points, AND I have had seven years of enjoying one of the all time great cars, which constitutes a knockout in my book, so I am with you on this, Darius. I have not done so well financially with my Dino, but I have no regrets - moments like this are priceless: Image Unavailable, Please Login
Right now I'm probably the furtstest away that I've been of being a buyer for a long time. I am now a dreamer/market watcher only. 12 days ago I posted this Your response. Well that didn't take long did it? We're at the beginning of what will unfold to be the biggest financial event since the 1929 crash. I think a lot of people are in serious denial about how big this pandemic is financially on a global scale. I'm a company owner/director, one of those people that the chancellor deemed to be neither employed or self employed this week when it came to state support. That's ok though, I've been sensible and I've saved a few pounds - I was going to buy a Ferrari with it but now it will be bankrolling my business for the forseeable future. No need to seek emergency funding. I'm fortunate, I've spent years building my business up with no debt. We don't give credit, we don't recieve credit, we own all our stock. I have no debts to service and no overheads crippling me as I operate from home. I am unique in my industry in this respect. I expect some of my competitors to fail, despite the fact they are bigger than me, they are up to their eyeballs in debt to be in that position. Long term I could be in good shape. So now being a bit of a business oddball has actually looked after me. I like to buy things outright, I could easily of bought a car using credit years ago like most people seem to do these days. If I had I'd likely be sweating about it now as there's no doubt it would be approaching negative equity if not already deeply in it. So I'll just here and ride things out, see how the market unfolds and keep clear and as safe as I can. When we're out the other side, if we've made it through. I'll be looking again, but I'll be keeping a daily lookout for anything interesting and following the price drops as and when they occur.
Sorry to hear that you are going to have spend your Ferrari money bailing out your business. I hope it won't be too long before we're all out the other side and you are on the buying trail again. Good luck!
I would say it is a great comfort to have a Ferrari without any financing on it when the market is going down. It shows strength
This is the crucial problem. Time. If anyone thinks this is all going to be over and back to normal in three months they're delusional. I'm preparing to write off this year, we're still on the up curve here. Here's a scary number from yesterday and Italian death passed 10,000 this afternoon Tweet— Twitter API (@user) date.
Alan, apart from my daily drivers, I've owned a Porsche, a Maserati and nine Ferraris, all but the 1961 Porsche 356B were bought pre-owned. All paid in cash, the fancy cars from the proceeds of the sale of the first Ferrari, a rare 365GTC speciale. no pressure. no worries. no sweat. at night, awake and thinking of how to make the next monthly payment. There's going to be a world of hurt from this virus.
The economic situation will not turn on a dime. We are all going to have to take a bite from the same sandwich. It’s a great time to be a buyer and a disadvantageous time to sell. I imagine it will be a bloodbath with the modern production exotics with owners with a note looking for a golden parachute.
I second that sentiment, and good luck, Alan. I wouldn't have bought all my Ferraris in the current economic situation, for sure. I'm lucky that I didn't finance any of them. Would I take cash for one or two of them? Maybe, but I'd keep one or two also. I don't drive my 575 enough, but, I will one day (hopefully not soon) go to my deathbed knowing I have owned and driven a gated Ferrari 575 with FHP. Some people have bedpost notches..we have this. Can't take it away from me.
All the smug dudes on here who are “well positioned” are in for a big shock. We will be in for a narrative like post war, “all in this together” and there will be widespread support socially for smashing the rich 1/2% who are the only ones who make a net contribution now. Cash may feel good now but we all have tangible illiquid assets that will be crushed. The “bottom” 30/40pc who live week to week, have debts every month and few assets will benefit from a zillion subsidies and write offs (paid for by the owners of capital and income) and Q1 2021 with likely near full employment will feel like Q4 2020 for them. It won’t for us.
I guess that means you'll be putting the Barchetta on hold for a while. Each day I read the news another global industry (not business but entire industries) effectively become insolvent. We are living watching a historic event unfold around us. I wonder what it will be called in decades to come? The Coronavrius Crash of 2020?
It is not like the tax burden of the rich has been increased to pay for the virus crisis. Governments, for once, may end up as heroes by funding all these handouts by increasing borrowing at virtually zero interest rates, while super-loose monetary policy will eventually end up with easy cash chasing risk assets when the virus eventually passes. It's the next generation who will end up paying it back.
Well back on track a little. The car I mentioned in post #1224 remains unsold after bidding reached £59,500 (that would be £64,404 with fees). I'm surprised bidding got that close to £60,000 and even more surprised the reserve wasn't met. https://collectingcars.com/for-sale/2000-ferrari-550-maranello It's currently showing a £63,000 buy it now price. Interesting to see at least one dealer bidding on it. It's the dealer currently trying to sell this 102,000 mile example:- https://www.pistonheads.com/classifieds/used-cars/ferrari/550/1997-ferrari-550-maranello-rhd/10495640
A couple of 575's coming up in on line auctions:- https://collectingcars.com/for-sale/2003-ferrari-575m-maranello It looks like The Ferrari Centre (KHPC) are moving stock through this platform whilst the lockdown is on. Or they maybe disposing of cars on behalf of clients. https://collectingcars.com/for-sale/2003-ferrari-575m-maranello-2 They also have a 612 listed on the same site. https://collectingcars.com/for-sale/2004-ferrari-612-scaglietti
I hesitate to veer off topic again, but I agree with Barry here. While Scraggy has written some pretty prescient posts in the past, we are in a very different world to post WW2. Not comparable in terms of global standard of living, aspiration, opportunity for enterprise (you can start a billion dollar business from your bedroom), connectedness, life expectancy, health (COVID included), global levels of wealth (even after COVID) , education, and we do not have half the world run by an empire which believes wealth should be destroyed - the Communists now are the most capitalist of all. Most of all, mindset. The 2008 crash and great recession were, arguably, caused by a section of the wealthy, and even after then people weren't regularly throwing stones at Ferrari owners, though there was the Occupy movement. This crisis is not blameable on those with means, and there is no way the top 1% will be expected to bail the world out alone. Future generations will bear the brunt. There will be even more of a pivot towards green/blue economy issues, which will affect us tangentially. Many people will be poorer, including me, and many of them tragically so. But I'm willing to bet my spark plugs that, if I can still afford to drive them in two years (and I can't vouch for that one), nobody will be trying to burn my Ferraris. This all assumes I/we live to be able to do this. Stay safe.
Thank you Seth. And kudos to you, for having started the most enduringly interesting thread I have been involved with on Fchat. And we still both have blue Ferraris.
I won’t bet my sparkplugs right now. Let’s see how this develop. And not take the losses in advance. Donald said tha ær the US will re-open 1st of May so let’s hope for a better world. Businesses which is on the limit will be washed out in favour of business with more substance.
