Anyone have any experience with buying salvage Ferrari’s?

All kinds of hidden electrical problems with modern computer controlled cars. The electronics are not simple like years ago. Corroded contacts in switches and sensors, might not show up immediately. But bite you later down the road.

 

Top end or hydrolock is the least of your worries. As David said, there are numerous computers that control all functions of the car. They’re expensive to replace and can’t be counted on after going for a swim. There’s absolutely zero chance I’d risk buying a flood car to “save” money. Buy one with a ton of miles if you’re looking for low cost - at least that way you know it’s sorted.

 

if you can do the work yourself you can make it work. If all you can do is write checks to get it back ont he road you will be upside down very quickly.

Salvage title cars trade usually 25-30% less than non issue cars and the resale market is tougher but not impossible

 

A broken block is a possibility. And as said before. The ECUs. There may be 15 of them. Some will have been above the water.

I've done it, and don't recommend it. Although I understand the appeal of getting into a real Ferrari for a song.

But you can do it. Be very patient. Watch a lot and learn. A car with a straight mechanical failure might be worth a try. But the better one will be one that has many miles. But little else wrong. Sometimes you will see cars at auction. That are just well used. And may have insigbificant things that it was totaled for. Like stolen badges. Scratched paint. And a broken windshield. .... Totaled.

 

I bought one. Sold it before I could restore it.

Please allow me to explain:

- Huge hassle/time consuming to look for parts and/or do all the work yourself (DIY is the only way to make financial sense out of the purchase)
- If you hand the car over to multiple experts, some good, some sketchy, at one point they’ll try to rip you off.
- If you hand over the car to Ferrari, the cost of the repairs would be such that you’d be better off buying a properly sorted out car to begin with.
- If you think of reselling the car, forget it. Might as well marry the car. Few will be willing to touch it with a ten feet pole, mainly because it’s not hard to buy a Ferrari that hasn’t been involved in an accident.

Long story short: buy it if you want to do it or because you want to gain the experience and go through the journey, or if you find a rare car (F40, Daytona Spider, Speciale Aperta, etc). That would be my humble advice. A mainstream model isn’t worth it. Don’t get me wrong, I took the plunge because I really wanted the car and have a project. Only to find my time is precious and the return is zero or thereabouts to make it worth my while.

That being said, there are many different kinds of damage: water, accidents, mechanical problems, etc. It’s important to assess them correctly and thoroughly before making an offer or pulling the trigger. Everything can be restored to its former glory if one is willing and has an unlimited budget. And everything has the right price (car-wise that is) and you are the master of your time.

Kind regards,

Nuno.

 

Seems a lot of potential diy buyers post a thread like this at some point before buying, myself included. There's a big difference between a car that was totaled due to a crunched bumper and a flooded (no way no how, not ever) car. When you get down to the nitty gritty of the whole thing, it usually comes down to, at best, saving about 25% on a car that ends up being worth half.

 

Great post and summary, thanks for this Nuno!