Market Prices 575 Manual vs 575 F1 (conversion costs) vs 550?

I saw a video last night that EAG completed its 69th 430 conversion....I don't follow that market but I hope there are guys in that section of the forum that are F-chatters and providing feedback on the process. It will be neat if/when the 599 and 575 conversions pick up......

 

Today saw another 575 hammer on BaT. @cubbyman60 created a thread and had asked about it not sure if he bid.

SOLD $110,000 -- 2004 575M with 15,155 miles

+) ZFFBV55AX40134787
+) Rosso Corsa over tan with red piping AND red stitching
+) shields, modulars, daytonas, factory radio, carpeted shelf
+) covers, battery tender, tools,
+) One RED fob and a few unprogrammed clones but had PIN sheet
+) some documents and belt service 5/2018
+) most stickies addressed, except hood release
+) no clutch reading, NO SMOG Cert for CA
+) overall looked like a real nice example, allegedly some very minor leather bubbling.
+) 134787
+) https://www.ferrarichat.com/forum/threads/anyone-know-this-car.638582/

 

This is interesting in that on March 2nd this car was listed again on Craigslist now at $76k. The aforementioned 2nd no-reserve auction ($72.1k ended 2/28/21) must have been busted and thus the "re-list" by the owner. Or its just an ongoing scam?

That is not confidence inspiring for 2 different auctions to end and then have 2 different buyers walk from their obligation to buy.

If anyone on the forum has put their hands on the car that would be interesting to note.

 

Another good looking red/tan 550 on BaT today.

Maybe we are cooling off a bit?

1997 550 with 27,261 miles RNM today 3/24/21 at $114k out of Palm Desert, CA.
+) ZFFZR49A5V0109577
+) 109577
+) Rosso Corsa over beige;
+) Service records since 2005 – needs a major belt service (last done 5/27/13)
+) strong maintenance investment generally by seller
+) Post applied shields, daytona style seats with typical driver bolster wear, carpeted shelf, tools
+) December smog and promise to renew for a potential CA buyer
+) ONLY 1 Clone Fob, widower is looking for the red master and extra clone

+) https://bringatrailer.com/listing/1997-ferrari-550-maranello-13/
+) I didn’t see any mention of the car (links) here on the forum

 

I recall you noting that which is amazing to me.

 

Today we had a sexy looking black 575 hammer. Market definitely softening (at least temporarily)......

In the photos much of the car (sans leather shrinkage) looked nice.

2003 575 F1 with 22,755 miles SOLD today 3/25/21 for what seems like an AMAZING $72k out of Los Angeles, CA.
+) ZFFBV55A430131768
+) 131768
+) Nero over “natural”
+) Clutch reading allegedly 94.49%; noted hood struts were a little weak
+) Daytona style seats with alternating natural and black inserts w typical driver bolster wear
+) Needs a major belt service
+) Originally came with 19” modulars and currently had 20” aftermarket “modular look” wheels
+) drilled rotors and “partial historical service records” but I didn’t see any?
+) Leather shelf with shrinkage and other miscellaneous commentary on dash leather shrinkage
+) Allegedly no “stickies” and a noted small crack in the HVAC panel
+) All three fobs and the original leather fob holder
+) https://bringatrailer.com/listing/2003-ferrari-575-maranello-19/
+) I didn’t see any mention of the car (links) here on the forum

I'd take some education on why this one wasn't a strong buy?

I'm extremely grateful that I got distracted half hour before it ended until shortly ago.

 

@SteveVT
Steve I’m still going to call you out as the apparent world champion during the TTmonths for 575 buys but this one yesterday feels like a close 2nd place.

Patience is a virtue even though the private market bird dogging can be exhausting.

The seller “Wob” is a known seller so hopefully if the car alternatively had a legit PPI done then it wouldn’t have been a dumpster fire (especially with such a good clutch reading)...so.... would have been nice if someone could have picked this one up privately given the price and avoided the BaT fee.

The next similar driver level 550 & 575 will signal to us if the market demand on Maranellos is finally reaching a flat or down spot.

I enjoy watching the results and wouldn’t be surprised if the volume slows but I’d naturally think sales opportunities would tick up generally in late spring/summer as more cars are brought out of winter hibernation.

There are a few more guys semi recently that have transacted privately at what look like “market correct” prices so time will tell how buy-side demand holds up near term.

 

@dhalperin13 Dan, I'm VERY excited for you. If you could start a new separate thread for your new car ESPECIALLY since you are doing a conversion with EAG that would be amazing. Being descriptive in the thread title really helps.

Many guys start a new thread when they join as an introduction, we just had a "new to us" guy Rich that is a nice example where he also dug right into his car and shared a bunch and its been fun.

I'm excited to see more people do the conversion and hear the stories. I had VERY much focused on the arbitrage play between the 550 and 575 (since the 575 is so evolved compared to the 550). I'm not rich so I can't do a 550 and a 575 but I had considered the 575 and at your price point the conversion is "money positive" I think.

I had emailed with Dan at Gated Six and one thing that had seemed interesting to me was EAG/GatedSix creating the kits and then working with other spread out mechanics to do the conversions (which would also be super cool).

Are you in Texas so you can be close to the process? If my guy in San Jose wasn't swamped I had considered how fun that route would have been for the right car.

I think we only know of a handful of converted cars, one done in LA, one done by an F-chatter in ATL and others done by Wil deGroot so your's might be one of the first "Maranello F-chatters" we can get some direct feedback from.

Thanks so much in advance for follow on info, it will be exciting.

p.s if you have an instagram handle that would be great in your intro thread....this week we had been kicking around a few popular ones.

p.p.s. I showed my wife a photo of the alternating colors on the daytona style seats and man are they sexy.