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How should I think about $ impact of “minor damage”?

Discussion in 'Ferrari Discussion (not model specific)' started by 2tall4economy, Feb 10, 2020.

  1. Canuck550

    Canuck550 Formula Junior

    Sep 8, 2015
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    My two pennies....
    I would rather have a higher mileage accident free car then a car with damage and lower mileage
    Mechanical stuff can be repaired, damaged car no matter takes away from originality and cannot be undone!
    Would look for an accident free vehicle with higher mileage
    Ultimately your decision
     
  2. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,545
    Everybody has an opinion and everything, but dealing in absolutes can be so short sighted.....did you see the picture of this incident? Pretty damn minor. As long as you get some discount, I would MUCH rather have this than a high miles car where you have NO idea how it was treated.

    I'll go back to my Diablo as an example, 9,000 mile 1 owner car with a $6,000 stoplight bump. Are you really telling me you would rather have a 30,000 mile car with 4 unknown owners? And for that $6,000 bump I got a $20,000 discount.
     
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  3. energy88

    energy88 F1 World Champ
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    Probably depends on OP's definition of "fair." There is likely about a 15% spread between the wholesale and retail values of the car. And we don't know exactly which car, what year, mileage, etc. All we know is that the car is red and probably a 430 gated spider. Obviously, the lower end of the range is regarded as more advantageous to a buyer and "fair" in the sense of not getting price gouged. Its beginning to sound like the diminished value concession granted by the dealer just might be slightly less than the retail/wholesale spread. The dealer likely locked in and made their money when acquiring the car.

    Is OP attempting to purchase the car at the lower end of the price spread plus wants to add a diminished value concession? We haven't heard from OP all week now.

    Here is a similar 430 discussion on lower end of the scale with a few data points:

     
  4. Canuck550

    Canuck550 Formula Junior

    Sep 8, 2015
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    Actually I would rather have a 30K mile car then a hit car any day of the week for the reasons mentioned, I chuckle when we call 30K mile car high mileage
    As long as there is maintenance records, a car sitting most of her life and with an accident, for what I intend to use the car for meets my needs.
    North America, we are too mileage focused, look at the European market cars they are driven and enjoyed, mileage is less important, as long as maintained
    This thought has served me well over the many years
     
  5. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
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    LOL, OK......
     
  6. Canuck550

    Canuck550 Formula Junior

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    To each their own, a car cannot be un-hit!
     
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  7. Surfah

    Surfah F1 Rookie

    Dec 20, 2011
    2,840
    This is my impression. I get what youre saying though.

    A fair price for an undamaged vehicle per the OP may equal a reasonable per dealer price which takes into account the damage history.
     
  8. So a few more data points - damage resulted in a $30k repair bill. Looking through the bill it was just a result of where it was hit. Basically a bunch of parts all connect at that location and it hit them all. Clear that the damage was literally only skin deep though. (Still, yikes! For that $).

    they’ve negotiated a little lower since then. I’m working on financing now. Despite the benefits of not reporting to the credit bureaus Ferrari financial wants an arm and a leg in terms of down payment and rate so I’m doing my own through my channels.

    It’s a relatively low mileage example and I plan to drive it; not daily but as my second car (as opposed to a garage queen - it’ll be out most of the summer and even get driven to work occasionally - maybe 5k miles per year).

    Right now it feels like a responsible price and a good start to Ferrari ownership. Feels like a car “I’ll never sell” but I know that is never the case from personal experience.

    Proceeding at pace.
     
  9. Jakuzzi

    Jakuzzi Formula 3

    Mar 26, 2005
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    You seem to drive and use your car. Kudos to you! :)

    The OP and most of the other ones replying seem to be speculators/flippers; and that is the sad state of affairs to Ferrari "ownership" these days. But they are entitled to do whatever they want with their money/financing. :)
     
  10. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,545
    The OP seems like a solid guy and is performing due diligence....I even have another example of a diamond in the rough....by this time tomorrow, fingers crossed I will be the caretaker of a 2005 Ford GT. It bumped into a curb in a parking lot, a verified minor incident, not even called an accident by CarFax, just listed as damage........but yet the price starts with a "1"....am I running away to buy a $330k museum piece? Hell No
     
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  11. Alcav5

    Alcav5 Formula 3
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    Jul 28, 2012
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    No way could I believe you are picking up a GT for under 2 . Good for you , regardless of the minor accident it could have 20k something miles on it and you are still sitting pretty, imo

    I would have guessed without looking that they are 500k all day long...
     
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  12. jjtjr

    jjtjr Formula Junior

    Aug 29, 2016
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    john truskowski
    When purchasing any used car there will always be doubt. When I was looking at my used "new to me" Ferrari, I was looking for things like apparent damage or signs of repair. I was also looking at the mechanical condition as well, even though a car is dealer or specialty shop serviced doesn't mean that shotty work cannot happen. Getting a ppi is piece of mind for you and a very good idea. BUT as said many times in this discussion, a damaged car is always going to be a damaged car.
     
  13. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
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    29k miles.

    Just a day or two ago, a guy posted a high mile clean carfax car for $200k flat.....he had a deposit in like an hour.
     
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  14. energy88

    energy88 F1 World Champ
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    Looks like Hagerty values for those cars are starting to soften. Might some of it be owners trading up to 2017-2019 NFGT's?

    Image Unavailable, Please Login
     
  15. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,545
    There are owners selling '05-'6 cars when they gat the new one. Prices have definately softened over where they were 2-3 years ago. So looking at the chart, the top line must be just for Heritage colors, and $375k for one is quite do-able. The next line represents all the 1k miles that sold for $330k at BJ a few weeks ago. The 3rd line covers the 5k-9k mile cars, and a few can be had at $250k.

    The bottom line are cars that very rarely exist.....in the last 6-7 months I only know of 2 that sold under $200k (once you take out the salvage cars....there are a bunch of these)......
     
  16. energy88

    energy88 F1 World Champ
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  17. JaguarXJ6

    JaguarXJ6 F1 Veteran

    Feb 12, 2003
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    My damaged 2006 F430 from a front bumper and hood respray was a $20k discount on a 26K mile car. My favorite color with low spec for 78K. I have to replace motor mounts and fix a vibrating tail lights common issues. It's in amazing shape and a driver.

    I will restate if you pay market for a car with damage and do plan to sell it with more miles expect to take a double loss of some kind.
     
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  18. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
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    Done, a GT found a new home.....
     
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  19. Alcav5

    Alcav5 Formula 3
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    pics & info in another thread?

    Congrats!
     
  20. bertha01

    bertha01 Rookie

    Sep 16, 2018
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    bertha ales
    nice opinion[​IMG]
     
  21. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
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    Yes, full story now in the American Muscle section.....
     
  22. mikesf2

    mikesf2 Rookie
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    Feb 15, 2013
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    what price did the OP negotiate?
     

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