Thinking of buying a salvage Ferrari

Ask yourself this question:

If you could go online to an Auction site and spend $30,000 to buy what was originally a $350,000 car, why hasn't everyone here done it?

There is a reason it is a salvage car.

 

Any advice? Would you take a project like this?

No.

If you have your own garage stocked with all tools lifts etc and have mechanical expertise and can do bodywork, fabrication etc and want to build a race car only, then maybe.

 

OP, I think you have THE answer

 

I would buy that mid-deck Ferrari lawn mower advertised, for the starting $100.00 bid. Besides that...Buy a $25,000 salvage 360. Then fix it, for $50,000. And poof, you have a $75,000 360, with a salvage title...You can buy a great F1 with a clean title for that or less.

 

All it probably needs is a belt change to be back on the turf. Wonder if it comes in a GTB configuration?

 

Once when I was at the track in my Maranello, the parts manager told me a new hood was $8K. You have been warned.

Buying flood cars can make sense if you are building a race car. You''re gonna strip out all the electronic bull**** anyway. But racing a Ferrari never makes any economic sense.

 

Please take the time to read thru this ENTIRE thread, then you can answer the questions of time, skill, money and other resources required to do a project like this:

http://www.ferrarichat.com/forum/360-430-sponsored-yellow-compass-group/497339-saving-scuderia.html

Please come back a let us know if YOU decide to do it.
Alden

 

There's a thread in the 612 section from a guy who brought back a 612 from flood damage. I think he got a few more issues than he bargained for.
If you are experienced at fixing cars, count 50-100% to the damage that is obvious to you in terms of cost.
If you are not, triple it and pray there is no structural damage.

 

I think that is a tad too negative, the demographic is small since not many people are capable of a proper car restoration, less have the money, space and time to do it.

 

That is the same guy that brought the Scud back from the dead in the thread I posted above.

Lots of skill, proper tools, time, patience, specs to check and set everything, and of course, lots of money, more than you think it will take. And I think the engine on this one was pretty much OK too.

IIRC, he tried aftermarket body panels to save $ and they did not fit so he ended up buying OEM, big $!
Alden

 

Ok so he got a taste for it after that first one. Restoration of cars is always an iceberg with a varying percentage under the water. I thought that thread was very good and showed what you can encounter. Just keep your eye on the ball and go.

Patience and time is what a shop which has to live off the proceedings generally does not have, proper repair just becomes too expensive. A good DIY can salvage such a car.

 

Think of it as a hobby, albeit an expensive one, and a labor of love.

If you have the skills and expertise required, aren't concerned with cost and love doing it, I can see where rescuing a salvage car could be a very rewarding experience. Just not in any kind of monetary sense.

Cost to buy and refurbish will likely far outweigh the cost of buying a top condition example of the same car. The Salvage title will make resale difficult, meaning you will never come close to recouping your investment.

So if you love doing it, and go into it looking for the satisfaction of doing it, without regard for financial considerations, I say go for it. Lots of folks have punishingly expensive hobbies.

 

I was tempted also....then I came to my senses.

 

Only one answer here. $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Not worth it.

 

As mentioned by many others so far, unless you have experience in this field (restoration/rebuilding) usually this type of thing ends badly. Parts cars are not as plentiful as they used to be, individual parts are getting more expensive and once done you will always have to explain the story. I looked at this option many times and every time I look back I was so glad I never went down that road (and I have some tools/shops to help). Best is to find a cosmetically neglected car and bring something like that back

 

Interesting way to get that 6 speed manual 430....

These cars show up on Co Parts too.

 

That thread taught me what never to do!

 

Well said.

Nothing to add.

 

I don't.

The reason it ends up in the yard is one of 2 reasons: the parts cost to fix is exceeds the value of the car or the car is simply unsafe to drive.

In the former, you can purchase the car and with the help of used parts or bondo, repair the body panels, find parts and repair it. The question I have is if the insurance company finds it too expensive (yes factoring in used parts, etc.) then what would the average guy be able to do different? You can't assume that "oh it's just bolting on parts that fell off".

Second and worse, if an aluminum car has ANY frame damage and you don't have the right tools (read: professional body shop that has the correct jigs and frame pullers) to repair it, you're going to be driving around in a structurally compromised car. I see guys all the time driving junk that won't withstand a collision. MY life isn't worth it. And unless you already have the expertise, I don't trust billy-bob down the street from making a determination on what constitutes repairable on a bonded aluminum and riveted chassis.

best part is.. when you're in the ICU, can they argue that you knowingly placed yourself at risk by driving a car with a compromised safety cell?

 

Keep in mind that if you do buy a salvage Ferrari and it has structural damage you will not be able to buy the parts to repair. Ferrari will only sell the structural components to a certified Ferrari body shop. There are only about 15 in the US.

 

That was a hell of a 1st post.....

 

I bought a Maserati Mexico bad body and engine about 15 years ago. Great way to learn panel beating,complete engine rebuilding and electrical works, interior redoing. Took 5 years,did it for fun. Money???? bought it for $10,000. Sold it for $ 20,000. Put in much more,even if work cost was0 ( except cylinder head valve grinding). Dont do it for money,but do for fun and learning new skills. I can butt weld with the best. form a panel from a flat sheet of steel-----------so what? Can't use that in medicine.

 

If you are looking to save money it is a really dicey proposition. A salvage car can have serious unseen problems. And keep in mind, unseen problems with a Ferrari are nowhere like unseen problems with a Buick.

 

It's the equivalent of a kit car. You may spend tons of time, and money maybe approaching the cost of a non salvage. When u go to sell you will get ~50% of clean title, and you will have trouble selling.

No offense but If you can't afford clean title buy a vette, Porsche , etc. or finance it if you have to have one.


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