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US Spec. 599 GTO Marketplace

Discussion in '612/599' started by tortesq1, Sep 18, 2015.

  1. Ferrari 360 CS

    Ferrari 360 CS F1 Veteran
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    Dec 4, 2004
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    Jacques
    Yes there appear to be more LHD cars on the market but pricing remains strong, the auction car is going to be interesting to see what it sells for.
     
  2. Camlet1

    Camlet1 Formula 3
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    May 3, 2014
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    Stephen, no worries, I was only interested in whether the RM figure was too low, and therefore inaccurate.

    As you know I own a RHD 599 GTO from new (and adore it), and I have a RHD tdf coming mid 16. So I am firmly neutral.

    In the spirit of neutrality, I should also add the values of the GTO in the UK shot up in 2013 along with everything else. My car had dropped 10% between 2011 and 2012. So while the 599 GTO is a sensational car, some of the current pricing is IMO frothy, even for RHD versions. Talk of being offered 1m (dollars or pounds) is "I'll believe it when I see it" territory.

    PS: Happy New Year!
     
  3. Ferrari 360 CS

    Ferrari 360 CS F1 Veteran
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    The offer was from a Ferrari main dealer in the UK....
     
  4. tortesq1

    tortesq1 Formula Junior

    Feb 6, 2012
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    Happy New year to you as well as all of my fellow Fchatters.

    Cheers
     
  5. Camlet1

    Camlet1 Formula 3
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    In GBP? If it was, then retail will be well north of one million GBP. Sorry I don't believe such an offer is credible. Excellent LHD examples are priced between 500K- 540K GBP retail and are stuck in their respective UK showrooms. A RHD might be advertised at 750K GBP, maybe a touch more if sub 150 miles. But trade buying at one million GBP? Someone's having a laugh or maybe they're already well on the way to welcoming in the New Year. Anyway one to pick up next year. Have a great one!
     
  6. Ferrari 360 CS

    Ferrari 360 CS F1 Veteran
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    Happy New Year to you too, at the end of the day the experiences these cars give cannot be defined at monetary terms.
     
  7. Camlet1

    Camlet1 Formula 3
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    Absolutely true, but much more fun debating a universe of opinions about the same passion we all share, and in the process making good friends along the way. One day there needs to be an FChat convention. Can you imagine! Happy 2016.
     
  8. amenasce

    amenasce Two Time F1 World Champ
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    Oct 17, 2001
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    It seems the 5 or 6 on cars.com have been there for several weeks already and are not selling.

    Any documented sale at $800k+? Delivery miles car?
     
  9. kev360

    kev360 Formula Junior

    Feb 19, 2006
    428
    Was thinking the same thing. Seems cars are sitting longer now that prices has moved over $800k.
     
  10. tortesq1

    tortesq1 Formula Junior

    Feb 6, 2012
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    Stephen H. Frankel
    As the 1st auction of a US spec GTO is coming up at the end of the month we will finally receive a formal documented sales price. The RM auction GTO is a 1500 mile beautiful Bianco Fuji/Nero roof car. FWIW I was personally told (again - undocumented) that 2 GTO's sold in the 8's fairly recently (4th qtr of 2015). One from an authorized F car dealer and the other was a high end exotic car dealer. One GTO was nero and the other was RC. Both allegedly sold in the $825K+ range. The only consistent factor (other than that they were US spec) was that they were both very low mileage (approx. 500 miles on the nero and approx. 950 or so on the RC) although not delivery mileage. Like the rest of us I take everything a salesperson says to me with a HUGE grain of salt. That being said, I do think that both sales occurred and at that price point. The problem for all buyers, besides the obvious proper spec, seems to be mileage. When a GTO is 5+ years old what should be the typical mileage ? What should the price differential be for mileage variation between drivers and garage queens ? There are just no hard and fast rules.
     
  11. speed racer

    speed racer Formula 3

    Feb 16, 2008
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    For those who may of forgotten a 599 GTO goes on the auction block tomorrow. Lot #156, RM Auctions in Arizona. They are looking for a sales price of between $750K-$900K. One owner Bianco Fuji 1500 miles. Whoever posts the final sales price first gets a gold star!
     
  12. tortesq1

    tortesq1 Formula Junior

    Feb 6, 2012
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    183219 1 owner all original unmodded US spec 1500 miles Bianco Fuji with Nero roof. Very good looking car and (as I said previously) priced very reasonably (assuming you can pick it up at or near the bottom of the range). Truth is that there just isn't a lot of US spec GTO product out there with low miles. Most GTO's are priced in the $850K+ range with this mileage. Even with the 10% buyers premium, if you like the spec, you gotta pull the trigger as you don't know when this color combo will be for sale again. Good luck to any prospective purchasers.
     
  13. ROMO

    ROMO Formula 3
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    should be very interesting how the auction goes and the implication to our gto's.
     
  14. mytoys

    mytoys Formula Junior
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    yes I purchased a 200 mile GTO for 800k+
     
  15. tortesq1

    tortesq1 Formula Junior

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    Was it US spec ? Have you given your VIN to M for the GTO Owners list ?
     
  16. mytoys

    mytoys Formula Junior
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    it was a Canadian car but converted to US spec. Yes I gave the vin to the GTO owners list.
     
  17. tortesq1

    tortesq1 Formula Junior

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    175976 from F of Seattle ?
     
  18. Prancing 12

    Prancing 12 Formula 3

    May 11, 2004
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    The long way home
    RM's 1,500 mile Fuji White GTO was a no-sale at $730 ($803 with commissions).
     
  19. freshmeat

    freshmeat F1 Veteran

    Aug 30, 2011
    6,910
    Lot 156 Bianco GTO, 1,500 miles just fetched $730 at RM | Sotheby's
     
  20. tortesq1

    tortesq1 Formula Junior

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    10% auction commission is always a potential deal killer. Good thing is that someone was willing to pay $803K all in with the commission. As the estimate was $750K-$900K I assume that if the offer was $20K more it would have sold (ie. $750K + $75K commission +$825K sales price). Maybe the seller and bidder will work out a deal after the auction.
     
  21. DXB599

    DXB599 Formula Junior
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    May 31, 2015
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    Dubai
    There could be a good chance the bid was a shill bid by the auction company to try and run it up close to the reserve price. Happens all the time at auctions and if you read the fine print in the terms and conditions of an auction you will see this tactic is allowable, so unless it actually sells, no way to tell if the bid is a real buyer.
     
  22. LARRYH

    LARRYH F1 Veteran
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    Jun 3, 2011
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    virginia usa
    Absolutly. With reserve cars at auctions the auction company can and will bring the car up to near the reserve hoping someone will jump in and bid. The only way to know what it sold for is when it says sold.....the rest is just part of the show. I looked at the gto at rm today and it was very nice so time will tell
     
  23. mytoys

    mytoys Formula Junior
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  24. tortesq1

    tortesq1 Formula Junior

    Feb 6, 2012
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    Stephen H. Frankel
    Well bought beautiful damn near delivery mileage car. Are you going to break her in or keep her as a garage princess ? She has been in a 5-6 year slumber. Need at least 1K miles a year on her or she will throw a fit (LOL).
     
  25. tortesq1

    tortesq1 Formula Junior

    Feb 6, 2012
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    Stephen H. Frankel
    Plain truth is your 100% right in that we will never know. Bottom line though is that several verified sales have occurred in the past 6 months with sales prices of both US spec (and Canadian spec) GTO's well into the 8's. To date it has been only low mileage cars with under 1K miles, but as the GTO ages (technically its a 2011 model but most GTO's were built in 2010 making them approximately 6 years old) a 5-6 year old car with 4K-5K miles on them will become the norm.

    I'd also comment on the obvious elephant in the room - the spec of the auction car. While I personally thought it was a very nice spec, obviously it didn't pull at the heart strings of a prospective purchaser enough to make them pull the trigger. Would it have mattered had the spec been resale red in the form of RC ? Would it have mattered had there been no black roof ? What if the rims were not blacked out ? Again, I think that when we are talking about a high end purchase the passion for the car is extremely spec driven. Whereas a 288 GTO was always RC the 599 GTO has a million different flavors/derivations. What made the original purchaser love the spec might make him/her unique.

    Several other cars sold near their bottom line estimates so it also makes you wonder if the seller was justing being a "pig" (sorry for the characterization) over $20K. As a plaintiff only negligence attorney in NY I can tell you that I have seen cases go to verdict as the offer was $975K and the plaintiff wanted a $1M. It does happen and very frequently. Had it not been a 2 minute auction and a 2 day negotiation I think the GTO would have sold. I'd be interested in knowing whether the car did sell after the auction. Just my thoughts.
     

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