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Value on a 1993 512TR?

Discussion in 'Boxers/TR/M' started by MITengineer, Sep 30, 2020.

  1. MITengineer

    MITengineer Karting

    Feb 18, 2004
    189
    Laguna Beach, CA
    About to pull the trigger on a 1993 Ferrari 512TR project. Car was a theft recovery but never hit and has just 13k km on the vehicle. Its missing front fenders, and a few other minor bits.

    I'll end up spending about $40k ish would be my guess to have the car refinished in its entirety including a major. The car needs to be taken apart and all suspension components cleaned, painted, and polished.

    The car has no salvage history, but is an EU spec car. Any idea what an ultra-clean '93 might bring post restoration? Should I expect a big hit on price due to (a) Euro (b) paint-matched fenders if the car is near perfect when it comes out?
     
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  3. rpissm

    rpissm Formula 3

    Aug 11, 2013
    1,562
    Salt Lake City, UT
    Full Name:
    Joe
    Is the car a salvage title because of the theft? That'll be your biggest hit.

    Sent from my Moto Z2 Play using Tapatalk
     
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  4. MITengineer

    MITengineer Karting

    Feb 18, 2004
    189
    Laguna Beach, CA
    Not a salvage title, car runs and drives was a theft recovery with some parts removed.
     
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  5. Bradwilliams

    Bradwilliams F1 Veteran
    Silver Subscribed

    Whats the asking price?
     
  6. ttforcefed

    ttforcefed F1 World Champ
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    Aug 22, 2002
    14,292
    maybe it will be worth 120?
     
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  8. MITengineer

    MITengineer Karting

    Feb 18, 2004
    189
    Laguna Beach, CA
    Hey Brad - I'm negotiating a price for "post-work" so its a package deal. Prefer to keep the discussion on post-restoration value rather than what I'm going to pay.
     
  9. MITengineer

    MITengineer Karting

    Feb 18, 2004
    189
    Laguna Beach, CA
    Interesting - you think asking $170k post repairs for an ultra-low mileage post-restoration car is a stretch? Less than 10k miles.
     
  10. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    14,292
    arent EU pre 94s like $160K with double the miles but original?
     
  11. MITengineer

    MITengineer Karting

    Feb 18, 2004
    189
    Laguna Beach, CA
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  13. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    14,292
    For what it’s worth 40,000 doesn’t get you anywhere near a full restoration...A full restoration is 100 to 300 grand in my experience… 40 thousand is a mechanical fresher and leather interior


    Sent from my iPhone using Tapatalk
     
  14. Zeff

    Zeff Formula Junior

    Oct 8, 2018
    575
    Cupertino, Ca
    Full Name:
    Ryan
    I think that’s within an acceptable range. Are you going to keep or sell?
     
  15. MITengineer

    MITengineer Karting

    Feb 18, 2004
    189
    Laguna Beach, CA
    I will likely keep for a year then sell. I've got an incoming Diablo SV that I intend on keeping and can't have both. The car won't be restored in USA (silly to pay these rates), its getting work done in the EU.
     
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  16. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    14,292
    keep the SV. the SV is insane and very drivable. SV needs sport exhaust and nothing else. i like what you are doing - just be realistic with costs etc
     
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  17. MOSS

    MOSS Formula 3
    Rossa Subscribed

    Apr 28, 2004
    1,424
    Hear is the thing, putting it up on Ferrari Chat makes it a perpetual story car even with a good title. Probably better in the long run to stay off here in discussing it. Some people it will bother and some it won't but just to be safe. Its not like you are hiding anything but some things are just better not discussed. For example I could have used my car in a Dukes of Hazzard show once and jumped a creek. Even if I repair it all to spec it is a story car once I show the picture or discuss it. Lol. Good luck.
     
  18. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    3,741
    Second this opinion as a Diablo owner. While all Diablos are great fun to drive, the low production variants (SE30, Roadster, SV, 6.0) are sooo special and rare.

    Hopefully you can keep both.....you can always take the slow train by putting $10k a year into the TR and do most of the work yourself. That is how I’m handling the refresh of my Ford GT.
     
  19. Veedub00

    Veedub00 F1 Rookie
    Silver Subscribed Owner

    Jun 30, 2006
    3,850
    Troy, Michigan
    Full Name:
    James
    I wouldn't buy a cheaply repaired 512TR ever.

    Are you selling in America or Europe? What are the disclosure laws in Europe?

    I say on paper, you might make some money, but there are better flipper opportunities that aren't going to tie up your time and money like this. 512TR parts are very rare these days.

    If you are buying to own for a while, then this is a great opportunity to get in "cheap". Although buying a regular TR gets you 90% of the experience for 50% of the cost.
     
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  20. ross

    ross Three Time F1 World Champ
    Silver Subscribed Owner

    Mar 25, 2002
    32,074
    houston/geneva
    Full Name:
    Ross
    if you put it all back together correctly, and it runs well, then ultimately the history of this car will fade in importance.
    the value in present usd i would estimate at about $150k.

    some of this depends on who is going to do the work.....may i suggest a garage to you?

    fast cars ltd is right there next to you in redondo beach, and run by a friend of mine named craig calder who is also a sponsor on here. i have seen his work (some of it went to pebble....), and he is the best guy i know to work on ferraris in socal.

    having his name combined in the history of your car will help support its value.
     
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  21. Auraraptor

    Auraraptor F1 World Champ
    Lifetime Rossa Owner

    Sep 25, 2002
    11,470
    MO
    Personally, I would be interested in the car as is but to each his own. Would make a neat project.

    Paying someone else to do the heavy lifting...less appealing, particularly on the wallet!
     
  22. Zeff

    Zeff Formula Junior

    Oct 8, 2018
    575
    Cupertino, Ca
    Full Name:
    Ryan
    Definitely, if you are capable of doing a lot of the work yourself it shouldn’t be too bad.
     
  23. MITengineer

    MITengineer Karting

    Feb 18, 2004
    189
    Laguna Beach, CA
    I bought the car. Its not going to be cheaply repaired - its going to be repaired to an incredible standard and gone through thoroughly. Its an example that deserved a restoration and it's not a wrecked car, just has a few stolen parts with just 13k km in need of a major.

    As for a "story" car, it does have a story. If you want a "no story" car you can buy one for more money than I'll be offering this one for.

    I'll be documenting thoroughly the reconditioning process and the condition should speak for itself. The work is being done in the UK (far cheaper than USA) by well known Ferrari indie mechanics. The story might turn some off, but I don't care I just need to find someone with the enthusiasm that understands a "good car" can be had for cheaper because someone stole the fenders at some point.
     
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  24. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    14,292
    Nice man! Very exciting and look forward to watching the journey!!!
     
  25. sixcarbs

    sixcarbs F1 Veteran
    Rossa Subscribed

    Dec 19, 2004
    7,344
    SF
    If it is not as bad as it sounds, make sure you take lots pf pictures to document what condition the car was in before the restoration.

    What color is it?
     
  26. MITengineer

    MITengineer Karting

    Feb 18, 2004
    189
    Laguna Beach, CA
    Its Red on Black. Ill take lots of photos as the work is performed. Should be a fantastic car by the end of it all, and I feel good about bringing one back!
     
  27. ChipG

    ChipG Formula 3

    May 26, 2011
    1,086
    Santa Monica, CA
    make sure you verify that with the state and not CafFax, most states for recovered thefts are all salvage titles that later get turned into 'previous salvage title'.
     
  28. MITengineer

    MITengineer Karting

    Feb 18, 2004
    189
    Laguna Beach, CA
    The "state" is Japan. Its a Japan spec car (LHD), will have a completely clean and clear title.
     
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