Interesting that the original car I started this thread about, the 2002 575M Maranello at the RM Sotheby's Arizona auction, sold for US$187,000. This shows that buyers/investors still want a low mileage car despite the problems that may result from a car staying stationary for 15 odd years. 2002 Ferrari 575M Maranello | Arizona 2017 | RM Sotheby's
...Maybe hopefully in the future the thinking of investors will change and those cars which are driven and well maintained will start to be more recognized and thought of as better investments than those which sit in the garage and don't move year after year.
Originally Posted by Fiammenghi Engineering;
With my thinking (probably the collector's not understand me ....) i would like to drive regulary my Ferrari putting on her a few quantity of km, obviously need maintenance but in this way (for me) the car become old in better way, without the problems that have the cars that was stopped for many years ( water rubber pipes, brake flex hoses, brake calipers exc..).
Hello Clyde and Fabio,
This car, like the other two at the Gooding Auction, sold for less than the pre-auction minimum value estimate, which is a sign of the current market. But also, I think Clyde is on to something here: "maybe...investors will change...".
I do not think that "investors" will change, but that "typical buyers" will change. I certainly did!
The investor doesn't care about the storage deterioration, as Fabio noted about the water rubber pipes, brake flex hoses, brake calipers, etc. since they will not drive the car and do not see a 2002 575M with 201 km the same way as a typical buyer.
Obviously the original investor lost money (not so smart), so the 2nd investor will do their best to make money. Whoever bought this car will probably also put it in storage and never drive it. They will not pay to repair the water rubber pipes, brake flex hoses, brake calipers, etc. since it will increase their investment cost and decrease their return on investment, just like any other investment, e.g., stocks, bonds, collector wines, etc.
The 1999 456M GT that I recently purchased, sat idle for 10 years, but was not intended to do so, it just happened. Likewise, there was a so much cooling system deterioration that it cost $10,000 CDN ($7,500 USD) to rebuild the system (new parts would have cost about 75% more). So it's not just a matter of a car being stored for a long period of time, but just as importantly, how it was stored (with precautions or without).
Luckily my 456M GT pre-purchase inspection discovered these repair costs which allowed me to negotiate a better purchase price.
I started my Ferrari search by looking at very low mileage cars since they have a higher resale value. In the end, since I'm a buy-and-hold person and using Seth's experience of "more Ferraris are better", I concluded that buying a low mileage car at a premium price was not the best strategy for me.
So I "changed" to search for a well driven, but extremely well maintained, 550 Maranello (60,000 km) at a much lower cost. Even after my post-purchase maintenance cost of $30,000 CDN ($22,000 USD) to get it to "showroom" condition, I still saved a significant amount of money and I will DRIVE this car to my maximum enjoyment and not stuff it away in a dark garage and hope prices go up to make money on a resale.
But because I purchased this car well, with LOTS of help from people here, I could make a profit today if I sold it, and it would sell fast, because it is now in showroom condition without the need to spend $1 on it. But that's not the reason I bought it...I want to enjoy it!
I do not expect investors to change, but there are many more typical buyers, like me, that will change. Clyde, hopefully your thread will get their attention and continue this wave!