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Discussion Starter #1
I would appreciate having the members' opinions on federalized or converted Ferraris. I've seen some bad press about other converted marques, but don't know how much is hype and how much is real. From my perspective, I'm putting a "grey market" conversion into nearly the same category as one which has been modified by a high end tuner shop. That may or may not be a fair assessment.

So for a potential buyer, what are the implications (pitfalls) of buying a used grey market car vs one designed & built by the OEM for the US market?

Are conversions considered hacks, and does it reduce their value? (It would seem so, since asking prices for converted cars seem to be 10-12% less than their USDM counterparts.)

Are only OEM parts allowed in a conversion, or is the converter free to use whatever will fit?

What's the OEM's position on conversions? Are any of the conversion facilities licensed, approved, or sanctioned by the OEM's?

What are insurance companies' positions on conversions?

For the engine, is there actual retuning/remapping of the ECU? Or is it basically just hanging some no-name cats on the exhaust, hacking up the harness and putting an interceptor unit in, and fitting some other emissions control equipment to meet emissions specs?

For a conversion originally titled in NY (for example), is it now legal in CA (or any other state) also? Assuming it would have to be smogged at its final destination before it could be registered.

Other pros/cons of a conversion?
 

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Discussion Starter #3
Boxer, thanks; I'm more curious about the late models, ie late 90's and 2000's.
 

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The biggest change made on the emissions side is switching out the ECU for a US spec ECU so that it complies with the OBD2 communication regulations.

All cars come with Evap systems and catalytics these days. So the emissions mods are minimal.

The other big changes are safety related. Air bag systems are fitted, side marker and license plate lights are fitted, light behaviors are modified. The EU has different regulations on fog and passing lights operations.

The biggest issues come from the speedo being changed for one in US measurements and the VIN being changed to a US 17 digit number. Because of this service and repair history tend to get foggy. No one wants to buy a Ferrari with questionable mileage and servicing. There is enough grey area there that cars often have shoddy history and that is the biggest value killer.
 
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