550 Maranello article - they'll be £200k before you know it!

550 Maranello article - they'll be £200k before you know it!

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Discussion

roygarth

Original Poster:

2,673 posts

247 months

Sunday 18th September 2016
quotequote all
rubystone said:
phib said:
So what do we think 550's will do in 12 / 24 months ?

Phib
Continue to surface with ever lower miles on their clock then they had last year?
Hasn't 'clocking' been going on for ever. Is there a suggestion that it is happening more now?

johnnyreggae

2,930 posts

159 months

Monday 19th September 2016
quotequote all
phib said:
my accountant says wont the 550 be worth more that £130k in 5 years, I would be kicking myself if it was worth £200k in 5 years and thats another £50k off the mortgage for doing nothing !!!
But it might be back to only fifty grand.......

And all the while you have had to find the cash to maintain the car in the hope that one day you might get a return

Camlet

1,132 posts

148 months

Monday 19th September 2016
quotequote all
johnnyreggae said:
phib said:
my accountant says wont the 550 be worth more that £130k in 5 years, I would be kicking myself if it was worth £200k in 5 years and thats another £50k off the mortgage for doing nothing !!!
But it might be back to only fifty grand.......

And all the while you have had to find the cash to maintain the car in the hope that one day you might get a return
Absolutely this.

I bought my UK 550M in 1999 when she was 12 months old, one previous owner. She was my first Ferrari.

She had 5K on the clock and was mint with a FHP. I paid 125K GBP. By 2003, the car had fallen to 25K GBP trade.

Today she remains #1 within my stable and has 26K well-cared-for-miles on the clock. I don't know what she's worth now as she will be the last to go, in hopefully many years time.

But as JR correctly implies, the recent rise in values (from 2013) only proves people too easily forget past performance. And if you buy a 550M and it drops to 25K trade again, shrug your shoulders and go for another drive in arguably one of finest GT cars ever made.

phib

4,464 posts

258 months

Monday 19th September 2016
quotequote all
Camlet said:
Absolutely this.

I bought my UK 550M in 1999 when she was 12 months old, one previous owner. She was my first Ferrari.

She had 5K on the clock and was mint with a FHP. I paid 125K GBP. By 2003, the car had fallen to 25K GBP trade.

Today she remains #1 within my stable and has 26K well-cared-for-miles on the clock. I don't know what she's worth now as she will be the last to go, in hopefully many years time.

But as JR correctly implies, the recent rise in values (from 2013) only proves people too easily forget past performance. And if you buy a 550M and it drops to 25K trade again, shrug your shoulders and go for another drive in arguably one of finest GT cars ever made.
All very sensible, mine is 3 in the stable ( well the fast stable !!) hence the total lack of ability to make a decision !!!

Thanks for all the views

Phib

cgt2

7,093 posts

187 months

Monday 19th September 2016
quotequote all
Camlet said:
But as JR correctly implies, the recent rise in values (from 2013) only proves people too easily forget past performance. And if you buy a 550M and it drops to 25K trade again, shrug your shoulders and go for another drive in arguably one of finest GT cars ever made.
Indeed. I've owned two 550's and a manual 575 and the most expensive purchase of the three was £42k.

Camlet

1,132 posts

148 months

Monday 19th September 2016
quotequote all
phib said:
Camlet said:
Absolutely this.

I bought my UK 550M in 1999 when she was 12 months old, one previous owner. She was my first Ferrari.

She had 5K on the clock and was mint with a FHP. I paid 125K GBP. By 2003, the car had fallen to 25K GBP trade.

Today she remains #1 within my stable and has 26K well-cared-for-miles on the clock. I don't know what she's worth now as she will be the last to go, in hopefully many years time.

But as JR correctly implies, the recent rise in values (from 2013) only proves people too easily forget past performance. And if you buy a 550M and it drops to 25K trade again, shrug your shoulders and go for another drive in arguably one of finest GT cars ever made.
All very sensible, mine is 3 in the stable ( well the fast stable !!) hence the total lack of ability to make a decision !!!

Thanks for all the views

Phib
No worries. I'm definitely not a Financial Advisor. And Mrs Camlet would definitely say if there's a profit to be had which will reduce your debt, sell the car.

I'm naturally more pragmatic, as she well knows wink

So long as borrowings aren't excessive, and assuming one loves the car, enjoy the motor.

I've been very fortunate the way things turned out (indeed this afternoon I learned my TDF has gone Red 10 cloud9 ) but along the way I have seen special friends, wonderful employees and cherished family depart this world very prematurely. And not a day goes by I don't pinch myself. No regrets.

phib

4,464 posts

258 months

Monday 19th September 2016
quotequote all
Camlet said:
I've been very fortunate the way things turned out (indeed this afternoon I learned my TDF has gone Red 10 cloud9 ) but along the way I have seen special friends, wonderful employees and cherished family depart this world very prematurely. And not a day goes by I don't pinch myself. No regrets.
Ive been fortunate in more ways than one, think its time for it to move on.

Thanks for the advice guys

Phib

Camlet

1,132 posts

148 months

Monday 19th September 2016
quotequote all
phib said:
Camlet said:
I've been very fortunate the way things turned out (indeed this afternoon I learned my TDF has gone Red 10 cloud9 ) but along the way I have seen special friends, wonderful employees and cherished family depart this world very prematurely. And not a day goes by I don't pinch myself. No regrets.
Ive been fortunate in more ways than one, think its time for it to move on.

Thanks for the advice guys

Phib
beer

priley

503 posts

187 months

Tuesday 20th September 2016
quotequote all
Alas, mine will also be up for sale imminently too. Took it for a spin before getting it washed today, ready for tomorrow's photo's; such a fantastic car. Unfortunately it just doesn't get used enough and the fact that my three weekend cars now equal my house's value mean it's probably time to grow up, adjust that ratio and free up some 'nicer house' funds. Must stop looking at Maserati MC Shift's...


Mogul

2,925 posts

222 months

Wednesday 21st September 2016
quotequote all
No single auction result is worth anything in particular but it is interesting all the same to note that the 1,977 miles UK RHD Argento/Bordeaux car sold at Silverstone for £180k (call it £184k if you could not recover the VAT on the buyer's commission) but worth remembering that the vendor will have netted just over £150k.

http://www.silverstoneauctions.com/1998-ferrari-55...

The 55,000 miles, but otherwise similar UK RHD Argento/Bordeaux, car car made circa £95k with the vendor netting just under £80k.

http://www.silverstoneauctions.com/1997-ferrari-55...




roygarth

Original Poster:

2,673 posts

247 months

Wednesday 21st September 2016
quotequote all
Mogul said:
No single auction result is worth anything in particular but it is interesting all the same to note that the 1,977 miles UK RHD Argento/Bordeaux car sold at Silverstone for £180k (call it £184k if you could not recover the VAT on the buyer's commission) but worth remembering that the vendor will have netted just over £150k.

http://www.silverstoneauctions.com/1998-ferrari-55...
The 2 ultra-low mileage RHD 550's are both on at £250k, with Speedmaster and a Ferrari Main Dealer - Dick Lovett I think. But the Speedmaster car has been at £250k for nearly a year now. Has a 550 ever actually traded above £200k?

I'd be interested to know how the 2 guys on here looking to sell get on. As far as I can ascertain 550's haven't sold for the last 6 months except at auction.

Mogul

2,925 posts

222 months

Wednesday 21st September 2016
quotequote all
Gooding certainly sold a 5,800 miles example with good provenance (and options) at Monterrey recently for $280,500 which represents circa £215k.

http://www.goodingco.com/vehicle/1998-ferrari-550-...

cgt2

7,093 posts

187 months

Wednesday 21st September 2016
quotequote all
Mogul said:
The 55,000 miles, but otherwise similar UK RHD Argento/Bordeaux, car car made circa £95k with the vendor netting just under £80k.

http://www.silverstoneauctions.com/1997-ferrari-55...
Not much difference to two years ago when I sold my Grigio/Bordeaux with 44k miles for the same amount.

TKH

395 posts

188 months

Thursday 22nd September 2016
quotequote all
Fab cars to drive and look at and if you own a RHD you have one of a very few '457' or less with a bit of attrition and no doubt over 5/10 years they RHD & LHD will reach higher highs.

most F cars have crept up nicely over last few years as with other marques Porsche springing to mind

and I guess whats currently happening is when we have that thought 'has it topped out ? will it slide back? do i really use it ? at which point we think right 'cash in' as theres always something else to do with the cash or something newer to savour !

Classifieds currently

40 - 550's on as we speak
6 Barchetta
14 - LHD
20 - RHD (zero-25'000 miles = 6) - (25001 miles > 40000 miles = 10) - (40000 >50000 miles> = 2) - (50000+ miles =2)

I guess the results of the uber low miles Gooding & Silverstone cars show the future potential ?









Edited by TKH on Thursday 22 September 07:20

priley

503 posts

187 months

Thursday 22nd September 2016
quotequote all
I think over time they'll only go one way. I think the current climate (whatever that is...) has bought many more to the surface (there were less than 10 cars available this time last year; 3 LHD/7 RHD I believe) and this undoubtedly impacts upon people's choices and decisions as well as prices.
I'll be sad to see mine go (assuming it does) but I ran a manual V12 Ferrari for a while and did a couple of unforgettable road trips so I'm thankful for that experience. We'll see what happens...

Mogul

2,925 posts

222 months

Thursday 22nd September 2016
quotequote all
Silverstone may still be accepting consignments for their NEC Classic sale on the 12-13th November.

http://www.silverstoneauctions.com/nec-classic-mot...

Buyers are expected to pay by 5pm the next day and the vendor gets paid within 14 days after that (net of the Sellers commission which is 5% of the hammer price (plus VAT) so call it 6%).

NRS

22,079 posts

200 months

Thursday 22nd September 2016
quotequote all
TKH said:
Fab cars to drive and look at and if you own a RHD you have one of a very few '457' or less with a bit of attrition and no doubt over 5/10 years they RHD & LHD will reach higher highs.
I'm not so convinced of the cars being "no doubt more" over 5-10 years. I do think they might go up for a bit, but I have a feeling before 5-10 years time there will be a pop in the market. We are likely due a recession soon, despite the efforts of central banks to try and stop this. Certainly on a 5-10 years period from now they highly unlikely to be able to. Even during the "good times" we have not really seen much grow, so it could be nasty when things drop. Then it will show if all the new money is just investors or if it is new money from China etc that always wanted to own a "xyz" model whatever the price (while also remembering that rise in prices is partly from the decline in value of currency as a result of QE).

TKH

395 posts

188 months

Thursday 22nd September 2016
quotequote all
NRS said:
TKH said:
Fab cars to drive and look at and if you own a RHD you have one of a very few '457' or less with a bit of attrition and no doubt over 5/10 years they RHD & LHD will reach higher highs.
I'm not so convinced of the cars being "no doubt more" over 5-10 years. I do think they might go up for a bit, but I have a feeling before 5-10 years time there will be a pop in the market. We are likely due a recession soon, despite the efforts of central banks to try and stop this. Certainly on a 5-10 years period from now they highly unlikely to be able to. Even during the "good times" we have not really seen much grow, so it could be nasty when things drop. Then it will show if all the new money is just investors or if it is new money from China etc that always wanted to own a "xyz" model whatever the price (while also remembering that rise in prices is partly from the decline in value of currency as a result of QE).
NRS : Agree lots of turbulent times ahead as throughout history that said certain portable physical assets tend to be fairly safe havens and are always movable to whatever part of the world happens to be prospering / buying at any given time. and with classics they are also nice to own and play with, I will bookmark the thread for 2021 & 2026.


phib

4,464 posts

258 months

Friday 23rd September 2016
quotequote all
NRS said:
I'm not so convinced of the cars being "no doubt more" over 5-10 years. I do think they might go up for a bit, but I have a feeling before 5-10 years time there will be a pop in the market. We are likely due a recession soon, despite the efforts of central banks to try and stop this. Certainly on a 5-10 years period from now they highly unlikely to be able to. Even during the "good times" we have not really seen much grow, so it could be nasty when things drop. Then it will show if all the new money is just investors or if it is new money from China etc that always wanted to own a "xyz" model whatever the price (while also remembering that rise in prices is partly from the decline in value of currency as a result of QE).
I might be missing the point but when you say we have not seen much grow in the good times what do you mean ?

I ask as most of the classic car market has gone mad over the last few years of good times ?

Apologies if I am missing your point

Phib

NRS

22,079 posts

200 months

Friday 23rd September 2016
quotequote all
phib said:
NRS said:
I'm not so convinced of the cars being "no doubt more" over 5-10 years. I do think they might go up for a bit, but I have a feeling before 5-10 years time there will be a pop in the market. We are likely due a recession soon, despite the efforts of central banks to try and stop this. Certainly on a 5-10 years period from now they highly unlikely to be able to. Even during the "good times" we have not really seen much grow, so it could be nasty when things drop. Then it will show if all the new money is just investors or if it is new money from China etc that always wanted to own a "xyz" model whatever the price (while also remembering that rise in prices is partly from the decline in value of currency as a result of QE).
I might be missing the point but when you say we have not seen much grow in the good times what do you mean ?

I ask as most of the classic car market has gone mad over the last few years of good times ?

Apologies if I am missing your point

Phib
Sorry, I was meaning value in the global economy. Which is why alternative investment (like cars) are doing so well.