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

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

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Discussion

21ATS

186 posts

30 months

Tuesday 13th October
quotequote all
footsoldier said:
Not quite right...the auction house deals with the cash, but it's still you that's on the hook if buyer doesn't pay.
In fact, they have t their T&Cs that they can take action to pursue the defaulting buyer, and the costs of recovery are deducted from your proceeds, but their fee is still payable in full. The owner doesn't get paid until the cash is received from bidder.
Bonhams is acting as an agent for the vendor, no more than that


Edited by footsoldier on Tuesday 13th October 13:33
However, unlike CC they are handling the financial transaction.

Does that provide any form of guarantee (I'm thinking Coys here)?

seawise

1,686 posts

164 months

Tuesday 13th October
quotequote all
the car failed to reach it's reserve last night right ?

well it's been relisted today, auction now ending on Friday.

https://collectingcars.com/for-sale/2000-ferrari-5...

perhaps they couldn't get hold of the owner last night to lower the reserve, so now it goes back in having spoken to the vendor and with the reserve set lower ? who knows, i suppose the lack of transparency is what one should expect from a auction platform.

footsoldier

1,771 posts

150 months

Tuesday 13th October
quotequote all
21ATS said:
However, unlike CC they are handling the financial transaction.

Does that provide any form of guarantee (I'm thinking Coys here)?
Yes, they do handle the transaction, but in my experience CC get involved to make sure it's all smooth.

Coys situation shows a benefit of CC, imo, also versus an SOR sale. The car is in your garage until you get paid - the best kind of guarantee!

Zero risk, unlike money going to an auction house (who might go bust...) or similarly an SOR trader, who then need to send on to you, after the car is gone.
The bigger auction houses have you sign a Power of Attorney so they can complete paperwork on your behalf. CC it's all still in your hands.

For a buyer, yes the auction house does provide some kind of guarantee that you'll get the car or your money back, but that's the same if you don't pay until collection of a CC car. The auction houses do not take responsibility/liability for descriptions not being up to scratch.
in both formats, it's caveat emptor.

jtremlett

934 posts

180 months

Tuesday 13th October
quotequote all
seawise said:
the car failed to reach it's reserve last night right ?

well it's been relisted today, auction now ending on Friday.

https://collectingcars.com/for-sale/2000-ferrari-5...

perhaps they couldn't get hold of the owner last night to lower the reserve, so now it goes back in having spoken to the vendor and with the reserve set lower ? who knows, i suppose the lack of transparency is what one should expect from a auction platform.
I think it was always ending Friday, wasn't it?

seawise

1,686 posts

164 months

Tuesday 13th October
quotequote all
Ah, ok - that explains it ! D’oh.

jtremlett said:
seawise said:
the car failed to reach it's reserve last night right ?

well it's been relisted today, auction now ending on Friday.

https://collectingcars.com/for-sale/2000-ferrari-5...

perhaps they couldn't get hold of the owner last night to lower the reserve, so now it goes back in having spoken to the vendor and with the reserve set lower ? who knows, i suppose the lack of transparency is what one should expect from a auction platform.
I think it was always ending Friday, wasn't it?

SFTWend

211 posts

33 months

Friday 16th October
quotequote all
Well, compared to most models, Ferrari's had been going for fairly sensible money on CC. But the private sale example discussed above just went for a touch over £80k including commission. I think that's a lot given a couple of respected dealers are asking just under £90k, before discount, for lower mileage examples with arguably better history. JB's TDF example with similar miles is now only £70k.

Maybe the price reflects the CC magic or perhaps a couple of punters particularly wanted that colour scheme. Or is this the money for a driver now? In the knowledge a respected Ferrari specialist sold a good example for £60k last year I'm scratching my head.

Crocodon

2 posts

5 months

Thursday 22nd October
quotequote all
SFTWend said:
Or is this the money for a driver now? In the knowledge a respected Ferrari specialist sold a good example for £60k last year I'm scratching my head.
I've been following the market for almost a year, but missed this sale. Could you share any details? Thanks!

FezSpider

703 posts

190 months

Thursday 22nd October
quotequote all
This one went for 66k, lhd Japanese car, a manual as well. Looks nice to me.
Thoughts?
https://collectingcars.com/for-sale/1997-ferrari-5...

ferrisbueller

24,994 posts

185 months

Thursday 22nd October
quotequote all
They're all manual.

FezSpider

703 posts

190 months

Thursday 22nd October
quotequote all
ferrisbueller said:
They're all manual.
Yea I did know that, it's the 575 that had the flaps. Brain fart rolleyes
But thank you for the education.

21ATS

186 posts

30 months

Thursday 22nd October
quotequote all
FezSpider said:
This one went for 66k, lhd Japanese car, a manual as well. Looks nice to me.
Thoughts?
https://collectingcars.com/for-sale/1997-ferrari-5...
It came up for auction in July and didn't make reserve. Here's the original listing:-

https://collectingcars.com/for-sale/1997-ferrari-5...

High bid was £62,000

Then it appeared again in the upcoming auctions section two days ago - Interesting I thought, lets see what it goes for this time, I quite liked it and was going to have a bid this time round.

It never went live, it just appeared as Sold 24 hrs later. So I guess a deal may have been done based on the original listing or maybe something was done directly but it certainly never made it to the bidding section this time.

neutral 3

4,541 posts

128 months



Anyone had their one re trimmed, inc the roof lining and what is a £ ball park figure ?

SFTWend

211 posts

33 months

neutral 3 said:


Anyone had their one re trimmed, inc the roof lining and what is a £ ball park figure ?
Have you viewed the car? I'm wondering if all this was the original colour scheme.

Not had it done myself but a few people have mentioned getting trim recolored as a cheaper option. You'd want to check how hard wearing as wouldn't want the previous colour coming through after a couple of years.

jtremlett

934 posts

180 months

SFTWend said:
neutral 3 said:


Anyone had their one re trimmed, inc the roof lining and what is a £ ball park figure ?
Have you viewed the car? I'm wondering if all this was the original colour scheme.

Not had it done myself but a few people have mentioned getting trim recolored as a cheaper option. You'd want to check how hard wearing as wouldn't want the previous colour coming through after a couple of years.
I don't know for sure but I think it is probably original. I've seen the car a few times going back a few years and it has always had that interior.

Try someone like KHPC to get a rough idea of the cost for altering the trim. Although I would sit in a few times before parting with any money to do it. You will almost never look at the roof lining for instance and you'll be sitting on the seats. The sticky plastic also clearly needs doing in that car.

Dino550

197 posts

177 months

Saturday
quotequote all
seawise said:
That’s my old car. Bought it in 2009 for £47k and sold it 3 years ago for £110k. Loved it, but when values rocketed it had to go.

luigisayshello

167 posts

52 months

Petrus1983 said:
You made the right decision - the interior is hideous and an embarrassment to the salesman who filled out the order sheet.
The interior is not hideous, the problem is the exteriour color x interior. Had it been any shade of grey or silver outside it would look well.