High mileage ferraris
Discussion
Never you mind said:
Just how hard are high mileage (even though they might have only done 3K per year) to shift. Downsides, upside and anything else you can think off.
Personally I struggle a little with this as something is only worth as much as someone is prepared to say. Price anything right and people will buy it.My feeling is it's a bit of a forum myth unless you have some crazy over-market price in mind.
Its a car - its going to depreciate - if you use it it might depreciate a little more but perish the thought you might enjoy it
If you cannot afford it or for any other reason are worried about the difference between a fifty grand car and sixty grand (or whatever) in three years time just don't buy it
If you cannot afford it or for any other reason are worried about the difference between a fifty grand car and sixty grand (or whatever) in three years time just don't buy it
High mileage Ferrari’s are hard to shift for a very good reason: the market for them is small. It’s a classic illiquid market.
Why? Because most people want a car they can own and then sell without losing their shirt. Go above 50k miles, and certainly above 75k, and Ferraris don’t fit that bill. Partly fashion for low miles, but also the hefty potential cost of spares and maintenance. It’s not a matter of just pricing down either, due to the risk of a sizeable cost later. The market is still small, and they’re just hard to sell.
Doesn’t mean you shouldn’t buy or can’t sell a high mileage Ferrari, but you‘d make your life a lot easier by spending a bit more and getting one that isn’t so leggy and selling it for close to what you paid for it.
Why? Because most people want a car they can own and then sell without losing their shirt. Go above 50k miles, and certainly above 75k, and Ferraris don’t fit that bill. Partly fashion for low miles, but also the hefty potential cost of spares and maintenance. It’s not a matter of just pricing down either, due to the risk of a sizeable cost later. The market is still small, and they’re just hard to sell.
Doesn’t mean you shouldn’t buy or can’t sell a high mileage Ferrari, but you‘d make your life a lot easier by spending a bit more and getting one that isn’t so leggy and selling it for close to what you paid for it.
Never you mind said:
2009 car with 26K. Doesn't sound a lot but I guess for a Ferrari it is. Priced 10K less than a 16K mile car.
Look back through its service and MOT histories to determine how even the mileage was accrued on an annual basis.A ten year old Ferrari which has roughly done 3k miles every year since new is a much better bet than anothe similar one which has done virtually all its miles in the first five years and been laid up mostly for the latter five years.I bought a 7 year old 458 over a year ago with 17k miles which averaged 2.5k miles annually, spread evenly throughout its lifetime.
Never you mind said:
2009 car with 26K. Doesn't sound a lot but I guess for a Ferrari it is. Priced 10K less than a 16K mile car.
I have driven both of the cars I think you refer to within the past 10 days, and I would say that the higher mileage one drove better than the lower mileage one. Put them side by side and you wouldn't be able to tell which had done more miles. If I was still in the market, I would be buying the 26k miles one without hesitation and just enjoy it - yes it may be worth less in the future, but it cost you less to get in to it, and I think the fact it's had more usage over the past 10 years has helped keep the mechanicals in better condition ... these cars like to be driven.
Either way, enjoy the process - buying a Ferrari is all about the emotion (and man maths
)If you own a limit edition and think at one point you will sell it, then you should be very sensitive to milage. 430 Scuderia 16M, 458 SP Aperta, F12 TDF, 599 GTO etc. the market for these cars is very small and high mileage cars in this group are hard to sell. Honestly having a garage queen is a disaster. I did not know this until one dealer told me - majority of owners of these cars hire trailers to carry them to do the service!
I do appreciaite F cars hold value far better than other brands do - this is a fact. But driving Mac/Lambo actually brings lots of smiles for me and one of the critical points is that these cars, depreciating faster than F cars, are free of mileage anxiety! Personally I would be very happy to buy a high mileage well maintained normal production Ferrari. As above mentioned though, I would expect the high mileage is equally spread across the life of the car.
I do appreciaite F cars hold value far better than other brands do - this is a fact. But driving Mac/Lambo actually brings lots of smiles for me and one of the critical points is that these cars, depreciating faster than F cars, are free of mileage anxiety! Personally I would be very happy to buy a high mileage well maintained normal production Ferrari. As above mentioned though, I would expect the high mileage is equally spread across the life of the car.
I have had various different Ferraris over the years.
There is a psychological block about mileages on many Italian cars. Unused and un-exercised examples cost more than used and exercised examples.
I know of a 1985 Ferrari Mondial that is driven to the MOT test and service each year then returned to unheated garage and put back under a car cover. Less than 400 miles covered in the past 8 years.
My 1990 Mondial T has 68,000 miles and we drove it out to Tuscany last year. It is also serviced annually. It is used regularly and for extended drives (not just 2 miles then put away again).
Imagine that you owned both of these cars.
!. Which car is worth more?
2. Which one would you choose to take on a driving tour of Europe next week?
There is a psychological block about mileages on many Italian cars. Unused and un-exercised examples cost more than used and exercised examples.
I know of a 1985 Ferrari Mondial that is driven to the MOT test and service each year then returned to unheated garage and put back under a car cover. Less than 400 miles covered in the past 8 years.
My 1990 Mondial T has 68,000 miles and we drove it out to Tuscany last year. It is also serviced annually. It is used regularly and for extended drives (not just 2 miles then put away again).
Imagine that you owned both of these cars.
!. Which car is worth more?
2. Which one would you choose to take on a driving tour of Europe next week?
I've got the tee-shirt on this one. I purchased a 2007 F430 Spider at 7 years old. It had 4800 miles on the clock and I paid 'top dollar' from Maranello. I owned it for 4 1/2 years and sold it (quite easily) with 24000 miles. It was very well serviced and in exceptional condition. I actually got my money back, but times have changed since then. I think I got rid of it in the sweet spot in terms of mileage and car prices in general. I could have easily put another 10 or 20000 miles on it, but the value would have suffered.
During the time I owned it, I was always worried about not putting too many miles on it. So I have decided when I get my next Ferrari, I will go for a higher mileage example, buy low and sell low not having to worry about how much I drive it.
GG33
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