The 30k high mileage 550.... well priced or money pit?
Discussion
I can't help noticing this:
http://pistonheads.com/sales/2684657.htm
A 90,000 mile 550 - what does the PH cognoscenti think about this car?
It's approx £10k cheaper than the next car - will it cost that much more to run over say three years and 10,000 miles?
http://pistonheads.com/sales/2684657.htm
A 90,000 mile 550 - what does the PH cognoscenti think about this car?
It's approx £10k cheaper than the next car - will it cost that much more to run over say three years and 10,000 miles?
danielw said:
I can't help noticing this:
http://pistonheads.com/sales/2684657.htm
A 90,000 mile 550 - what does the PH cognoscenti think about this car?
It's approx £10k cheaper than the next car - will it cost that much more to run over say three years and 10,000 miles?
all depends on what the servicing receipts show and the results of a PPI i.e. impossible to tell from an ad, exactly like any other older Ferrari for sale, regardless of mileage.http://pistonheads.com/sales/2684657.htm
A 90,000 mile 550 - what does the PH cognoscenti think about this car?
It's approx £10k cheaper than the next car - will it cost that much more to run over say three years and 10,000 miles?
Someone's got their money's worth out of it though, good on them
Unfortunately any car with nearly 100k on the clock is going to have problems, if you are lucky these will just be wear & tear rather than anything major. If the cost of servicing my Porsche is anything to go by, let alone a Ferrari, I think the £10k differential could easily be eaten up in one visit to the garage!
Surely it is not the running costs which is the issue here. As stated, costs will depend upon its previous life. However when you come to sell it with over 100,000 miles on the clock the price you get for it will be rock bottom. Like everything else buy cheap, sell cheap.
I bought a 360 with (relatively) high mileage at 24,000 in 3 years. Did 13,500 miles and it never missed a beat but got next to nothing as trade in as the mileage was then 37,500. Swings and roundabouts I guess.
I bought a 360 with (relatively) high mileage at 24,000 in 3 years. Did 13,500 miles and it never missed a beat but got next to nothing as trade in as the mileage was then 37,500. Swings and roundabouts I guess.
danielw said:
I can't help noticing this:
http://pistonheads.com/sales/2684657.htm
A 90,000 mile 550 - what does the PH cognoscenti think about this car?
It's approx £10k cheaper than the next car - will it cost that much more to run over say three years and 10,000 miles?
I think if it had 30k miles on it it would likely still cost the same to run - it is 11 years old. Any 10+ year old Ferrari will have running costs that are a total lottery. Also depends on it's previous life - would you rather have a 5 year old supercar that has exclusively been ragged round London by a rich kid, or the same model with 100,000 miles on it that has been exclusively driven by a middle aged chap to his place in the south of France? For a lot less?http://pistonheads.com/sales/2684657.htm
A 90,000 mile 550 - what does the PH cognoscenti think about this car?
It's approx £10k cheaper than the next car - will it cost that much more to run over say three years and 10,000 miles?
I say well priced.
cccscotland said:
I think if it had 30k miles on it it would likely still cost the same to run - it is 11 years old. Any 10+ year old Ferrari will have running costs that are a total lottery.
This^^ a lot IMO. We are forever being told that when a car is 10+ years old, you buy on overall condition not mileage. Yet with Ferraris people seem to do a complete about turn on this and get completely obsessed with the odometer reading, which for a significant number of cars is a fantasy number anyway. Are there any dealers on here who can explain why? I'm genuinely curious. Or do you guys all sit there thinking we as a buying public are bonkers?! This surely holds all the more true when looking at something like a 550 which has a large capacity, torquey V12 which as far as I have heard is absolutely bomb proof when compared to the high revving, highly stressed V8s.
A look at the service history in detail follwoed by a thorough inspection by someone who knows these cars inside out must surely reveal everything you need to know as to whether to buy a car like this regardless of mileage?
And yes, buy cheap, sell cheap, but honestly how much further could a £30k non cat C/D Ferrari 550 fall?! One suspects that someone is going to bag an absolute bargain....
Mario149 said:
This^^ a lot IMO. We are forever being told that when a car is 10+ years old, you buy on overall condition not mileage. Yet with Ferraris people seem to do a complete about turn on this and get completely obsessed with the odometer reading, which for a significant number of cars is a fantasy number anyway. Are there any dealers on here who can explain why? I'm genuinely curious. Or do you guys all sit there thinking we as a buying public are bonkers?!
This surely holds all the more true when looking at something like a 550 which has a large capacity, torquey V12 which as far as I have heard is absolutely bomb proof when compared to the high revving, highly stressed V8s.
A look at the service history in detail follwoed by a thorough inspection by someone who knows these cars inside out must surely reveal everything you need to know as to whether to buy a car like this regardless of mileage?
And yes, buy cheap, sell cheap, but honestly how much further could a £30k non cat C/D Ferrari 550 fall?! One suspects that someone is going to bag an absolute bargain....
I agree entirely. If you buy at £29k and it loses £10 in 3 years this is very low depreciation compared with say a Mondeo. I think you are spot on with your comments re inspection, service record and general appearance. Big stuff like cambelts already done so it will be wear and tear items which will go and can be spotted by competent inspection. I dont happen to like the 550 but if I did I would be tempted.This surely holds all the more true when looking at something like a 550 which has a large capacity, torquey V12 which as far as I have heard is absolutely bomb proof when compared to the high revving, highly stressed V8s.
A look at the service history in detail follwoed by a thorough inspection by someone who knows these cars inside out must surely reveal everything you need to know as to whether to buy a car like this regardless of mileage?
And yes, buy cheap, sell cheap, but honestly how much further could a £30k non cat C/D Ferrari 550 fall?! One suspects that someone is going to bag an absolute bargain....
iandc said:
I agree entirely. If you buy at £29k and it loses £10 in 3 years this is very low depreciation compared with say a Mondeo. I think you are spot on with your comments re inspection, service record and general appearance. Big stuff like cambelts already done so it will be wear and tear items which will go and can be spotted by competent inspection. I dont happen to like the 550 but if I did I would be tempted.
Too much agreement here methinks. I agree.I cannot imagine that it can "lose" £10k in three years - it may cost £10k to run in three years, but the value at 100,000 miles? Come on, if it was priced at £20k it would be gone in hours, surely...
So about the running costs, what are the big ticket items that actually fail rather "could cost..."? (I am thinking about the scare stories of the 456 bonnet reputably costing £25k ++)
Yes but no one buys an actual bonnet do they. If something happens its an insurance job.
As long as its been serviced regularly with belts etc 90,000 miles is nothing!
Get someone to look it over properly. If nothing major shows up its a bargain car with MANY more miles in it.
I'm nearly on 90,000 miles myself in a high rev'ing V8. My annual services usually comprise of consumeables like discs, pads and 2 clutches in all those miles.
Too much scaremongering going on here..
As long as its been serviced regularly with belts etc 90,000 miles is nothing!
Get someone to look it over properly. If nothing major shows up its a bargain car with MANY more miles in it.
I'm nearly on 90,000 miles myself in a high rev'ing V8. My annual services usually comprise of consumeables like discs, pads and 2 clutches in all those miles.
Too much scaremongering going on here..
iandc said:
Mario149 said:
This^^ a lot IMO. We are forever being told that when a car is 10+ years old, you buy on overall condition not mileage. Yet with Ferraris people seem to do a complete about turn on this and get completely obsessed with the odometer reading, which for a significant number of cars is a fantasy number anyway. Are there any dealers on here who can explain why? I'm genuinely curious. Or do you guys all sit there thinking we as a buying public are bonkers?!
This surely holds all the more true when looking at something like a 550 which has a large capacity, torquey V12 which as far as I have heard is absolutely bomb proof when compared to the high revving, highly stressed V8s.
A look at the service history in detail follwoed by a thorough inspection by someone who knows these cars inside out must surely reveal everything you need to know as to whether to buy a car like this regardless of mileage?
And yes, buy cheap, sell cheap, but honestly how much further could a £30k non cat C/D Ferrari 550 fall?! One suspects that someone is going to bag an absolute bargain....
I agree entirely. If you buy at £29k and it loses £10 in 3 years this is very low depreciation compared with say a Mondeo. I think you are spot on with your comments re inspection, service record and general appearance. Big stuff like cambelts already done so it will be wear and tear items which will go and can be spotted by competent inspection. I dont happen to like the 550 but if I did I would be tempted.This surely holds all the more true when looking at something like a 550 which has a large capacity, torquey V12 which as far as I have heard is absolutely bomb proof when compared to the high revving, highly stressed V8s.
A look at the service history in detail follwoed by a thorough inspection by someone who knows these cars inside out must surely reveal everything you need to know as to whether to buy a car like this regardless of mileage?
And yes, buy cheap, sell cheap, but honestly how much further could a £30k non cat C/D Ferrari 550 fall?! One suspects that someone is going to bag an absolute bargain....
i recall that Evo ran a 550 for a year, amoungst others things the gearbox packed up (9K) and a magnitude other faults- covered under warranty in that case BUT it was a 25K miles car if memory serves correctly.
Whilst we can 'question' the trade view of these cars with miles- fact is its unsaleable into the trade anyway
The money it might lose over the next year (or to 100k miles) will still be virtually nothing compared to the money lost in its first 3 years of life as a low mileage car. A thorough inspection by a specialist followed and a fund to right any wrongs is what is needed here. If the inspection brings up issues you are not willing to take on there are always others to look at. The 550 is a stunning car, if you have the chance to spend time with one and the numbers are manageable then do it 
355f said:
Not so much bomb proof!
i recall that Evo ran a 550 for a year, amoungst others things the gearbox packed up (9K) and a magnitude other faults- covered under warranty in that case BUT it was a 25K miles car if memory serves correctly.
Whilst we can 'question' the trade view of these cars with miles- fact is its unsaleable into the trade anyway
I recall that now yes. But having thought about it, that is literally the only one I can remember that has had severe issues. Again, compared to a 355 where significant numbers of owners have posted about problems, it seems rather insignificant. Now, obviously more 355s were made than 550s, but still...i recall that Evo ran a 550 for a year, amoungst others things the gearbox packed up (9K) and a magnitude other faults- covered under warranty in that case BUT it was a 25K miles car if memory serves correctly.
Whilst we can 'question' the trade view of these cars with miles- fact is its unsaleable into the trade anyway
Edited to fix my inability to quote the right person after a few beers...!
Edited by Mario149 on Wednesday 20th April 23:06
Bebs said:
Yes but no one buys an actual bonnet do they. If something happens its an insurance job.
As long as its been serviced regularly with belts etc 90,000 miles is nothing!
Get someone to look it over properly. If nothing major shows up its a bargain car with MANY more miles in it.
I'm nearly on 90,000 miles myself in a high rev'ing V8. My annual services usually comprise of consumeables like discs, pads and 2 clutches in all those miles.
Too much scaremongering going on here..
You do drive like an old woman though. Barbara gives it more stick than you... As long as its been serviced regularly with belts etc 90,000 miles is nothing!
Get someone to look it over properly. If nothing major shows up its a bargain car with MANY more miles in it.
I'm nearly on 90,000 miles myself in a high rev'ing V8. My annual services usually comprise of consumeables like discs, pads and 2 clutches in all those miles.
Too much scaremongering going on here..
Cactussed
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