Ferrari 348's

[javadog]

Originally Posted by kaisen

This is likely a very good deal on a 1989 Ferrari 348TS. Bad pictures, but probably a nice car for $29,900.

From the seller's description:

"there are no service records" Nice. That won't concern anybody.

"purchased from an estate...I was told the vehicle had the belt service etc done within the last year and it was maintained fanatically" Told by whom? The dead guy? His wife? The little voice in his head?

I have been offered 27k by a dealer already" I doubt that.

"hairline cracks in the glass that are under a few inches in length, have been filled in and are not noticeable" What glass?

"a few dings that are so small I cant get them to show up on a picture" Well, tightwad, how about spend 100 bucks for a little PDR?

"minor lip rash on a a wheel, none of these are noticeable" Really?

"all had to be pointed out to me and again, and you would need special lighting and or a magnifying glass to find them...but I want to be extremely harsh in my description to save everyone time" Whenver I hear comments like this, my BS meter goes off...

JR

[kaisen]

Originally Posted by javadog

Can I have both?

I would probably spend a little more to get one with half the miles. 996 Turbo values are all over the map. I tend to look for cars that are in the top 10% of what's available. I think the market tends to undervalue miles and condition on cars that are produced in relatively large numbers. I wouldn't go so far as to buy a 5k mile "Richard Sloan" car but I'd look for the nicest one I could find with the options that I want. I can fix a few little nit-picky things more cheaply than trying to undo the wear and tear of 30,000 additional miles.

The example you showed is a nice car, in a color I wouldn't ever consider. The driver's seat looks a little tired (I know it's a supple leather seat) and the handbrake looks like it hasn't been adjusted in a while. Niether is a big deal but it might indicate that it needs a few things.

JR

If $35K is the goal you can have one or the other. I'd rather have a very nice 60K example than a hard-driven 30K mile example (again, what $35K might buy, we're not talking about you).

And it's true that miles to dollars is not a linear function. But that's why I'd recommend a higher mile 996TT, the depreciation curve is steep. If you're buying it in good shape, it will likely treat you well no matter the miles.... it's a Porsche.

Think about this:
If Schumi puts on 10K miles/year and intends to keep it five years, that's 50K miles. I'd suggest he either find one with 45K miles or just buy one with 90K miles. That way, he'll wither resell it with just under 100K, maximizing resale. Or save the big bucks up front and get clobbered with 140K at the end.

He's going to get clobbered in the Ferrari no matter what. There are very few 348s that see daily driven miles. So putting 50K miles on a low mile example turns it into one most won't consider. As McLovin put it, and I agree, that's just the way it is.

[kaisen]

Originally Posted by javadog

From the seller's description:

"there are no service records" Nice. That won't concern anybody.

"purchased from an estate...I was told the vehicle had the belt service etc done within the last year and it was maintained fanatically" Told by whom? The dead guy? His wife? The little voice in his head?

I have been offered 27k by a dealer already" I doubt that.

"hairline cracks in the glass that are under a few inches in length, have been filled in and are not noticeable" What glass?

"a few dings that are so small I cant get them to show up on a picture" Well, tightwad, how about spend 100 bucks for a little PDR?

"minor lip rash on a a wheel, none of these are noticeable" Really?

"all had to be pointed out to me and again, and you would need special lighting and or a magnifying glass to find them...but I want to be extremely harsh in my description to save everyone time" Whenver I hear comments like this, my BS meter goes off...

JR

JR, please consider that at $29,900 and not a lot of miles, you can afford to address things.

As a dealer, I'd buy the car, do a major (costs me $3500), do the PDR, touch things up, sticky-no-more, refinish the wheels, whatever and have a flawless service-reset $39,900 car.

Cars are like houses. Would you only buy one that had perfect carpet? Or would you consider one that needed carpet if it were priced accordingly? Especially if you wanted to change color anyway?

JR, you can continue to think like a rich guy. Your logic isn't flawed, it's just not how the other half can afford to look at things.

[javadog]

To each, his own... The last thing I'd want is a fixxer-up Ferrari that I was going to put a bunch of miles on. In fact, if I had a hard budget in mind, a Ferrari that appears to just fit within this budget on the front end would seem to me to be a risky proposition.

I don't think he ought to buy a 348. But, it's his choice. I still think he ought to drive a couple first, to see if he even likes the experience. Way too many people get into the market for a car that they've never even sat it. The time to do the research is after you have driven one, not before.

Cheers,
JR

[Schumi]

Originally Posted by kaisen

Wow, that's flawed. Not wrong, just flawed.
You'd invest $52500 in the Ferrari over 5 years
You'd invest $35000 in the G37 over 5 years

How is that equal? I understand that you'd recuperate all of your initial investment with the 348, and only half with the G37. But you do see that you'd shell out MORE of your cash with the 348. Most people don't think this way. Cash flow and opportunity cost here are NOT equal. And that's an important point to overlook.

Yes, the amoutn of cash required to do the deals are different- but in the end the amount of money lost over 5 years is the same- after 5 years, the Ferrari could be sold for 35K (assuming no depreciation, not quite possible but who knows with the market). The G37 would sell for half it's purchase value or less.

52500 ferrari investment - 35000 recuperated costs when sold = 17.5K gone.
35000 G37 -17500 recuperated costs when sold = 17.5K gone.

The exact same.

The amount of investment cost only matters if you don't have the cash to do the deal.

[Schumi]

And kaisen- I have a buyer for you if you have a $35K 996TT with around 50k miles with a 6 speed that has been well serviced and is generally a nice car. A good friend / coworker is looking to pick one up before the summer.

[kaisen]

Originally Posted by Schumi

The amount of investment cost only matters if you don't have the cash to do the deal.

No, it's called opportunity cost. It's $3500 a year (your number) that you could do something else with, and that choice has an associated cost.

It's like saying you could buy a car with $35000 cash, or buy a $50,000 car put $35000 down and take out a five year loan for another $15000 and have a $290 monthly payment. Not the same. Or would you say it's the same $35K initial investment?

I appreciate that you assume you can resell the Ferrari for exactly what you paid for it. The G35's depreciation is a little more certain. I'm not certain that you can drive a 348 daily and not have the miles you put on hurt resale. Please reconsider that plan.

[Schumi]

Yes, I understand opportunity cost, and I disregarded it.

Because I would rather spend that $3500 a year on servicing a ferrari, than being stuck with owning a G37 (again, randomly picked that car) and spending $3500 on other things.

That makes sense, right? It's how I think. I understand not everyone is the same.

[scottmandue]

Mike, whatever you buy I demand a So Cal get together to examine your new ride.

I will buy the first round of beer/soda.

That is all.

[911boost]

I'm going to have to say that unless there is a huge compelling reason to get a Ferrari, for what you want to spend, there is not a better bet than a 996TT. You can take the money you would spend to maintain the 328/348 and make a 996TT a fire breathing monster.

[jyl]

Schumi, you've been warned about all the pros and cons, if you are okay with them, then go for it - you're only young once. We, of course, will demand pictures.

[kaisen]

Originally Posted by jyl

Schumi, you've been warned about all the pros and cons, if you are okay with them, then go for it - you're only young once. We, of course, will demand pictures.

I'll demand a ride. I'm in SoCal from time to time

[RZG77]

How about a 360? There is one on cars.com for 35k, 22,000 miles. Red with a black top in AZ.

[kaisen]

Originally Posted by RZG77

How about a 360? There is one on cars.com for 35k, 22,000 miles. Red with a black top in AZ.

Does it have a motor or transmission? Or was it one that burned down.
360s are cheap, but not that cheap

Post a link

[audiman08]

Originally Posted by RZG77

How about a 360? There is one on cars.com for 35k, 22,000 miles. Red with a black top in AZ.

sure it's not a good replica?

[RZG77]

I don't think it was a replica, but I was just scanning through. It did say that all the service records were there, and no accidents. But that is cheap. There were a few pics too.

[RZG77]

Heres the link.



http://www.cars.com/go/search/detail.jsp?tracktype=usedcc&csDlId=&csDgId=&listingId=57230602&listingRecNum=25&criteria=prMx%3D40000%26sf1Dir%3DDESC%26prMn%3D0%2 6mkId%3D20014%26stkTyp%3DU%26rd%3D100000%26crSrtFl ds%3DstkTypId-feedSegId-mkId-pseudoPrice%26zc%3D43447%26rn%3D0%26PMmt%3D1-0-0%26stkTypId%3D28881%26sf2Dir%3DASC%26sf1Nm%3Dpric e%26sf2Nm%3Dmiles%26alMkId%3D20014%26rpp%3D50%26fe edSegId%3D28705&aff=national

[cairns]

If that's for real I'd jump on it. Way too low. Maybe a mad wife????

[Shaun @ Tru6]

not for real.

[Seahawk]

Originally Posted by jyl

Schumi, you've been warned about all the pros and cons, if you are okay with them, then go for it - you're only young once. We, of course, will demand pictures.

Never fight a land war in Asia
Don't tug on Sup's cape
You'll pee into the wind, once

What's the different between a Navy Nurse and a Ferrari?

Not everyone's driven a Ferrari!

I keed.

Buy what you want, take pics, distribute. You are in SoCal, though...do you want to be that guy?

There are so many alternatives.