Ferrari Mailing List: Re: How much is too much?

[Brian E. Buxton (BrianBuxton]

A lot of the GT buyers were waiting for their contracts (to not sell) to expire and for their titles ... and if you look at the huge price disparity even today on driven GT's -vs- sub 100 mile examples, sitting on them and looking at them was a wise decision.  Many in this arena can afford one example as an investment and anther to drive.

-- 
Brian E. Buxton 

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On 9/8/18 1:29 AM, Peter Rychel wrote:

I suppose there is no easy or simple answer to how much of a hit an owner should take, should their vehicle have really high mileage. Understanding, of course, that you say, regardless of condition – even if an owner has been fastidious in it’s care, like treating the leather and applying multiple coats of wax to the paint, etc – miles are miles. It probably comes down to whether or not they’re in it for resale value, or just have the car because they like/love it and couldn’t care less what it’s worth and how much mileage it has when it comes time to sell.

 

Yet, I was intrigued at how a number of F’Listers posted six figure mileages.

 

There was that story a while ago of that gentleman who owned a 308 GT4 with 200K+ miles on the odometer appearing in Forza magazine (I believe the famous author and collector Jess Pouret also owned a 308 GT4 that had 200K+ KM on it’s ododmeter). Both cars looked to be in great condition and that is a reflection of those owners who carefully took care of the cars. Yes, exceptions, considering far too many were driven to the ground by those who were in it for the flash of the badge on the nose.

 

Funny you mention rarity, because a few years ago when Ford GTs became THE car to collect, every one that came to auction, or was posted for sale privately, all seemed to have no more than 500 miles on the odometer. Some even had only delivery mileage! The rare ones are the few guys who actually drove them! A former Ferrari owner here in Vancouver bought one when they came out and just loves the thing. Last I heard, the car had five figures on the odometer. It still looks like new.

 

Peter

 

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From: Brian E. Buxton <BrianBuxton [at] BuxtonMotorsports.com>
Sent: Friday, September 7, 2018 10:30:33 PM
To: Peter Rychel
Cc: The FerrariList
Subject: Re: [Ferrari] How much is too much?

 

From my experience the lower the mileage the higher the value ... even on cars that aren't really collectible.  Low mileage becomes more and more rare each passing week, month or year.  And unless someone really abuses a vehicle, lower mileage cars will always be nicer, cleaner, and more original inside and out.  Low mileage almost always equates to better condition, more originality and "correct."  There is nothing wrong with driving and enjoying a vehicle, but no matter how meticulous an owner is there is no way that a 100,000 mile vehicle will be as nice (paint, carpet, interior etc.) or original (engine compartment stickers, and even the new car / leather smell) as a 1,000 mile car. 

It is true that age will require hoses, belts, tires, etc. to be changed, as does heavy use - so you are at a wash there.  And oil leaks can occur on even brand new cars - I've seen new Range Rovers leaking power steering fluid on the showroom floor.  What you really pay for in exceptionally low mileage vehicles is (original) condition and rarity.

And mileage does affect price and salability - as an example, AMG Mercedes become increasingly difficult to sell after they rack up 60,000 - 70,000 miles, as do exotics.  One reason is that so many buyers think they don't "need" the extra power so they choose a less expensive SL500 over an SL63.  Or they worry about maintenance costs, so they choose an S550 over an S65.  Higher mileage also causes buyers to avoid certain cars for two different reasons - one is the people who want the rarity and performance of a Ferrari can usually afford to buy something newer or with very low miles, so they avoid higher mileage cars.  The other group wants the look and the "ego boost" of an exotic, and higher mileage examples are in their price range, but many times they can't afford the maintenance, insurance costs etc. associated with those cars.  Some become so low in value that they make more sense as parts cars than drivers - who would buy a $3,000 Porsche 944 and then pay $3,000 every 5 - 6 years for timing belt services?  And that doesn't include tires, a clutch, a/c repairs, power steering leaks, window repairs, etc. that will come along with a car from the 1980's.

-- 
Brian E. Buxton 

On 8/26/18 12:08 AM, Peter Rychel wrote:

As was discussed on this list last weekend, many Listers posted how much mileage they have on their cars, prompted by Matt Boyd’s recent insurance appraisal. I was quite surprised at how many of you have cars into the six-figure mileage amounts. That’s impressive.

 

Reading this article though, gives me thought of how much is too much mileage in regards to value. How much penalty should an owner expect to get on the sale price of their car? And really, should it matter at all? It seems car values are based on condition, rather than simply on odometer totals (and if a car happens to have racked up 100K+ mi yet is in spectacular shape, does it deserve a lower sales price just because of the substantial mileage?).

 

It seems to be quite a shame that such amazing cars have been parked all of their life. Good thing none of them are rare and there are plenty of similar examples on the market with “normal” mileages on them:

 

www.classicdriver.com - why you should invest in low mileage classics

 

Peter

 

P.S. Here’s my odometer. I took it last weekend, but didn’t bother posting it as I passed the Friday contest deadline!:

 

 

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