These days, the state of the market is the focal point of almost every conversation, whether you are talking to a buyer, a seller, or another dealer. The good news is that prices of old Ferraris have started to recover, but those of newer cars haven’t and never will. They are just exotic, high-volume used cars and depreciate like everything else, from Acuras to toasters.
Enzo would be proud
The cars built while Enzo Ferrari ran the show are bouncing Read More
A three-billion-dollar car business, a garage full of collectible vintage Ferraris, including a 250 GTO, and franchises strung across Europe like stars in Orion’s Belt. This impressive empire was 100 years in the making-but in the last three years, it has come completely apart.
Frits Kroymans is the Ferrari and Aston Martin distributor for Holland, which sounds like a substantial high-level enterprise. But it’s a shadow of what the Kroymans Corporation was until recently, when the worldwide downturn plunged Read More
Today’s vintage and collectible Ferrari buyers are usually male Baby Boomers in their late 50s or early 60s who have owned many cars, from Alfa to Zagato, over many decades. They can have one to a dozen or more collector cars, and their Ferraris are usually the top of the food chain in their collection. Most have built their business over decades and pay cash for their toys. They grew up with Italian or British cars and understand and can Read More
Last month’s column detailed a threatened $182,000 lawsuit against a Ferrari shop because of decades-old damage to a 37-year-old car, which was discovered but not mentioned to the would-be buyer during a $300 pre-purchase inspection.
The many lawyers I spoke with all declared that any claim against the shop would focus on whether there was an industry standard on what should or should not be included in a pre-purchase inspection (PPI), and whether the shop met such a standard.
In November 2005, I wrote a column entitled “The Punch of Deferred C/4 Maintenance… And How I Leaned Into It,” regarding a 365 GTC/4, s/n 14965, that we had sold to Hawaii and bought back 21 years later. This C/4 was a poster child for deferred maintenance, and we paid the price when the repair estimate climbed from an expected $8,000 to a painful invoice of $16,781.85. Unfortunately, this story now advances to an all-new and truly egregious stage.
As readers of SCM know, my day job is finding new homes for old Ferraris. Over the many years I’ve been involved with the market, I’ve seen it undergo several permutations. Now, the digital revolution has really hit the market full force, and it’s changing the ways cars are marketed-not just for me, but for everyone in this business.
Last month I observed that the classic Ferrari market has regained a level of stability and buyer interest. But while Read More
The inspiration for this column occurred in March, when I returned from lunch to find an email from a Lusso owner who wanted us to sell his car and net himself $700,000-about $200,000 over the retail price for his Lusso in today’s market. The very next email was from a client who had been web surfing and found an Indonesian site offering photos of a 275 GTB/4 (but with a 330 GTC serial number) for $400,000. He simply didn’t “get Read More
Columns beget further columns, and my June story, “When 25 Miles Doesn’t Matter,” which dealt with an Enzo that had crossed the magic 1,000-mile mark, resulted in a flurry of emails regarding the desirability vs. the perils of ultra-low-mile Ferraris.
I’m amazed at how many would-be Ferrari buyers have an odometer fetish, a Freudian pursuit of automotive virginity, defined by low miles or a one-owner history. Buyers accept the half-life issues of an older ultra-low-mile or one-owner Dino or Read More
In early November 2008, I received multiple early morning phone calls and emails telling me that Lamborghini of Orange County had just closed its doors.
My first thought was how could the largest Lamborghini dealership in the world possibly go broke? My second thought was, why had it taken so long?
We begin with a short history lesson
Successful tractor manufacturer Ferruccio Lamborghini entered the automotive world with the 350 GTV at the Turin Auto Show in 1963, followed Read More
In late January, the owner-principal of an authorized Ferrari dealership emailed an unusual question: “Do you think there is a retail price difference between an Enzo with 990 miles and one with 1,015 miles? We have a service customer with an Enzo who is concerned our road testing after the service put it over 1,000. I am not attempting to use your answer or quote you.” Further correspondence explained that the Enzo had come in with a dead battery, and Read More