Why Buying my 1st Ferrari Is Harder than I thought! - $400 Ferrari Flip
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- čas přidán 7. 09. 2024
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I found a Ferrari 348 that would be a perfect 1st car for my Flipping $400 to a Ferrari series but we have come across some difficulties
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Ferrari 348 355 360 specs for sale common problems timing belts prices values service intervals purchase checklist bring a trailer ACV Auctions Cars and Bids ebay 0-60 top speed
Your a smart man passing on that car. People get themselves to wrapped up in the bidding and don’t stay logical. Nice to see you did
Especially when you start doing your research 60 seconds before the auction ends.
If you’re going for that look, hold out for the 355. IMO the 360/430 is the perfect V8 Ferrari, and you can get all of them with a gated six
Great discipline Craig, that was the summer time retail red price. 7 owners and the paint overspray were red flags to me. Good luck in Florida.
I was on Ferrari Chat for several years when I was looking for a Ferrari. This was around 2015 through 2017. The 348, especially the first year 1989, was the least desirable of the 3xx series cars. You could find them back then for less than 30k with mint examples around 45k. 355s were about 5 to 10k more. 360s were about 60k to 90k. Testarossas were about 30k to 90k for a mint 512TR. The Testarossas were the real bargain at the time. I would hold out for a 355 if you want an old school toy. Prices are definitely in a bubble now, like housing. I ended up buying a 911. But the way, both the 348 and 355 require periodic engine out service for the timing belt. Figure on about $7k for the belt service.
With the kind of money you have now, I would hold out for at least a 430 if not a 460. The early 348's had chain tensioner and cam bearing issues that could be pretty costly. Buying it online is pretty risky. Better to look at that one in West Palm.
And how should those chain tensioner and cam bearing issues still be a problem? Overall 348's are pretty solid cars, more solid than 355's, 360's or 430's.
@Eelco Engelaar it's the earlier 348s that we're a problem. They updated the design in later years. The problem with an auction car is you don't know if those issues were addressed or not.
The prices have gone through the roof for those cars! Cars of that nature are just getting more appreciated over time. It’s like Porsche, those are going through the roof as well.
The 308/328 will always be my favorite Ferraris. Maybe I watched too much Magnum PI when I was younger.
The auction price was too high and should have been around 58k to 60k.
Craig i think you did the right thing. The car needed recon work as well. jmo
Worth 58k to who😂😂😂😂
Not even close to worth that
It’s a old piece of slow metal
@@jakejonesy9275 it’s the last generation gated 6 speed Ferrari in the 358 variant so the car is probably special to a lot of people.
@@jakejonesy9275 Bit of a silly thing to say "Worth 58k to who" When it went for more than that!
@@jakejonesy9275 if you aren’t a car enthusiast why are you here then?
You did the right thing stopping where you did. It's so easy to get caught up in the bidding fever war that people go crazy and end up paying way too much money for what they want. Good luck in the hunt for the flip car you truly want
Craig you have to remember to look at the miles. As I was looking at the prices as you went through it the mileage was consistent with the prices. It had 20k miles and some of the ones under a hundred had 50 to 80k miles. I am not saying it was worth it but you know as I do when the miles are lower the perceived value is going to be more. I hope that you find the Ferrari in Florida for a good price. I want to see you continue to trade up. Good Luck!
IMO the percentage of these cars with wildly inaccurate mileage showing is about half; this was a lease at one point which is a big red flag. Without being there, best to be cautious if you don't have FU money.
Lease is okay, if it was a rental car that would be a red flag. Why not get a 512 TR Koenig Special, Ferrari 488, Mansory edition 812? That transverse v8 is a pita (pain in the assets) to work on.
Congratulations on NOT overbidding on this car!! I buy and sell watches and it's hard to back down, but you have to be realistic. Can't wait to see what you buy!!
Hey Craig, I'm so happy for your success and your passion for buying and selling cars and teaching others about your craft and all the fun shenanigans along the way!
All the cars are outrageous today! Trucks with 100k mileage are $28k, shorty cars with 120 mileage are over 10k it’s loooney time times.
Nice video, 348 is a 5-speed and not the last gated. The spider is the rarest of the regular 348s TB, TS and spider. (not speaking about the special series like GTB,GTS, Challenge, Series Speciale,and the Competizione. In the last couple of years these care have gained popularity.
ACV has been my go-to for a long time now.
Wise to pass at that price. I can't believe that was a wholesale site!
Goes to show you don't have to be smart to get a dealers license!
High-end cars are all about if they have total car history. If you buy a high-end car with all its mechanical and service history. That car can be worth up to 50% more.
I kick myself every day for passing on 3 ferrari's. First was a 308GTB could of bought in low 20's in early 2000's. Then 355 for low 50's before covid and last was a 348TB for 35k back in 2018. Feel like world has just gotten stupid with car purchases like did with houses in early to mid 2000"s. If they do come closer to real world prices I be snapping one up for sure but more than likely never will realize my Ferrari dreams now. Love watching series. Keep it up.
Wow, what an amazing journey you're taking us on!
I saw the original video when it released and it made me subscribe. I haven't kept up with every single video, just popping in on your journey along the way and i can't believe it's finally time! ❤ 🏎🐎
Spending that amount of scratch necessitates an eyes on inspection.
A bit steep for an unknown quantity; mid fifties all in would leave some room for the inevitable high dollar sorting out process. Personally I'd like to see you save up to 458 money. Don't care how long it takes, the journey is the fun IMO.
Hey Dude, you actually did well for passing on that red garbage Ferrari, that thing seemed to be a trouble car, you will get a better one if you haven’t gotten it by the time you see this message
When you get your 348 Spider I hope you enjoy it like I did mine (Ferrari Yellow).... I bought it in '94 and got the dealer to ship it back to Modena (at no cost).....drove it around Italy, France and England ....on the QE2 to NYC and drove it back to Vancouver ..and yes is does red line in top......no problems in 4yrs of ownership and trips with the Pacific NW Ferrari Club out of Seattle....great times....it must be driven!!!!!
So I checked your website and…yeah stuff id buy too 😎
This car dropped off around 54G for me. I have purchased many exotics vehicles at auction and the numbers on this one I feel is between 48 and 54G. I factor in what I have had to invest in these vehicles after purchase to actually make them right in my eyes.
Ten years they were selling for 35k. Market has changed. The dealer said red Ferraris are most expensive and valuable. Black ones are the cheapest. I believe that price was more less fair.
I'm glad you backed out because like you said you didn't know anything about service records and those are Extremely important because things like Oil changes are Expensive and Crucial if they weren't done correctly, Definitely better to know as much as you can with a car like that so it doesn't come back and bite you in the wallet.
When the bidding started in the $40's, it was a bargain. At $50k, that wasn't bad. Once it started going over $60k that started to seem like all the money for that car. Nice car, but you start questioning if there's still meat on the bone for the next flip.
VT247
FYI 360 and 430 were also gated. I would highly recommend getting a paddle shift 430 and doing a gated conversion. Should increase the value tremendously, and you'll get good content too.
Understand exotic prices have gone up considerably since COVID. For many these are assets, not liabilities. A lot of people went through trauma during covid and it made them realize life is short. Hence you see more people ready and able to purchase these cars. Plus with the electric push, these cars are a dying breed. Therefore they are in demand. I've seen plenty of cars trade for way more than even a year or two ago.
OUTRUN was the game !!!
Run away from 348. Engine out service required. Go for a 360, you can service the cam belts with the engine in the car. They're also available in 6 speed manual...
The 348 was not the last of the gated cars ,far from it, ferrari were still making them well into this century...355/360/430/599/612 and some California's could be spec'd with manual ........good you passed on the auction not worth that much hold out for the right car bro.
Been watching your videos since I first started selling cars at a franchise dealer about 4 years ago, fast forward to today and I’m about a week out from opening my own dealership! Your videos have been a huge inspiration for me couldn’t thank you enough!
P.s. I’m in the Richmond Virginia area maybe I’ll run in to you at the auction one day!
Cruis’n USA was a great arcade game.
That game is called OutRun
Manuals are still climbing. You've got the Austin company doing manual conversions of later F1 transmission cars and kits available for a lot of money but when you look at what manual cars are worth (sometimes double), it's worth the sweat equity to buy. But for the 348, there are a LOT of gotchas with this car and the chance that something very expensive is wrong is very high. This isn't a Camry with a couple bumps and worn interior. Some little engine or tranny problem can easily cost you $30k.
You forgot in the mix of comparing comps to take in mind that it is a Gated manual which if I’m not mistaken makes a world of a difference in Ferrari and Lambo world
Yeah, Hoovie just paid a lot to have a Ferrari converted (I don't remember what model). It must be a valuable thing. I know I would get the gated 6 speed over a dual-clutch transmission. If it were a daily or even if I were seriously racing it I might like the dual-clutch but this would be just fun for me so it would have to be the fully manual.
Good point Johnathan
I really like these vids. Like lots of other people I’m a big car guy so I love the concept of the $400 Ferrari and hearing about your dealership
Awesome show Thanks. 😊
If the deal doesn't make you smile, walk away. Emotions are the enemy at auctions.
Sometimes the best deals are the ones you don't do. Right to walk away IMHO
I subscribed tomyour channel the first episode of this series. I stayed with it until a few months ago because I felt like it was never going to happen amd we were being strung along. I'm glad we are getting some progress on this now and we are going to get to the conclusion...maybe. probability is very low....have to start watching again.
Has 2 years passed since you started this $400 Ferrari flip? I remember the first video when you began the flip.
Yeah, he's mucked around and bought expensive toys that he didn't make any money on. If he had stuck to $5000 cars he would have done it in a year. He and german went to an auction, I think he gave German a budget of $12K and he bought 3. Craig bought 1.
One of germans was a dud, the other two they made something like $7000 profit on, craig sold his for $1000 over what he paid for it at another dealer auction.
The game you attempted to reference was Cruisin usa
I thought this day would never come. I'm excited for the next video !!!
The gated shifter brought the price up but everything inflated in this economy..
The game was called Outrun here in England
The 348 is the last of the best ‘cheep’ Ferrari. Prices are catching up with the 355.
In the case of a red Italian Ferrari I believe hiring someone who is an expert in Ferraris and Ferrari resale prices would be well worth the money and help relieve you of any scary scenarios like you just went through
2 years in the making, im excited to see what you end up getting
Your car is out there, and I'm sure it will find you. I totally agree with everyone else, you definitely did the right thing, and let it go.
I think you made the right call passing on this one. Hopefully you get the right one tomorrow
Watch your channel never miss an episode! Did you really wait until you started bidding to do that research or was that just for content?
I did.
The game your thinking about is OUTRUN. 🇬🇧👍
In my opinion theyre worth 50-60, when i saw it go to 70 i was simply shocked
You should check with fellow CZcamsr Eurasian Bob , he finds the rare rest of the rare in mint shape
cruising USA is the name of the game
Wait on the Ferrari. Everything used is way over inflated. Very few eBay cars are selling. People simply won’t buy a 2000 single-cab Chevy for $25k.
Oh yea as always Albany is definitely in here 💯
It was scary and sketchy…keep looking…DD is key
I believe the 348 has an issue with the fuel lines where they can crack and start on fire. I think this is the model that hoovie had that burned to the ground.
No, that was a F355... And with the right maintenance, the fuel lines shouldn't be a problem. Especially with the 348's and F355's with their engine out services.
I pumped so many quarters into that video game.
I owned a gated shifter 348ts, a timing Belt car. A Ferrari dealer quoted me $8,500+ for that engine/transaxle/rear subframe out timing belt/tensioner etc service. Count yourself lucky you didn't buy that car for that money and especially not knowing if and when timing belts had been done.
Exactly. The questions he didn't ask scared the hell out of me. Maybe he thought it made a better video to not confuse viewers with details but I was just screaming while watching this dying to know the mileage and maintenance/inspection status. Making newby car buyers think that the only things than matters is the model and year made is going to make some viewers lose a ton of money.
All true experts here on the 348, I see. A dealer quoting you USD8.500 for a timing belt service is just ripping you off. And a pretty handy mecanic can pretty easily do it himself.
Should have kept that red Saleen. It doesn't have the prestige or the handling of the Ferrari, but it's definitely more fun to drive. I almost called you on that car, but I think it was a repaint. I was wondering what happened to the Ferrari challenge. Glad to hear you're getting close. - I've been to that auction. Has to be one of the largest in all of New England.
It was a Live Appraisal auction. The seller is not even obligated to sell. One of the seller’s buddy’s could have put the high proxy bid in. Live Appraisals are difficult/expensive to try to actually buy the car
I’d go for the Ferrari FF ( I prefer hatchbacks and wagons).
I'd like an FF for a winter car
The last gated Ferrari is the 430. The 348 and 355 were all manual gated, I am not sure if the F1 was available with the 348 or even the 355. I think the first introduction of the F1-paddles came with the 360 which also was common to be found with a gated shifter, the last was the 430 but they are rare -- many more f1' paddle 430's.
I bad boys 2 the used the capristo exhaust from that Ferrari. It’s worth every penny
If the red 360 is gated then you landed on a goldmine. That is the true last gated manual. Otherwise the f1 transmission is not horrible and will be a fun car to own but now is the time for fun cars so they are definitely getting all the money
Cruisin USA was the game!! lol
This series always gets me hyped holyyyyy shii
Ten years ago you could buy a 328 and 348 in Europe for 30-40k€, today they are over 100k... For us who were born in the early seventies, these are the best and most desirable classic Ferraris, and we can only now enjoy our money…
🇮🇹🚗💨💨💨🇮🇹
great stuff thanks
I think the arcade game was called Out Run!!
Economy is booming, lots of tech stocks doubled in the last 6 months, spring fever, rich people who are eager to spend on toys not a good time to buy classic cars IMHO.
you made the right choice due your home work first then buy dont buy on unknow.
That game is from Sega and called outrun 🙃
You have to wait until it feels right. If you have that feeling it’s not worth it then it’s not worth it at least to you even if it is to someone else.
You had us at red Ferrari!
Annndddd. There's a sucker born every minute.
You dodged a bullet there Craig, sight unseen no way.
Yeah, good you didn’t bid that much, if it was a 355 sure, but high 60s is a lot for the 348, especially in not-perfect condition when from an auction.
Looked a bit rough for the miles Craig.I would really suspect that mileage ex lease!
Good job waiting for the right one
Just saw one of your red Ferraris in Sandown on my way to school! It looks like it might need a head gasket..
It may have been a dealer only auction, but that means nothing. The best friend of a dealer could want that car and be sitting next to his buddy while they bid. An auction can become a competition also and you just get caught up in the bidding and pay too much. Yeah the pros shouldn’t do this, but they still do. They could be sitting at home drinking anything but Bud light also and get carried away. 😆
Also, when you look at auction results to see what a car is worth, you couldn't have got it for that price. You would have to bid above that to get it and the other bidder may continue raising it to sky high amounts. You just never know. Auctions are exciting for a reason.
"When in doubt, say no ... Sometimes it helps to acknowledge the time and the energy you invest in what matters most and to let go of all the rest."
Hi Craig and wife , When me and my daughters started watchng in you in Manchester in the UK ,We said this is a mad dodgy car dealer but he is kool . KURT RUSSELL . But now we say now this is a nice guy nice family guy ,And has a good business keep going man we love it . your not WAYNE COREENEY . But your kool .
Florida seems to be the place to go to buy that car of old guys with money the buy stuff like that then get rid of it
Ferrari is a pretty car. Nice if your trying to impress your neighbors
Service is probaly a eye opener.
50k tops for me.
Man, the older I get and the less I care about other people or what they think, the less appealing any car is now.
Interesting auction, you missed out paying retail. It seems that the CV craziness hasn’t quite left us…
I Love that you have got to this point. I have a few projects, maybe i'll try something similar.
Stay away from the 348 and the 355. The engines have major problems, especially if it hasn't had Regular Maintenance services also, the timing belt is very expensive.
7 owners? Even a 30 year old car, that's too many. Good call
Perfectly normal
Common with exotics.
Still makes it a run out turd. Needs a a major service, sell it.
You don’t know what you’re talking about Josh
9:33 at ACV can the owner bid on their own vehicle? That's the thing about online auctions, even Ebay. You can have a buddy or another ID bid on your car to boost the sale price. If they "win" you'll be out the auction fees. It's a risk but if you can get $20,000 more on a $1500 bet, that's a risk many would be willing to take.
Over pay to end this series. Then start a new one. Flip $500 to Freightliner, Or $100 to a helicopter.
Craig needs an airplane hangar for all his toys.
Jeezzzzzzzzzz it feels like foreverrrr since this 400$ flip series been going on 😅😅😅 I’m glad you didn’t buy that one though definitely wasn’t worth it especially not seeing it before hand but I think you knew that already 💪🏾💪🏾💪🏾😅😅 let’s go bro down to Florida and let’s see what they got 😈
First of all i'm stunned you didn't already do a thorough market valuation on the car. Next is buying a Ferrari without seeing the service records is foolish. People sell the things at auction right about the time the motor out timing belt service is due. You know there aren't tons of people beating a path to private sellers doors to buy a ferrari. Lot more room for negotiation. Especially for a cash buyer
finally caught up after watching all 63 videos in like a week. lol i got too much free time