You don’t have to look too far to find endless articles about the future of the automotive auction platform. What is coming next, which one is the top of the heap, and how we will revolutionize selling in the future. However, for some sellers, the tried and true ways are still the best, but this storage find even amazes me given the significance of the car and its presence on craigslist. This is a 1994 Ferrari 512TR that has apparently been in storage until recently, and the seller is asking $400,000 for it here on craigslist.
Thanks to Barn Finds reader Barney for the epic find. The seller is one of the more unaffected types we’ve come across, with the listing reflecting a general devil-may-care attitude about the Ferrari and whether it sells. This is one of those classic teaser listings where he opines that the price will go up as deferred maintenance is addressed. When it comes to parsing through years of services not done, a Ferrari of almost any vintage will make you cry and squirm if yours is not an endless bank account. Still, it looks rather amazing just sitting there.
The seller indicates that when he parked it in the storage unit 14 years ago, he had the car fully serviced by Ferrari of Palo Alto, including the must-do timing belt job. All I can figure is this individual is someone who is free to travel and live where he wants, and the Ferrari simply got put away while he went off and lived his life. He recognizes that despite running well when parked, it will need additional servicing, but that the price will go up. The $400,000 ask is for the car as it sits with just 18,000 miles on the clock.
And really, there’s a question in terms of what it’s actually worth. A similar car in white sold for $486,000 a few months ago. Now, white is far rarer on an already rare car, but let’s say this one needs $50,000 in servicing. That puts the seller’s asking price just about square with the current market for the car. With a 4.9-liter DOHC flat-12 behind your head pushing out 421 horsepower and 362 lb-ft of torque, it’s enough to make you think it could even be a wise investment. The listing is an intriguing one, and it will be interesting to follow this VIN for the next few months.
Cars do not like to sit, recommissioning this would be a nightmare and beyond the wallets of most people IMO.
a nigtmare ?
.. and Italian tune up, and bam, Bobs your uncle.
$50k in what services ??
from radical to ridiculas 🙄
folks, its ok, a new engine with new tires (which it does need) doesnt cost that much, the recommissing is fun for some and besides, your not gonna buy it anyway.
Yes, imo, Craigslist is one of the best sites to sell a car; other than Barn Finds or course ;)
They should knock off 100k for the servicing that it needs. This is not my cup of tea car!!
Living in Santa Clara County for most of my life, those recycling bins in the storage unit bring back memories. My dad still had the set of 3 (the seller of the TR looks to be missing the yellow glass bin)using them to store parts and tools – in one bin, HSS drill bits, spot facers and carbide burrs, literally boxes full that he must have pillaged from TWA when they got bought out and sold to American Airlines.The veteran mechanics that knew they were going to get shafted post buy out took everything from the tool room that was not nailed down. My dad has several tools that are engraved “stolen from TWA SFO” on them! Found the bins going thru his garage after he passed last summer.
And for the Ferrari..I mean, I’m just imagining having the kind of financial resources that would allow one to squirrel away this car in a storage unit for years without thinking twice about it.
$400k and Craig’s List. GLWS.
The nicest-looking version of this series. I think blue is my favourite colour on these.
A 14 year old timing belt is supposed to give me confidence? I’ll take a 2016 Mustang GT for a tiny tiny fraction of 400K and save the rest for what ever. Cost almost nothing to insure or repair in comparison, plus I can actually drive it, or leave alone in a Walmart parking lot. These kind of cars are a dumb move if you ask me. Now, before you say that its an appreciating asset, let me put the roughly 375K I have left by not buying this and place it in some index funds. In 10 years, lets compare value. Plus, I will have a better all around car to drive and enjoy. I DO understand why you purchase a car like this and it does not have anything to do with investing or driving. Great for attracting a certain kind of woman, usually for short term time frames.
Nobody needs a high maintenance car or woman and to have both would have you pushing a grocery cart around with your remaining assets.
Pinto, you are missing the point by being logical, and that is not appreciated in this hobby.
They like to call old cars “investments” and “collectible” (whatever that term means! Is one car a “collection”, or do you need to own more to qualify as a collector?)
Investments generally have an income stream attached. Yes, real estate costs money to own, but it also produces income. Stock equity has an underlying business behind it. Gold and precious metals at least don’t cost much to own.
But with “investment cars”, there are actually not many in the overall scheme of things. The lofty Ferraris, Maseratis, Duesenbergs, Mercedes classics racing Porsches and the like. Maybe even some very special muscle cars. Some of these have proven that you can actually make money in spite of the ownership costs, which are substantial.
For the rest of this hobby, the sales tax on the way in, plus the cost of ownership is going eat away any sort of possible gain at the sale, and these days, those possible gains are turning into fantasy.
People who willingly paid $100k for some muscle car or other “classic” now find themselves staring at a very soft market. At least it is a market where the buyers have become much more aware of the limitations to the empty concept of ever-increasing valuations that he auction houses sold everyone.
These days, it’s more about who bought in too deep and they are now going to be left holding the bag. The appetite for that is drying up.
It’s a hobby. Outside to the Tiffany-level stuff that billionaires buy at auction, a return to affordable, manageable pricing is what is going to keep the hobby alive going forward. $100k muscle cars that may have matching numbers and pristine restorations, but little else to distinguish them, is not the future.
The cost of ownership combined with the very real notion of “who’s going to be around later to pay what I pay?” is keeping the lid on the entire concept of “investment cars”.
Gorgeous ride. Cool listing, you can bet the ranch that the seller has already had a lot of enquiries, from the low ballers, Gullwing Motors, dealers, and a few serious inquiries. Something will work out to the sellers satisfaction. I have almost pulled the trigger a few times on the 308, when prices were reasonable, but always shied away due to the insane servicing costs, and as one reader commented, I would hate to have it whacked or keyed in a parking lot. I also enjoyed the sellers attitude, and good luck on the sale!
Beauty and Value are in the eyes of the owner. Most of us would/could never HOPE to ever own a car like this. And almost all of us would love to drive it as long as we didn’t have to pay for maintenance and insurance. Does a Ferrari ever make financial sense to own it? Only to.those who know values and play in that end of the pool. Us mere mortals get our kicks/fun where we can find and enjoy it. I have driven Ferraris and they are an experience all their own. But, anything that handles well and has good power I appreciate. (Some more than others relative to the horsepower and cornering ability) I appreciate Ferraris, and even sometimes drool over one. BUT, they are in the end of the pool that I would drown in.So I just let the big kids get their jollies their way.
Used Ferarris are play things for the 1% New ones are as well, but the taxpayer pays for big chunks. A large percentage of brand new ones are bought as company cars for top corporate executives and written off as business expenses. Does that seem fair or reasonable? When are we going to turn this country around to bring back proper balance? Not only would that boost our economy by giving most people liveability, and making macro economics stable by encouraging longterm investments, but would make the old car hobby more open to regular people as well. I want the economy of 1970.
Selling such a ‘rare’ vehicle on CL plus the $400k ask is, well, laughable…
again, Craiglist is a fine site, even ideal to sell on. Craig has been an upstanding and respectable host for decades.
Why the negative sentiments ?.. ignorance ? If you dont know why Craigslist is an ideal platform, dont use it, but dont assume you know better cause you dont.
Ya, its Testarossa, its out of most peoples leagues, we know this dont we ?
Further, its an ASKING price, when a legit buyer comes along, the actual price will be determined.
$400 is keeping to tire kickers and dreams from hassling him.
$400,000??? Thats about 3.5 times what they go for on Bring-a-trailer!! He must not need the money either ! Shame to see a beautiful car like that sit 🥲
A white one sold in April for 257, a red for 362, and a red one for 281. Maybe the white one was asking 486, avg price is under 300k
What’s this seller smoking?
This car screams Run Away as Fast as You Can!!!!!! Mechanically it’s a bottomless pit just for recommissioning alone. If you must buy it though I know a couple of Ferrari restoration specialists who would love to be co-signers on your bank account!
Everyone should buy a “forgotten storage unit” Ferrari once in their life. How else do you begin to learn wisdom or the meaning of sorrow?
Located in Danville, CA
How did that car get so dusty, if it is under a cover. I’ve had cars under good expensive covers and found no dust when looking under or removing the cover.
Currently asking $458,000
Did you mean $45,800??
No. They increased the ask to $458,000. Presumably because they did some of the deferred maintenance