Comparing Cars With Different Number of Miles

[Shark01]

Good Morning,
Assuming similar condition (relative to miles), what kind of cost per mile would you recommend in comparing two cars (say a 5k car and a 15k car)? In the Lamborghini / Ferrari world for example, the rule of thumb runs from $1/mile difference for reasonably rare cars (Countach, Diablo, etc) to $1.5/mile difference for more mass produced cars (F430, Gallardo, etc).

Of course on super rare vintage cars (60s Ferraris, F40), it's all about condition and miles really don't matter.

Thanks

 

[Specracer]

I think the actual miles is more an emotional thing, vs reality. These cars are well known to be rock solid, I can think of 2 that are well over 100K miles. Another well known example with a Whipple just traded hands with 80k miles. I would look more at condition, history, and who and how it was cared for.

 

[centerpunch]

Interesting question. I’ve followed this market since day one, had a new 2006 briefly, sold it, and have been considering buying another one ever since.

In the 360 / 430 / Gallardo market, I see big value adders for low mileage cars, which I have always attributed to maintenance costs / risks. The GT doesn’t have those issues.

But I think there is a pretty big value difference based on mileage, simply because the vast majority of the GTs offered for sale have low miles- usually 2000 to 5999.

Last year there were a couple auctions where a small number of GTs were sold with Bizarro-world results- higher mile car selling for more than seemingly-identical lower mile car. And common red car selling for same price as rare Heritage car.

The thread I started on the recent Mecum and impending Barrett-Jackson auctions may not be a perfect reflection of the broader market for the cars, but since both auctions list more than just a couple GTs, the results may offer some insight into current values.

Or maybe not!

Auctions can certainly generate, uhh, unpredicted, irrational, and or batsh!t crazy results.

 

[Shark01]

I think the actual miles is more an emotional thing, vs reality. These cars are well known to be rock solid, I can think of 2 that are well over 100K miles. Another well known example with a Whipple just traded hands with 80k miles. I would look more at condition, history, and who and how it was cared for.

At this point, I’m not seeing many cars with miles that have a stack of receipts or original owners.....particularly in the pricing area I’m in. I think that is more of a trademark of vintage cars....so in effect 2 of the 3 areas you mention are moot for most cars. So all you have left is condition.

And the reality is cars with more miles get discounted. Terry was asking $190k for his 84,000 car....and the ask for a 3k mile car? A lot more obviously. Just trying to get a feel for a general rule of thumb guys are using in today’s market, as I’m considering moving into a market area that typically features 5k miles instead of 15k+ miles which is frantic right now.

 

[QuickSilverShelby]

You are correct, the 15k+ mile cars are frantic right now. When I bought my car in April, 2019 it had 15,998 miles on her. I found it on the first day in which it was advertised. I pulled the trigger on the second day.

I figured, if I wanted a low mile car there was no rush. I'll be able to buy a low mile FGT for at least another 10 years. The high mile cars are the unicorns .

QSS

 

[Shark01]

You are correct, the 15k+ mile cars are frantic right now. When I bought my car in April, 2019 it had 15,998 miles on her. I found it on the first day in which it was advertised. I pulled the trigger on the second day.

I figured, if I wanted a low mile car there was no rush. I'll be able to buy a low mile FGT for at least another 10 years. The high mile cars are the unicorns .

QSS

That’s why I’m trying to rationalize moving up into that next bracket (ask $270-$290k). For example, on eBay, 10,000 mile car with a $260k ask already has 3 offers against it in a week.....and the car is in BFE Montana in January.

I just can’t move that quickly....I’m still trying to get rental rates for dog sleds to get to Montana

 

[texas mongrel]

If you are buying to add to a collection, or to simply have a GT, then I guess low-miles gives bragging rights and probably helps resale down the road to another collector. If you are buying because you love the car and will drive it (BTW, my 06 is hands-down the greatest car I have ever owned), then mileage is irrelevant. Providing they have been looked-after these cars are bullet-proof

 

[dr914]

the best thing about low mile cars is the lack of road exposure, (seat time wear on the interior and delicate floor padding, paint chips, tire wear, undercarriage exposure, element damage) the worst thing is that sitting is bad for a car (flat spotted tires, oil leaks to name two)

 

[Roadtrip]

I would consider the number of owners as well... 1 or 2 owner cars should and do command a premium... In fact I would take a 10,000 mile one owner car over a 5 owner 1,000 mile car any day of the week, assuming in both cases they had maintenance records and it was kept in a climate controlled environment. The larger number of owners, the more potential stories (stories that aren't typically shared).

Good luck with your search! It's an awesome car.

 

[Shark01]

I would consider the number of owners as well... 1 or 2 owner cars should and do command a premium... In fact I would take a 10,000 mile one owner car over a 5 owner 1,000 mile car any day of the week, assuming in both cases they had maintenance records and it was kept in a climate controlled enviro

Good luck with your search! It's an awesome car.

Thanks for your well wishes.

Moving on to your point, the market doesn’t see it that way, and I honestly think that if you had both cars in front of you and a briefcase full of cash ( or one partially filled with cash....Dodgeball reference) that you would ask for a discount on the 10,000 mile car, one owner or not.

The question is how much of a discount? In my initial post where I gave a rule of thumb for a typical production level exotic of $1.50/ mi a difference of 9,000 miles would be $13,500...which does not look accurate in the GT world.

Of course if some nice owner wants to sell me their 15k mile good condition clear title car for $235k I could stop obsessing over esoteric stuff and start driving

 

[Awsum GT]

You already know where the best looking and set up 05 GT is... pull the trigger!

 

[Shark01]

You already know where the best looking and set up 05 GT is... pull the trigger!

How did I stumble into an NRA meeting

 

[QuickSilverShelby]

What about the $250k Blue White car that is in California and was apparently owned by Gretzky?

I'd love to buy that car.

QSS

 

[Shark01]

What about the $250k Blue White car that is in California and was apparently owned by Gretzky?

I'd love to buy that car.

QSS

It's not $250k, and it was owned by a guy named Gretzgy....think I saw this once on Seinfeld.

 

[QuickSilverShelby]

Is Gretzgy his comrade cousin?

QSS

 

[2112]

When I was looking, I was hung up on the price differences based on color. Of course, my favorite color commanded a premium.

Finally I just bucked up and paid the premium to get what I wanted.

But the way, BFE Montana? Please elucidate on where exactly BFE is.

 

[QuickSilverShelby]

"Butt F#ck Egypt" or "the middle of nowhere".

QSS

 

[GKW05GT]

Buy what you want 10-20K on a 250+ or- purchase won’t matter in long run and you will always regret not getting your first choice

 

[2112]

"Butt F#ck Egypt" or "the middle of nowhere".

QSS

Yeah,

I knew, just thought calling him to explain would be funny.

 

[Special K]

It's not $250k, and it was owned by a guy named Gretzgy....think I saw this once on Seinfeld.

Couldn’t resist...