I Bought a "Run & Drive" Ferrari at Auction that was Secretly Mechanically Totaled

Summary

The video documents the speaker's experience buying a used Ferrari 360 at auction that ended up having major mechanical issues. Despite the car initially seeming fine, it soon made concerning noises and was found to have a failed transmission cooler mixing coolant and gear oil, requiring a full transmission rebuild. Further inspection then revealed low engine compression and excessive bearing wear, indicating more extensive engine repairs needed. The speaker ultimately decided to cut his losses and sell it rather than pour endless money into repairs, though he expresses regret about the lack of disclosure from the seller at auction about these latent issues.

Takeaways

• 😟 The Ferrari was supposed to fulfill a childhood dream but quickly turned into a nightmare with countless issues
• 🛠 Upon arrival, the Ferrari seemed fine visually but made concerning noises while driving due to transmission failure
• 💸 Replacing the failed transmission would cost $10k+, putting the owner immediately upside down on the car
• 🔍 Further inspection revealed additional engine issues like low compression and excessive bearing wear
• 🚗 The owner bought a rebuilt replacement engine for $10k but then lost interest due to the excessive repair costs
• 🤝 After waiting a while, the owner was able to sell the Ferrari at only a small loss due to collector car inflation
• ❌ The Ferrari was listed for auction as only having 'normal wear' but clearly had undisclosed mechanical issues
• 📝 The auction did not properly disclose the issues despite being notified, due to a new self-disclosure pilot program
• 💡 In hindsight, the owner felt he made the right decision to cut his losses and move on from the problem-plagued Ferrari
• 👍 The owner asks viewers if they agree he made the right call to sell the car and not sink more money into repairs

Q & A

What was the initial problem with the Ferrari when it arrived?

The Ferrari wouldn't start when it arrived. The transporter said it wouldn't run likely due to a dead battery from sitting at the auction.

What noise did the Ferrari make within the first 20 seconds of driving it?

It made a sad string instrument-like noise upon deceleration, indicating an issue with the transmission/gearbox.

What causes the transmission gear cooler to fail in Ferrari 360s?

The metals used inside the transmission gear cooler weaken over time and corrode, especially without routine coolant flushes. This allows coolant and gear oil to mix, leading to transmission failure.

How much does it typically cost to rebuild or replace a Ferrari 360 transmission?

It typically costs around $10,000 at a shop to rebuild or replace a Ferrari 360 transmission due to parts and labor costs.

What issue did the compression test reveal with the Ferrari's engine?

The compression test showed low compression readings, with the highest at 160 PSI and the lowest around 100 PSI, indicating a major engine issue.

What likely caused the engine's low compression and excessive wear?

It was likely caused by an oil leak that went ignored, causing the engine to run hotter and with more friction, wearing down the piston rings and bearings.

How did the seller likely avoid disclosing the Ferrari's issues when listing it?

The seller used a new auction program that allowed them to create their own limited disclosures, avoiding flagging it as mechanically damaged.

Why did the video creator decide to cut his losses and sell the Ferrari?

With the added engine issues and high repair costs, it no longer made financial sense to keep fixing the Ferrari, so he sold it to minimize his loss.

How was the video creator able to sell the Ferrari without taking a huge loss?

Due to collector car market inflation over time, even the junk Ferrari was worth much more, allowing him to sell it with minimal loss.

What lesson did the video creator learn from this experience?

The importance of seller disclosures at auctions to avoid buying misrepresented, damaged vehicles.