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

Samcrac
28 Jan 202420:02

Summary

TLDRThe 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.

Outlines

00:00

😞 The Ferrari 360 Was Supposed to Fulfill My Dreams But Turned Into a Nightmare

This paragraph introduces the Ferrari 360 coupe that the author purchased. Despite seeming like the perfect car to fulfill his childhood poster car dreams at first, it soon turned into a nightmare with countless mechanical issues. Even trying to stay optimistic, the constant problems wasted the author's sanity.

05:00

😱 Discovering the Ferrari's Transmission Failure and Gearbox Contamination

After hearing concerning noises, investigation revealed a failed transmission cooler leading to contamination and failure of the gearbox. The author details the diagnosis process and the underlying cause - metal corrosion in the integrated transmission cooler leading to mixing of coolant and gear oil.

10:02

😌 Sourcing a Good Used Transmission and Bonus LS-Swapped Ferrari Parts Engine

A used transmission was sourced for a great $2000 price after waiting patiently for one to become available. The seller also provided a bonus parts engine he LS-swapped out of his own problematic Ferrari. An initial swap attempt hit a roadblock with discovered engine issues.

15:02

😢 Extremely Low Engine Compression Readings Reveal Catastrophic Internal Damage

Before installing the transmission, a compression test shockingly revealed extremely low readings, indicating major internal engine damage. Failed attempts were made to resolve it, but glitter in the oil and excessive wear pointed to a seized, leaked out and overheated engine wiping out the rings and bearings.

💸 The Money Pit - Cutting Losses and Moving On From the Dream

Even with a great deal on a refreshed replacement engine, tallying up the costs to fully revive the 360 became unreasonable and "money pit" status was reached. Saved from a total loss by collector car inflation, the author cut losses and parted ways with the childhood dream car.

Mindmap

Keywords

💡Disclosure

Disclosure refers to the seller being transparent about any issues or problems with a vehicle they are selling. The video emphasizes the importance of proper disclosure, as the Ferrari was listed as only having 'normal wear' when it actually had major mechanical problems. This lack of disclosure led to difficulties for the video creator.

💡Transmission

The transmission is a key component in any vehicle which transfers power from the engine to the wheels. The main mechanical issue highlighted in the video is the failed transmission cooler which mixed coolant with transmission fluid, damaging the transmission.

💡Engine

In addition to transmission problems, later in the video it's discovered the Ferrari's engine has low compression, indicating loss of performance and potential engine failure down the line. This adds another complex and expensive issue to the car.

💡Cost

With luxury vehicles like Ferraris, repair and restoration costs are very high. As more problems compound on this car, the video creator determines the cost to properly fix it could exceed the value of the car, leading them to cut their losses.

💡Auction

The creator originally purchased this used Ferrari from an automobile auction. Auctions should provide disclosures on vehicle condition, but a lack of disclosure here contributed to the issues.

💡Reality

The video theme shows the contrast between the creator's hopes and dreams for this Ferrari, versus the disappointing reality of all the mechanical problems plaguing the car.

💡Loss

In the end, the video creator sells the Ferrari at a loss, unable to justify investing massive amounts of additional money to restore the car.

💡Project Car

The video refers to this Ferrari, along with other problematic auction vehicles, as 'project cars'. This refers to cars purchased cheaply that require extensive mechanical repairs and restoration.

💡Disclosure

Proper disclosure from sellers makes buyers aware of existing problems with cars. Lack of disclosure here contributed to difficulties and financial loss for the buyer.

💡Cut Losses

After sinking money into the initial purchase and some repairs, the creator 'cuts his losses' and sells the car rather than investing exponentially more money fixing all issues.

Highlights

The Ferrari was supposed to fulfill a childhood dream, but it quickly turned into a nightmare with countless issues

The transmission cooler failed, mixing coolant with gear oil and leading to catastrophic transmission failure

Replacing the Ferrari 360 transmission costs around $10,000, making the repair upside-down financially

The auction was useless in helping with the inaccurate listing, constantly deflecting responsibility

The engine showed dangerously low compression readings, around 100-160 PSI instead of 180-200 PSI

The engine likely overheated from low oil, causing piston ring and bearing wear

A full engine rebuild with new parts would cost similar to just replacing the engine

I bought a professionally rebuilt replacement engine for $10,000, but it was just the tip of the cost iceberg

I was able to sell the Ferrari at a small loss due to collector car market inflation

The seller was likely able to avoid proper disclosure of issues due to a new auction program

Had the Ferrari been inspected at the auction, it would have been marked as mechanically damaged

I didn't want to make a big deal with the auction since I work with them sometimes

In hindsight, should I have cut my losses or kept chasing the dream with this 360?

To fix this 360 properly would have cost similar to restoring our F430 project car

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Transcripts

play00:00

this Ferrari was supposed to be the

play00:01

solution instead it created a new

play00:03

countless amount of problems it was

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supposed to fulfill a childhood dream

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but it quickly turned into my nightmare

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and while I tried to stay optimistic

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through every one of its issues I was

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only kidding myself while wasting my own

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sanity this is the worst Ferrari I've

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ever bought potentially one of the worst

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cars I've ever bought but upon arrival

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it seemed the opposite it closely

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matched what I saw in the auction photos

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and while there were a few cosmetic

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issues inside now out they were no big

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deal you see this car was listed with

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just normal wear and nothing else

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because of this the price was pretty

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normal I can't tell you that I got it

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for an absolute steal or that it was too

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cheap to pass up this seemed to be the

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right car at the right time my personal

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poster car has always been a red Ferrari

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360 Coupe and even though I have a

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convertible one of these that's been a

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continual project I figured it would be

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cool to finally get one that was

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mechanically proper so I could enjoy it

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while I took my time working on any of

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its little blemishes now the transporter

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told me before he arrived that he

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couldn't get it started so I came

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prepared I figured it probably just had

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a dead battery from sitting at the

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auction for a while let's see they said

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it wouldn't

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[Music]

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run didn't just lock myself in here

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permanently so

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immobilizer put the key

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in put my foot over on the brake

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started right up seems to run all right

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too brought all those tools thought this

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was going to be

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dramatic

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honestly this car is has seen better

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days but it is not bad at all this is

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common missing headliner simple fix

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um this is an expensive fix but simple

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fix leather everywhere oh these are a

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little bit ratty but again stuff that we

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can we could fix all this this is a nice

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car and that's as long as it goes into

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drive and drives off this

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trailer and it drove right off the truck

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perfectly without any drama it stayed

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idling and so far I was very pleased but

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that would all change and just a few

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seconds now considering this Ferrari

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traveled all the way from the opposite

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side of the country the delivery process

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was smooth so smooth in fact you would

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have thought it was arranged on

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stamps.com which is the one stop for all

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your shipping Necessities whether you're

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sending a steering knuckle or an

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old-fashioned belt buckle all you have

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to do is input the address and package

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info pick your rate you can even order

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supplies and schedule pickup and you can

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truly do it all without leaving the

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house or office with stamps.com and and

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if you're used to those over-the-counter

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rates you'll be amazed at the difference

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in price because stamps.com offers an up

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to 89% discount through ups and USPS to

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bypass that line of the post office you

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really don't need a lot just to scale

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and a printer and to visit stamps.com

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samrack they're going to give you the

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scale for free along with a 4-week trial

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and some free postage to get you started

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when you visit stamps.com

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samrack there is no reason to stand in

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line to pay more for the same exact

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services that you'll find over at

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stamps.com

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samrack after a quick once over

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everything looked pretty clean but

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almost too clean the engine bay was

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clearly freshly detailed areas that

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would usually just be a little dirty

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were spotless in the frun I found the

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leather headliner and of course it was

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missing the original Ferrari tool kit

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but like I said earlier I was just

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excited to drive this car and so I did

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and the noise I heard within the first

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20 seconds in killed any of that

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excitement

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[Music]

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[Music]

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[Applause]

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listen

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this noise which happens upon

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deceleration sounds like an extremely

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sad string instrument now the truth is I

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knew darn well what was wrong here as

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there's a light on the dashboard for low

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coolant which goes along with a common

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failure item on these cars that causes

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complete transmission failure but I just

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didn't want to believe it to be the case

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so I checked everything else beforehand

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I started by putting the rear end up off

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the ground and drove it to see if the

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noise continued this was really just a

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waste of time then I checked the

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transmission mount because if it were

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collapsed it would rub against the frame

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and create a bit of noise and harshness

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but it wouldn't really sound anything

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like this so now it's time to face

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reality and check the gear oil to do

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this you remove the rear bumper which

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allows you access to the transmission

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drain hole keeping with the theme of

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Ferrari being a pain the under tray is

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in the way of the drain plug which is

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right here we're just going to kind of

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hold this down and guide it right into

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our drain pan

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here oh yeah yeah yeah yeah that's what

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happened

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look it has to be the source of our wine

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there somebody decided to put gravy in

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the gearbox that is uh not the

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appropriate color there what's happening

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is that the oil cooler or I should say

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the transmission gear cooler has broken

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and it's mixing coolant with the gear

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oil and of course you know the viscosity

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changes and I would also

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imagine that I don't know what's going

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to be in this overflow tank but yeah you

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see it's Mucky in there it's the problem

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so you can actually visualize what is

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going on here I've got the spare Ferrari

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360 engine with the manifold stripped

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off of it and you can see directly on

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top of the block sits this little

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canister which is your transmission

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cooler now the outlet from the water

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pump and thermostat hous runs straight

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to this cooler and if we look inside of

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it you can see kind of this honeycomb

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pattern here those open passages is

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where your coolant is going to flow and

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all that closed off area well that's

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where the gear oil is going to be sent

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through these lines that run off the

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gearbox the metals used inside this

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cooler are known to weaken over time and

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they will corrode especially if you

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don't do routine coolant services on

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your Ferrari and when they break apart

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that allows the coolant and the gear oil

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to mix the second that mixture enters

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your gearbox it is a very short period

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of time before you'll experience a

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catastrophic failure every single failed

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transmission cooler I've ever heard of

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on this car has led to a failed

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transmission and well the only way you

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really discover this is through that

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noise we just heard now the cost to a

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build or replace a Ferrari 360

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transmission is roughly 10 grand at a

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shop the price can well exceed this but

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just figure that once you pull the

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transmission you're likely going to

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replace all the wear items the clutch

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bearings and seals there's an expensive

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sensor in here so it's hard to find a

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way around that price a $10,000 repair

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bill will put me immediately upside down

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on this car so it was tough to justify

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now I'm used to buying project cars with

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problems at the auction but generally at

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a steep discount like I mentioned this

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car was listed with just normal wear and

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the price reflected that so my first

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thought was to notify the auction and

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let them know that this car was just not

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as described I'll expand on this part a

play08:00

bit later but the auction ended up being

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worse than useless they constantly

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deflected sending me to different people

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and different departments they told me

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they'd follow up they never really did

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it was clear their motive was to keep

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the sale in place after sending video

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clips of what we all just saw and heard

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the last auction representative I spoke

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to literally asked how do you know it's

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not supposed to sound like that since I

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knew I was stuck with it I started with

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the path of lease resistance all right

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let me show you what we got going on

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here all the old Mucky gear oil is out I

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fitted a brand new filter here this

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lists for about 100 and A4 at the dealer

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I paid 75 online took a couple days to

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get here and then right here this is the

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recirculation tube and then that is the

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fill hole where I have a funnel up there

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and it is buried all the way in the

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engine bay there I'm going to put some

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generic gear oil that I have in it

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currently to kind of mix around we're

play08:55

going to drive it we're going to warm

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things up and I am dying to know what

play08:59

this is going to sound like just with

play09:01

the gear oil change now remember of

play09:03

course we did not fix the cooler that's

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in there so I don't know how quickly

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it's mixing but we should get a few

play09:10

miles of you know pretty well

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concentrated gear oil driving I imagine

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it's not going to change things much but

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here we

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go

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oh yeah it's still there real

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bad yeah you can hear a grinding and

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Jing as you're shifting too if I'm going

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to fix this right I would just need a

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good transmission to swap in at the time

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there were a few used gear boxes

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available for around 6 to 8,000 but I

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waited as I knew these trade hands

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pretty frequently and the chance that I

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could save a few thousand being paid

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patient would likely happen and it did

play10:01

several months later just a few hours

play10:03

away from me someone listed a

play10:04

transmission with a starting bid around

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2,000 bucks and nobody bid but me well

play10:10

it never met Reserve I connected with

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this seller and was able to buy it from

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him for the $2,000 it was an incredible

play10:16

deal and I ended up becoming good

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friends with the seller Andrew at the

play10:19

same time he gave me the parts engine

play10:21

out of this same Ferrari you see he had

play10:23

a similar situation where he bought the

play10:25

same Ferrari in just a little while into

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his ownership the engine started running

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funny and the local repair shop quoted

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him tens of thousands of dollars for a

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replacement engine so he did the most

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logical thing he ripped it all out and

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just stuck an LS in its

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place this kicks a little harder than

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the stock one man I got to tell

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you

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W so with the replacement transmission

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in tow I was eager to swap things over

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I've done this job once before and I

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figured it shouldn't take but a day or

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two to complete but since I just heard

play11:12

about Andrews Ferrari engine Fiasco and

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I spent a little bit of time going over

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it and taking it apart for some reason I

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thought it might be a good idea to

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compression test the engine in this car

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before we spend any more time and money

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swapping over the gearbox now I had no

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reason to believe this had anything

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majorly wrong with its engine it always

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fired right over it idled pretty good

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and the few times I drove it it always

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revved nice and sounded healthy but what

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I was about to find would make my

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transmission issues almost

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[Music]

play11:55

irrelevant

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150 that sounds a bit low um I'll have

play12:00

to compare it with my other readings for

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good measure I just put the compression

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tester over to the passenger side on a

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random cylinder over there cuz I'm not

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liking the numbers I'm getting from the

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driver's

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side see what we

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got 120 what the heck is going on a

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healthy Ferrari 360 engine will read

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anywhere from around 180 to 200 PSI

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we're well below that threshold and

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that's just on the first three cylinders

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after checking all of them the highest

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number I got was 160 with the lowest

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being around 100 now when this car

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arrived the check engine light was on

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when I scanned it it just had some

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random misfire codes which I never

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minded much attention because these

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codes are pretty common and even though

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everything continued to snowball I just

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didn't want to believe it so I tried one

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last hail Mar solution first I focused

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on our lowest compression cylinder and

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did a wet test

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a wet compression test is when you take

play13:01

a little bit of oil and dump it down the

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cylinder before cranking the engine if

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your number stays the same lets you know

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that the compression is escaping

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somewhere in the cylinder head or the

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top end but if the number goes up it

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points to an issue with the piston rings

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they're not sealing against the cylinder

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like they should causing compression to

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escape through the bottom end when I did

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the wet test the numbers immediately

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jumped and remember at this point I'm

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still fighting reality but I have never

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heard of a piston ring wearing on one of

play13:28

these engines especially not at 30,000

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Mi but in general an engine that sits

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for a long time can develop a sticky

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piston ring which can give you a low

play13:36

compression reading even though it just

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needs to be unstuck usually running an

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engine getting it warm will unstick a

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ring but in some cases I've heard of

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using injector cleaner poured directly

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into the cylinder so it can break down

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any buildup around the ring and unstick

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it now generally when you hear of a case

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like this it's usually just a single

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cylinder that's your outlier in our case

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we obviously have multiple bad numbers

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numbers so this is an extreme long shot

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but I poured solvent into each cylinder

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and let them sit overnight and you

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guessed it nothing really changed well

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except for the viscosity of our oil with

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all the addition of the cleaner I put in

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the engine so I didn't create any

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additional problems here I immediately

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dumped the oil so we could start fresh

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in the second I got my catch pan into

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the sunlight it lit up it looked like

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someone mixed a cup of glitter with this

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oil now remember this car came with a

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pretty exceptionally clean engine base

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so I can only guess that somewhere

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inside there was a pretty severe oil

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leak and the owner of the car just

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continued driving it and completely

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ignored it as your engine runs lower on

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oil it runs hotter because that oil

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isn't there to displace the heat with

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more heat becomes more friction and with

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more friction there's just more wear all

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that Glitter is the bearings really just

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experiencing more friction than they

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should and heck that's probably the same

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thing that happened to our RI Rings they

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got worn and now we've got low

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compression so even though this engine

play15:03

was bad it could have been much worse it

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hadn't spun a bearing there was no

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scoring on the cylinder walls I mean it

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was in rebuildable condition but these

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Ferrari Parts aren't cheap once you

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dismantle the entire engine to put on

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your new Rings well you're going to want

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a new set of bearings of course and then

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every other little piece of Hardware

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that goes along with an engine rebuild

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you'll be right around the price just

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going and buying a used engine and this

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is something I actually did at the time

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this all played out I was a lot more

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tenacious a lot more excited and well

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just a lot dumber and that's a dangerous

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combo because you'll spend unnecessary

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sorts of money to chase a dream now I

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didn't just buy any ordinary used engine

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I bought the nicest used rebuilt engine

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I could find it looked brand new it was

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done by the guys over at fur parts so it

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came with a guarantee there was brand

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new cam belts and seals and literally

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everything had been redone on this

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engine and when it showed up instead of

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looking at this engine for what it was a

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beautiful refresh Ferrari engine I

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looked at it as one giant pile of cash

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and that's when I really lost interest

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in ever fixing this car because I

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started considering how much that engine

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cost it was about 10 grand even though I

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got the transmission for a steel how

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much is everything else going to cost to

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make that right and well the engine was

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just the short block so how many new

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parts am I going to throw at it one of

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those transmission coolers I showed you

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earlier cost about 1,000 bucks by itself

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so there's a lot of little pieces and

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parts that add a th000 here and there to

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a Ferrari build and it started to get to

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the point where I might as well just go

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out and buy a new Ferrari it was getting

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ridiculous now all this happened a while

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back over a pretty long span of time it

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was this time that helped diminish my

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interest in this project but also this

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time helped buy me out of the car with

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all the recent inflation in collector

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car boom even junk specialty cars were

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worth way more than they were just a few

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years ago so I was able to sell this

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Ferrari to a wholesaler with the

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disclosure for just a small loss if I

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would have sold this directly after I

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got it it would have probably been a

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major disaster but disclosure is the

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important word here because if there was

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a disclosure in the first place it would

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have changed the whole entire outcome of

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this car you see when you sell something

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at auction you have to give a closure

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now it doesn't have to be super specific

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you don't have to say low compression on

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cylinders one and two there just has to

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be some sort of disclosure whether it be

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in the form of pictures or whether it be

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verbal to let someone know what they're

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buying and in the case of this Ferrari

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like I told you earlier it was listed

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with normal wear I'm pretty sure the

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seller was able to get away with this is

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because this car was listed on a new

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pilot program with this auction where

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sellers were able to create their own

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disclosures it used to be that you'd

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have to bring the the car into the

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auction and an independent person within

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the auction would create the disclosure

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for you after looking over the car if

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this Ferrari would have drove into the

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auction with that check engine light on

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the dashboard they would have

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immediately marked it as a mechanically

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damaged car and if I would have seen

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that I would have either paid way less

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for it or I wouldn't have picked it up

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at all at the time I really tried to

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make it clear to this auction what I

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think had gone on here and they pretty

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much ignored me now I have heard over

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time that if you are not accurately

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disclosing issues with your cars they

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will penalize you for it which is good

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but I was the guinea pig here I didn't

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want to make a big fuss about it

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especially because I work with these

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auctions sometimes I video at them and I

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didn't want to ruffle any feathers

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especially when I just thought we had a

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failed transmission and we are going to

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fix the car now that all this is in the

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past I want to hear from you guys did I

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make the right decision in cutting my

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losses and getting rid of this burgundy

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Ferrari 360 let me know down in the

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comments just to give you an either or

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price comparison

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to make this burgundy 360 a good driver

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would it cost me about the same amount

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of money we sunk into our ferari F430

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project the car with the big burn hole

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in the side that we brought pretty much

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back to life that car has lower miles it

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does contain a branded title something

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the 360 didn't but it is a much more

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desirable model that will cost you much

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more at a dealership I know which car

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I'd rather have but you guys let me know

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also if you're not already following me

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on Instagram where I'm posting updates

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to current projects like what's up there

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on that lift before anything goes live

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here just follow me or hit that link

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down in the description guys I can't

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thank each and every one of you enough

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for watching today I'll catch you very

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[Music]

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soon

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[Music]