Ferrari collectors are always on the lookout for rare finds and there are very few as rare as the Ferrari F50 supercar. Built in the 1990s there were only 349 of the vehicles put into production. In August one of the vehicles in excellent condition sold for $1.7 million at auction.
Now a rare Ferrari discovered in bad shape inside a salvage yard is going to auction with a modest starting bid price of $103,000.
The vehicle was discovered inside a Connecticut insurance salvage yard and it has led to a lot of speculation.
Because only 349 copies of the Ferrari F50 were manufactured, the whereabouts of most owners have been known for quite some time. Ferrari buyers tend to track VIN numbers as the vehicles pass from auction to auction over the decades.
The salvaged F50 was sold in 2002 for a cost of $528,000 and was given a new 4.7-liter V-12 from the factory after its original 513-hp unit failed. This particular F50 was the final of 56 units manufactured specifically for the United States. It also happens to be the only F50 sent to the United States manufactured in black.
Salvage auction service Copart listed the car for sale with a salvage title. That means the company believes the wreck caused more damage than the car is worth.
Ferrari F50 buyers believe the owner fell asleep behind the wheel after a leaking exhaust sent carbon monoxide into the cockpit and then sent the car into a tree at 50 mph. The driver only suffered minor injuries.
While many Ferrari’s have been fully restored after massive damage, vehicles in the 1990s began using a carbon-fiber chassis which is harder to fix. Throw in the fact that only 349 Ferrari F50’s were manufactured and finding parts could prove to be a major headache. The replacement engine alone cost almost $100,000. If the engine and transmission are in good condition a lucky $103,000 buyer could walk away with some nice spare parts.
Here’s a video from the F50’s hard launch: