You Got A Fast Car

Recently, a car put up for auction got some notice. It's a Ferrari Enzo, and the latest price is $370,000. That's quite a steal for an expensive, rare car that's no longer being made.

Of course, there's a catch: it's been in an accident, and needs some work. By "some work," I mean one wheel is missing, both the front and rear suspension are badly damaged. The engine starts, but many parts need replacing. Many body panels are damaged, and since they're made out of composite materials they'll likely need replacing. And worst of all, the carbon fibre "tub" that makes up the the core of the car has cracked, and that will cost a lot to fix. The total repair bill is estimated at $870,000.

So why would anyone pay $300,000+ for a that will need close to a million in repairs? Because that's actually a good price compared to the cost of a mint-condition model.

It brings up an interesting aspect of limited-edition supercars like the Enzo or the McLaren F1: they're nearly impossible to destroy. That's not because they're any more durable than your average car: you can easily find schadenfreude reports of them getting badly damaged when someone tries driving them at their limits. But they are difficult to write-off.

We use the terms "write-off" or "totalled" as a generic way of saying "destroyed," but what it technically means is that something is too expensive to repair. For instance, say your 1997 Taurus sustains damage that will cost $4,000 to fix. But a replacement car of similar vintage would likely cost less than a thousand. Thus, it doesn't make sense for you (or your insurance company) to pay for the repair; it would be cheaper to buy a replacement car.

But these famous-but-rare supercars are so expensive, it's nearly impossible to damage them so badly that repairs will be too expensive to undertake.  Just about any repair will cost less than the fixed car will be worth.

With that in mind, I've decided that I will put my Ferrari Enzo up for auction. Like the one in this story, it needs some work. You will have to replace the body, suspension, wheels, engine, transmission, interior and chassis. See, my Ferrari Enzo is, technically, a twisted piece of metal I found in the street the other day. But I'm sure you could rebuild it for less than the current asking price for an Enzo. Jay Leno, I await your call.