A Rare Chance for Ferrari Aficionados to Own a Classic Model With Virtually No Miles

If you like your Ferrari purchases to have only delivery miles on them, this sale might be for you.

What RM Sotheby’s is calling the Factory Fresh Collection includes 17 Ferraris, many barely driven, as well as a rare Jaguar XJ220 supercar, a highly desirable E-Type roadster, and a Bentley Turbo R Drophead Coupé. The auction takes place at Marlborough House in London on Nov. 4, coinciding with the famous London to Brighton run for pre-1905 veteran cars the next day.

Pride of the Factory Fresh collection is this 1994 Ferrari 512 TR Spider with just 570 kilometers recorded.
OneSavage/sgcarshoot, courtesy of RM Sotheby’s

The star of the collection is probably the 1994 Ferrari 512 TR Spider, just one of three built that year, and the only one in its combination of Blu Cobalto paint and Blu Scuro Connolly leather interior. The odometer shows just 570 kilometres (354 miles). In keeping with the as-delivered theme, the car comes with its service book, technical manual, and a spare key. Provided it’s been serviced for the road, the owner will in effect be getting a new car. The estimate is £2.1 million to £2.7 million (US$2.56 million to US$3.3 million).

“This a truly remarkable collection,” Peter Haynes, RM Sotheby’s marketing and communications director for Europe, the Middle East, and Africa (EMEA), tells Penta. “There are some very rare cars in their own right, but the standout feature across the majority of the cars is the very low mileage—barely driven in some cases. My personal highlights include the 1994 Ferrari 512 TR Spyder which is one of just three in existence, in addition to the 1992 Ferrari Mondial T, which reads a hardly believable one kilometre on the odometer.”There are two other 512 TRs in the collection, a 1992 (also blue) and a second 1992 in U.K. specification (right-hand drive) with only 3,904 miles recorded. The first of these has a high estimate of £275,000 and the second £320,000.

The 1990 Ferrari Testarossa has just 161 kilometres on the odometer.
Courtesy of RM Sotheby’s

The 1990 Ferrari Testarossa has a surreal 160 kilometres, and is one of just 438 built in right-hand drive. The high estimate is £200,000. The 2001 Ferrari 550 Barchetta Pininfarina (high estimate £350,000) was one of 48 built with drive on the right side, and has traveled only 220 kilometers. One of the two 2008 599 GTB Fioranos has covered only 267 kilometers—making it one of the lowest-mileage in existence. Its high estimate is £180,000.

The Bentley Turbo R Drophead is a performance-oriented convertible.
Robert Cooper, courtesy of RM Sotheby’s

Other Ferraris in the collection with their recorded mileage: 1994 Mondial T Coupé (one kilometre); 1992 348 TS (130 kilometres); a second 1992 348 TS (179 kilometres); 2007 F430 (104 kilometres); 1994 348 GTB (181 kilometres); 1983 400i (2,743 miles). A highly admired earlier Ferrari is a numbers-matching 1973 Dino 246 GTS by Scaglietti. Its high estimate is £450,000.

The 1993 Jaguar XJ200 two-seater is one of very few built.
(sgcarshoot, courtesy of RM Sotheby’s)

Non-Ferraris include a very rare 1993 Jaguar XJ220, one of 282 produced. In keeping with the sale, it shows only 46 miles on the odometer. It’s been recently recommissioned for spirited driving, and is high-estimated at £425,000. A 1969 Jaguar Series 2 E-Type Roadster is also being auctioned, as is a 1991 Bentley Turbo R Drophead Coupé. The Bentley convertible, which is just out of extensive refurbishment by London specialist P&A Wood, has a high estimate of £475,000.

Buyers have the choice of keeping these cars in the garage—and preserving their low-mileage status—or forgetting about all that and driving them with alacrity.

Tuesday’s retail sales report could be the scrap of evidence that tips the balance as Federal Reserve officials decide how much to cut interest rates on Wednesday.

It is practically a given that the central bank will reduce rates. Inflation has fallen to its lowest point since February 2021, giving the Fed more flexibility to focus on the second component of its dual mandate—achieving maximum employment. Although the labor market remains resilient, the most recent two jobs reports have been weaker than expected, putting some pressure on the Fed to loosen monetary policy.

The question now is by how much rates will fall—0.5 percentage point, or 0.25 point? The indications from interest-rate futures are split , recently favoring the more aggressive half-percentage-point decrease.

Andrew Hollenhorst, an economist at Citi , leans toward the likelihood the Fed is more cautious on Wednesday, cutting rates by 0.25 percentage points. But he notes that it it is a close call that depends on the dynamics of the bank’s rate-setting committee and the strength or weakness of Tuesday’s retail sales report.

A positive surprise would suggest that both consumers and the labor market remain resilient, paving the way for a more modest cut. If the report comes in well below expectations, however, Fed officials may grow concerned that a weaker labor market is weighing on consumer spending, which could lead to a bigger cut, Hollenhorst added.

Louis Navellier, founder and chief investment officer of the money-management firm Navellier agrees. “In theory, if the August retail sales report is horrible, then a 0.5% Fed key interest rate cut may be forthcoming on Wednesday,” he said.

Economists are expecting retail sales will decline by 0.2% in August from July, according to FactSet. They jumped by a surprising 1% in July .

Lower gasoline prices and car sales will likely drag the headline number lower. Indeed, stripping out car and gas sales, retail sales are projected to increase by about 0.3% month over month.

Yet there is growing concern that even excluding autos and gas sales, the sales figure will be soft. While spending was remarkably strong in July, the Fed’s latest Beige Book flagged that consumer spending ticked down in August, points out Bill Adams, chief economist for Comerica Bank . Many retailers, particularly those catering to lower-income shoppers, have warned that Americans are being cautious and exceedingly choosy about what they are buying and where.

The impact of the retail sales report will likely extend beyond the immediate rate cut. The insights it contains about U.S. consumers will also factor into the Fed’s quarterly update to its Summary of Economic Projections, containing officials’ latest forecasts for the U.S. economy, inflation, and near-term interest rates.

The so-called dot plot , which charts the individual interest-rate projections of the seven members of the Fed’s board of governors and the 12 regional Fed presidents, is always closely watched as investors try to chart the Fed’s future actions.

Hollenhorst believes the median dot showing where rates will be at the end of 2024 should show “at least” 0.75 percentage-point of cuts, factoring in 0.25 point at each meeting through the end of the year. But it is likely that officials will leave the door open for more cuts in case data on the job market or consumer spending sour faster than expected.