Ferrari Testarossa (LHD)

European Spec 1989

+8.5%
Classic cars
Chip Exclusive
6 Previous owners
3 Previous owners
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Timeline
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Asset value

£210,400

Fraction price

£210.40

Brought to you by:

Independently valued by:

With investing, your capital is at risk

*Past performance is not a reliable guide to future returns. The value of your investment may go down, as well as up and you might get back less than you originally invested.

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We’re very excited to present an incredibly rare low-mileage Ferrari Testarossa in outstanding showroom condition.

A true collector’s item, this is an amazing investment opportunity and a chance to own a piece of motoring history. 

Own a share of a cultural icon

One of the few remaining low-mileage models in the world

Available to investors at £210,400, but independently valued at at least £250,000 by Sotheby’s

Testarossas have seen an average price increase of 43% over 5 past years (8.5% YoY). Source.

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About the Ferrari Testarossa

The Testarossa is one of the most legendary cars ever produced by Ferrari. A true cultural icon from the 1980s,  a media staple featured across films, television series and video games – notably 1984’s ‘Miami Vice’, SEGA’s video game ‘Out Run’ in 1986, and of course 2014’s Wolf of Wall Street.

This 12-cylinder mid-engine Italian Supercar remains one of the most desirable vehicles on the global classic car market.

It also has full provenance from the day it was manufactured, coming complete with a Ferrari Classiche Certification. 

This ‘Red Book Certification’ means this Testarossa has been certified by Ferrari to join their ‘Department of Excellence’. Comparison to similar low mileage, original, showroom condition Testarossas sold recently shows a strong case for investment in this car, see more below.

Colour

Rosso Red

Mileage

1,760

Year

1989

Engine size

4.9L

Transmission

Manual

Horsepower

385

Top speed

180 mph

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Timeline

This car is in excellent The Ferrari Testarossa sourced exclusively for Chip is one of a handful of low mileage Testarossas in the world. The car is in pristine condition, complete with a full set of tools and books in their original leather portfolio. with just 9400 miles on the clock. Six previous owners have kept the car in show condition throughout its lifetime with all maintenance performed by leading specialists Don Law Racing and Jaguar Heritage.

1989

Registered by Crepaldi Automobili in Milan, Italy.  

1995

After just 1800 miles the car was placed into storage by a private collector in Milan.

2015

Re-commissioned at a cost of over €28,000 by Milanese Ferrari specialist Rossocorsa, returned to original factory condition, receiving ‘Classiche’ inspection and certification from Ferrari.

Purchased by a UK collector, receiving UK Individual Vehicle Approval (IVA test), it entered straight into the private collection and has never been used on UK roads.  

2021

Cambelt service to keep it in perfect showroom condition.

2022

Sourced by the CarCrowd for Chip and independently valued by Sothebys for £250,000.

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Market performance

Average global sale prices of Testarossas have risen by 8.5% YoY, 43% in the last 5 years (from £102,006 in 2018 to £145,793 in 2022). Recent sales in Japan, Australia and US show prices from £206,719 to over £240,000.

As with any classic vehicle there will be a range in prices depending on condition, originality, history, provenance etc. Prices range for Testarossas from £80,000 at the low end, to £240,000+ for a premium vehicle. With this car available at £210,400, but independently valued at at least £250,000 there is already a case for immediate returns for investors.

About TheCarCrowd

We’ve partnered with TheCarCrowd to bring you our first Alternative Asset. TheCarCrowd is the UK’s first crowdfunding network dedicated to classic cars.  They scour the markets to bring customers the best value vehicles with the great potential for future appreciation. 

What being a shareholder in this Testarossa means

You own a fractional stake of a classic car

TheCarCrowd split the Testarossa source exclusively for Chip into legally backed shares through third party specialists. A limited company is created for the car with 1000 shares on offer. So, you would own a share of the Limited Company that owns the car under the UK law.

For this Ferrari Testarossa, the shares are priced at £210.40 per share with a total of 1,000 shares available.

You can visit the car

Investors are welcome at the secure storage centre to see the cars at any time. TheCarCrowd also organises regular investor events and the cars can also feature at motor shows where investors can interact with them. 

You profit if the car is sold at a higher price

After the car has been independently valued, shareholders are informed of the valuation. They take a vote on whether to keep or sell the car. Once sold any profit is distributed amongst the shareholders.

There are a number of different outlets for potential sale, including private sale, auction houses and the potential for other shareholders to buyout the car. We are working on building a ‘secondary market’ where you can buy and sell your shares in Alternative Assets (like this Testarossa) to other Chip users.

Your money is backed by a real world asset

Your investment is into an independent limited company, which fully owns the car outright. 

This means that your investment is always protected by the value of the underlying vehicle. 

How your Testarossa is looked after

Stored securely

All vehicles will be securely stored within TheCarCrowd’s East Midlands storage hub.  The storage is secured by CCTV, Monitored Alarm systems and steel roller shutter gates.   

Never driven

In order to maximise potential returns, the cars are not driven other than for essential maintenance purposes. According to the CarCrowd:

“We want to ensure that our shareholders get the maximum value from their chosen cars, so we treat them like pieces of art. Every shareholder can book a visit to our storage facility whenever they want to see and interact with the car” 

Fully insured

TheCarCrowd fully insure all cars against fire, theft and any other damage. 

So in the unlikely event that the car is damaged the asset is covered (please note that it’s covered at the latest valuation, and in extremely unlikely event when the latest valuation be less that the original sale price, the investors may not be able to get all of their money back).

Expertly maintained

The vehicle will undergo one annual service per year including an MOT to ensure it remains in good order and will be moved periodically to ensure no flat spots or seizing of key components.

General FAQs

I’m new to this, what’s an alternative asset?

An alternative asset is any financial investment that does not fall into one of the conventional investment categories like cash or stocks. This can cover a wide range of different commodities from real estate, private equity through to antiques, art, wine and sports memorabilia.

Who is TheCarCrowd

Founded in 2019, TheCarCrowd is a fully digital investment platform that allows investors to own fractional shares of classic, rare and iconic cars. By democratising ownership through fractional shares, they have opened up a market that was previously only available to high-end car collectors and the mega-rich.

Where can I view the cars and invest?

You’ll be able to view the cars on a dedicated area of the Chip website (currently under construction) with investments made via a link to TheCarCrowd. We are working to integrate this fully into the Chip app in the future.

What is the first car I can buy a fraction of?

The first car available through our platform will be a Ferrari Testarossa. The Ferrari Testarossa is a 12-cylinder, mid-engine Italian sports car that hit production in 1984. This Italian Supercar still remains one of the most iconic and desirable vehicles available on the global market.

TheCarCrowd Say

The Ferrari Testarossa sourced exclusively for CHIP customers is a real find, one of the lowest mileage cars left globally at just 1800 miles and exactly as it was in 1989.  Not only is this vehicle in outstanding, original condition, it also has full provenance from the day it was manufactured and comes complete with a ‘Red Book Certification’ meaning it has been certified by Ferrari themselves. In terms of provenance and future potential appreciation, having this certification is a huge positive and demonstrates real quality to future collectors.”

This is just the start and we’ll look to add more cars throughout the year.

How your money is protected

TheCarCrowd uses Goji Investments which is authorised and regulated by the Financial Conduct Authority (FRN (805323) as an independent custodian for investors' holdings. 

If in a worst-case scenario and The Car Crowd were to go out of business, investment would be included in a regulated wind-down process that protects all investors. FCA-regulated GoJi Investments, which handles all client money on behalf of The Car Crowd, would sell the cars on an online auction site. All funds received would be returned to investors, with no fees deducted.

What if all the shares in the car don’t sell, will I get my money back?

In the unlikely event the car doesn’t sell in the first 30 days, the sale will be opened up to TheCarCrowd’s user base and will no longer be a Chip exclusive. The sale will then be extended by another 30 days, and if the car still doesn’t sell after 60 days, it will be returned to the owners and all of the investors will be refunded their money. 

How are the items valued/who values them?

TheCarCrowd directors value a car twice a year. They use a proprietary benchmarking tool which takes data input from sources such as; specialist independent valuations, Hagerty UK, Classic & Collector Car Auctions, Glenmarch and HAGI (historic automobile group index).

Ensuring the quality, value and integrity of all assets available through our platform is of paramount importance. So Chip enlisted the services of industry leaders ‘Sotheby's, one of the world’s largest auction houses, to independently value our first car to ensure TheCarCrowd valuation was accurate. We can confirm that Sotheby's valued the car higher than the original valuation from TheCarCrowd.

What are the fees?

Customers will pay a fixed curation fee that is included in the share price, an operation fee (2.6%) to cover insurance and storage and a Chip exclusivity fee (3.5%) to cover our independent valuation as well as bringing an exclusive opportunity to Chip customers available nowhere else in the world.  There will be no annual charges or management fees for the first 2 years. More information on fees can be found in the specific ‘About this investment’ section on TheCarCrowd website and within the investment memorandum for each car.

From Year 3 onwards users will pay:

- 1.3% per year management fee 
- 10% of profits on exit

Where are the cars kept and how are they stored?

The vehicles will be securely stored within TheCarCrowd’s East Midlands storage hub.  The storage will be secured by CCTV, Monitored Alarm systems and steel roller shutter gates.   The vehicle will undergo one annual service per year including an MOT to ensure it remains in good order and will be moved periodically to ensure no flat spots or ceasing of key components.

A team of Chip staff visited the storage facility for inspection and were satisfied that the description above meets the reality of what investors can expect.

Can I sell my fractional shares before the car is sold?

Not initially, you won’t be able to exit until the car is sold which requires at least 15% of shareholders to vote, of which 50.1% to agree to a sale. However we are planning to develop a secondary market for users to buy & sell your shares which we reveal more about in the coming months. You should not invest any money you need immediate access to and be prepared to have your funds tied for a maximum of 5 years.

Are there any other ways investors can make money?

There is also the possibility that investors will receive an in-year dividend based on their shareholding, should the car be loaned out for appearances in TV, film, music videos, media events and advertisements. TheCarCrowd lists the vehicles with key agencies on behalf of shareholders to attract this work.

What if the car never sells?

If after 5 years the car remains unsold, it could be sold below market value, however we are confident that this scenario is highly unlikely. Of course as with all investing, your capital is at risk. 

Additional tax and legal info 

Investing in a car and making profit from it, could incur capital gains, however there is a tax free allowance on this relative to your personal circumstances. Chip cannot give tax advice or comment on individual tax circumstances. If in doubt please consult an independent tax resource or a tax professional.

TheCarCrowd. TheCarCrowd (TCC) was established in 2019 and currently consists of 6 employees. TheCarCrowd is an Appointed Representative of Kession Capital Limited which is authorised and regulated by the Financial Conduct Authority (FRN. 582160). TheCarCrowd is registered in England and Wales [12286089]. Registered office: TheCarCrowd Limited, Northgate Business Centre, 38-40 Northgate, Newark, Notts, NG24 1EZ. TCC have the following permission “borrowed”: Arranging deals in investments and controlling but not holding client money

Goji and Goji Investments are trading names of Goji Financial Services Limited (GFSL) which is authorised and regulated by the Financial Conduct Authority (FRN: 805323). The Financial Services Compensation Scheme does not cover investment performance, but eligible investors who invest through the Goji Platform may have rights to compensation in the event of Goji becoming insolvent (for further details, see www.fscs.org.uk) GFSL is a company registered in England and Wales (no. 10234133) with registered office at 133 Whitechapel High St, London E1 7QA.

Kession Capital Limited is registered in England and Wales at 843 Finchley Road, London, NW11 8NA (Reg no. 07987057), trading address is 7th floor, Hyde House, London NW9 6LH. Kession is authorised and regulated in the UK by the Financial Conduct Authority (Firm Reference Number: 582160). These details can be confirmed by visiting the Financial Services Register, https://www.fca.org.uk/firms/financial-services-register.

What are Chip offering?

We'll be launching a new platform that enables Chip users to invest in a range of Alternative Assets in the app. The first of which is a classic car, in collaboration with our industry expert partner, TheCarCrowd.

What are the eligibility requirements?

All customers need to be 18 or over and will be required to pass KYC and appropriateness checks prior to making an investment. You don’t have to hold an existing Chip savings or investment account to invest through Chip via TheCarCrowd. This will be exclusively available to UK Chip customers and international Chip shareholders.

How does investing in a classic car work?

1. TheCarCrowd sources, verifies and hand picks classic rare and iconic cars from across the UK for purchase.

2. TheCarCrowd create a UK limited company for the car with 1000 legally backed shares on offer. 

3. Chip users are offered the chance to buy shares which gives them fractional ownership of the car, and once funded, the car is 100% owned by the shareholders.

What is the minimum and maximum investment?

This will vary for each car, but for the Ferrari Testarossa, the shares are priced at £210.40 per share with a total of 1,000 shares made available.

Users can purchase a minimum of one share, meaning a minimum investment of £210.40, and a maximum of 100 shares (10% of the stock), meaning a maximum investment of £21,040. We will announce the share price and investment amounts of our second car in due course.

Is it safe and how is this regulated?

TheCarCrowd follows all current relevant UK crowdfunding financial regulations and is an appointed representative of Kession Capital Ltd who is authorised and regulated by the Financial Conduct Authority. 

If in a worst-case scenario and The Car Crowd were to go out of business, investment would be included in a regulated wind-down process that protects all investors. FCA-regulated GoJi Investments, which handles all client money on behalf of The Car Crowd, would sell the cars on an online auction site. All funds received would be returned to investors, with no fees deducted.

Remember as with conventional investing, your Capital is at Risk and past performance is not a reliable guide to future returns. The value of your investment can go down as well as up and you might get back less than you originally invested.

Are fractional investments in classic cars covered by the Financial Services Compensation Scheme (FSCS)?

During the funding stage of the process (before the full 1000 shares are sold) investor money is protected by the Financial Services Compensation Scheme (FSCS), which protects investors should Chip or TheCarCrowd cease trading.

How does the selling process work/how can I exit? 

After the car has been independently valued, shareholders are informed of the valuation. They take a vote on whether to keep or sell the car. Once sold any profit is distributed amongst the shareholders. 

In order for the vote decision to be legitimate, a minimum of 15% of the shareholders must vote. A 50.1%+ majority is required to start the process. Additionally, every time TheCarCrowd gets an offer to sell the car from a potential buyer with a price above the valuation, this is brought before the shareholders for a vote.

If the decision is taken to sell, there are a number of different outlets for potential sale all overseen by TheCarCrowd’s experts, including: private sale, auction houses and the potential for other shareholders to buyout the car.

Where are the cars sourced from?

Chip will offer you a specially curated wine portfolio that you will own outright. Once the wine portfolio is live, you’ll access a link to buy either via email or the Chip app. You will then be taken to a dedicated area on the Cult Wines website to open an account with them to complete the purchase, check your portfolio and manage your investment.

Can I see the car?

Investors are welcome at the secure storage centre to see the cars at any time. TheCarCrowd also organises regular investor events and the cars can also feature at motor shows where investors can interact with them. 

Can I drive the car? 

In order to maximise potential returns, the cars are not driven by the shareholders. On this subject, TheCarCrowd say

“We want to ensure that our shareholders get the maximum value from their chosen cars, so we treat them like pieces of art. Every shareholder can book a visit to our storage facility whenever they want to see and interact with the car” 

How do returns work once the car is sold?

Once a car is sold and after TheCarCrowd has deducted their fee with any costs associated with the sale, profits are distributed among the shareholders.

What have the historical returns been on classic cars?

According to the Historic Automobile Group International (HAGI™), an independent investment research house and think-tank with specialised expertise in the rare classic motorcar sector, the market saw a +9.21% YTD increase. The markets for rare Porsche automobiles, rare Ferrari automobiles and classic Lamborghini automobiles saw YTD increases of +18.92%, +6.09% and 3.81%, respectively.

According to figures released in 2019 from the Coutts passion index, classic cars had appreciated by 245.8% since 2005. A recent sale of a Renault Clio V6 gave investors a 32% return on their investment within 12 months with TheCarCrowd.

However, please note that past performance is not a reliable indicator of future results. You should not rely on any past performance as a guarantee of future returns.

Who holds my money?

TheCarCrowd uses Goji Investments which is authorised and regulated by the Financial Conduct Authority (FRN (805323) as an independent custodian for investors' holdings.

Join the Alternative Assets revolution.

Assets like cars, art, whisky and wine have outperformed the markets in recent years. So we're launching a new platform that enables Chip users to invest in luxury items. Curated by experts, stored securely.