Market price 599 GTO EUROPE & USA

Very nice. Thanks!

 

globe1971,

Nice spreadsheet. Unfortunately, its impossible to know what the cars that do sell actually sold for without either the buyer or seller disclosing same. However, when I searched in July, 2014 for solely a US spec GTO the spread between ask and sales price never deviated more that approx. $10K-$25K. The authorized dealers would rather sit with a car for a few months than sell it at a deep discount. I'll also comment that IMHO the Miller car is an outlier, not because of mileage, but because of the interior colors which are unique (but require a very special buyer). I also think that the mileage, which, while always an issue, never precludes a sale. Rather, all else being equal, the lowest mileage best color combo cars simply sell more quickly. Eventually the market will "catch up" with these prices and people will rue the day they didn't buy the "unique" color combo GTO at Miller where they are only asking $475K. I really think that the US GTO prices have bottomed out and 2014 will be seen as the year we should have all bought (I'm glad I did). I did some research on my nero setoso GTO and it appears that when it was first traded (ie. sold by its original owner) that the owner turned down $645K on my car. Thats just crazy and it makes me feel like I ended up getting a decent deal on a car with upside down the road (that just happens to be a kick ass driver). If it was once at $645K it will likely be there again (and possibly much more). I wonder how many nero setoso GTO's were ever made for the World and even just US spec nero setoso GTO's ?

 

hi globe1971

look today on mobile.de no more then just 8 GTO's for sale in the EU

 

mobile.de might only cover a fraction of the market, maybe 15%.

 

You can have a good idea of the market by looking on :

Mobile.de
Auto scout
Dupont
Classic driver
Anamera
James list
Cars.com
Hemming

 

Just today, the 7th GTO appeared on autoscout.it

Average price seems around 340k, yes.

They been sitting there for a year now.

 

I concur with tortesq1 comments. 2014 will be the year that the GTO market was at its low point. I recently purchased a very rare Bianco Italia GTO which was a new paint color for the FF launched in 2012. I am actively looking for a low mileage so kindly PM me if you have one for sale or know of one for sale.

 

Interesting info. Thanks for sharing.

 

I have no doubt in my mind that this car is destined for greatness. It has been a misunderstood car from the outset for many and as time goes by more and more people are coming to a realisation and understanding of what a fantastic piece of machinery it actually is. It is the final iteration of a generation and truly represents the pinnacle of automotive engineering at Ferrari for road going vehicles for the time. As the industry moves on with efficient dual clutch turbo hybrids the desire by true enthusiasts to own the best of the 'old school' mechanical NA cars will only rise. I am convinced that this current pool of GTO's will soon start to get snapped up and fewer and fewer of them will return to the market as they go into collections. I am sure the price point on these cars come this time next year will be considerably different and those that didn't will look back and wish they had. A story I am all too familiar with myself. To those that own one, continue to enjoy them in good health and for those who don't, but have the means and inclination, don't hesitate and grab one while you can....life's too short!

 

I have been looking for a US car. why are prices so much lower in Europe (I just looked on Anamera)?

 

60 is too low for the UK. Nearer 80 RHD according to someone who collects VINs. Your pricing is also off. Prices for UK cars are low 300s GBP. There is a 500 mile example being offered at 480,000 GBP at Foskers which is hilarious.

 

The lowest prices in Eu are in Germany and Italy. In Germany I guess it's cause they have few taxes so cars come cheaper.
In Italy we are overtaxed, so nobody buys Ferraris and so they go cheaper and cheaper.

This is cause if someone wanted to invest in a GTO in Italy he would have to pay more than 12k a year JUST for taxes and insurance. Without using it at all, or repairs and gas/tires would add. Nobody thinks even the GTO can handle such expenses with appreaciation.

In the US or other countries is of course different.

 

The simple answer is premised on the accuracy of Ferrari production numbers. Assuming that there were 599 599GTO's produced for the World (as per Ferrari literature) only 125 (as per Ferrari literature) of these were allocated to the US. To make matters worse for all prospective US owners, the Federal laws of our great Union prohibit, for all intents and purposes, the importation of ANY car until it is AT LEAST 25 YEARS OLD. Yes you read that correctly. Now I'm not saying that its impossible to import a 599GTO from outside the US (the "easy" import would be through Canada) but the potential for your $500K+ baby to be stuck for a significant period in US customs is very real.There are numerous horror stories of classics being left uncovered on the docks for a LONG time while the importation mess is sorted out. So is it worth it ? Well if you can get the GTO you want in Italy for $300K US and spend $50K (probably less) importing it through the Federalizing process it may be worth it. Truth is that I don't know anybody has imported a 599GTO from overseas (excluding Canada). However, if you have a 288GTO or an 89 or earlier F40 it clearly will make sense if the PP is right. Not to digress, but this is the reason why a US spec GTO is both hard to find and destined to not depreciate to any great degree (like other mass produced F cars). Now you say, but wait there have been other good limited production F cars that have depreciated such as the 430 Scud 16M (499 made), 550 Barchetta (448 made) and 575 Superamerica (557 made???). I'll just say that historically these US spec models with low production numbers will all "eventually" rise in value, particularly the V12 models. The 550B is a prime example of a 13 yo F car model that has become very difficult to source. Some will take 10 years, some will take 25 years to appreciate. Either way NONE of these US spec can be had unless they were sourced from the US to begin with. Good older examples are the 550B and 575SA. Mark my words - in 10 years time (probably less) we will all regret not buying cars like the 550B, 575SA and yes the vaunted 599GTO. Plain truth is that out of the 125 US GTO's some will be wrecked before that 25 year mark when other cars may be imported. I have now been looking for weeks for a US delivery mileage GTO and I tell you that it doesn't exist anymore. What does that say ? To me it says that unlike many other F car models the GTO is simply an extraordinary driver. Most of the resales have 5K-6K mile son them. Owners like to DRIVE their 3-4 year old GTO's. Why is it that there are so many low mileage Enzo, F50, F40, 288GTO's ? I'm not saying people don't drive their cars, but when most of the auctioned purported "supercars" are sold they have very little mileage. I don't know about you guys but if a car is truly a GREAT driver it should have some miles on her. Well that really says it all doesn't it. Crazy words - buy your GTO in 2014 while they are still CHEAP !!! Show me this post in 10 years, no make that 7 years

 

Camlet1,

Whats the US conversion on the Foskers vehicle ? 300 miles and $800K USD or so ? Only crazy unless you want a borderline delivery mileage garage queen. That could be THE lowest mileage GTO for sale in the World. Ferrari NE sold a low mileage 599SA in the US not more than 2 months ago for $1.17M. Not comparing the 2 directly, but a modest analogy is appropriate.

 

Don't get your 300 mile conversion point? Anyway the Foskers car is still for sale so if lowest mileage example in the world it aint creating much interest.

I could probably get for my GTO what I paid for it. That's fine by me.

 

I'm assuming that "500" represents KM not miles. Therefore 500 KM = 310 miles. I have not seen a GTO for sale in the States in 2014 with 310 miles on it. That is closer to delivery mileage than any GTO currently for sale in the World. With respect to $480K GBP that = approx. $781,992 at current exchange rates.

 

We still use miles in the UK.

Guess one can't blame the dealer (or more likely the owner) for pitching up a wild price but the car's still on their website so like I said doesn't seem like the world is beating a path to their door. Maybe in 30 years it might be a hot little number.

 

Thanks for pointing that out. I did not know that. Still 500 miles is greatly below the mileage of any GTO I have seen for sale (officially) here in the States. Actually 1200 miles was the lowest I saw for sale and I believe that GTO sold to an Fchatter. Agree that the Fosker GTO is a very steep AP at this point in time unless you simply must have a super low mileage example.

 

Thank you for sharing. I find it absolutely terrific that some people put the time and effort into something like this. (Although as pointed out mobile and such are only a fraction of the market and sales prices remain in the dark). As the 599 GTO is the definitive "it" F for me, I better hurry up and get one. I see these cars appreciating in the future, as more of their pedigree is highlighted and people not getting their knickers in a twist over the use of GTO name etc. That engine is absolutely banal and visceral.

 

I think there were two GTO with less than 500 miles listed for sale about 9-10 months ago, one was a white one at Ferrari of Atlanta and the other was a silver one with black racing stripe with 200 miles at Boardwalk Ferrari (listed for sale at that time for $525k, would probably be at least a $600k car for that milleage now). The silver car was bought by a local Fchat member here and he traded that car in at FoH for a beautiful white one not too long ago.
FoH had 3 GTOs for sale at the same time not too long ago. The market for GTO is definitely drying up and cars with delivery or close to delivery miles would be very hard to find and even if you can find one, you would probably have to pay a premium for it.