interesting reaction at the dealer today | FerrariChat

interesting reaction at the dealer today

Discussion in 'California/Portofino/Roma' started by ross, Sep 22, 2014.

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  1. ross

    ross Three Time F1 World Champ
    Owner Silver Subscribed

    Mar 25, 2002
    36,246
    houston/geneva
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    Ross
    so i was at my ferrari dealer today asking about when my 456mgt might be able to come home, and i was looking around the showroom, and their basement full of inventory, and kicking some tires. my favorite salesman came out and we talked a bit about my recent cs sale, and other stuff.

    anyway, he had quite a few first gen california's on the floor, varying from about 135-150k chf. i asked him how they were moving, and he tried to imply they were moving along because the new cali t is about 300k once you add the options, so by comparison the first gen's are cheap. cant disagree.

    i told him i looked on line and there are 46 for sale. he agreed. he knew exactly what was on offer - at least he keeps himself informed.

    BUT, then i said ok, what if i had a 2009 with 10-15k miles on the clock, what would you give me straight up....answer: nothing. i said come on, what is the price for you to buy back a first gen cali !!??. he said he would not pay 100k.

    so the dealer delta on these is about 35-50k.....wow !!!

    maybe this situation is specific to my market, but the dealer is just ripping everybody's face off here.
     
  2. MARMIST

    MARMIST Formula 3

    Jul 1, 2014
    1,338
  3. MARMIST

    MARMIST Formula 3

    Jul 1, 2014
    1,338
    lol, in Italy for 150k u can buy an used FF, or a cali30 2013 and have 20k spare
     
  4. MARMIST

    MARMIST Formula 3

    Jul 1, 2014
    1,338
    Then again in Switzerland everything is more expensive, this is known
     
  5. ross

    ross Three Time F1 World Champ
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    Ross
    i think you might want to add this....

    one reason why used ferrari prices from private owners are so low in switzerland is that so many come in from italy since 2008.

    but the disappointing aspect is that the dealers are not even willing to take back cars they sold to people - at any price !
     
  6. 4th_gear

    4th_gear F1 Rookie

    Jan 18, 2013
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    Michael
    I think when you buy any new early model Fcar you must either not worry so much about depreciation or less frequently, just plan on keeping the car for a very long time. This is why I much prefer to buy and keep later MY cars that have been sorted and upgraded from the early model. I don't need to be the first guy on the block for new stuff.

    As for dealers not willing to take cars back, I imagine trading one in at a competitor's dealer would work out better, especially if their new cars are not moving.
     
  7. dherman76

    dherman76 Formula Junior
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    Feb 25, 2004
    601
    Boston
    Full Name:
    Darren Herman
    As someone who is in the market for a Cali30, yikes! I'm going to wait a few months an hopefully there is additional price depression due to the Turbo's.
     
  8. MalibuGuy

    MalibuGuy F1 Veteran

    Sep 18, 2007
    5,291
    Most Ferraris lose value during the first ten years.
    So if you want to own the cars, then don't buy new. Buy used and get one for a deal-- about half the value of a new car. So about 5 years old.

    Enjoy it for five years and if you want to sell it then you won't lose much and possibly break even.
     
  9. MARMIST

    MARMIST Formula 3

    Jul 1, 2014
    1,338
    heh they're not stupid :) Especially early models of the Cali, that are now outta warranty unless renewed and full of problems of the early versions.
     
  10. 4th_gear

    4th_gear F1 Rookie

    Jan 18, 2013
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    Michael
    Buying used is all about finding a clean car with the must-have specs, preferably with some warranty left over in case of an expensive issue popping up after you own it.

    With used Fcars, they'll still be more expensive than most new cars so I would be very picky about how I spend that money. That's why I bought a new '13 instead of a used '12 - I got to spec the car and I also lucked out because the '13 was a Cali30 which turned out to very nice upgrade from the original car, with no price increase from a new '12.

    At these prices, buy the car you really want. Don't compromise.
     
  11. MARMIST

    MARMIST Formula 3

    Jul 1, 2014
    1,338
    U spent more than 200k euros buying new.

    an used '13 Cali30 still under warranty is now 130k in Italy. That's 70k lost in an year. Except for the fact of specing ur own car as u want I don't see advantages.

    And if u wait 2 years u go at 110k. Still one year of warranty and the chance to make it Ferrari Approved the next year. 80/90k saved u can repair everything u want with those.
     
  12. 4th_gear

    4th_gear F1 Rookie

    Jan 18, 2013
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    Michael
    Well, you forget that by now I have already driven and enjoyed my car for 2 years. Your math only sorta works if I live in Italy and do nothing but wait 2 years ...and assume I will find the right car at the right price after 2 years of waiting.

    Time is more valuable than money and I've already barely avoided death a few times in my life so if I can afford to buy a new Fcar I don't see the point in wasting my time over money I don't actually miss. The glass is half-full. ;)
     
  13. Ron4pro

    Ron4pro Karting

    Oct 21, 2013
    180
    Arizona
    Amen...lifes too short not to get what you want. And if you have the means, get the car the way you want it. You plan on keeping your car for awhile so it totally makes sense. Plus, you keep your car impeccable so anyone getting your car will gladly pay a few bucks more for quality.
     
  14. MARMIST

    MARMIST Formula 3

    Jul 1, 2014
    1,338
    One thing is pure Bible : The US is different from Italy for what concerns Fcars so yeah, my math only works in Italy.
     
  15. Marcel Massini

    Marcel Massini Two Time F1 World Champ
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    Mar 2, 2005
    22,929
    Disagree. Depends on the dealer. Some of the Swiss dealers are seriously snobby and arrogant, others are excellent and very customer-friendly.

    Marcel Massini
     
  16. ross

    ross Three Time F1 World Champ
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    ... and switzerland where i am.
    no way would i buy a new car here. more so than any other place i have experienced, the moment you drive off the lot, the car just starts fading in value. so many high level cars here for sale on the used market its just incredible. i have known this for a long time, but the reason i started this thread was because i did not realize that the dealers were such a big part of the problem, and just how fast the new cars are losing so much value.

    the 2009/2010 cali started off at about 300k and now can be bought for 90k - 5 years or less later.
    the 458 started off at a similar price, and can now be bought at around 130k - 5 years or less later.
    the 599 same story. the ff used market here pretends to be holding , but none are selling - maybe they are waiting for winter !

    the usual rule of thumb here has become: the car loses 65% of its sticker value within 5 years. caveat emptor!

    i hear all you guys about how you only live once.....but this kind of depreciation means used is the only way to retain your self respect !
     
  17. ross

    ross Three Time F1 World Champ
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    Ross
    of course you are right. but we report on the dealers we know....my contact is with modena cars and zenith, and i dont encounter the others that often.
     
  18. Marcel Massini

    Marcel Massini Two Time F1 World Champ
    Honorary

    Mar 2, 2005
    22,929
    Ross: Very sorry, but that (65% loss) is absolutely normal. And not in 5 but in 3 to 4 years. No surprise whatsoever. Has always been that way here in Switzerland. It is one of the most expensive countries on this planet.

    Marcel Massini
     
  19. Ron4pro

    Ron4pro Karting

    Oct 21, 2013
    180
    Arizona
    Ouch. That is steep depreciation. If we had it that bad here in the states, I would be buying used too. When I bought my Cali 30 this year, the price difference was about 20k from new to used and Ferrari was giving 15k in options that became standard ( I.e cruise control)


    Sent from my iPhone using Tapatalk
     
  20. intrepidcva11

    intrepidcva11 F1 Rookie
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    Jan 12, 2009
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    Saratoga Springs NY
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    Seth
    Absolutely correct. The reason your dealer wouldn't take a car - at any price - is that with so many in inventory already, the investment in that car is absolutely dead money, possibly for many years. No merchant can have too much cash tied up in inventory that does not move. It is a certain recipe for bankruptcy.
     
  21. Royalpar1

    Royalpar1 Formula 3

    Oct 18, 2013
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    Mitchell Lombard
  22. Need4Spd

    Need4Spd F1 Veteran

    Feb 24, 2007
    6,646
    Silicon Valley
    +1.

    Also, I guess at least in the regional market where the OP is, the demand for the T is already affecting the prior cars sales values negatively. This isn't universally true, although there are a lot of Californias on the market.

    I'm with 4th Gear and want to wait until things get sorted by the factory on the first gen. T, or at least late into the first production year (so maybe with ordering, it's a 2016 MY). What with turbos and Car Play, there are bound to be some things that will need attention.

    No doubt I'll have more depreciation as a result, but it's not like I'm not enjoying the car in the meantime. In the end, the amount of depreciation is likely equivalent to the cost of having owned a new BMW M5 or AMG Mercedes during the same period, but you still have a Ferrari probably worth about $100k, maybe more. Not all that bad.
     
  23. qwertstnbir

    qwertstnbir Formula 3

    Jul 14, 2013
    1,620
    did you order T?
     
  24. Royalpar1

    Royalpar1 Formula 3

    Oct 18, 2013
    1,767
    South Florida
    Full Name:
    Mitchell Lombard
    Yes i did, my first Ferrari, traded my Maserati GTC Sport, have October allocation, whatever that means :)
     

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