599/430 Prices Crashing

**Napolis** · #1 10-13-2008, 09:00 AM

The wholesale market for modern Ferrari's has collapsed. This weekend Wholesale Low Miles 599's have fallen to 260K and Low mileage 430 Spyders have fallen to 170K.

Now before the chorus screams BS! Show me and I'll but every one! I'm being Dead ****ing serious about these prices. If you are a REAL buyer and willing to buy in cash this Monday paying a touch over wholesale, (They usually try for +10 but may be willing to deal) PM me and I'll give you a phone # but don't waste my time. I have no financial interest what so ever in these cars or the Wholesaler nor will get anything if you make a deal. The wholesale network has MANY for sale with different colors and options that really need to be sold now. As a final aside it wouldn't amaze me if the market for these cars falls futher in a short time.

**Dr Who** · #2 10-13-2008, 09:11 AM

But Jim, surely Obama has given us hope, yes? I sure the world is anxiously awaiting the Barack/Nancy/Harry Economic Recovery Act. Yes, I believe that a change will do us good.

Dale

**WILLIAM H** · #3 10-13-2008, 09:19 AM

430 Scuderia would be nice but right now this baby has captured my interest

2200# and 505hp +

Schwing !!!!

**mcg** · #4 10-13-2008, 09:21 AM

Quote:

Originally Posted by Napolis

The wholesale market for modern Ferrari's has collapsed. This weekend Wholesale Low Miles 599's have fallen to 260K and Low mileage 430 Spyders have fallen to 170K.

Now before the chorus screams BS! Show me and I'll but every one! I'm being Dead ****ing serious about these prices. If you are a REAL buyer and willing to buy in cash this Monday paying a touch over wholesale, (They usually try for +10 but may be willing to deal) PM me and I'll give you a phone # but don't waste my time. I have no financial interest what so ever in these cars or the Wholesaler nor will get anything if you make a deal. The wholesale network has MANY for sale with different colors and options that really need to be sold now. As a final aside it wouldn't amaze me if the market for these cars falls futher in a short time.

Based on my current attempt to sell my '06 F430 Spyder I agree. I should have adhered to the notion that "your first money is your best money" and accepted the $215,000 offer from an end user 14 days ago and the $200,000 offer 2 days ago. I don't think I will be receiving any higher offers anytime soon, or ever.

**BigTex** · #5 10-13-2008, 09:25 AM

Autoweek ads certainly reflect a growing inventory on ALL the dealership lots.....

SDChris · #6 10-13-2008, 09:40 AM

Quote:

Originally Posted by Napolis

The wholesale market for modern Ferrari's has collapsed. This weekend Wholesale Low Miles 599's have fallen to 260K and Low mileage 430 Spyders have fallen to 170K.

Now before the chorus screams BS! Show me and I'll but every one! I'm being Dead ****ing serious about these prices. If you are a REAL buyer and willing to buy in cash this Monday paying a touch over wholesale, (They usually try for +10 but may be willing to deal) PM me and I'll give you a phone # but don't waste my time. I have no financial interest what so ever in these cars or the Wholesaler nor will get anything if you make a deal. The wholesale network has MANY for sale with different colors and options that really need to be sold now. As a final aside it wouldn't amaze me if the market for these cars falls futher in a short time.

I was just looking at the network, and the numbers of 430's are up! For the first time, there are more cars being offered then dealers looking...Just 5! So as long as my calls stay steady, there are great buys out there!!

**spike308** · #7 10-13-2008, 09:43 AM

my local dealer (LFSC) has a slightly used 599 on the floor for 50K over sticker (they had the window sticker on the dash!)... nothing like the one they wanted $499K for last fall! Still seemed awefully optimistic.

well, as the old saying says... cash is king!
snap up some "great deals", thats if you have the means and / or 'nads to do so!

**Napolis** · #8 10-13-2008, 09:49 AM

Quote:

Originally Posted by SDChris

I was just looking at the network, and the numbers of 430's are up! For the first time, there are more cars being offered then dealers looking...Just 5! So as long as my calls stay steady, there are great buys out there!!

The numbers are exactly what I posted. Anyone who pays more than that is very stupid period.

**sTyleR** · #9 10-13-2008, 09:53 AM

Quote:

Originally Posted by BigTex

Autoweek ads certainly reflect a growing inventory on ALL the dealership lots.....

This is very true. I went to Ferrari of San Antonio the other day and they had nine used Ferrari's on the showroom floor. I asked one of the sales representatives if they were getting any drop offs from people needing to sale quick. While is answer to this question was no, I have never seen this dealership with a full showroom of used Ferraris before. . . .

Aside from dealership lots, 865 Ferrari’s are currently being advertised as available on cars.com.

SDChris · #10 10-13-2008, 09:56 AM

Quote:

Originally Posted by Napolis

The numbers are exactly what I posted. Anyone who pays more than that is very stupid period.

But thats wholesale Jim, dealers can not sell cars for what they have in them or less, it would for sure put the dealers out of business, and futher add to economic downturn.... Not only that but "normal" people can not buy through networks, only dealers...

BIGHORN · #11 10-13-2008, 09:58 AM

I think the financial bottom is not near. We are CPAs with a lot of scared clients who are hoarding cash; actually so are we. I belive in not buying things that are going down. Wait till they start going up.

The economy ( or lack thereof) is affecting everything.

boxerman · #12 10-13-2008, 10:01 AM

Considder all the poseur aholes and glib dealers who did deals on 430's locking out genuine buyers while they bought new(by sucking...) and then resold though the dealer slightly used cars for big premiums. Considder the dealers who refused to take deposits from genuine buyers who would actualy keep the cars and use them.

Considder that Ferrai said there was a 2 year waiting list on cars, but this was BS becaise no dealer would actualy even take a deposit for future delivery.

Now we have all those overproduced ordered and owned on a hype market, cars suddenly no longer the fashion acessory of the era owned or leased by people who had no real clue what it was beyond image, and who now need to radicaly reduce expenses.

The price is comming off bigtime. I feel zero for the dealers and ferrari, they could have sold to people who actualy were going to use and keep the car, instead they created and milked a fashionista market, paid for by CDO's or whatever. Same for many porche GT3 owners.

For the few genuine owners who want to sell, sorry, but why not keep and actualy enjoy your "investment" I mean car.

For the poseurs, well if you have not trashed your new car through valet service city streets poor warmups and the general car is a commodity neglect, then there is going to be a happy enthusiast somewhere in the next few years, who instead of getting a 328 might have a 430. For those who might actualy have the money to buy these fantasticaly depreciated cars, considder this your reward and rebate for "missing out on the motagage" boom.

And since many people are going to suffer for the sins of people who sold themselvs the rope that they hung themselvs with, well we might all be in the same boat anyway, which means the 430 might be cheaper still.

A predictable end really, just mazing it took this long. And when all this money being thrown at everything starts to stick we could end up withj another uncontrolled boom in some new BS, maybe that is just wishful thinking.

SDChris · #13 10-13-2008, 10:06 AM

Quote:

Originally Posted by Napolis

The numbers are exactly what I posted. Anyone who pays more than that is very stupid period.

Jim,

With your experince and past with exotics cars, does this market look more like the crash of 1988-1990? Has the bottom fallen out like back then?

**Napolis** · #14 10-13-2008, 10:07 AM

Quote:

Originally Posted by SDChris

But thats wholesale Jim, dealers can not sell cars for what they have in them or less, it would for sure put the dealers out of business, and futher add to economic downturn.... Not only that but "normal" people can not buy through networks, only dealers...

Chris

What part of I can put ANYONE "normal people" in touch with a dealer that will sell them these cars today at the prices I've listed + a very small amount that you are unable to understand?

What part of yes many dealers will be going out of business that you are unable to understand? Do you seriously think exotic car dealers will remain unscathed?

This is a Crash. Anyone who denies it is full of ****.

SDChris · #15 10-13-2008, 10:10 AM

Quote:

Originally Posted by Napolis

Chris

What part of I can put ANYONE "normal people" in touch with a dealer that will sell them these cars today at the prices I've listed + a very small amount that you are unable to understand?

What part of yes many dealers will be going out of business that you are unable to understand? Do you seriously think exotic car dealers will remain unscathed?

This is a Crash. Anyone who denies it is full of ****.

I am sorry Jim, I did not see that you had listed any prices at all that I do see now but I am unable to find the $170k 430 spider, also I did notice that you said "a dealer that will sell' so I assumed one dealer. the prices that you are seeing are wholesale, that was all I was saying...With markets rebounding today at least so far, I wonder if this market is falling like back in the late 80's and early 90'?

**Napolis** · #16 10-13-2008, 10:10 AM

Quote:

Originally Posted by SDChris

Jim,

With your experince and past with exotics cars, does this market look more like the crash of 1988-1990? Has the bottom fallen out like back then?

Once again in 1989 a 250 GTO sold for 17 million. In the early 90ies the same car sold for 3.5 million. That break was 80% This one will be much worse.

SDChris · #17 10-13-2008, 10:15 AM

Quote:

Originally Posted by Napolis

Once again in 1989 a 250 GTO sold for 17 million. In the early 90ies the same car sold for 3.5 million. That break was 80% This one will be much worse.

Hmm, so this trend is going to be much bigger then back then, since I was not in exotics cars back then, what drove that crash and what will drive this crash futher?

**Napolis** · #18 10-13-2008, 10:22 AM

The answer my friend is blowing in the wind.
The answer is blowing in the wind.

**WILLIAM H** · #19 10-13-2008, 10:22 AM

Quote:

Originally Posted by Napolis

Once again in 1989 a 250 GTO sold for 17 million. In the early 90ies the same car sold for 3.5 million. That break was 80% This one will be much worse.

Mmmm, a BBLM would be nice

SDChris · #20 10-13-2008, 10:29 AM

Quote:

Originally Posted by Napolis

The answer my friend is blowing in the wind.
The answer is blowing in the wind.

I spoke to 2 of my lenders this morning and they are buesy and loans are up for exotics for at least these 2 banks. The smaller banks are no longer doing home equity loans for exotics so they are both 3X busier then they have been. They are both asking for more income docs, but niether have seen a rise defults on there current loans, and are still working buyer with 680 becons and above. Both lenders said that since they have always required income statments and 650 above becons score with no lates, they have been less affected. Both said the banks that ware financing 60 months and home equity lines for these cars are the ones really hurting...but rates are good, and they are both still buying!

Add that to great pricing out there, and now is the time to buy!?