| Author | Message | ||
| Kevin Marcus (Rumordude)
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The Oct 20 issue of the http://www.ferrarimarketletter.com which I conside to pretty much be the de-facto ferrari pricing magazine had some interesting bearish comments regarding the ferrari market. omethign along the lines of "25% more cars for sale since Sep 11". Keep in mind that aside from the market overall, it's the end of summer - probably not the best time to be selling a sports car, especially for people who are in not-always-sunny places (like me. ;)) That is, if there were a time to get a good deal on a car, now would probably be a decent time to do it (unless next year at this time is better. ;)) Additionally, there were some comments regarding the 360 spider's suddenly not fetching big premiums or the people who got the factory one suddenly don't know if they want a ferrari anymore. The one thing that makes me most nervous is that ferrari's racing season has been so good - it couldn't get much better. I'm not saying there is a correlation between winning races and your car prices, but it seems to me that if there were one, when you're winning, the only change would be to losing - and that can't be a good thing. In a nutshell, it's definitely a buyers market. I'm sure you can find somneone who will wrap your car up in a nice bow and deliver it to you for xmas. ;) | ||
| Chris Tanner (Ctanner)
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Martin, You can consider yourself to have a good eye for pricing. That exact same white 348tb has been forsale for nearly a year. The last asking price you ask.....$48K. Amazingly enough, someone has bid $50K on ebay. Such is the power of the internet. C | ||
| 1989 328 GTS (Vilamoura2002)
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If prices do drop .... I will have the chance to own my 355 earlier  | ||
| Willis Huang (Willis360)
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As amazing as some legendary Ferraris are, the whole super-expensive collector market (any trading market for that matter) works on a "greater fool" principle. You don't want to be the fool who bought a F40 for over 1 mil during the late 80s and trying to unload it now at 250k. | ||
| Rob Lay (Rob328gts)
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The more classic Ferraris should be more resistant percentage wise because the people that own those cars and have the money to buy them aren't the type to get slammed in the recession. They're usually the type that do the laying off themselves. It just looks worse on those because a $100k drop looks big. | ||
| Frank Parker (Parkerfe)
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I saw two 348 Spiders for sale today in the classified section of the Atlanta Constitution newspaper. A red/tan with 33,000 miles for $69,000.00 and a black/tan with 15,000 miles for $76,500.00. | ||
| Drew Altemara (Drewa)
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Does anyone have an opinion on what has or will happen to the value of older V12 cars such as Daytoa's and 275's? | ||
| Willis Huang (Willis360)
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I think many of the 360s on the market now were purchased by speculators looking for a quick buck. Just look at all those low mileage cars. As an owner, I could care less if the market price of my car goes to zero. If things get any worse, it's probably time to pick up a few interesting cars and start a nice collection. | ||
| Rob Lay (Rob328gts)
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There's a bunch of cars on the market right now with last years asking prices. It sucks, but prices will have to balance with the current supply. However, I don't see the Ferrari crash of 1991 happening again, although they didn't go as high this time as they did in 1990. As a Ferrari owner it doesn't concern me if the prices drop, I'm never going to be without a Ferrari the rest of my life, but if the prices are right, I may not be without several Ferraris the rest of my life. | ||
| Martin (Miami348ts)
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I have seen a 328GTS 1986 for $ 32,000 with 45K Miles. The white one was offered to me as well. You can probably buy that car for $ 34000 as well. Desperation sets in. White over white is not the best combo. Same as the white over white 348 that they are dreaming of $ 58,000 on eBay, please you are lucky if you get $ 48,000 for that color. | ||
| Christian Kienle (Christiank)
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Prices have been inflated for some time now. Nobody of us like it, but reality will also come into our house = European prices. Did you know that exporting F to Europe was in the past as normal as the other way around? 360 for around 100 K - soon to be real. But - who wants to buy them, when the Nasdaq will be smashed down to 900 and the S&P at 750 - just kidding. | ||
| magoo (Magoo)
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Guys, Prices are dropping, Give it 3 to 6 months and the buying time will be perfect. Hold on to what you got but if you are looking the time is here. | ||
| Chris Tanner (Ctanner)
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You may get your $30K wish. Just listed today on ebay is a 1988 1/2 white on white 328Gts with 20K miles with a "buy it now" for $36,000. Who knows if a story is involved, but if this is a no problems car as advertised, considering the age and miles, this is the cheapest 328 I have seen. Maybe in a few months, the red/tans will get into this price range, although I seriously doubt it. | ||
| TomD (Tifosi)
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I am not a 328 owner but that sounds a little low | ||
| Ron Dallas (328infoseeker)
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My goal, a sweet 328gts with 30k somthing miles on it resale red/tan to buy in Dec.-June in the mid to low $30K? Your 2cents? | ||
| Ron Dallas (328infoseeker)
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My goal, a sweet 328gts with 30k somthing miles on it resale red/tan to buy in Dec.-June in the mid to low $30K? Your 2cents? | ||
| magoo (Magoo)
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Hey Bret, A lot of the stuff that was bought on plastic, lease and stretched credit will show up at times like these. There were a lot of false indicators out there, dealers sold, banks financed and people bought accordingly. I think many good buys are yet to come. | ||
| BretM (Bretm)
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Yeah but also, try to sell a Ferrari for what you should get for it now. There a lot more people trying to sell Ferraris right now than there are people that have a desire to do buy one and the financial means to do so. Prices will be coming down, they naturally will anyway, they're just gonna come down a little fast then before. Most people have a limit on how low they will sell so they wont go too low (most people who own Ferraris can afford to keep them if they can't find a buyer). I would say new models will take the largest hit, they traditionally do, but also because a lot of new money people aren't able to comfortably keep them and are gonna look to Boxsters, Vettes, etc something they can afford without the over inflated economy. | ||
| NGSVDO (Azspider)
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There are so many ads without substance to back them up. People see ads for cars at a price without knowing the stories behind them and advertise this as a price break. Truth be told, if it is a real car at an unreal price it is probably too good to be true. Sure, there are the exeptions of the rare deals of desperation but that is not normal. In most cases dealers pick those up quickly. This whole dot com fairytale is geting old already. It reminds me of the old stories you use to hear about when that guy found a 67 L-88 corvette for a thousand dollars in the paper that was being sold by the family of the guy who died in Vietnam. It just isn't happening. | ||
| arthur chambers (Art355)
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There are 99 360s available for under 150k. Not euro models, but USA models. Ferrari of San Francisco has a red tan, 360 F1 with 11k on it for under 150K. 355s are being sold for less than 100k if you know where to look. With the dot com debacle, there are quite a few ferraris for sale at what used to be discounts. Given that the euros are for sale for less, I don't think that they are a good buy because there are different parts in them, and if you do require those parts, you may very well have to wait to get it running again. Coupled with the lack of warranty, I don't know that a euro is a good deal, because when you go to sell it, it will be worth less than a US model. I think that unless you can get one here, fully legal for less than 60% of the US model cost, that when it is over and done with, you will be out money over buying one here. | ||
| Christian Kienle (Christiank)
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Maybe not yet but look at this one: http://cgi.ebay.com/ebaymotors/aw-cgi/eBayISAPI.dll?ViewItem&item=596890283 | ||
| Martin (Miami348ts)
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How is this: 1999 360 Modena, red tan, 800 miles is an import by the term import, but a canada import, so it DOES have US warranty! The car is already titled in the US, import paid but still carries the original canadian speedometer with Km and Miles combined. The owner is asking $ 150,000 | ||
| martin J weiner,M.D. (Mw360)
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Rick-thanks-that figures. Now add 14k to bring to dot/epa compliance plus 9k customs plus 2-3k shipping and insurance=137k for a euro with all its problems-no warranty doesn't come up on the computer etc. I did it cost me 150k total and I would never go thru the agita again. Prices are coming down and if you want to go euro they are available at 135 to 140k already here and approved and prices will come down further over next few mo. | ||
| RICK ROMERO (Tr90)
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Martin, Leo, The 360 in the N.Y Times is a euro version and is not even in the states yet. I called them on it last week. | ||
| martin J weiner,M.D. (Mw360)
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Leo, I saw that ad in the times and autoweek.No way Jose.Hard to believe there isn't a story here.Call up and find out. Very fishy. | ||
| Martin (Miami348ts)
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I guess they ignore you because they can not sell a car out of the store. The customer would ask for the test drive, so it is better to spend $ 32,000 in ads at Du Pont Registry and find a sucker a million miles away. | ||
| William H (Countachxx)
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Martin, I just go to Toy STore for a look. Everytime I go all the salesmen just ignore me, even when I drove up in my 512TR. Guess its cool to be a fascist con artist  | ||
| Leo (Speedracer)
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I saw a 2000 360 modena griggio, with 7k miles going for 111k in this Sundays New York times auto section.Private seller on Long Island. Leo | ||
| martin J weiner,M.D. (Mw360)
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Lee, Thanks for the interesting article.I always got bad vibs each time I went into that Toy Store. Leo= Prices are coming down over past 6 weeks and will come down further.As the 360 prices are coming down from the clouds the 355 prices are following. | ||
| Martin (Miami348ts)
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to your original question.... yes, I believe that prices have dropped and will drop even further. You can see F355 Berlinetta in the 80s and the first Spiders are coming into the high 90s. | ||
| Martin (Miami348ts)
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Just what I always thought they did! If you walk into a dealership and get the impression that pimps are running the show and the sleazy looking guy qith gold chains is trying to sell you a little too hard... WALK OUT IMMEDIATELY! I can not believe that they did not shut down the dealership and have taken their license. These motherf*ckers are the a+sholes that give used car dealers a sh*ty reputation. Same with Prestige Imports in Miami! BUYERS BEWARE! | ||
| William_Huber (Solipsist)
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Thanks Lee for the news article. Very helpful information. | ||
| Lee Sanders (Lsand007)
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Here is an interesting newspaper article pertaining to illegal sales and resales of wrecked, flood-damaged, stolen, etc. Ferraris in FL. This article covers the dealer Mr. Huber mentioned below. http://www.newtimesbpb.com/issues/1999-07-16/news.html | ||
| William H (Countachxx)
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definately have an independent mechanic carefully check out any car before purchasing to make sure u r getting what they say they have. Also get everything in writing. I am sure prices of ferraris will b coming down. I cant imagine too many people r lining up at the F store right now for a 355 | ||
| William H (Countachxx)
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Auto Toy Store, LOL, u walk in there & every1 is sporting HUGE teenage angst. Standing around like they r waiting for Adolf or Benito to walk in. On the other hand, regarding the 355. If u r going to finance it there may never b a better time & I am sure that with the .com crash & now 500,000 unemployed there must b at least a few people interested in getting out from under big car payments | ||
| William_Huber (Solipsist)
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Depending on the price & condition, you may find a good deal. I noticed there are too many wrecked/damaged ones that are not reported! Remember The Auto Toy Store in FL? They were selling wrecked Ferraris & not disclosing the real history to customers. | ||
| Leo (Speedracer)
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I was figuring that now would be a good time to buy a 355 considering the present circumstances, what do you guys think? Leonard |