F40 prices sinking fast? Asking below $499k and no takers

So what youre saying is that sellers can sell their cars for a 30-50% premium from what their cars will be worth when they bottom out?

Great!

Im sending out some e-mails right away...

 

Nope what I'm saying is that as buyers begin to realize this, and they are starting to as we're seeing from one dealer's Lusso's falling 5% per week over the last three weeks, (Still no bids even at the reduced price) that the market will hit bottom sooner than some of us thought and stay there for several years, if not longer.

No question many seemed pressured to sell as Marcel Points out in the thread in Vintage but I for one wouldn't advise selling a car that you don't have to for many years:


Within the last week no fewer than eight (8) different Ferrari 275 GTB/4 have been offered by various owners to one and the same auction house, to be auctioned asap.

Marcel Massini

IMO the January Auctions will shed some light on the developing situation. It will be interesting to see if the YOY prices are up at BJ, RM, and Gooding taking into account the different cars being offered vs last year.

How about you? Do you think this is the bottom and it's back up form here?

I don't but many think I wrong and that prices won't fall 80% from the high tick as they did in the early 90ies.

 

Jim: you gotta decide. Its either good for buyers, or sellers ... sometimes both, actually.

Whatever is going on, I see deals being done privately at each stage of this value decline. We will also see deals at the bottom, and deals as the market goes back up, even if thats in 10 years time.

As a broker, you can buy distressed/repossessed cars in these times (as youve shown us in the other thread Jim) and move them on, and might even see increased consignments (as Marcel showed us today in the vintage thread). If you cant make a living as a broker in this market, my suggestion is, go write a book or something. Oh wait, I did that already...

I just refuse to be negative about all this, and thats my position and Im sticking to it... opportunities are there if youre astute, for sellers, for buyers & for brokers. Let me know when the world comes to an end and people start eating each other as you have suggested is going to happen.





.

 

Any good business person is going to evaluate this market and try to figure out a bottom...where will the bottom be? today, tomorrow, 3 weeks, or years. are we forever headed into the Great Depression which show offer up F40s at $150,000 and Enzo's at $250,000. Maybe if things get bad enough, you'll have a need to swap and F40 for a couple dozen pounds of poultry so the family can eat. Each person has to do the math themselves.

Ultimately, anyone buying an F40 or Enzo or any supercar or luxury item in an economic environment that is as cloud and bleak as the one in which we find ourselves had better fully be able to see that entire investment go to "zero". same with stock. Yeah, GE looks good at 18, but so did GM @ 20. If you want to think of it as a stock, then truley evaluate downside risk. if you cant stomach it going to "zero" you shouldnt own it.

Yet, if you have allocated and segregated the capital to go out and treat yourself to one of those rare automobiles that you've always cherished, but didnt want to pay uber premiums....then somewhere in here might be a good time to do your research. With GM Stock, you can buy stock cert# 1231241212A3434 and it is of no different value than # 1241249828323V2123 or the other 40zillion shares outstanding. Yet, the f40, enzo, and other collectible world, its not that simple. good quality cars come along sometiems and while "another will come along" it might not come along with the bullet items you want. I remember wanting a CGT 3 years ago. Many cars <1k on the odo. Now, a 3 to 5k mile car is Low mileages. Not suggesting anything about what low miles is or means, but just saying, things change. And you cant always get what you want.

If one wants to wait longer for better deals to come along, you may well be proven right. That 4k mile f40 for $500k (current market on that car) might become a 5200miles car but available at 410k. Maybe the luggage disappears in that 3 year period of time; maybe a few pinhead nicks.

What is certain is that this turmoil has done 2 positive things:
1. it corrected some of the excesses and has made many of these cars more affordable for those passionate for them, and able to stroke the check;
2. it brought out some inventory that was otherwise not out, either through duress or someone's off-handed interest in unloading before the market perhaps corrects further.

Me? i just bought an F40 and should have it next week. In the last few months, i've also bought a CGT, a 965 flatnose and a Scuderia. And i can guarantee that those assets have declined far less than the equity markets..These have been dream cars for me and I have always wanted to add them to the collection. More than saving big monies, which i did, i was able to get the more choice selections...and they are about 900 X more fun that goofy GE certificates.

You dont have to pick a bottom to do well. Sometimes trying to pick a bottom, you end up missing the boat for small bucks.

just a traders' mentality....perhaps wrong, but its how i view it.
_spg

 

Hey Steve you deserve the F40 and thanks for the opportunity to help!

 

Nicely done Steve, congrats again ! You bought the right car (condition/service) first and foremost. I bet it becomes your favourite car !

 

Ditto.

It seems like you buy cars for the right reasons.

Many Happy Miles.

 

Congrats on the F40! Please post pics when you get it.

 

Steve! Congrats on the F40! Welcome to the F40 Club. I agree with you 100%. Enjoy the car in GOOD Health!

 

From one F40-owning Steve to another, congrats!

I bought mine in 2004 for less than 300K. As prices soared over the past few years, I took note, but it did nothing to deter my driving. I drove it and loved it. Now that prices are coming back down, I'm still taking note, but it does nothing to deter my driving. I still drive it and still love it.

But I also hope values will continue to go down - especially on 288s, F50s, and Enzos. I wouldn't mind having those three to go with my F40.

I'm gonna wait and see. I think we're entering a great time to be a buyer.

 

Congrats on your recent purchases! As an owner of both a F40 and CGT you'll enjoy the contrast between the two cars. Both exceptional in their own right.

I've also recently added a few cars to my collection as well including a CLK63AMG Black Series. Out of all the cars I own and have owned I think this one has surprised me the most. I knew it was going to be an exceptional car but having owned a few AMG models in the past I expected it to have similar character traits. All I can say is that the addition of the "Black Series" badging has completely elevated AMG to a new level.

The one car missing from my collection (which I intend to add within the next six months) is a Scuderia. Enjoy your new toys!

 

Agree with this page of comments completely. Congrats on a purchase that will put a grin on your face just thinking about the upcoming ride. I bought my F40 just before the prices went thru the roof and briefly entertained a sale to profit. Briefly. No regrets. This financial swing has shaken loose some interesting cars and I too have been fortunate enough to add a couple of rides which likely wouldn't have been available otherwise.
Enjoy them in good health!

 

Joe: How often do you change the horn in your car?

 

I haven't yet but if you must, go for a set of extra-loud Fiamm air horns

 

Oh - I was only asking because you seem to toot it a lot.

 

You got me...

 

LOL

 

Glad you liked it! I must confess to taking 10 years in all to do it, but the next one is already in the works...

Don't worry about criticism or lesser comments from you-know-who. It has but a singular effect: that of encouraging me onwards & upwards.

 

+1

More Power To You !!!

G

 

Thanks man...

 

LOL! Lighten up, fellaz! Or is the economy deflating your senses of humor, as well?

Joe toots his own horn... a LOT. Joe also has an extremely low signal to noise ratio on FChat and aspires to be at the top of the all-time posts leaderboard. So what? Joe knows that! We all know that! And when that's how you roll, and especially when you make comments like "Oh wait... I did that already," you've got to be ready to take the heat as a result from time to time. And guess what? It appears like Joe was! He replied appropriately with a simple "you got me."

Now, back on subject (hint, hint), the economy is gonna do what the economy is gonna do. Sellers are gonna do what they are gonna do. Buyers are gonna do what buyers are gonna do. And brokers are always gonna try to convince sellers that they better sell before things hit bottom, and buyers that they better buy before things hit the top.

I enjoy reading posts on this site that keep me informed with actual DATA about with what's happening, but the speculation is useless. If anyone on here really believes in their ability to read the future, then you should be a day trader, make piles of money, and buy more Ferraris.

I know I'm in the minority, but I happen to like the current economic conditions. Times like these reward prudent people who have lived within their means, invested conservatively, avoided debt, and saved aggressively. If anyone here is selling anything interesting, I'm always a buyer - at the price I believe is right. The price at which anything changes hands is always decided by the buyer, thereby adhering to the original golden rule: "He who has the gold makes the rules."

 

Agree with you Steve.

BTW, "you-know-who" is not you, and I dont think mjw599 was referring to you either.

Cheers.

 

Here are a few for sale starting at 450K ask for those looking:

http://autos.aol.com/used-list/make1-Ferrari/model1-F40/page-1

 

i like the one with $13,750.00,