+1 Manheim/MMR is the last place anyone should look to for reference when it comes to Ferraris (or any other exotic). Firstly, there is no such thing as a "good" car going through the auction. Dealers have plenty of contacts that they can call if they have a "good" car available... the cars that go to auction are the rejects that no one else wants. Secondly, as Dale said, there is so much proxy buying going on at the auctions that these less-than-"good" cars have their prices driven up well beyond true wholesale. This is generally done by 2nd tier dealers buying for "rookie" Ferrari buyers looking for a deal. I would be shocked if an authorized Ferrari dealer has bought a car at Manheim in the last year. The cars are that bad and the dealers have so many other choices. Case in point - For everyone that thinks the 599 that went through Manheim last week was a steal, you would be surpirsed what a pristine <1000 mile car is asking... not that far off. And I bet it won't go to Manheim... OR The <200 mile 07 F430 Spider that is closer to the low-end of Chris' range... The "guides" are ok, but are based on historical data. The market is moving much too fast to be caught at last weeks price and prices are continuing to fall in order to get ahead of the curve.
This is EXCATELY what I'm hearing. The Ferrari market is a falling knife. Again, the moral is that if you don't have to sell, don't. If you do have to sell, bend over. Dale
An LA pawnbroker just made this deal on a Veryon. 500K got him the car and the title. Guy pays him 18% interest on 500K monthly for 4 months. If he misses one payment he loses the car. If at the end of 4 months if he doesn't pay back 500K he loses the car for ever. He recently loaned 100K against a new Bentley. He wound up with the car and lost 15K flipping out of it. Even at this deal he's nervous about the Veyron.
I have got agorgeous 2006 , F-430 with 3750 miles..thought about selling it and get LP640.So far the best offers that got from Ferrari dealers was around 140k . You sell cheap you buy cheaper. Definitely good time to buy.
And that is my point with MMR numbers.... 5 dealers looking on one network..and only 10 cars offered for wholesale..and the wholesale is higher in thoughs networks..and these are Ferrari dealer networks..the prices are falling and even faster if you are trading your car and dealer shows you the MMR, and cuts you back $20k...Great for dealer bad for the seller! Why do you think no one is out talking about the other networks where they really sell there cars.. Thats why I posted the MMR...Its way for dealers to buy cars cheaper from trade-ins but the retail prices stay the same..I have data now from the last 3 years daily...And in few weeks I will post them up..after my title comes back...
2006 F430 F1 7k miles just sold on eBay for $152,700 (no reserve). I wonder what Feb-April of '09 will look like?
Feb an March 09 prediction $130k MY05 F430 under 10k miles destressed seller. Regular market $140-$150k Great time to have cash
FYI...'06 430 F1 Coupe sold on eBay today for $152,700...here's the link to the auction...http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWAX:IT&item=150311035146
Dealers have ZERO 430 allocations for 2009,Winter always lowers the prices. My point is that there is no guarantee of significantly lower prices in Spring then what they are now but anyone waiting for that will be 0.5 year older. A good friend of mine always dreamt of owning an XK8 but postponed the buy because with every few months passed, the car was cheaper and cheaper (he was looking for a used one on his teacher's salary). He never got the car though,in 2005 was diagnosed with brain tumor stage 4 and died shortly after ( with his 120k miles Toyota Siena still in his garage)......
Sorry to hear of your friend Mark!! Very sad! You never know what tomorrow will bring, so enjoy yourself now if you ask me!!
drove by teh newport to look at a boat today. got bored and drop by the f dealer. 07 fully loaded up the only thing it does not have is carbon brake. asking 219k but they said they want this car to go aroudn 175. its 07 with 2k miles on it. its amazing to see the market like this... just amazing.. sl
Now that's a steal. I find that hard to believe they would drop over $40k. For $175k that's an 05 F430 not 07.
Less than a month after your prediction and Roy sold MY05 f430 for $138k. It will be perfect buying time for me around May/June, I can imagine how things will look..
What does anyone think an 08 coupe could sell for? How much under MSRP?? This would be a purchase from a dealer. Asking prices seem to be 240 K area
Where do you guys think a yellow F1 2006 F430 w/ 5k miles should start at for an Ebay auction? My friend wants me to post his up, but I have no idea what's reasonable. He's thinking of starting it at $150-155, which I thought was about right, but by no means a guaranteed sale.
An 06 (7k miles) sold on ebay two weeks ago for $152k. I would love a yellow one but I'm waiting for early next year. Good luck!
