Have Ferrari and other Exotic Pricing been affected?

Just wondering if there has been any weakness in pricing of used Ferraris and other exotics seen across the GCC?

S

 

There's a cheap 550 in Baghdad. Needs some work.

 

GCC = Saudi, Bahrain, Qatar, Kuwait, Oman and UAE

S

 

Salman,

I'm not so sure there are that many available. I think the Europeans (Western AND Eastern) have pretty much cleaned out the older ones... anything older than a 2000 model is darned hard to find.

Mike in Kuwait

 

+1
A friend of mine have been searching for a Diablo for a long time without success.
All the ones we had went to East Europe via the UAE.

 

Its really interesting...I never realized Europeans in general had such a profound impact on the availability of older exotics in the GCC...I mean I never thought it was much of a factor here in Kuwait atleast but maybe Mike you can share some stories of cars you know which have been re-exported out of Kuwait, would love to hear them

S

 

A good friend of mine, first name Mahmoud, has personally be responsible for sending over 250 Lambos and Ferraris out of Kuwait to Europe over the last two years.

I had lunch with him last week, and if it's older then a 2000 model, it just isn't available... there are a few private sellers with cars for sale on the 'quiet' market, and I think Mahmoud currently has a Gallardo for sale and a couple of Aston Martins (all from private owners), but throughout Kuwait, on all the normal lots in Salmiya, Benid Al Gar, Jabryia, etc., they just aren't there. Gone.

I konw that Mahmoud has contacts throughout the region: Dubai, Qatar, Oman, etc., and he can find just about anything you want in just about any price range.. but for the last six months or so... nothing much at all.

Right now, on q8car.com, there are 15 Ferraris...quite a few from the dealership...the rest are private sellers, and all over-priced, except for the 550 and 456 for under KD13,000 and the 2000 360 for KD10,000 (which as I understand it, needs a clutch). I haven't looked at the 550 or the 456, but (around) $50K isn't a bad price, depending on condition and last service.

Call me sometime, we'll call Mahmoud, and all go out for coffee.

Mike in Kuwait

 

Hi Mike,

Say hello to Mahmoud from me next time you see him, I bought my Bianco 348 Spider from him and his partner a few years back!!

Best regards,
Phil.

 

Phil,

I will... I'll call him tomorrow... he really is a top-notch guy...

Mike in Kuwait

 

Just as a side note, and to show how big a rip-off Al Zayani are in Kuwait, they had traded in a relative's 612 fo 48,000kd, saying that this was the best price he would get anywhere... Car was bought new from them 3 years ago for 83,000KD...It has been in and out of their garage over 20 times since taking delivery, and NOT for regular service. Dealer wouldn't admit that the car was a lemon.... Anyway, car was traded in for 48,000KD, again, TRADED IN, meaning this person would be buying another car from Zayani, and therefore should be getting a great deal. Zayani polishes the car and puts it up for sale for 63,000KD....Their final price is 61,000KD.

In summary, never buy from the dealer here, whether new or used. As Mike said, the "quiet" market is the best place to find a good deal, be it for a "almost new" exotic or an older model. Plenty of desperate sellers out there in these dire times.

 

Hey Hiper....

You are absolutely correct with Al Zayani... overpriced, under-qualified, and all about profit (at anyone's expense)... no wonder it took him four years to get his license back after the liberation... their parts are grossly over priced... take Daniel's price and multiply by 4...and you'll be in the ball park. Example: Clutch Plate for my 348: KD3,400 (over USD$12K). Lifts for the trunk or engine lid: KD55 each (USD$200+) EACH!

Unfortunately, they are also the parts dealer for Jag, but don't charge NEAR the premium for the Jag parts they do for the F-car parts.

Mike in Kuwait

 

Phil. I think I contacted you when I was looking to buy a car from Kuwait. Hope the car is treating you well.

Im catching up slowly! So far my tally is at 1 Ferrari and 1 G Class!

 

I've had a lot of enquiries lately for Aston Martins....but they seem to be just about the only car sold here that hold their value....well, as well as the Bentley Continentals...

Mike in Kuwait

 

Hi,
Why not start a thread about used Ferraris / parts for sale in the GCC or the Middle East ?
This way we can avoid trade in or showrooms commissions by buying directly from the seller.
Also, someone might have a used part neglected in the garage while one of us has been looking for it for a long time.
Yes, I know that some of us buy Ferrari parts from the web & Ebay, but thought we should cooperate since we are living in the same region.
Not sure if the moderator will approve, but what do you think guys?

Regards.

 

Sounds like a god idea Majd. I wish I had something like that when I lived over there.

 

I was waiting for Pav, or another mod to chime in here...

Pav? Would that be a problem to have a 'Ferraris For Sale in the Middle East' thread in this section?

Mike in Kuwait

 

Mike.

Rob HATES stickys.

HATES them with a red hot passion.

They clutter up the forums.

So, my guess is No..

Dave

 

If we keep it clean i think we can do that without a sticky. I will ask the hierarchy if this can be done with a sticky. mmmkay?

 

So (in line with another current thread) when Rob Lay hates Stickys, Stickys run and hide...



Mike in Kuwait

 

I think we can keep it clean...and no worry on the sticky (see above)...

Mike in Kuwait