Why are 599 Prices falling so Low....and so quickly ?

I thought I honed my skills pretty around my f1 360, but the 599 with f1 superfast is a new animal to tame and I love it!

 

In the Middle East 599's (and used Ferrari's in general) are a bargain with prices ranging from US $75K to about US $100K for '07-'10 models. With the F12's in ample supply, the 599's have dropped around $30K in the past 12 months. 458's will plummet as soon as the 488's come out. Lots of Ferrari bargains in this part of the world. Unfortunately, they cannot be exported back to the US.

 

I know it's been discussed before. But what are we gauging in price for customs and having the car US worthy?

 

How many 599 have been produced excluding the GTO?

 

The cost to prove it road worthy would cost more than the car itself and take forever, hence they aren't imported to the US.

 

Did some research. Do the foreign cars lack required safety equipment? Cause the 2.5% duty is doable, along with added emissions equipment to pass most State inspections. However, if they lack standard equipment like airbags which I doubt then it wouldn't be possible.

Anyone ever explored this. Dubai prices are $85-$101.

 

It's not that they lack the equipment, it's that they lack the sticker. Even if the cars are identical and they know it, they won't just take your word for it and give you one of those DOT stickers.

I believe a manufacturer can give you a letter saying that the car meets the regulations, but apparently they don't like to give those out for normal cars. They don't want cars changing markets or arbitrage.

 

I see what you're saying. Makes complete sense with everything I've read. The goal should be to find one with a sticker - which may have a premium to begin with. My previous 550 was US Spec, but sent to Abu Dabai for it's first 4 years.

 

you'll need a letter from FNA saying the car meets all USA requirements....

canuck cars do.... not sure about the euro 599s. if not, you'll have to send it to a place like eurospec to get converted above the 2.5% duty

 

I, for one, am very happy about this! i just bought one today! 2009 full FSH 9000 miles for $78K result!!!

 

Is that here in the US ?

 

No and he doesn't live here either. I'm willing to bed.

 

Interesting comment. My brother feels the say way . That they are worth the money but want to see prices fall ..HuH?? Don't get that idea... if they are worth the money they pay the money

For 599 to come down 550/5575 needs to come down. Considering F12 is so much money $150 is a bargain for what you get.

Everyone thinks their car is worth more than it is such are the high prices thus not selling.

Drop the price then it will sell them move on

 

It seems to me 550 prices are stabilizing and maybe even gently increasing? Im not sure about 575. If that's so, then 599 prices are likely near their bottom- though I'm sure there are always exceptions. I agree- the market price for the 599 makes the car almost a steal in a relative sense. I haven't yet driven the F12 but I'm told it really is a step ahead of the 599.

 

AGAIN, I DISAGREE!

First, the reason your brother and I feel as though prices should fall is because there are approx. 50+ 599's on the chopping block. The majority of which have been there for longer than 90 days. One would derive that supply is higher than demand. At this moment - your brother and I feel as though many dealers are 'making a market'.

Secondly, you're comparing apples to oranges to strawberries! The 550 can't be compared to a 575 or 599 as it is Gated. Gated vehicles will show a premium. This community has already expressed a consensus on that.

A 575 can be more than a 599.. There were less than 2100 made, the 599 is much more abundant. I am aware that the technological advances between models are night & day. However, there are many out there who desire classic lines of the 550 with the drive-ability of a computerized clutch. This is the sweet spot which makes it logical for a 575 to fetch a higher premium in comparison to a 599.

When you step back and analyze the environment and its variables with in the modern front engine v12 world - the elasticity for these vehicles suggests that prices ought to be a little lower than where they currently sit...

Certainly doesn't mean it will happen. I think the best thing I can do is either research the Abu Dhabi angle or ask someone on here looking to sell to strike a fair deal around whole sale value and know it's going to a fellow F-Chatter.

 

Perhaps stupid question, what would you be prepared to pay for a 09er 599 GTB with about 25,000 miles and without any flaws (and I mean without flaws)? In Euro and from a serious dealer providing full dealers warranty according to law. No, I am not going to sell for that price or any other price.

Just being curious, in particular for fun-comparing what I paid last spring. In order to validate or not the thesis of 599 prices falling (even) further.

 

09' is going to bring higher premium than an 07' which has and most likely always will draw the lowest premium - that's where I am setting my sights.

For a pristine 07' - I would pay $128.

 

Sean - you are correct that many cars are available, most are '07s. But I don't know how many pristine '07s you can buy for $128K.

I have been following the market for a while like you have. I just don't see it that low for a pristine car.

 

BJJ if your car were in the US I'd say its worth about 170k- and thats entirely due to mileage. If your car had ½ the mileage, I would say its worth more like 195k.

 

I haven't driven an F12 yet either, but a friend drove one and was a bit disappointed at the lack of drama in the car. He said it lacks the mechanical feel of the 599, the drama associated with the bang of the gearshifts. He compared the F12 to a Lexus.

Yes and no. You're looking at the gated transmission in the 599 and trying to apply it across the board. A premium on a gated 599 would not apply to all other models uniformly.

The 550 is appreciating because it's at the bottom of its curve. It's fully depreciated, all done with and clean examples will slowly gain value with time. It's standard economics. Two gated 599 sales are not carrying the complete line of 550's now.

I know you are trying to time the market with your purchase and seem to be price sensitive, but do not buy the bottom of the barrel. Not only will the deferred maintenance cost you more in the long run, you will waste lots of time as well.

 

Agreed - I was under the impression that he was asking how much I would pay..

ROUPIN: Thank you for the wisdom - I am doing my best to do the right thing. Patience is not a virtue which comes easily to me.

 

We're not raised that way anymore. I certainly don't have any.

 

Forcing myself to go and test drive one later this month in order to remain diligent to the cause.