Devaluation of Portofino after a year

Expecting delivery in a few months of a Portfofino. Assuming I decided to sell the car in say a year with about 5,000 miles on it , what type of a loss would I be taking. My total price on car before taxes is $250k. I am a new Ferrari owner so not sure what to expect as far as depreciation goes. Thanks!

 

I'd guess around $210k in a year with 5,000 miles. Might be better than that though, since it seems like 1 year old California T is still around $190-200k with that mileage. Big price spread on Cali T's right now, $130ks to $250k+. And it seems that Portofinos can get crazy $$$ with options.

 

This is why I've been saying that 2020-2021 is the time to buy. If you get it pre-owned you can knock off a fat wad of depreciation and still get years of warranty service.

 

I am not going to try and predict what a car would be worth after a year, but it will depend upon a few things, color, options, and how many are out there for sale at the time you want to offer yours. That can alter the cars price 10-15%. As someone who looses amazing amounts of money when I go through cars, I can give you a bit of advise be prepared, you will loose the tax (along with the insurance charge), and if you get 200K for the car in a year (and you do not have any accidents or paint repairs), and you drive it for 5K miles in a year, the cost per mile to own the car is not going to be pretty. That's why I never think about those things, or even think of what it will be worth.

 

Not saying your story will be like mine but I lost $65k in one year on a new $240k Cali T HS. Depends on how popular the Portofino is I suspect.

 

Hah this is exactly my struggle. Because what you said above is the likely scenario for me. I am torn between getting a 2017 or 2018 used Cali T HS and driving that for a year then moving to a used Portofino. I imagine the Cali T would lose value as well but not as much as the new Portofino. I am a first time buyer so I am sure Ill have fun in a Cali T as well. Def a catch 22 for me, I can afford the Porto but at same time am focused on $ etc.

 

My Cali 2017 T HS is still for sale at Ferrari of Tampa for $189k. I didn't notice much difference in the driving or acceleration between the HS and Portofino. The HS sounds way better than the regular Cali T although maybe not quite as good as the Portofino did. The styling of the Portofino is definitely better but if you are focused on value then the Cali T HS would be your best bet.

 

Because it's a one year old new model, I'd venture to say your depreciation hit will be around 22% or $55k if you trade/sell to a Ferrari dealer. Dealer would therefore pay you $195k and list to sell at $210k ish. New car buyer takes the biggest hit but you should do relatively well because it's the Portofino and, I'm told, demand is strong.

 

I believe you cannot compare the new Portofino of 1 year in the market to a new California with like 5-6 years in the market. In the first case you will have very few cars in the market and a waiting time of 1 year to get a new one. And raving critics about a very beautiful car. Low supply, very big demand. In the second case you had lots and lots of available cars in the market. And as i understand, not that raving reception. Certainly much greater supply and arguably less demand.

I believe we have seen a somewhat similar case the first year the 488 went into sale. If I remember correctly, you could find a lot of 458s on offer, but not so many 488s and the prices for the latter were very high. And mind you that the difference between 458 and 488 was not that as between California and Portofino.

At least that is the way I see it and of course it is all speculation.
Hopefully I will manage to go through with my purchase of a Portofino and hopefully I will not have to worry about depreciation. If things don't go south I plan on keeping it as much as I can.

 

Tommy is correct...comparing the Port to the older and run out Cali T is not wise. We have a CT and a Port coming in the spring. The Port is a significant move up from the CT and the orders reflect that. Our dealer has sold all their spots for almost 2 years. Want a new Port you have to wait for 2020. Did the CT sell like that? I don't recall.

 

I agree with your view. A lot have been said about buying the car a few years down the road because the original owner will have taken the crux of the depreciation - but he also had the pleasure of configuring the car the way he wanted it as well as being the first owner. If being the original owner is not important, then you should buy used as the price will reflect that.

 

Maybe this is the Cali in me talking, but isn't that what custom shops are for?

 

I gather that you don’t buy new - that would give you the pleasure of configuring a new car the way you want. Custom would do what you are talking about but that would likely be on a used car. Having said that, people do modify new cars as well with options not available from the manufacturer. No right answer, to each their own.

 

I'm still kinda new around here. I have to keep reminding myself that to Ferrari enthusiasts, "authenticity" is very important. Customizing seems to be frowned upon, as the value of a car is tied to it's factory configuration.

I come from Mustang and Corvette land where customizing is expected. Mild culture shock is to be expected.

 

40 to 50k excluding sales tax

 

Certainly I have seen modifications become more acceptable on the forum, but not in the way you would see in a Corvette. I am on Ferrari #7 (out of those two I built myself), I don't really see a big difference in one way or the other, and I am not known for my patience. I do agree there is no right answer, and I have said this many. many times over the years, no one needs a car like a Ferrari, they want it. It is not a logical purchase, and trying to put a dollar value on ownership is not going to work. If you do need to, it is probably not the right thing for you to do.

 

J

are you saying that in 2020 while the Portofino will be down around 200k but the California T will recover to 140-150k? Or do you think depreishiation is gong to be flat on the Cali t over the next few years as these are the prices the 15-16 models are at now. Or did you mean the 16-17 Cali T would be in the 140-150k range?

 

I don't think this is a bad thing. Look, from the door handles forward, the Cali T is an effing beautiful car. It's that bug-eyed and bloated rear end that did it in. Well, the Porto fixes that flaw and throws in 40 horses. It's also probably the best sounding turbocharged car in the world, owing to integrating the turbines with the exhaust manifold.

The other thing is, regarding horsepower, do you care about the warranty? If you've got cash enough to live without it, it's important to note that Ferrari de-tunes it's cars to slot them into tranches. Fabspeed's forthcoming ECU (2020?) will get this thing to 7 bills and sub 3 second 60 dashes for sure. Now you're talking F12 numbers.

So look at the overall: if you buy this thing pre-owned you can work your way into a sub 3 second GT Ferrari Spyder for less than a quarter million. A car that will look sexy, sound great, have every modern amenity, It's looking more and more like the steal of the century. If you can live with 3.1 seconds to 60, you can keep the stock ECU and the warranty. Now we're not just talking about a steal, but a real value buy (as wasteful recreational expenditures go, anyway).

 

Yeah I understand what you are saying now, actually prices on the t are getting low enough I’m eyeballing the 15-16 models now since I prefer the interior more and the wife agrees that she likes the t a bit more as well. Prices on all California’s right now are kinda dropping and I can only attribute this to a combination of winter months and recent Portofino release. Even some authorized Ferrari dealers have some really nice prices on California’s. Figure if I’m gonna jump onboard sooner will be better then later.

 

I think if you were to get a 2017 model, the pricing would be definitely sub $200 and perhaps $190 and maybe even lower. That should get you one with less than 1000 miles. Great Christmas present! And I would expect prices to be even lower in the early spring 2019 as more Portofinos will be our and in the midst of winter.

 

The original plan was to be searching for a car now, but an opportunity to purchase an apartment complex presented itself a few months ago and all funds allocated for “recreational” spending went twards that. I knew going in it would mean short term penny pinching but open the door to more secure financial footing for “recreational” spending in the future. There is the off chance that perhaps next fall I can indulge on a car, unless something drastic happens before then.

 

Exactly

 

but you get zero goodwill or street cred from the mothership