488 Inbound 2020 Pista Available

Forgive my ignorance but how does the process of opting out of an order occur. For the original buyer, do they lose their deposit? Can anyone walk away from their allocation after the car is made and dealer just hopes to sell it, perhaps at a discounted price in the future?

I could understand if it was the only one, but i am aware this has happened several times.

 

Based on the wording in my contract, I’m on the hook for the deposit. If I walk away from the car, I lose the deposit.
What the rules are governing the dealer’s sale of this car I do not know, but I imagine there’s some variability based on the region (eg US v EU v China). I would presume they would be able to offer it at MSRP but what side deals they may require (Lusso?) obviously depends.

 

There are the rules and then there is the market reality - if the contract specifies that walking away means losing the deposit, in case of demand exceeding supply it's possible to get away with that: the deposit is supposed to be compensating for the hassle of having the car to sell, so if the walking-away customer provides a "replacement" customer there is no more reason to keep the deposit. Furthermore, if the dealer thinks he can sell in better conditions than MSRP he may renounce to keeping the deposit to avoid selling at MSRP to a customer-provided "replacement" buyer.

 

Yes it is happening but the dealer will never admit it. They will draw a replacement buyer from their list who missed out on allocation and the deposit will not be lost in that case - so to keep the original buyer in good stead for when they are in a better position to pay for another new Ferrari.

Of course the dealer can always impose forfeiture of the deposit, but they are judicious especially in the case of Pista where a new Ferrari was already purchased just to qualify. I think even the dealers were not expecting the high depreciation impacting 488 as a consequence of so many being sold and resold along with the surprise release of F8, general weak market conditions all creating the perfect storm.

 

One other element to it, the particulars of about which I can only speculate, is the potential blowback from the dealer as well as the head office.
If the dealer can sell the car and you’ve got money in your pocket to buy another one in the future, probably no big deal. You’re not going to be at the top of the list but given the new era of Ferrari you’re not gonna be off the list.
what I wonder is if there is a flag on your account at head office such that, even if you decided to be a heavy hitter and buy lots of models in the future, you’re not gonna get an allocation for a special or limited version.
I imagine that time and money heal all wounds.

 

I think these days with the way the market has now gone with these exotics and, with so many sold along with new models being released impacting the resale values, I don't think it really matters where you are on the list now because when numbers are called up so many fall over you may well find yourself top of the list in next to no time anyway. I think so long as your are on A list and can pay - (or swallow the difference on the trade) - when called upon you're in very good shape with Ferrari. They will love you forever!

Dealers/Ferrari know there will always be plenty that say they can pay but when it comes down to crunch time one needs to be able to pay and, with the depreciation levels now in play so many fall over - and for good reason when you look at the horrific shortfalls..... it's not very pretty really. It's become a case where you not only really need to want the car BUT are actually able to swallow the difference. Now that's a real test. And, probably why they they need to open the access up to all and sundry as it's now become a numbers game....as in Ferrari will take anyone on for a new order so long as they are good to settle the bill....or at least say they are at the time pen hits paper.

 

Is this car still available? sorry I do not see a way to pm.. you can text me at 270 519-5713 Thanks Jeff

 

To your point, I'm sure some of these buyers were hoping to get stupid premiums so they ordered the cars without the ability to follow through. Dealers were telling people the 100k hit they would take on a Lusso would be more than made up on the Pista premiums. Reality kicked in and they have to step up but they cant. This shouldn't take away from how great the car is but some may perceive this. Once the dust settles I believe the Pista will he appreciated for what it is.

 

Why would you take the dealer to court? What did they do wrong? For the deposit? But you signed paperwork that it was non refundable. Or was it something else??

 

Understood i think.

Not sure the dealer but I’ll vouch for my experience. Everything above board. There was no requirements for a Lusso or anything else. No promises to make me a billionaire on resale. An excellent experience my second time around.

Anyways- glad it worked out and someone is happy with their new car.

 

Thanks!! My first ferrari! Cant wait for it to arrive! and to Kansas488 a big thank you!.

 

Congrats! Did you get to spec it??

 

No, but its just how I would of built it anyway..other than yellow wheel caps I would of probably choose carbon caps to match the wheels but no big deal. Kanas488 did a great job on spec !!

 

Nice to hear stories like this one. One F chat member helping another and win win for both. This is why I like this forum.

 

Love it!

 

Wow! Congrats! Incredible first Ferrari.