296 Values and Used Market | Page 28 | FerrariChat

296 Values and Used Market

Discussion in '296' started by Mrwatchdawg, Aug 31, 2023.

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  1. jordanfsl

    jordanfsl Formula Junior

    Dec 11, 2010
    711
    Los Angeles
    Few things that are probably important to keep in mind:

    • There is usually a decent time break between the coupe and spider for buyers that are getting both. As 296 production was delayed, a normal 12-18 month gap between the cars didn't happen. My GTS is arriving pretty quickly after a GTB and that wasn't planned.
    • There are obviously a decent amount of VIP/Top clients that order one of everything. They got these cars first, and once their wait period was up those are all hitting the market. Just offhand I know three people in that group, one has already sold his GTB and the other two have theirs for sale. It was never going to be a long-term hold for them, regardless of how good the car is.
    • And you're right, some ordered hoping to get the VS once it is released and that means buying a GTB or GTS to start. It will be interesting to see if the factory plays the same game as the SF90XX, where you had to be a current SF90 owner to even be allowed to order it. That did force some Top/VIP clients to "rebuy" a SF90 to qualify. Of course the VS won't be as limited as the SF90XX, so who knows yet.
    • Higher interest rates absolutely affect the secondary market given how expensive the 296 is. It of course matters to the 458/488/F8 market (which is holding up well), but the 296 is a decent step up in price and that payment just looks worse.
    And I don't know where demand is nationally - but I can tell you that the 458/488/F8's are still moving pretty darn well, going solely off what I've seen come up for sale at my local dealer and then clear off the floor. I think the 296 buyers are very focused on spec and price, makes sense given some of the very high MSRP's of the early cars. 500k is a lot of money for a toy.
     
    rg88, ryalex, BigJay2050 and 4 others like this.
  2. cmargosi

    cmargosi Formula Junior
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    Mar 14, 2024
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    60540
    I have noticed that more than a handful of GTBs have fallen into asking price range that start with a $3.
     
  3. TheBigEasy

    TheBigEasy F1 World Champ
    Consultant

    Jun 21, 2005
    18,357
    California
    Full Name:
    Ethan Hunt
    The market for all exotics sucks right now if you're selling
     
  4. cmargosi

    cmargosi Formula Junior
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    Mar 14, 2024
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    60540
    And I don't see any reason for that to improve near term....I think the "YOLO" effect of Covid and low rates probably drove some people to purchase things they always wanted but might just barely be able to afford. And now that the novelty has worn off, they are selling. It's natural.

    See: Market for Boats for reference.
     
    TheBigEasy likes this.
  5. stevdug

    stevdug Karting
    Silver Subscribed

    Feb 4, 2019
    235
    Tulsa
    Full Name:
    Steve
    Yes, I have noticed that as well, I have not made a hard offer yet but in discussions with salemen i get the feeling that msrp offer is not going to be a hard no
     
  6. cmargosi

    cmargosi Formula Junior
    Silver Subscribed

    Mar 14, 2024
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    60540
    Just saw a GTS go up with an asking price that starts with a $4.. barely, but still starts with a 4. Non Ferrari dealer, but a great dealer, I bought my 720S from them.
     
    Jo Sta7 likes this.
  7. 599F1

    599F1 Karting
    Rossa Subscribed

    Jun 5, 2023
    182
    Full Name:
    599F1
    Something must be off, either a mistake or an issue. No reason to leave 30-40k on the table when you don't even have pictures up yet.
     
  8. cmargosi

    cmargosi Formula Junior
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    Mar 14, 2024
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    I'm guessing the car is lightly spec'd and they want to move it. They priced it to sell, it's my experience with this dealer, they know the market and prefer to sell a car, not sit on it.
     
  9. Jlee504

    Jlee504 Karting

    Apr 8, 2017
    121
    MSRP can be had I think, I've gotten two cars to MSRP and one at 10K over MSRP...with a pretty good trade number, I just think it's still dropping. nothing I'm following is selling..
     
  10. jordanfsl

    jordanfsl Formula Junior

    Dec 11, 2010
    711
    Los Angeles
    A lightly spec'd GTS can be a 440-450k window. So 499k isn't crazy if they want to move it quick.
     
  11. stevdug

    stevdug Karting
    Silver Subscribed

    Feb 4, 2019
    235
    Tulsa
    Full Name:
    Steve
    Just found a CPO 23 with 1080 miles on autotrader asking $385,888 MSRP $389k.
     
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  12. jordanfsl

    jordanfsl Formula Junior

    Dec 11, 2010
    711
    Los Angeles
    The one on BaT right now is a big MSRP, and it's not going to do well. Likely will be a good deal for someone that likes that spec, but no way it gets close to sticker.
     
  13. Jo Sta7

    Jo Sta7 F1 Veteran
    Rossa Subscribed

    Oct 13, 2015
    5,772
    Scottsdale/Pittsburgh
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    Jon
    It’s an AF without racing seats. It’ll still do $450k+.
     
  14. mkraft3003

    mkraft3003 Formula 3
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    Aug 20, 2016
    2,370
    Tampa, Fl
  15. Jo Sta7

    Jo Sta7 F1 Veteran
    Rossa Subscribed

    Oct 13, 2015
    5,772
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    Jon
    Oh it’ll be RNM for sure I’d imagine that number starts with a $5
     
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  16. sharkblue

    sharkblue Rookie

    Oct 23, 2023
    48
    Dealer bought back my 296 GTB for $365,000. Sticker price was $414,000.
    Car was a lemon, in my opinion. Software was filled with bugs and dash was constantly having electrical issues. Dangerous to drive.
     
  17. Cigarzman

    Cigarzman F1 Veteran
    Owner Rossa Subscribed

    Miles ? Color combo ? Seems like a hefty haircut,considering the issues.
     
  18. rg88

    rg88 Formula Junior

    Feb 10, 2024
    496
    USA
    Full Name:
    rg
    A car like that should be a no reserve auction. That'll separate the men from the boys. Let the market speak!
     
  19. jordanfsl

    jordanfsl Formula Junior

    Dec 11, 2010
    711
    Los Angeles
    I don't think it will get to even 450k. And no question RNM. Just not the right place to try and sell a high spec car.
     
  20. RoadRonin

    RoadRonin Formula Junior
    Silver Subscribed

    May 18, 2020
    504
    San Francisco
    If one wanted to sell a high-spec car, what would be the right avenue to do so?
     
  21. mkraft3003

    mkraft3003 Formula 3
    Silver Subscribed

    Aug 20, 2016
    2,370
    Tampa, Fl
    Ferrari dealer. My old F8 was for sale for 6 months at 2 different dealerships (a mclaren and an Aston/rolls dealer) and every online site. Finally went to a Ferrari dealer and it sold within 5 days. They have the clientele that is willing to pay a premium and doesn’t mid high spec cars.
     
    DefunctNeurons, F1RST and RoadRonin like this.
  22. jordanfsl

    jordanfsl Formula Junior

    Dec 11, 2010
    711
    Los Angeles
    100% agree. And another reason why....FFS will finance it.
     
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  23. cpd1

    cpd1 Karting

    Feb 2, 2015
    238
    CT
    Full Name:
    C
    +2
    Interestingly the listing dealer on BAT is RDS Auto Group which owns Ferrari of Philadelphia (ex Algar), surprising they are not selling through that dealership...
     
  24. jordanfsl

    jordanfsl Formula Junior

    Dec 11, 2010
    711
    Los Angeles
    My understanding is that Ferrari has "encouraged" their dealers not to sell through online auctions.
     

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