296 Values and Used Market

Agreed, meant to say I was surprised they were not listing it via Ferrari Philly rather than using BaT, they didn’t sell the car originally based on window sticker, no way Ferrari would allow that.

 

There are many sitting, even new ones that buyers didn't take. Dealers might be getting desperate. I just don't get hiw there are so many for sale already.

 

https://www.cars.com/vehicledetail/94100ee4-e96d-4c7a-b841-00adb34bae00?aff=share_other

Pics are up of the GTS under $500. Definitely a lighter specd car by looking at it, but still very nice. And 2024.

 

Plus PPI and extended warranty opportunity

 

A few light options but couldn't be too much over base. It showed not available on Autolist today so I assume this is sold.

 

There are 112 296 GTB’s listed for sale on Cars.com.

There are currently 112 296 GTB’s listed for sale on Cars.com, which is 60 more than there were in mid February. To state the obvious, this is not a healthy market, in fact it’s not really a market at all because sellers aren’t willing to find a clearing level for their cars so nothing trades and inventory continues to build. With asking prices around $400k and nothing moving, my guess is clearing levels are in the low to mid $300’s.

 

Out of curiosity do you know how this compares to the 458 or 488 2 years into the production run?

My recollection was Pre-Covid these models went for above msrp for the first year and started to approach msrp in the second year and beyond with plenty being listed for sale. (I’m not throwing in the F8 and that was during covid when every car was crazy.)

I’m genuinely curious what those numbers were and I tried to find some historical data but couldn’t. I remember when I was waiting for my 488 to arrive in 2017 there were a large number of them with no miles at the dealer with people trying to flip.

 

488 came out in 2015 as a 16 so they were selling for almost 3 years by 2017. I don't think this is a knock on the 296 but rather the state of the market.

 

If we want to get specific, and not meant to be argumentative, but I believe the first 488 delivery was November 2015. I took delivery of mine in February 2017 which would have been 15 months after deliveries started. The first 296 delivered was November of 2022 and we are now at 18 months since the first one was delivered.

Again, I’m curious as to actual data as to how many 488 were listed for sale 1.5 years after production started vs. how many 296 are listed.

 

I counted 10 go unavailable last weekend anywhere from low 4's to mid 4's, but yesterday noticed several with light specs reduced to 399,xxx, so it looks like the word is out to move the flipped ones under 400.

 

Right, 15, 16 and 17 so roughly 3 years.

 

Market is horrible as people won’t finance the high payments. It’s a good thing long term. Prices of everything need to come down. Eventually it will balance out. Regardless of value 296 is a fantastic car.

 

lol. I need to get your calculator!!

 

This.

There really isn't a modern regular production Ferrari that is a collectible, at least not in the short term, and maybe not ever even in the long term.

Even some of the VS or XX or "special" models fall into that category.

Buy cars to drive. Invest in yourself because that produces that highest ROI.

 

I agree, especially Since going public and ramping up production. I think we will still see brand new models go well over msrp, at first and that will settle down to below msrp as the production cycle gets older.

As the technology advances and especially with these hybrids, I think long term will be pretty bad. It’s crazy how they are pricing the XX models

 

The higher MSRP's have really been the biggest factor. I think that's also what is keeping the F8's strong, everything after that for new cars is just really pricey. Ferrari definitely captured an secondary market premium for themselves. My 2021 F8 Spider is a very solid spec that has everything you'd want, and that was a 362k window. A well done 296GTS can easily touch 500k, that's a nearly 40% jump in just one generation. Simply no room for the resale market to keep these prices stable at MSRP.

 

Since I'm having a lousy day at work, I took a break and did a quick price guess on the car at Suburban based on what I could see in pictures and the description. I figure it has a MSRP somewhere around $415-$420k. Interestingly, the carfax link says it was delivered in Puerto Rico new with 31 miles. So basically a new car. If it sold near ask, still probably $70k over list.....

 

Great point. My MSRP is $460k. It’s unacceptable, really. Same F8 would have been $130k less. And the base of the car is big increase, but the options have now gotten absurd. It’s insulting.

 

2023 Ferrari 296 GTB Assetto Fiorano for sale on BaT Auctions - ending June 5 (Lot #149,600) | Bring a Trailer

RNM, no shock there. I figured it would get into the low 400's though first. A 524k window is going to be a challenge for this seller.

 

The increases and options on the 750 are roughly in line. Although McLaren goes a little easier on the options list by packaging many of the most desirable options in packages (granted the packages cost more than a nicely equipped Ford Maverick).
For comparison's sake, my 2020 720 Spyder had a base of $315k, MSRP was $365,000. Well equipped with some exterior CF, interior CF, etc.
The 750S Spider base is $350,500 and a decently equipped version will come in around $415,000. So still 15% over previous model prices.
McLaren also offers less choices and options on the interior...and not everything is a "special upgrade".

 

Up into recently, it was a no-brainer to pay a 15%+ premium for the Ferrari as it typically held value better than McLaren. Will be interesting to see that play out on the 296 vs. 750 side as time goes on.

 

Given that dealers are starting to have 750s on their floor and are advertising at MSRP, I expect that the McLaren depreciation curve will continue to be significantly steeper than the Ferrari.

The Artura depreciation curve has probably been worse than the 720 or 570 before...

 

Wasn't there supposed to be a "big brother" to the Artur that was more like 296 pricing, but even better performance? I heard great things about the Artura for handling, but the rest of the car was apparently a reliability disaster?

 

I think the 750 replacement is slated to be a hybrid. From my understanding, the Artura is now sorted, but there were issues with the early cars.

 

This is how I have always classified cars when buying or selling. A model listed as a 16' that comes out in 15' will be 2 years old if sold in 17'. In 17' the 18's are already being delivered.