296 Values and Used Market

It seems in Germany they're already there, with the cheapest 296 for sale at about 270K euros. In France the asked prices are still slightly more than 300K euros, but I doubt it will be lasting.
The US may have a stronger economy than Europe, but in the current world I'm not sure it could be completely disconnected.

 

Two cars I am looking at now have been offered to me at 10% below, and there are a couple more not being scooped up with advertised asking prices below MSRP, I would guess some movement would be seen at this point given it is peak season, but when your / (I am) spending this kind of money the spec on the car needs to be 90% of your dreams.
Also, some of the cars in Europe with the lower pricing will have a good amount of miles on them, but yes most seem to be asking less than in the US.

 

Lets say outside US and in a very high tax region - so yes 15-20% is possible. Already at 10% below MSRP

 

Top secret location!!

 

Aren't they all

 

plenty of low mileage cars for good prices here have sold this year!
https://collectingcars.com/for-sale/2022-ferrari-296-gtb-1

tom hartley sold one £100k under list which iirc had delivery miles

 

Is there any car in the UK that hasn’t taken a beating? 812 GTS sold for 298k, 458 sold for 97k. Even a 2024 Porsche GTS sold for 101k (all in pounds). Crazy market over there.

 

"plenty of low mileage cars for good prices here have sold this year!
https://collectingcars.com/for-sale/2022-ferrari-296-gtb-1"

What kind of tax and auction fees do you have to add to the hammer price?

 

For UK buyers, 7.2%; 6.6% for Australia and 6% for other countries (capped to €7,000 or $7,000 in most cases).
The UK market seems to be completely crushed currently, but the cars are RHD and getting them in other countries typically implies import duties and taxes.

 

That's crazy.. I would just keep them and not order any new stuff any longer.

 

Just trying to learn, but is the 7.2% your tax or the auction fee. When I look at the auction, it looks like the buyer fee is 6-7% but is there not a VAT tax you would need to also add to the price if in the U.K. since it was an auction car and not sold at a fixed dealer price? Again I'm ignorant when it comes to pricing outside of the US, the first glance at that price it looks crazy low but with fees and convert from dollar to pound and not knowing the exact spec of the car it looks like it could have sold for ~20% off of MSRP???

 

No one should use the UK market as a comp for the used car market, exotics or otherwise.

The UK market is like that crazy uncle you hide in the closet when guests come over.

 

the total price for that car is the end price + £7k, no vat to pay (the only tax you pay is on the buyers premium which is capped at £7k inc vat)

 

that's hilarious. and i figured this was the case.

 

On Ebay now, seller with history; 2023 GTB, 125 miles, blue, MSRP of $445k, asking $399 or best offer. I know eBay is not the greatest for judging price on Ferrari's but this one looks pretty legit. Another car I mentioned in a earlier post for sale by a Ferrari dealer, at 10k under MSRP (not a crazy high spec or polarizing color) now has a pending sale marker on it, I think it was for sale for around 2 weeks. It seems MSRP to 15% under MSRP is the current biting point, for U.S. market.

 

one issue I see is Seller says it only has 125 miles but the carfax shows more. Also photos look like they were taken from social media and not from someone trying to sell a 400k car. A little suspect which may explain the pricing.

 

Can someone theorize why someone would purchase a beautiful new 296 for $445k, paying the tax, title, insurance, etc. and then without even driving the car taking a $50k hit? I can't think of a scenario where this makes any sense.

 

Maybe they were speculators and are cutting their losses.

 

Let’s see if the eBay auction gets pulled. It could very well be legit but the old saying of it’s it too good to be true may be applicable.

 

Not sure that’s cutting their losses. Could cut losses by selling for 25k off msrp. Horrible example but it’s similar to needing to amputate a finger but you amputate the entire arm.

 

it could be a scam BUT my point is it is really not a stand alone. Maybe a better deal than some out there, yes, but asking prices 10k below very low mile 23 from a dealer, who knows what the actual selling price was other than knowing the buyer likely did not pay the dealer more than they were asking.

If you bought a GTB hoping to make 30-50k while waiting on a GTS at this point how much longer do you hold on.

 

I’m expecting to lose $75k or so. Oh well.

 

Were you planning on flipping and miscalculated the market?

 

I believe initially that will be about the hit on a GTB but it should flatten when the market drys up.

 

Think he was saying he is like most people and go into a car purchase planning to lose money. These are depreciating assets and the days of buying any car and making money are over. Personally, every car I buy I plan on losing at least 20%. (If I lose less, it’s a win; if lose more, oh well). It really defeats the purpose of buying these types of cars if you are obsessed with depreciation.