296 Values and Used Market

I see, thanks for the clarification.

 

No, I won’t flip the car. I’ll sell it back to dealer assuming they’ll get me the VS (and I want it) and they’ll 100% hose me. I’m not a flipper. If I like something I’ll keep for a long time regardless of the secondary.

 

I love the confidence you have in your dealer!

 

Yes…you certainly can make money, but you probably won’t going forward, at least on the current cars. For example, I have a hard time seeing how the SF90/296 holds, or starts increasing in 10 years, when 1). The tech will improve rapidly (hp wars in full effect, lighter weight, better power distribution across the rev range with torque fill etc, better dependability), 2). The uncertainty of long-term battery durability combined with concerns over future factory support and the costs therein, 3). The number of cars being produced. Same goes for other super modern cars. All the calculus that allowed for the value growth you describe above (especially the post-COVID boom) has been thrown out the window.

 

Agree with you, but I think there is a value proposition with the 12C, as it's probably the last of the NA V12 front-engined coupes.

That said, it's so hard to project future values of cars. I mean if we're going to relegate every hybrid Ferrari to the wayside, what of the LaF? How do we reconcile that car? Is it the typical, the exception proves the rule kind of thing?

 

I think it comes down to, if you want to make money, invest it. If you want to have something you and enjoy and might not KILLED on depreciation, buy a Ferrari. If you want to have something you will enjoy and will probably get KILLED on depreciation, but any other car. LOL.

 

Hey I'm close with my salesman, am a lawyer, and even represent several small dealerships.... but even then, car dealers are in business and I just know I'm getting skimmed 5 different ways on every transaction, from doc fees, delivery fees to hidden stuff like dealer network incentives and financing hold backs.

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But hey, get me my cars, get me a VS allocation, let's keep it moving while the gravy train is running. At some point, I'll be old, broke, dead or all three...

 

I saw that guy in a 296 last weekend in SoHo....I'm in the wrong business. LOL.

 

“Your first loss is your best loss”.

 

Also depending on who purchased it, they may not have had tax etc, if they have a dealers license or registered in Montana for example. There are various ways people make things work.

 

Agree and the suv at $677k as fast as it is and as much horsepower as it has… can get the groceries much faster ( if you can still afford them after the purchase).

On a separate note, I did like the overall size wall. It looks small. I am 6 foot two and I sit in the front seat and can still easily sit in the backseat with the front seat all the way back.


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Mine is now up, slightly above sticker. If well priced they seem to be moving out in the West, I can update as it progresses. Seems like they either sell fast or they just sit and sit.

Used 296 GTB 2024 for sale in Thousand Oaks | Ferrari Dealer (ferraridealers.com)

 

Love that interior. GTS arriving or something else?

Agreed. There's a black on red AF with silver stripe that's been here a long time now, over 6 months. And a silver over brown with yellow stitch that's been sitting a few months too (meh combo).

 

Was just talking to my dealer and I asked how they are selling in the last few months. He said that for a nice spec they are selling for 20k over msrp, for a not so great spec or high msrp they are at msrp or maybe a few thousand off msrp. He did say some on consignment are just sitting as the owners have very unrealistic expectations.

I was surprised at this and I wouldn’t expect it to stay this way for much longer. Think we are at msrp and will start being 5-10% below soon. The same Ferrari depreciation as the old days.

 

Average asking price for a pre-owned 296 GTB is about 3% over MSRP or roughly 12k over sticker from the data points out there. I agree, we're going to start seeing depreciation on newer F-cars. It doesn't help with the base increases that when optioned put the cars into some pretty pricey territory to begin with. As a shareholder I applaud the average 100k profit on each unit, but as a consumer, I question whether the 12 Cilindri for example is worth 100k more base price than its predecessor. It will be interesting to watch the market over the next year or two for sure. At the end of the day, buy what you love, enjoy it and smile.

 

I was surprised two weeks ago when a nice but slimly spec'd GTB popped up under $400 at a dealership I've done business with. It moved pretty quickly. My search today revealed 10 cars under $400 and a couple what I'd call "middle of the road" specs sub $380. Seems to be moving downward relatively quickly.

 

In fact, one of the cars has an asking price of $10K under list with 1,000 miles on it.

 

Curious what those MSRP‘s are? We can’t forget that the 22s had a base price of 312,986 so a lot of the ones below 400k may still be above msrp (asking price! Selling is always, or usually below asking)

 

Car with asking at $379 states MSRP was $389. Racing seats, daytona style. Looks pretty well equipped. For sale from Ferrari dealer.

 

That’s more of what I would expect two years into production. I was really surprised that the dealer was still moving them over MSRP, but some will always command a premium for FFS

 

https://www.cars.com/vehicledetail/cb33e70a-5437-4251-aae3-fde72820abba/

 

thanks, I think it's a pretty nice spec without being over the top on price. My GTS is at port. With the exception of the haptic controls which make me want to shoot the designer, the 296 is a fantastic car.

 

As a note, a pretty fair number of initial 296 buyers did airfreight so they could get them 2-3 months sooner than shipping (depending on state). That is a MSRP/residual item, so it added 21-30k to many window stickers. I know of a 296GTB that just sold for 390k, which was right below sticker. But that sticker included airfreight (something obviously worthless to the 2nd buyer), so......is that above or below MSRP? You decide!

 

All of my cars like the water route. They get the midnight buffet, see a show, maybe have a few cocktails and a few weeks later they arrive in a different country. No air service for me.

 

I can't justify it either. Maybe if I was ordering a SP3 or something, then who cares at that point. Gimmie gimmie and I don't want to wait.