296 Values and Used Market

Agreed and likewise if you are obsessed with depreciation doesn’t that really detract/defeat from the enjoyment of what is a depreciating asset? Let’s be honest, any car can go from point A to B and the reason we spend this kind of money is to enjoy them.

I am not sure why it is newsworthy that cars depreciate and that the 296 (and virtually every other car) will be worth less in a year than it is now. If losing 20-30% is going to affects someone’s ability to enjoy a car than they probably shouldn’t buy it.

I don’t remember people going crazy when there were tons of 458 or 488 for sale well under MSRP in years 2 and 3. No one was jumping on the bandwagon of the car must be bad because under msrp and tons for Sale.

Amazingly, people forget that Ferrari is producing almost 50% more cars than they did 10 years ago. Of course there are more cars for sale as there are more car produced. In 2013 they produced 7k cars, in 2022 they produced 13k cars.

 

Actually I think it's almost 100% more (from 7,000 to 14,000 would be adding 7,000, i.e. 100% of the initial number - at more than 13,000 they're close).

 

Agreed. I Think they are on pace for almost 14.5k this year. That’s a lot more cars produced, on the road and up for sale.

Just go to your local Ferrari dealership and see how many cars are on the showroom floor vs 10 year ago. I remember when I got my 458, the dealer had maybe 10-15 cars on the floor. They were all spread out, nicely displayed. Just took my 296 for service and there were so many cars on the floor you had to turn and walk sideways in between them. They were shoehorned in.

 

Depends on whether you have other cars and this is a "nice to have" or its your first one. In 9 months it might be $50k - again depends on the individuals circimstances

 

I agree that most cars depreciate but, if you look at lambos, they definitely hold their values longer. Look at tecnicas, it’s more than 1year old, and most of them are still selling above msrp. My local dealer just sold one with 1500 miles for 338k. Sticker was 300k or so, maybe a bit less. As many mentioned, you can find 296s below msrp or at msrp. From my experience owning both brands, I’ve lost quite a bit with Ferrari, not much with Lambos. But I prefer Ferraris, so I understand the downside and I’m fine with it.

 

The dealer must have caught a live fish .
Lambo’s depreciate globally far more than Ferrari’s .

 

Um, what part of the world are you in?

What you say about Lamborghinis is categorically wrong in the U.S.

 

This is not accurate, historically and on a general basis. You can find exceptions in both brands that both don't depreciate and have heavy instant depreciation, but overall Ferrari does tend to hold value better.

I'd say Porsche is the leader in this at the moment, though. Of course it's harder to get a rare model truly at sticker though as the dealers can (and do!) play the ADM game.

 

Under normal circumstances depreciation is a fact of ownership and I think that is widely accepted by most. What surprises me is how many cars are for sale for a relatively new model. It is a great car, so why are so many getting out? Not everyone is trading to a GTS and there are many of those for sale as well. Ferrari and their dealers are just pumping these commonly available cars to anyone and everyone. There is no more process anymore, unless you are a VIP or Top and are getting the VS version. There are only a handful of these guys per dealership so dont waste your time unless you really want the car. If this is your first car you are NOT getting the VS version.

 

Most GTB's I have called on were a customer with an incoming car (various models). There are also a good handful of demos right now. They are also way overpriced right now so moving out the door is small.

 

I'm about to put a deposit down for a GTB. I want the VS. I'm a VIP customer, and I'm not sure how limited the VS will be, and don't want to risk not getting one, as I'm sure it'll be great. Didn't get the SF90XX, which was a bummer, but after all has died down, it may not be that much better of a car than the regular one. I have a feeling this will be one to pair with the Speciale. I'm thinking GTB and not a huge spec for resale, because it won't be a car that I keep. I could do a GTS, but the wait will be longer and the price more as well.

 

Only thing we know for sure is if you want one you better have your own GTB in the garage. Anything else is speculation. I assume they’ll make 2000 VS of the GTB over a multi year period so if you really want one, jump up and down on your dealer. That does help.

 

Right. And if I can get the spider VS, great, otherwise coupe is fine.

 

My status is tricky because Ferrari's system removes cars from your profile when you consign although you still own them. This screwed me on getting a 12C GTS in the first allocation run. Regardless, I am no longer VIP although the dealer knows I still have 3 F cars and 2 more on order. They still wont confirm a VS. Not to mention I have been doing Club for 4 years although this year just 1 event so far because of schedule. All I am saying is that you better want the car you order because it is unlikely you will get the VS. They will got to Top, then VIP and then certain select Important customers. If by chance they have leftovers you might get lucky.

 

It will depend on who you are in their ranking system. It is not a straightforward program.

 

I agree. I also think it’s dealer to dealer. They aren’t the same for whatever reason. Your dealers treatment of you is a head scratcher. I tried to buy a Pista during Covid and that owner was blocked from selling to me by Central Jersey despite many F cars and sponsoring their race team. Yet other dealers are just fine. I got a 12C spider allocation no issue.

 

My dealer is terrible for me, they ruin the experience. They reward flippers but now they have screwed themselves because of all of the cancellations. I know one of the owners from NJ and I would be better off just dealing with him but I thought I would give these donkeys a fair shot.

 

It is not. This from my own experience, not looking at websites and cars for sale. I lost 100k on my gtc4lusso in 2 years and that’s after it already depreciated 100k before I bought it pre-owned. Not looking to argue or anything, just talking from my own experience. I sold my urus at sticker after 1.5 years.

 

I'm not sure that experience is representative of the two brands generally. I think that's the point that people are making. You can find Ferraris that tank (like the Lusso) and Lamborghinis that hold their value (like the Urus?). But on average Ferraris have historically depreciated less.

The Lusso is a fantastic car. I have one and I adore it. But I believe the Lusso and FF have been the fastest depreciating Ferraris of the last decade. (It also sounds like you got particularly hammered, not sure why.)

I don't follow the Urus market, though I've heard that it's among the better performing production Lamborghini models in the secondary market.

Timing, of course, also matters. If you happened to sell the Lusso in 2019 and the Urus in 2021, you were selling into very different markets.

Anyway, I'm no expert. You could be right. It is not the conventional wisdom, however.

Finally, even if I'm right about historical prices, this could easily change going forward. Ferrari is producing more cars and selling them at higher prices. That could make it tougher to clear them on the secondary market near sticker. Time will tell.

 

lol - cherry pick much? Literally the Lambo that held its value the best in the last 20 years, compared to a Ferrari that was notorious for depreciation. I understand this might have been your personal experience, but you definitely had opposite sides of the pendulum there. Heck, if someone managed to time it justtttt right before and during COVID, I think you'd have been able to drive a Urus for free for probably closer to 3 years. That thing had wonderful resale value for a long time.

 

I agree, I think the VS will be a (pun intended) very special car and much more so than the sf90xx which only really stands on rarity imo

 

you could argue the puro which is the equivilent still goes for overs and is likely imo to still be list in another years time

I think the days are kind of gone of just regular ferraris holding onto their value like some have in the past - I think my 458 lost £30k in 12 years or something!

 

It is unlikely at $5-600k USD+ that the Puro doesn't fall off once the initial demand is satisfied. Even the Cullinan fell off.

 

I think the Puro will fall off only because it's so darn expensive to start. Although the early builds were at a much lower MSRP as I recall.

 

Early allocations were just under $400 ($398k in the US) starting, newer allocations start at $460k if I recall correctly, so yeah later builds will be more expensive depending on spec. I also believe they won't hold value for too long because of the price. They'll level out somewhere in the middle, because they're an SUV/FUV at the end of the day. Even the mighty Urus has started to find lowering of the residuals recently. Just takes time.