296 Values and Used Market

Thanks. Good to know..

 

And - it's easier for the dealer to "blame" the factory and tell clients it is Italy's fault they don't get the limited car they want. Sounds a lot better than, "we have more important clients in front of you for those allocations". Makes sense when you think about it that way.

 

This is my old car. Dealer paid me MSRP and initially asked $50K over window. I decided to sell as I had a SF90 Spider coming in and had some issues with the car (see my previous posts). I’m 6’1” and had difficulty getting in and out of the car - even with the racing seats.

 

Beautiful car! I'm surprised they are willing to lose that much on it... but it has been sitting for a bit.
thanks for the info!

 

So why is the dealer taking a $50K hit on a car that has no miles on it yet?

I am currently specking out a 296 GTS. Should I be looking to pay under sticker?

 

I have never heard of a dealer selling a car under MSRP. Prices on used 296s and SF90s are coming down. If you want to spec a 296 to your specific tastes, then be prepared to pay MSRP. If getting the best deal is important, then buying a slightly used 296 is the way to go. If you’re just sending in your spec now, you won’t see your car for 9-12 months. 296 prices will continue to drop during this time.

I think the best car for the money is the SF90. SF90XXs will be delivered here shortly (an owner in my neighborhood has already air freighted his in). Those owners will be selling their SF90 coupes and spiders and prices could go into a free fall. The SF90 is an amazing car.

I’m tempted to sell my SF90 Spider now (still some premium in these) and turn around and buy a SF90 coupe at a steep discount.

I would test drive both cars. You might be surprised and change your mind.

 

If you are in the US it will always be at MSRP.

 

Makes sense, thanks. Yes I see them (296) coming down on the “used” market and if I wait and show patience, I could pick up a slightly used one if close to the spec for considerably less than what msrp is now for what I’m building. Lots to think about.

 

Prices continue to fall and there are 142 showing on Auto Trader today. Some cars continue to move but the ask on the moving cars seems to mainly be under 390k. I pulled the trigger on a 2023 with under 500 miles, car is out of Canada with a US MSRP of 386k, I made the deal for $360k all in delivered to my door all dues and conversion cost covered.

 

Prices will level out and stabilize on the right specs. US market could be a little shaky with buyers at the moment because of the speculation on the economy. I talked to a Lambo dealer about the new Lambo deposits and he confirmed having similar conversations with customers; some even some discussing backing out already on the Temerario after the deposit was placed. Election outcome will most likely have the biggest impact, at least in the US market.

 

The price does not say much without the spec

 

Question, how was this process in buying from Canada? What are the cost of dues?

 

There is a 2.5% import due (dealer covered it) and in the case of a newer ferrari for reimport to US there is a fee for cluster reprogram, emergency brake button change out and Ferrari approval, the transport is more money as there is some additional paperwork done at border crossing, the dealer covered this for me on this one.

 

Sounds like an amazing deal had, especially if it was not much of a hassle for you to go through the process.

 

Thanks, reason I asked is Canadian cars are often 10% cheaper than US cars. I figured that 10% was built into the cost of getting it here and registering. Doesn't sound like it's more than 4% of purchase price.

 

I think the 10% initial pricewalk reflects the final value delta in the market place. All things being equal, a Canadian origin car will simply be worth much less in the secondary market than a native US car. Similar to a minor CarFax where the seller produces a super small repair bill for very minor damage. The greater market will just love that car less because of it.

 

Why would this be, as i understand all Canadian cars arrive as US spec and are converted to Canadian spec

 

Just a fact.

 

So you would be willing to paying EXACTLY the same for a Canadian origin car versus identical US native car? If so, that makes you an anomaly. The market delta is consistent and clear for most cars. It probably shouldn’t matter, but it does.

 

I can't argue as I have no data, and you say its a fact, but yes I would be ok paying the same, as I understand it's the same car. I would simply ask why would there be a difference in price, as I understand all cars come in through the same port and all cars are US spec. I bought a Viper several years ago from Vancouver but was originally in a collection in Houston, would its value be lesser because it had a stay in Canada.

 

It's a combination of the local market for enthusiast cars being smaller in Canada, and more logistical complexity (effort + money) to get a car back into the US, so fewer people are willing to do it. Not a function of how different (if at all) the car actually is.

The smaller TAM and higher effort is priced in, which is why cars in Canada (not just original Canadian market cars) are cheaper across seemingly every enthusiast car market.

 

I think I get part of what is being laid down, yes the market in Canada is different and not as strong sales wise; taxes and transport also get pricey so prices are adjusted downward due to that. The part I wrestle with is once a car is on US soil why would the car be worth less?

 

Here’s another example that loosely analogous. Say there’s identical 1,000 mile Pista’s, one with the factory original engine, the other with brand new replacement factory engine (first engine broke). Which car is worth more? And what might that delta be? I would submit that, much like the Canadian example, the car with the factory original engine would be worth significantly more for reasons that aren’t altogether clear.

 

I follow you totally on the replaced engine or a small damage note, but can't understand how Canada gets worked in there. You know there is a bit of a joke here somewhere, kind of like don't buy a car from Oklahoma because......you know what those guys are like.......... Hey wait I'm from Oklahoma........

 

Once it's already here, original dealer market is less important I think (compared to spec, condition, etc) - and a lot of times, the cars started off as USDM anyway and were imported to Canada (especially pre-2010 cars).

But maybe someone has a bunch of data on originally Canadian market cars being resold in the US to suggest otherwise.