This may be true on tastefully spec’d examples - which imo are very few and far between - but otherwise it’s hard to gauge because like 296gtb none appear to be moving at the asking.
It continues to make me chuckle about this analysis paralysis of the used market. They are all used, Specs are probably never perfect , if well spec’ed, in terms of to a buyers liking exactly or they are really basic. These factors alone can make cars move slowly. This entire thread seems to go around in circles given those that truly want a car will buy it new, build it the way they want and enjoy it . They will wear the depreciation , as you do with 99% of cars . The bargain hunters are willing to take what ever they can, not because they love the car but because they want to get a bargain. Are they looking at the wholistic car experience through a prism of reality I think not
As it is with most cars , if you cannot stand the heat , do not even think about cooking up a car ! Again this thread continues to re hash the reality of cars , overwhelmingly a depreciating asset .
But Ferrari was always the exception. As someone wrote above 360, 430, 458, 488 could be bought, enjoyed for a year and sold for no loss or sold earlier for a small profit with the dealer sharing as well. This is a game changer because prices have not only virtually doubled, now you’re starting to take hundred grand hits and over in just a few months. This is a very different dynamic. I for one am not interested in buying a new car and losing $200,000 on it, I’m just not. For example, I recently bought a 2011 911 GTS cabrio, GT silver with black interior 20,000 miles, stick shift, 408 hp and naturally aspirated engine. Beautiful to drive you can run through the gears without worrying about going to jail and it cost 85 grand. Sorry, maybe I’m jaded with this Ferrari game. PS 2 car collection, used S class, the 911 above (or any of the V-8’s mentioned above).
Totally agree. Picked up an STO where the original owner dropped +$150k (I am in a VERY high tax geo) in 2 years. Has 2500kms on it and beautiful spec. Why pay for a new car IMO
Those days are in the distant past , the second hand market is not nearly as attractive because you have greater new supply
They are not in the past - picked up the car a week ago. Its very attractive as secondhand prices (in my high tax geo) are reduced significantly due to taxes being factored out by buyers.
There are now 172 GTB’s for sale on Cars.com (up from 162 last week). I’ve said for the last several months the GTB market is non-functional and the only thing that’s going to get it back to reality is some serious markdowns to start clearing inventory. I have no idea what the right discount is, but 30% under MSRP will leave a mark on the seller, but will start getting things going.
I've been noticing the same thing. It seems every week that goes by there is an additional 7 to 10 GTB's added to the market. And for every 10 added, maybe one sold. This doesn't feel like pre-COVID, this is starting to feel like 2008. The same thing is happening in the luxury housing market in many cities as well. People sitting on high asking prices, meanwhile inventories are building up and no sales going through. The bubble is going to pop on these luxury items in 2025.
An aquaintance of mine puchased a gtb with 1000kms on the odo for @35% less what the seller paid new from his Ferrari dealer so im pretty certain that would have left a big mark. From what he indicated the car had been sitting for sale a long time like most appear to be doing. It wasn’t a bad spec either, so if 35% is any indicator then its probably a best case scenario for the model in general. Sooner or later all these sellers are going to have to accept the reality of the situation and start meeting the market.
Could you list the spec? And is it in the UK, as we have similar levels of discount. I find most cars available have terrible spec, not appealing unless one wants a resale red/grey with drab interior. I know of at least 2 new cars that people walked away from, one is over a year old and still haven’t sold. Some aren’t listed on autotrader too, just dealer’s website. And dealer site don’t list new cars, you had to call or see from Instagram. I offered on both in Feb but it wasn’t considered. With the latest price increase, after the first 3 months and 1000km, it’s going to be above 40% off msrp traded back to the dealer. It might be possible to get 20% off new 296 gtb in UK now, as I got 13% off in feb and avoided the additional few % price increase plus doubling of my paint cost.
Not UK, and Im not surprised to both hear and read the depreciation on this car is being felt internationally. Spec was RC, black trim, red stitch and seat inlays, Cavs, shields, full elec seats, premium sound, diamond cut forged wheels, CF tunnel, no exterior CF etc.. Looked a nice car and I see the ext CF is becoming avail on the aftermarket so that's recoverable for less money than what Ferrari charges. Overall looked a good car especially for the significant reduction in price from new. Would've been a painful experience for the original owner I can just imagine. I got the impression it'd been on the market for 9 months or more. The way it's looking, more are appearing for sale only adding even further to the problem. It's definitely not very confidence inspiring even if buying one new with a discount. It's hard to say where these things are going to bottom out, which is probably what's also driving the lack of commitment from used buyers. The thinking could be todays bargain at 35% could be tomorrows bad buy with further discounting being on the table to shift some of these.
You got this the wrong way around. How can the new market be more attractive when there are so many barely used cars available to choose from for way less money?
People can now order what they want and get supply . Firm order to delivery is one year so why buy an average RC, with shields , DF wheels , no carbon , or perhaps a tunnel? These are effectively low spec cars . There are so many with a spec similar to this and this is why they do not move .
Well, here is a data point…my 2024 GTB (950 miles) has now sold. 4k under sticker, a bit less than I hoped but given the building inventory levels I think it was certainly the best case scenario. sticker was a hair under 400k and it was a unique spec, nothing bland but darn good looking and classy in my opinion at least. Well, obviously the buyer agreed as well. the 296 is a great car but Ferrari certainly priced it too high, combined with higher option prices and higher interest rates….ouch. If rates were still 2-3%, I think it would be a very different story as the performance is incredible. Love my F8S but this is a generational leap on handling, acceleration, and just overall feel. Take away the stupid controls and it would be the perfect car. I am very undecided on the VS given the likely half million price for a decent spec. If it looks like the SF90XX I don’t think I can resist though, after seeing that car in person I was sold. I could care less about the normal car but wow is the XX a looker in person.
What, this can’t be true?? I mean you must have sold it at a 100k discount and been lucky to get that. Dealers are having BOGO events just to move inventory. Now, if I take off my tin hat and stop reading some of the same old posts, I will say Congrats and well sold!!! I’m hearing higher specs are struggling but lower/mid specs are moving if priced right. Large production numbers will equal large resale volume. Proportionally I’d guess that it’s probably the same amount for sale in relation to produced as the past cars.
Higher production numbers, a big jump in MSRP compared to prior models, and anxiety for at least some buyers about the battery - that's a lot of headwinds. And yet the market is still clearing at reasonable prices because it's an excellent car. First owners are taking losses when they sell, but isn't that what one would normally expect? Still, it will be interesting to see if Ferrari has pushed a little too far on the combination of higher volumes and prices. As buyers internalize the new economics, will Ferrari continue to sell every car they build without breaking a sweat? The next five years will be interesting.
Well said and agree completely. As long as they keep selling cars, they keep raising the price. At some point the bubble has to burst, at least I would think.
given the weaknesses in the secondary market, I think even in the US dealers are feeling pressure on their existing wait lists. There are enough vip/top tier/idiots like me to keep sales going for now, but I really don’t see how this continues if resale values drop to Aston/McLaren levels.
