296 Values and Used Market

well, I thought about dropping a 35% discount on it as this thread suggested, but apparently that wasn’t necessary.

obviously there are some markets like the UK that are even weaker than the U.S. market, of course.

 

The VIP/top tier account for a large portion of sales, but with the push for first time buyers and the regular folks, they really could have some future issues and lose customer base.

I don’t think they ever decrease production or lower pricing, so do they keep increasing the vip/top tier list and offering special models to more people?

 

May I ask why you sold? Just curious if there is something about the car that you didn’t love.

 

the car was fantastic. My GTS came in earlier than expected.

 

Thanks and congratulations!!!

 

I think that your comments are based on a less than global outlook and are somewhat insular

 

No, my comments are correct as you consistently were referring to the ability of US dealers to manipulate the price of options/cars or charge above MSRP. That is not the way it works in this market, despite your "fake news" type comments insinuating otherwise.

I do not claim to be an expert on overseas markets and dealer practices, so perhaps that's the way it works elsewhere. My reply to you clearly indicated that your theories are incorrect for the US market only.

 

I think a 35% markdown in less than a year at $400/$500k sticker prices constitutes the bubble bursting, this has NEVER been the case for less than one year old 360/430/458/488/F8 … Ferrari have finally got it wrong and it’s snowballing, SF90s are cratering and PS are going to be in the same boat.

 

Any 296 VS will be way more than $500k. My modestly specced 296GTS was $510k sticker pre tax. Am guessing more like $650k.

 

I haven’t sold, but the 296gts was sent back to the dealer for storage for when I will be “allowed” to sell. Car is super cramped, I can’t get the right distance from the wheel and get the rear seat recline I want, as it hits the firewall. The touch controls are unusable (no I’m not interesting in bearing with them and trying to get used to them, they are idiotic), the multiple different beeps are infuriating and I’m not interested in a car that I have to plug in. I guess I should have thought of that before I ordered it. Speed-wise the car is a rocket, it’s a sports car so I can’t really say that’s a negative, but it is pretty unusable on public roads (and unusable on the track too because it doesn’t have the safety features you need for a track car). So I have no use for it. On a sunny Sunday would much rather drive my 400 hp stick shift 911 or my stick shift 575 (or an 812 gts if I had one).

 

Please show me a 296 in the US that is 35% off.

 

If you read all the threads I compare the US to other markets , speak on the influence of spec and the variable price of options .

Just as I found you bemoan a possible 100k discount to sell your GTB yet only drop 4k , 1% perhaps of the price , not sure of any of your threads , just a tad confusing

 

A guy in UK had owned a F40 F50 and Enzo etc got hacked off with Ferrari and just sold his good spec SF90 for iirc GBP 310K.Losing 120K. #10:50

 

What would it take for the VS to be worth that much?

 

Limited to 999 units and current 296 owners who bought from new

 

Sorry but you’re just not making any sense at all. It’s not a matter of whether buyers are now able to get unfettered supply. Its all about over supply and low demand at the used end. To get a we’ll speccd car the new price jumps up significantly. Options certainly make a car more attractive upon resale but the significant cost of the options are largely unrecoverable only further adding to the dilemma. Surely you are able to understand this reality?

 

Perhaps there is a language difference here, because I equally cannot understand half of what you are trying to say. Best we both just move along, happens sometimes!

 

So a part of me wishes they would do that, because then it would make it an easier decision to buy the VS. But the counterpoint...if they limit it to 799 or 999, you are likely talking only VIP/top tier that would awarded one. So then I'm out and it's a moot point. Remember, the Scud was not limited but the 16M was. Speciale wasn't, Apera was. Pista wasn't, Pista Spider wasn't (but apparently there are very few due to COVID). SF90XX obviously is (799/599).

We keep going back to it - but the combination of higher production, higher option prices/MSRP, plus higher interest rates make this a difficult game to continue. If the mid-engine sports cars are going to depreciate more in lines with historical trends on Astons, Lambos, front-engine Ferraris, etc. then that's a game changer vs. the past couple of decades. The 360/430/458/488 usually depreciated of course, but pretty slowly compared to many other exotics.

 

Join the club

 

296 won’t be limited by anything but time.

 

that's my guess as well.

 

In addition, the first buyers get the benefit of a limited production only if demand exceeds supply, meaning that the initial price was not aligned with the demand (more people were ready to pay the price, or a higher price, than the number of cars produced).
With the willingness by Ferrari of not leaving money on the table, this benefit may become inexistant.
Let's imagine a 296 VS has a production of 1,500 and a price of $800K - how many more people than 1,500 would want to pay more than these $800K ?

 

A part of me thinks that Ferrari will "read the room" with what is happening to exotic cars in general right now (this isn't limited to them only, everything is slow right now). But then I laugh and realize they will soak up every last penny they can from the VS buyers. We know that it's going to probably have a bit more power, a bit less weight, and hopefully take some ideas from the SF90XX in terms of looks. How much more can the base price really go up over an AF-pack 296? In this market, I'd hope no more than 30-40k. If it's 100k, we could be seeing decent spec coupes in the mid 600's? That doesn't seem supportable.

 

sales of ordinary cars were fueled by the expectation of making money on limited cars, as they raise the MSRP to market value there is no money left for anyone so the house of cards comes tumbling down

 

There are 172 GTBs on cars.com and numbers increasing every day, with asking prices starting in mid 3s (so sales prices probably 5-10% lower). So a 35% discount on a 425k average GTB would be a sale price of $275k. If we aren’t there yet, check back in in a few months. These cars are dropping like a stone, sorry don’t shoot the messenger. Believe me I’m not trying to talk the market down, I own a GTS.