296 Values and Used Market

Also not trying to crap on the car or talk the market down but having a gts on order it has become impossible to ignore what’s going on regardless of all the hype. Im of half the mind to pull the deal looking at the mounting numbers for sale and hearing of the few that have actually sold taking unspeakable loses. Its very concerning. I cant imagine anyone taking these levels of losses as acceptable depreciation. It’s becoming glaringly obvious Ferrari has gone over the top with their corporate greed pricing this car well and truly above its worth, leaving buyers to take a beating they are unlikely to forget any time soon.

 

Might want to double check your data. Most of the mid 3s cars are 2022 cars. Those had a base price of 312k. The cars you are seeing are mostly low option cars with a msrp around 350-375k. So again, please show me one car that is 35% off. Show me one that is 30% off. I’d place a wager you aren’t going to see these for 250-275k in a few months. Want me to spot you 4 months for that bet?

 

Ok my GTS was lightly optioned and the options were $150k, so haircut that a fair bit and even the 2022 cars were close to $400k new and are now asking mid 3s and aren’t selling, so for them to really clear, they would have to sell in the low 3s I would imagine, so that’s at least 20% off msrp not including taxes, if you don’t think another 10-20% is coming very soon then fine, I respect your opinion, but the mounting numbers in my opinion indicate otherwise. I sincerely hope you are right, many of us here own these cars.

There are virtually no market value threads for any of the predecessor cars, why? because it wasn’t an issue. I have owned many cars and the 296 with the little touch screens and multiple modes and incessant beeping is easily the most annoying car I have ever owned. Add to that the reality that it is a 6 cylinder which you to plug in (and worry about the battery) and I predict this car is going to have residual values that we have never seen in any mid engine Ferrari.

 

Removal of the hybrid drive and implementation of a 10,000 rpm n/a v8 or small block v12. Desirability the latter.
Sorry, forgot to add a proper sounding unmuted exhaust note - an essential ingredient in any sports car.

 

You beat me to it! You can't randomly say, "average is 425k" and then use the oldest/lowest spec cars to make the supposed "35% off discount" argument. The low spec 2022 and early 2023 cars probably had stickers around 360k as you said. So 35% off on MSRP for them would be a 234k price! We ain't seeing that anytime soon.

The exotic resale market is already weak right now, don't make it sound even worse Roma1280!

 

The 296 sounds great already. In terms of the other items, you might as well ask for a 6-speed manual or a unicorn because none of that is happening.

 

"house of cards" is a bit of a stretch. Losing 30-50k isn't going to bankrupt a 296 buyer. But, losing 10-15% after a year of ownership will certainly give people pause before committing to the next car, as well as convince some buyers to drop off existing dealer wait lists.

 

An example in the UK, delivery miles w roughly £65k of options:
http://www.autotrader.co.uk/car-details/202405179814453

Another one in UK, £329k list, 200 mile 2023 car, sold for £225k back in Feb.

https://www.tomhartleyjnr.com/car/stock/2023/ferrari/296-gtb/ferrari-296-gtb/

 

UK is its own kettle of fish.

 

I will say this...with confidence....if the 296VS is $600k-$700k, and the Aperta even more...There are droves of other equally interesting cars both new and modern classics.

 

I don't disagree, I really cannot imagine committing to a 600k+ 296.

 

Ok agree house of cards maybe a bit strong, but what I mean is that there is a knock-on effect where all of us here will lose money on our 296s ($25k to $200k+ depending on how long you hold them), and the enthusiasm for doing that again very quickly goes to zero. If some meaningful percentage of buyers decides to pass on the next car, especially as prices and production numbers keep going up, it’s going to be a real problem. Because the order book is essentially full for the next two years, it’s not going to happen tomorrow, but ultimately, especially if we go into a recession at some point in the next couple of years, you’re going to see Ferrari forcing dealers to buy cars, which will then sit on showroom floors, the secondary values will suffer and get even worse for the next car. There will be tons of journalists that will write about this with glee, including in mainstream newspapers, made worse by Ferraris constant gloating about making €170,000 per car, so this is not an issue that will go unpublicized. That’s going to be a tough cycle to get out of.

 

There was plenty of talk about resale for every other car....ever. It's just the nature of our brains, many of us on F-Chat can "afford" these cars but are not so wealthy that 100k is pocket change. It's just like gambling in Vegas...if I win $2,000, it does nothing to change my weekend. But if I lose $2,000, I'm probably going to be in a slightly bad mood for a little bit.

I participated in numerous F8 threads about values, because people kept saying how hard they were going to drop and I argued that the trend wasn't going that direction. You had limited production due to COVID, higher demand (my dealer had literally an empty showroom for months), no big price runups, AND low interest rates. Talk about a perfect storm and my 2021 F8S is still worth over sticker. We aren't going to see that with 450-500k 296's (obviously).

 

Agree, it really is different with the 296s, v6, hybrid, expensive, annoying electronics, small etc etc. Sorry I am going to shut up now. This car has really rubbed me the wrong way.

 

This all feels a bit overblown. Pre-pandemic, 5-6 year old 458s were selling for around 50% of original MSRP (check 2019-20 BAT results), so something like 10% a year depreciation. We're operating in that world again, not the zero-interest 2021-23 Covid bubble where everything from RAV4s to Caymans to [insert exotic here] were going for 20%+ over MSRP.

296 (and SF90) depreciation trends reflect that. F8 aside, every other non-limited mid engine Ferrari has followed roughly the same curve.

 

In the summer of 2022 I put a deposit on a GTS. A few months earlier I went to the unveiling of the 296 and while I was underwhelmed with the GTB, I thought the GTS was gorgeous. My wife and I both loved the car, but we both had some difficulty getting into it and extreme difficulty getting out of it. But even that didn’t deter me because it’s so gorgeous…but then I took it for a test drive…which was disappointing. I thought the haptic controls were terrible, the user interface was confusing, and the overall experience was disappointing, but I was still planning on proceeding with the purchase. That is until I took my Portofino out one Sunday which snapped me back to my senses. While it’s not everyone’s cup of tea, I think my Portofino is a much more enjoyable car to drive.

 

My point was that the continuity of your posts does not exist .

Any way enough pontification on a market that has years to play out and ultimately will satisfy some, with the enjoyment of the product, and not others because they bemoan depreciation and other economic factors . As I have said before if you cannot stand the heat , do not even start the cooking. Quite simply too many buy exotic cars for status rather than enjoyment of driving it .

 

You make some good points but you are really not comparing apples with apples. On many levels . Perhaps you should compare your beloved Portifino with the Roma , both are at the same level offering a similar experience

 

Agreed, and the only reason the F8 hasn't was that it came out during COVID, had production disrupted, AND was the last model before pricing got stupid. And at least for now you can throw in non-hybrid, although I really think that perception will change as people actually drive the 296. It's freaking great and the power delivery is incredible.

 

To each their own. When I get back in my F8, I love the analog controls, feel of the Start button, non-hapticness....so I get what you are saying there. Everything else....the 296 is just better. And compared to a Portofino, it's a LOT more performance.

And yes, I am very very familiar with the Port and also owned a CaliT. You should have gotten 812GTS, that would have been the perfect step up.

 

Unrelated, can’t you turn the constant beeping off?

 

They have pills to help that. Gets rid of the voices too.

Kidding!!

 

I’m not even sure what “constant beeping” there is. In reverse?

 

The speed limit chimes, etc?

 

I did a reasonable spec, not tits out, and it was $509k with lux tax, before provincial taxes (26% here in BC with our lux tax)...so call it $640k tax in.

Used EV's are exempt from PST (20% saved), and there's essentially brand new one year older car on the market locally right now, with more options, for $480k *asking* price. That car is only 5% tax rate, so assuming you get no money off their ask, that's $504k...a savings of $136k CAD. On a car with less than 4-500 miles on it, with higher options...

So yeah, to say they've tanked out of the gate is putting it lightly.