296 Values and Used Market

Some new buyers will always argue that these new Ferrari hybrids are undervalued however, the secondary market ultimately determines whether it was good value at the new end of the stick, not discounting that a percentage of poor sale prices are due to unpopular color and/or poor choice/lack of options etc. With a car such as yours one would expect to draw a high level of interest on the used market (and a decent price) if/when the time comes around but time will tell there. I also went in heavy on spec with gts, with triple layer red etc etc so im in there boots and all as well. Probably cop a beating at one point i suspect but im not going to let that get in the way of having fun in it at this stage. I can leave the crying for later lol!
None of us buy these cars to sell but sometimes situations change and toys need to be moved on at a moments notice, so its comforting to know you can get out with at least your trousers on.
Agree on the PS - hard to get ones head around how it could possibly be worth its price. Makes that CGT look a bargain and the 50k loss a dream outcome. I worked out i could buy nearly 4 very well specd new CGT’s for the price of one well specd PS. It’s just completely nuts! And agree the new CGT is insanely good to drive. Overkill but a lot of fun for an suv. But for real fun driving there are far better options!

 

Looks terrific ! Thanks for the feedback

 

I don’t know about that. Look at the are Cullinan. Same price point. Those things drop value like crazy. $100k/yr+ seems normal. Yet they still sell nonstop and have a huge market. I’d kill for one but can’t fit in my garage (nor afford it. lol). PS I have no doubt is going to have some rough depreciation, but the Lussos were deadly on depreciation so somehow I think these will still stand up better.

totally agree with you though on how you justify an SUV being multiples over the competition. Suicide doors and a V12 can only go so far.

 

Got an interesting perspective from sales guy at the service center today when I had my 296 in for the 3rd time with under 400 miles. News flash, it’s going back in on Monday again.

He shared they have a number of brand new GTS for sale b/c buyers failed FNA credit on delivery. Different times when you ordered at 4-6% rates top of market and are now looking at delivery with 8-10% rates after some market turmoil. Still he said they have no problem selling them, but that the market shift has added this extra hiccup.

 

That is peculiar because even with an 8-10% rate those owners could have simply done a lease on the vehicle if they really wanted it or explored other options. You don't have to use FNA to finance or lease the car so that one strikes me as odd, but stranger things have happened.

 

Country to country would vary i agree but the market has tightened in general. Totally agree on your last sentence.
Availability has also opened up on these, also with floor stock which sits unsold - possibly from guys who’ve walked - even with tasty discounting being offered is a good indicator the car is simply too expensive for what it represents. It does drive well though and looks better than the competition but the exclusivity gig seems to be up now they’ve satisfied the vips.

 

I am still tracking for fun, of course more cars have came to market but I started my list in late June and 26 (highlighted in orange) of the 55 cars on my list have sold. You can see the bigger movement at the lower end of the prices, and as you can see the prices continue to slowly sink, but many are still trying to squeeze above sticker and those continue to set and drop.

 

Odd, when I asked for a new GTS at msrp was told not available/none in stock.

 

Same situation here with GTS. Other than a couple of demos (not for sale) no floor stock and minimal discount for orders. Was referring to PS situation now. Seems more allocations available to anyone prepared to order and follow through. Sizeable non refundable deposits, possibly to deter future changes of heart.

 

Was told same on PS as with 296 GTS…none avail and cannot order for a long time.

 

Odd. Wasn’t left with that impression from my dealer. Just goes to show the differences between regions/countries. The new market appears largely unaffected going by what the dealers assure although quietly admit the used market is very tough. Also, at the new end a lot appears to depend upon the level of spend involved. The fact allocations were still on the table for the taking is enough said, along with a couple of vehicles available for immediate sale - and open for negotiation, indicative there must have been some who either couldn’t get finance once their cars had arrived or, had simply opted to mitigate future losses.

 

They may not have been able to get the finance outside the Ferrari eco-system

 

Surprised F80 is V6, this might help 296 values

 

Stunned and disappointed.

 

Maybe not brand new, but I'm sure there are 23/24's with less than a few hundred miles that you can get for msrp...

 

Not at mine. Autotrader etc still above MSRP, but perhaps actual sales are at/below.

 

Yeah, I know my dealer has sold right at msrp or nominally over like 5-10k

 

OMG, the F80 makes the standard 296 look 100000x better. If Ferrari designs the 296VS to look like the F80, hard pass.

 

There are lots of GTB's at sticker or below. There aren't a ton more coming out of the factory as they have moved mainly over to GTS production, but last I checked cargurus there are about 150 available nationally. Most dealers seem to have 3-5 with mileage under 1k. Going to take a while to work through that stock, and then I imagine it settles at a more sustainable level of used inventory.

 

actual prices are below asking, it's slow right now. If you are a seller and actually want it gone, sticker or above ain't working right now. I took a very slight discount to MSRP and if it hadn't been for the buyer wanting my specific color, it would have sat longer.

 

Just look at the spread sheet I posted. Not guesses, it's what's sold. Yes GTB are selling at or below msrp, 2024s as well. Yes there are plenty listed above MSRP but they are setting.

 

I am referring to GTS

 

I was actually wondering/hoping if that would be the case. Maybe some people won’t be so put off by the V6 hybrid. But then reality sunk in and figured it wouldn’t help at all.

 

Im lost for words….

 

so replacement of 296 will have turbo like in F80?