It's been in some sort of "wreck", unrepaired fender bender, etc. reported or not. Most likely the reason for the huge discount.
Actually, if you look into the link it clearly states the car has not been, also offering a 30 pound fee option for any potential buyer to qualify the sellers information as being 100% correct prior to purchase. Who is going to part with that level of money for an online purchase without paying that fee? Nobody.
A dreadful ad, limited pics, no list of options, zero attempt at copywriting. That said there’s rumours on PistonHeads that a 296 sold for £160k from main dealer. One could probably get one of the 30 odd sub £225k for £190k anyways given its winter and unsold cars costs ~£1k a month on the lot, or similar to owners of SOR cars. I’d start at the same £160k number for that specific car as well. A delivery mile car originally listed at £330k at the start of the year is now dropped to £259k before negotiations. Likely can get similar levels if buying new today
The simplicity of a market is willing buyer / willing seller , objectively this has not occurred with this ‘bargain’, something is a miss with the car apart from damaged carbon , which means a replacement of the part. Carbon repairs with a good finish simply do not occur . You can only form an opinion from what is in front of you , ( not what you think is included because you can see some things ) serious buyers want to see a pic of the options plate, there are plenty of RC cars around that offer better options . You should look at the market
It isnt uncommon for advertisers to deliberately leave out spec details particularly when advertising a low price as it motivates legitimate buyers to call and enquire. This enables names and contact details to be obtained to follow up on the initial enquiry and if need be enter into further negotiation to get the deal over the line. Nothing inusual with the add at all. The pics provide adequate bait as does the declaration the car is not a write off nor was involved in any type of accident or repair.
You can clearly see there is some type of damage to the front aero in one of the pictures. Maybe it's minor, maybe it's not. But seeing that and then reading the ad makes my alarm bells ring. It seems like something is "off" with this one, but maybe I am just being overly paranoid. However that car would sell within the hour anywhere in NA for US spec if that description was accurate with that price 100%; in fact I would buy it and have two 296 to split the mileage.
Your counter argument is becoming circular in light of the obvious that the secondary market is still in a correction phase. At one point the real value of these gtbs will be established which at this point in time appears to be no where near what the original purchasers paid Ferrari. The simplicity of any buy sell market comes down to the willingness of the buyer - in this case the secondary buyer being unwilling to pay the asking price of the seller. Continually suggesting cars are damaged goods and/or are poorly/underspec’d as the reason for poor sales outcomes without providing any supporting evidence can only ever be interpreted as another feeble excuse from an owner who paid too much for a car and expects the secondary buyer to help pick up the tab, which in the case of 296gtb are clearly not interested in doing. Everything will sell at a price - but its finding that price which appears to be the main problem here. And not knowing where the bottom is, is also holding buyers back. To get movement and confidence back in the model will require sellers to meet the market. Once the bottom is found and numbers reduce, there becomes an environment for market bounce where cars sell and, become more attractive as used propositions. It unfortunately appears original owners are going to have to now accept significant depreciation as normal and, if what you keep asserting is correct where if the new buyer has the money to pay the exorbitant new price then they should also be able to absorb the massive loss is correct then why arent they meeting the market, taking their medicine with a smile on their face, and move on to the next high price huge depreciating Ferrari?
Im unable to see it. But giving the benefit of doubt that the car has a scrape to the underside of the front lip still means nothing of any great significance as most of these cars will see a scrape at one point with or without lift. The carbon fibre winglets either side are also relatively inexpensive as well. So no huge deal there. Now if the side sills or rear diffuser was torn out that would be a different story possibly warranting further negotiation. However what we have here is a typical ad designed to draw in phone enquiry and a car being priced with a view to actually selling it. Speculating why its so cheap is also meaningless at this stage as many used buyers probably see it as stil being too expensive for what the car represents vs previous models with less uncertainty regarding reliability and future resale values etc. 296 gtb is unchartered territory for many used Ferrari buyers who may not view the model as being more attractive visually than the outgoing F8 and 488 v8s which have less complexity along with being available for less $ (488 mainly there). I think once you place yourself in the shoes of a used buyer who is looking for a bit of a deal along with buying into more certainty then its easier to understand the general reluctance in paying a significant uptick for a car which was evidently overpriced at the outset.
You obviously have far greater knowledge than most regarding the second hand Ferrari market and can see more than most in any ad and understand what makes a good ad. Your success in selling second hand cars must be astounding I wish you well
Instead of getting all salty why not take your gtb down to your Ferrari dealer and ask them to write you a cheque today for the car and come back and let us know the number.
Price hikes for Ferraris by 20-30%! https://www.cnbc.com/2024/11/28/autos-ferrari-appears-remarkably-unfazed-by-trumps-tariff-threats.html “The thing with Ferrari is, if it is a 10%, 20% or 30% [tariff] then they can probably easily pass that on in price to consumers, just given the customer they are targeting and how expensive the cars are already.”
lol - I would argue it would decimate new car sales. There is no way they could simply pass a 25% increase on after ALREADY boosting prices essentially 30-40% since 2019.
Agree. The high end market is already in trouble since raising prices significantly, particularly the used end. Using the introduction of tech and hybridisation as an excuse was always hard to believe considering their existing high profitability plus mainstream cars employed these same features with minimal pricing increases. Its no surprise the brand now suffers unprecedented levels of depreciation. Ferrari will need to absorb the tarrifs out of their profits or risk many buyers walking away. You can only rip buyers off so much especially when its public knowledge the huge profit they make each car.
Ferrari will never have to worry about tarrifs. Even in the very unlikely chance that European automakers are required to pay tarrifs there will be exceptions and Ferrari will be at the top of the list. Who do you think makes these lists?
Absolutely. Not in anyones wildest dreams could it possibly be worth that much more. The other way around yes, but definitely not more.
If there are tariffs on European made cars, it'd hit all the new supercars equally (unless UK doesn't have a tariff - hard to speculate), and the used market will adjust accordingly. But the bet is that supercar demand in this price segment is fairly inelastic - and based on the last ~5 years of data, that seems to hold up. If a new 296 goes overnight from being 400k to 500k, I don't think used ones stay at 350k anymore. You can also replace 296 in that sentence with Temerario/Huracan, 750S, GT3, etc - the principle is the same. We've seen this play out before with other cars that have big y/y price hikes (Nissan GT-R, 991.2/992 911s, etc) and we're about to see it again with 992 GT3.
I bought a 296 GTB for $356,000 which had an msrp of $336,500 with only 255 miles. Essentially an $80,000 discount and I believe I could have held out for the $350,000 and if the car did not sell the dealer would have taken that deal,
