Ferrari F80 value thread

As someone previously mentioned scarcity and demand are the main price drivers in this niche of the Ferrari Supercars. All models in this group have seen considerable appreciation in value in the last three years. Even the F40 which is the least scarce of all with 1311 units built, has gained a lot of value and is now sold for stratospheric prices
Therefore, one thing we can infer is that whenever there is a high demand the number of transactions increase substantially and all the models gain a lot in value. However, when demand reduces and few or no cars are sold, prices stabilize or fall. I could be wrong but my impression is that the more scarce models are the less penalized when prices stabilize or go down.

 

it's an interesting thing really, perception is everything!

I remember my friend being offered a straight swap for a 360cs for an F40 by a dealer,

even though they were iconic at the time there wasn't as much hype as an investment etc

 

I bet these go below list for a while and them creep up over time. If you can afford it then by all means but speculators will lose.

 

Source: trust me bro

 

The classic valuer graphs below are in Pounds Sterling and generated from sales recorded in the main world markets. They show the evolution of prices for the 288GT0, F40, F50 and Enzo over time. As classic valuer does not produce a chart for the LaFerrari, what is available is that of Classic.com in USD below, which only has information from 2021 onwards.

Something that draws attention is that it was from 2015 onwards that the prices of 288GTO, F40, F50 and Enzo began to skyrocket. In the case of the LaFerrari in 2020-2021 the average sales price was below 3 million USD but from 2022 onwards it has risen above 3.5 MILLION USD.
Are these appreciation curves since 2015 sustainable? If demand continues strong as it has been probably they are.


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Super interesting thank you for posting, yes the trend may well continue and for everyone that owns these beautiful cars I hope it does.

Or maybe it turns out there really are a few hundred unsold F80s and word gets out and then people start panicking and walking away from their $4m v6s. Then the guy that just paid $4m for an F40 in an off market deal (or $5m for an F50 or 288) thinks crap, this is the canary in the coal mine and I paid the top of the market, then turns around to look for a bid and can’t find one, then everyone starts selling and before you know it there is a 50% correction in the supercar market.

After this has happened (hopefully it won’t) lots of people come out and say it was obvious this was going to happen because how can an F40 be worth $4m?

Not saying one is more likely than the other but when things go up 10 times, the next move is often not up.

 

An F40 can be worth that because it’s awesome.

Carry on

 

I swapped my 550 Maranello with 3’000 km for a Porsche 959 with 24’000km and got paid around 30’000 EUR difference. That was in 1998…not bad eh?

 

When talking about values, pardon my stating the obvious but you are dealing with man made objects that are the opposite of necessities and are a negative in terms of cash flow. But I would like to discuss necessities, since, in my life time, I can remember growing up in the 1970s and 80s in the US, when we used to get things like tv and water for free. When cable tv came in, everyone laughed at it and said no one would pay money for it, you get tv for free. But, it was nicer to not have that ugly antenna on your roof, or to have to play with the antenna on your tv set top. And to always have a clear picture. And then bottled water became a thing, and gee, you get water from the tap. But are you sure it’s really clean? Now Im sitting here with bottled water. Is it any cleaner? (Maybe, I dont know, but we’ve been convinced that it’s somehow better). And when cellular telephones arrived, many said it was nice but hardly a necessity- in today’s world many people think it is a necessity. I am not making a social commentary for the P&R thread, but I would like to come back to Mario’s point about circa 2015 being some kind of inflection point. Special cars have always been far more interesting to me than art, but art is a more established market, however, right around 2015, when I remember back, I began to hear more and more that now special cars are considered, sometimes, when its the right car, on the same level as art in terms of investing and owning. Alternative asset class certainly, but now something that is investible. And its hard to believe but it is a whole decade later. Whats happened in that decade is a global pandemic and a lot of upheveal. Yet, how are the values on these cars doing? They seem to be stronger than ever. To Roma’s point, these markets are a whole lot thinner than say the market for shares of Amazon, but thats why they are listed as alternatives. I think as long as humans continue to ascribe a greater value than the purely intrinsic to objects that don’t have anything to do with cash flow, or other discounting mechanism, then, its entirely possible these valuations not only hold but go higher. Its really about if people love these things. In general, women tend to love their shoes and handbags; and men love cars and watches. A brand X car can be driven for the school run or for groceries. What really distintuishes the cars that matter is that they capture our collective imagination. When it comes to the F80, I see a lot of parallels to when the F40 came out. Time will provide us answers.

 

Jerry, I liked your reflection and you explained the various aspects of this subject very well. I would like to add some more logs to the fire with more information and some questions and doubts I have about the buyers on this Ferraris niche market.

In a survey conducted for the 2024 Knight Frank Wealth Report over 600 private bankers, wealth advisors, intermediaries and family offices were asked which passion investments are becoming more popular among their clients. On average 38% of the respondents selected classic cars, highlighting the globally increasing demand with Ferraris. At the forefront are the very exclusive small series classic Ferraris and also models like the 288 GTO, F40, F50 and Enzo which appreciated in value by over 300% in the past decade. There is not the slightest doubt that any of these four models, and also the LaFerrari, have scored exceptional returns on investment and will continue to do so as long as high demand continues.
However, my bigger doubts are about the clientele, those who are purchasing these models. Are they wealthy enthusiasts who buy the cars to be able to enjoy them and their driving experience? Are they collectors who invest and simultaneously add one more model to their collection? Are they famous or anonymous Billionaires who acquire the cars just to be able to say they have one more very exclusive and special Ferrari? Could they be investment funds that have discovered a new investment niche where there is an high return? It will probably be a mix of all of them, although I suspect, perhaps wrongly, that a part of those who buy these cars use them very little or not at all .

If high demand keeps into the next decade, no doubt all models prior to the F80 will continue to score exceptional returns on investment. In these circumstances and in that period, the conditions will also be perfect for the F80 price to climb with a good return on investment . However, if for some reason the current high demand situation were to turn into a low-demand one, for obvious reasons the F80 would be the most penalized of the six models in terms of return on investment.

 

Excellent post Mario thank you