296 Values and Used Market

ok makes perfect sense then. if you had to why not try it and see if you like it. i got it. i rolled the dice on an F12 once and bought it without ever driving it.

 

This is a really bad look for the 296 market

https://bringatrailer.com/listing/2023-ferrari-296-gtb-8/#comments-anchor

2023 296 GTB
RNM 293k
MSRP 404k
ODO 818 miles

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What would you have expected?

GTB's trading at 25% under has been the market for a while now, no?

 

$100k off is about market. A reflection of supply and demand. Great road car. Unfortunately, many Ferarri buyers only buy to trade. Trading sardines vs eating sardines.

 

Exactly...100k under MSRP at the dealer. A bit more when bidding.

 

There are many ways to lose money worse than owning/driving a Ferrari.

 

The 296 market is a really bad look for the 296 market.

My local dealer sold one for $299k listed (my guess is they probably knocked off even more undisclosed).

So this price is totally in line with what you can get used.

 

296 mentioned at 5:30 and 10:15

 

Reserve not met is silly, that is all the money.

 

you would think a secondary dealer would know the market? Or maybe they're fishing for bids to test the market?

 

I wrote it before and I will write it again.

The price has dropped, so what. the hit has been taken. Just drive and enjoy the car; it's a wonderful car!

 

best Ferrari to drive and use there’s ever been. Can’t think of another I’d rather own to use.

 

Slight correction, half the hit has been taken.

 

I think over the medium long term, this could be right. Over the actual long term (8+ years) who knows. Car is incredible, though.

 

I was told the listed car at $299k sold for full price.

 

BaT knows the market - they require a market reserve to take a listing.
There is "real world" and there is "Fchat" - where people seek / post the lowest example and apply that to every 296.

My GTS is above 500k - losing 6-8k per month on a car I drive is normal - any 500k car driven will cost same - likely more.
Driving a Ferrari vs storing one makes financial sense - driven every brand daily - did well on Puro / RR Cullinan - all lose 75k avg per year or more and even more on lease. I don't understand how BaT and walking into a dealer are one in the same - BaT is wholesale on new cars and many times below as you have no inspection or dealer service - it's an auction and it's an extremely poor comparison to be on same level as a dealer. I've bought and sold a lot of cars on BaT - gamble on the best day for a buyer. The advantage of BaT is on older cars - the peanut gallery shares a lot of knowledge and points out issues. To put a warranty Ferrari on BaT is a red flag 99% of the time.

 

I can add to a data point where a 2024 GTS used with under 1K miles was sold at MSRP by a ferrari dealer. As for BaT i agree with you. it's a data point but not the end all be all. Another example, I listed my 458 on BaT. The car did not meet reserve. Ferrari dealer sold it for 20K more.

 

Hopefully the dealer didn't charge you 20k Love BaT and it's knowledgeable people, best place for information on older cars. Very few know anything about a modern Ferrari - fun to watch but usually painful results.

 

Anyone who paid MSRP for a 2024 GTS sure must have loved the spec. That’s $75k-$100k over market at least.

 

I have been watching the market for a while now and the good specs go close to MSRP. The ones that sell way under have uncommon colors or bad color combinations, etc. Secondary market usually doesn't pay full price for stripes or carbon either, at least on the 296GTS. Personally, I don't think any of the stripe options except for maybe the single narrow stripe look very good on the 296 hood.

 

Was the dealership cool with you selling on BAT?

 

My theory is that 296 is a rather special entity to us. Those who don't care about the money lost is getting something else by buying the 296, i.e. playing the Ferrari game. Those who care about the money lost but obviously have no problem paying for a 300k to 400k toy most likely already have a few other toys in the garage, and they are not desperate to buy this car right at the moment. Those who got the free money during covid time are the one who are desperate to sell the car now given the current economy.

End result: the 296 market likely will tank further, driven the above buyer and seller mixed demographics AND with year 2008/2009 being around the corner.

For the real cost of 800k to get to 296VS, I think Ferrari should have numbered the car instead.

 

I think this is the least of their problems. They have massive inventory, only a part of which they’re allowed to advertise. Most of it is tanking hard. They refused to put a price on the car, literally any price. They lifted the restrictions on the car and said do whatever you want.

 

What I don't understand is how anyone specs a sweet 296gtb, takes delivery, and promptly sells for 100k+ under sticker after a couple hundred miles. You see this in every dealership, especially the ones with AF optioned. What am I missing?

 

They are gambling on future models. Trading sardines instead of eating ones.