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Good news! I think.

Discussion in 'Ferrari Discussion (not model specific)' started by Texas Forever, Mar 29, 2009.

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  1. Texas Forever

    Texas Forever Eight Time F1 World Champ
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    Apr 28, 2003
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    Texas!
    #1 Texas Forever, Mar 29, 2009
    Folks, I'm not interested in a career as a canary. But, I am associated with a "Buy-Here/Pay-Here" lot. Just in the last few weeks, the auction market for plain Jane cars has flipped. What was a buyer's market, has turned into a seller's market. So much so that we can't buy cars. Simply put, used cars and trucks are selling for "all the money" at the auctions.

    I'm also a long-term player in the residential home market. Sometimes I'm in. Sometimes I'm out. For reasons outside my control, I got out in 2005. (In Texas, we say that it is better to be lucky than smart.) Well, guess what? It has been a long cold lonely winter, but the sun is coming out. Even more interesting, it is the top of the market that is moving.

    What does this mean for high-end luxury cars like Ferraris?

    I'm not sure. I do know that Spring is coming. Flowers will bloom. Bird will sing. Boys will chase girls, and the beat goes on.

    So what say ye? Is it safe to go back into the water?

    Dale
     
  2. Bullfighter

    Bullfighter Two Time F1 World Champ
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    Jan 26, 2005
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    #2 Bullfighter, Mar 29, 2009
    This is good news. I was holding back until the recession was over.

    With all the foreclosures, we've been seeing an uptick in real estate in southern CA, but it feels like vultures feeding on the carcasses of the real estate investment lemmings. AFAIK prices are still very soft.

    Also, I know the used car market (for normal cars, not Ferraris) has experienced increased demand as people shun new cars and their depreciation.
     
  3. DerWebMeister

    DerWebMeister Guest

    Aug 21, 2007
    119
    Columbus, OH
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    Timothy
    #3 DerWebMeister, Mar 29, 2009
    The depreciation on Dodge Vipers sure can put a powerful car in your garage, but it's still not a Ferrari.
     
  4. SDChris

    SDChris Formula 3

    Mar 8, 2006
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    Sioux Falls, SD
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    Chris
    #4 SDChris, Mar 29, 2009
    Last edited: Mar 29, 2009
    That is the truth! Cars in Manhiem are bring over ebay right now..the lanes are out of control...I was looking at MY07 MB S550 for a friend and the car brought right at NADA book high retail..at the lanes! Checkout this story from USA Today last week...

    http://www.usatoday.com/money/autos/2009-03-16-used-car-sales_N.htm

    Ferrari prices have gone up as well on the wholesale, though only slightly...Sponsor brokers here can let us know more, who are seeing the numbers...
     
  5. Mrpbody44

    Mrpbody44 F1 Veteran

    Jul 5, 2007
    7,899
    St Augustine Florida
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    Steve Metz
    #5 Mrpbody44, Mar 29, 2009
    Very few decent used cars available as the trade in market is dead due to new car sales falling off a cliff. Credit for the average Joe is still a big problem for new and used cars. My used car dealer friends say they are seeing lots of cash deals which they don't make as much on. Lots of sales in the $3,000-$5,000 range any late modle car over $12,000 just sits. We have a lot more down to go for another 2-3 years.

    I do some real estate work and banks have a huge phantom inventory of homes. It will take a long time to work through the inventory. In many counties in GA there are more foreclosures than sales each month for the last 6 months.

    It aint over yet.
     
  6. Texas Forever

    Texas Forever Eight Time F1 World Champ
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    #6 Texas Forever, Mar 30, 2009
    Trust me on this. I'm not trying to say that this is the bottom (although I hope it is). Moreover, my guess is that this is gonna be wide flat bottom.

    Lately though, for personal reasons, I have gotten the hots to buy a 996 Porsche as a daily driver. So I have been doing my usual bottom feeding thing of reading the ticker tape when "Jump Back Jack!" Manheim had an uptick. 996 turbos jumped about $5k week to week. Now, one uptick doesn't make a recovery. But, it was nice to see that there was life out there. And when I checked with my people, the word is that used car/appliances are going for all the money. Hell, I even decided to run my Chebbie Pick-em-up truck through the auction to cash in while it lasts.

    Aw hell. Its Spring time in the South. So screw it. Let's all get out there and drive.

    Dale
     
  7. Matt LaMotte

    Matt LaMotte Formula 3

    Oct 30, 2002
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    #7 Matt LaMotte, Mar 31, 2009
    Look whose back! I knew it wasn't the end.:) Good to hear from you Dale.
     
  8. Rifledriver

    Rifledriver Three Time F1 World Champ

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    Brian Crall
    #8 Rifledriver, Mar 31, 2009
    Nice to see you around Doc.
     
  9. Texas Forever

    Texas Forever Eight Time F1 World Champ
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    #9 Texas Forever, Mar 31, 2009
    I'm just happy to be here.

    Dale
     
  10. donv

    donv Two Time F1 World Champ
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    Jan 5, 2002
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    #10 donv, Apr 1, 2009
    I got an unsolicited letter from my local Ford dealer offering to buy my Expedition.
     

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