Thats a generalized statement that applies to most contemporary production Ferraris. Some Ferraris are in fact very serious investments.
Slightly more serious than buying a lottery ticket Lets face it, slim odds on someone making money on a Ferrari unless you are the (house) dealer or museum. In finance, the purchase of a financial product or other item of value with an expectation of favorable future returns. In business, the purchase by a producer of a physical good, such as durable equipment or inventory, in the hope of improving future business.
So how does art fit into your thinking? Fine wine? Alternative asset classes are legitimate investments. Ferraris which Joe Sackey deals in fit into this category
Art is collected and put on a wall / museum, fine wine ages and increases in value. I do not know Joe but there is a huge difference in a car being used and a car sitting in temp control setting and being wiped with a diaper. My guess is there will be a 125k spread in GTO's in two years. Ones that have been tracked and the ones that were barely driven.
Just to clarify, the Ferraris I am speaking of that have turned out to be great investments have been vintage competition Ferraris, much rarer and more valuable than the Ferrari Supercars I deal with. One of my clients has $50 million in vintage Ferraris. He probably paid $10 million for them over the years. I am not speaking of contemporary Ferraris at all, as I suggested in my earlier post.
Racing heritage is what peaked my recent interest in cars. The Healey works 3000 is what I set out to duplicate. It sits in my garage and is 80% complete four years later. Then bought a Camaro 69 z28 - love it. Few other toys and I bought my first Ferrari. If there is a car that has racing history and all the goodies cut wind screen alloy vents ... I love it! I checked out your website and it is spectacular. I am a HUGE fan of vintage racers, Ur a lucky guy!
Personally I don't think the 599 GTO will be referred to as a collectible. There are multiple reasons why this, in my book, will not be the case. Firstly Ferrari has made a small sport of creating an "hardcore" version of each of the racing pedigree models they make. This started off with the Challenge Stradale, the Scuderia and the 16M Scuderia Spider. Moreover, this is now the case with the 599. Therefor I think that these models are lined up with the "regular" models although they are special and come in limited production runs. Secondly, previous GTO's were genuinely made for the racetrack. This was the case with the 250 GTO and the 288 GTO (yet the 288 GTO racecar never competed). Ferrari has made the 599 XX but that is more a technological showcase and test/proving ground than it is actually going to compete in a race class. The clear link with the O of the name is less apparent. Don't get me wrong, I do think the 599 GTO is one stunning car. And in the near future, say within 10 - 15 years I'd love to own one myself. It's just that I see the car as a final car in the 599-legacy, as also stated by Chris Harris in his EVO 599 GTO review. The car is superb but, and this is my guess, will not reach the same status as the 250 and 288 GTO did.
599 GTO is a collectible, only by the fact of limited production + good publicity + outstanding performance (but all modern ferraris do so) and the name! 599 GTO will never reach the same status as the 250 GTO: right remember of the 288 GTO a few years ago.....I predict a better future for the 599 GTO The 599 GTO has this little something that makes the difference between a 360 CS and a scuderia and that generates the fame over the years
Interesting view on this topic. The main conclusion should be: time will tell. I thought the supercar Ferrari's were in a class of their own, yet seeing F40's for sale at 300k euro's and an F50 for 399k euro's seems strange. I know the price is high but somehow I would have thought it was to be much higher.
Well if it is a collectible then that's good news for 16m owners as their car is more rare by 100 units.
Being a newbie - Enzo's sold at the MSRP for 600k and are still selling for double with miles. IMO = supercar That scenario with the 599 GTO is not happening - whether its market condition or Ferrari making a limited production car variant of their production cars. The 599 GTO should have changed the first three numbers then the GTO signature. Again I know very little but times are changing - as early 599's sold at 100 - 150k over list.
I know precisely zero about these matters, especially compared to some of the folks who have already commented, but it strikes me that there are three categories of special model that have emerged in recent years. First is the CS/Scud - the upgraded/hardcore version of the standard road car. Second is the Barchetta/Superamerica - limited production special version, but not necessarily significant performance upgrade. Third is the bona fide supercar. They all hold value better than the more mass produced versions, but only the third seems to trade at MSRP well past the born-on date. The 599 GTO seems to fit the first category, despite the fact that it's the first time they tried it on the front engined V12 model, and despite the fact that they slapped a GTO label on it. The GTO badge isn't going to fool folks who pay for GTO label on a 288 - it's a 599 Scud and will hold value accordingly.
I don't think it'l be a collectable like the 288 or the '62 . Regardless , the comment of not driving it is not an option, and sad for a car of such power. If you were to have the opportunity to buy a 288 GTO or a 1962 GTO, and it had " high miles " , would it make it any less desireable or collectable? Back in the day they drove and raced the hell out of them and pretty much tossed them aside.
<there is a major difference between 430 Scuderia and 599 GTO. The GTO is a limited production car, therefore it makes no sense to call it 599 Scud. The car is something completely different.
as long as there is not real and serious plate number with exact production number on it, there is no way to think that ferrari spa is respecting the "limitation concept", have a look on the number of enzo registered and produced, really. We are now speaking of business, turn over, margin, company development! Stop to consider that we are all living in a nice funny world with Ferrari. 599 sales were hardly decreasing: 599 hgte first, then new marvalous car, 599 GTO, fantastic car, best performances ever for a road car, but still not the enzo replacement. Collectible? what a terrible word for a car, you should enjoy it first, and then keep it for your old days or your kids if you want. If you are looking for an investment, there is a lot of other opportunities worlwide to make much more money than keeping a car, if you are looking for pleasure, yes, a nice car could be a tremendous source of enjoyment, this is my view.
???? 599 sales had plummeted. HGTE was a very interim step more aimed at retrofitting parts to the large number of cars sold in 06-07. GTO serves 2 purposes: 1. Shift the remaining 599 carcasses at a premium during the sunset of the model ala 16M 2. Reuse some of the technology of the 599XX 599 phased out once GTO's produced. I would hazard to say that almost no 599's, HGTE or otherwise, are being sold.
Exactly what I was saying, on the marketing point of view in order to restart sales of 599, they were creating the hgte, then the gto, then the spider to sustain sales waiting for the next generation and/or the new supercar in 2011/2012. And you are right, I should be pleased to get the sales results since few months on hgte and "normal" 599! Is it a phased out, not officially, but a good way to keep sales running waiting for next model, no more, even if the result is fantastic.
