Exotic car market in '08.... your story.

During the last economic downturn in '08, what happened to (collectible/) Ferrari market?

I wasnt watching the market at that time and im curious about how it all played out with the value of older Ferraris....two examples that peak my curiousity are the Testarossa and Scuderia. Did prices actually drop where buyers got great deals, or did the market freeze bc owners knew that it was a bad time to sell? Did low prices create any kind of buying spree for the folks less affected by the economy?

If the market takes another hard turn..... what will your strategy regarding exotic cars?

I assume all non collectible Ferraris just simply dropped in value faster than normal but no huge change otherwise, correct?

Thanks guys. Have a good weekend!

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This is a good graph ..

https://www.hagerty.com/apps/valuationtools/market-trends/collector-indexes/Ferrari

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Interesting! Thank you!

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The theory I been told is that when the market is doing well people rather invest in market vs Ferraris and vesa versa

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Certainly a more fun way to "enjoy" a bad economy!

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in 08 the Scud is a new car. Pretty sure there was no deal to be had.

 

That graph is interesting, but it relates to 13 collectible Ferrari models from the 1950s to 1970s. Not Testarossas or other 80s/90s cars. As another poster pointed out, Scud was a new car in 08.

 

Tom S sez the Ferrari market follows real estate, particularly in California. If real estate is up, people feel good and spend money on expensive toys. When it’s down, well...

For example, home prices peaked in 2015. What happened to Ferrari prices in 2015?


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Of course....so true ....oops! I guess, more accurately... what info can we use from the 08 down turn to help predict what might happen to a Scud and Testarossa if the economy slid again.

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While in hagerty ... You can look at any specific car that is older than the 360 .. I agree the Scud was pulling MSRP at that point if not higher if I remember correctly

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My memory is there were screaming deals on 355s, 360s and testarossas.

 

+1. Maybe not in 2008 exactly, but from then to 2012 prices were much lower than today. 288GTOs for $400k (vs 3m today), F40s for $400k (vs 1.2m today), CS for $120k, 456 manuals for $45k, 550s for $70k, etc.

Just go search threads from that time period and you will find plenty of examples.

 

I don't remember it like that...F40 was 400s in early to mid 2000s and then 600s late 2000s. Then it doubled after 2012 to low 1 million where they've hovered ever since. I'm referring to US market cars with low miles.

 

I might be off by a few years. But generally these cars were much lower when the economy was down than now, which is exactly what you would expect. I remember threads from guys who had to fire sale theirs because they were getting margin calls etc.

 

I can see that with the cars like the 456 and 550, but the F40? Those were the ones that seemed to hold value if not appreciate during the recession...maybe Joe can chime in on it.

 

Remember, people were paying over $1m for F40s when they first came out in the early 90s. Then they dropped way down to about $250-300k in the early 2000s as you said before coming back to where they are now. So perhaps the F40s did ok during the last downturn but historically they have had their ups and downs as well.

 

https://rmsothebys.com/en/home/lots/mo09#?SortBy=Default&SearchTerm=Ferrari&Category=Automobiles&FromYear=&ToYear=&IncludeWithdrawnLots=false&Auction=MO09&OfferStatus=All%20availability&AuctionYear=&Model=Model&Make=Make&FeaturedOnly=false&StillForSaleOnly=false&Collection=All%20Lots&WithoutReserveOnly=false&page=1&pageSize=40

 

+2, I track car values of any make for fun and I remembered exactly as said above. Especially the TR's for $55-75k (my friend bought one for low 60's at the time) and 512TR for low $100's and 512 M for maybe $125k-150k. Shoulda, coulda, woulda...

Hell, original Shelby Cobras could have been had for $300k-400k at that time. Look where they are now...

My next purchase will be a Murcielago in the next downturn (02-03's dropped below $100k in the last recession).

 

All I know is IF there is a very substantial drop in prices I’ll consider seriously looking for an F12tdf and/or 458 SA to add to my collection.
I certainly wouldn’t put my Speciale or 16M on the market...keepers.

 

During a recession the stock market will drop , the RE market will drop and thecollector car market will drop as they did in the last big recession...and that all sounds great during strong markets but thing is during a recession like the big one in 08-11 people dont want to spend valuable cash on any of these markets.. the deals are had when the market first starts to recover....if you are in the right position with cash in hand and predict the recovery right you can get some great car deals. But then again you can also get great RE deals and maybe stock deals...
Thing is buy the cars you want at a price you feel comfortable and dont worry what the future bring in prices cause i promise you cannot predict what the prices on that car will do..