Is the 488 depreciating faster than expected?

Can you post any examples of 488 cars for sale at $220K?

 

There was one listed a month ago $224, they would take $218. There are several that pop on and off in the $220's...if you're that interested watch cars.com and autotrader. Also dealers are paying in the 220-230 depending upon milage/yr etc for many cars. These are 2016's

 

Up here in Canada there's quite a few 488's which have come up for sale and majority are red. So far the cheapest 488 listed is $319k but the car has 21,000km. The second cheapest is $328k with only 1350 km's. It's starting to look like a buyers market but the same can be said about every exotic car because our economy is slowing, RE is tanking and people are starting to dump their toys.

 

The car listed above just sold, more than likely less than the asking price. So a 3 year old 458 Spider sold for more than $100K off the sticker price. This is in line with the numbers listed below for the 488 GTB. The market for the 488 is almost exactly the same as the 458 currently.

 

With the reveal of the F142M-FL later this week,which is expected to be quite a hit with the Pista engine and cool new front/rear end plus interior styling ,i would expect increasing downward pressure on the 488.

 

I have a feeling 488 secondary is going to go into free fall.

 

Assuming only a modest price increase, 488 have to be hit somewhat hard. It will be almost impossible to sell a 2018 488 anywhere near the same price as the facelift, so all those 2018s must drop considerably. If those drop, then everything from 2016-2017 must also drop to some degree in order to maintain the gap between different years/miles.

Free fall? Not sure about that, but they definitely will be dropping more than if there wasn't a FL.

 

For a 3 year old car, that's still pretty impressive. Decently spec'd 488 would hover around $300K or less, to lose $70K over 3 years is nothing compared to other brands in this price range. I sold 2 488s over the past 2 years and lost around 10% off MSRP on one and 14% on the other.

Just checked Auto trader and anything around $257K are terrible specs.

 

I think there will be some effect but it may not be that dramatic. Anyone looking at buying the FL 488 and is even slightly concerned about future values should factor in the very short model life.

Assume you place an order next week. The best delivery would be late this year and more likely early 2020 given they will already be holding a bank of orders. So at the same time you are taking delivery of your “new” F142M-FL in early 2020 we could be as little as 12 months away from the real “new” replacement......... it could be a very expensive 12 months.

Keep in mind by that time we will have had the release of the range topping hybrid V8 and you can bet by then the rumour mill will be in overdrive about all sorts of trickly down technology from the V8 hybrid.

Maybe some will think that a good quality 488 that has already taken a hit might not be a bad buy to hold you over until the real replacement arrives.

 

If I like the FL I will pay for the spider and not care about the depreciation. I lost $65k on the Cali T HS in one year and probably will lose that in two on this car but if the FL floats my boat, I will get it. I am not interested in a hybrid car so either a Pista or the FL Spider will be my next F car and I think it most likely will be FL because it's still going to be a TT V8 and will have improved features over the existing model.

 

$204k or best offer for this one: https://www.ebay.com/itm/2016-Ferrari-488/264206970769?hash=item3d83f66f91:g:MJ0AAOSwH6lcbhYx:rk:12f:0&LH_ItemCondition=3000%7C1000%7C2500

 

Wasn't worried about the price aspect but interested/glad to see the mileage!

 

That's a 4 year old car (early 2016, i.e. built August 2015) with mileage and not much on options so probably not a bad price. No warranty left and wouldn't want to buy it without service records and a carfax with those miles. Too be sure, it's an outlier and not representative of the market.

 

Also three owners reported - so that's not a good way to command a "standard" price...

 

I disagree with the three owners , NBD. However the Opaco finish may put the “standard “ price off. Best ,Kirk.

 

Could certainly be market dependent - but in France multiple owners always have a negative impact compared to single ownership (specially for relatively recent cars for which both options are easily available).

 

Don’t have any experience with matte paint personally but you couldn’t pay me to own a car with that type of finish. Would not be interested in the least (just in regards to the paintwork and not to judge the asking price)


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Real examples:

Person A: Bought first ferrari car: Cali T to get 488 coupe (losss of $50K on cali t). bought 488 spider on behalf of a person who didn't have ferrari buying history (makes $25K on spider sale, he went around dealer). Eventually trades in 488 coupe at $90K loss and rolls loss into a 650s. He wants to trade 650s into a 720s but under water on the 650 by a substantial amount.

Person B: 488 spider MSRP: $379K. Sold through authorized ferrari dealer for $309K (less then 1,000 miles, had it for 10 months of which 3 were sitting at dealer on sale). Same person bought 720s for $381K. He sold it for $303K through Mac dealer (had 800 miles, had it for 13 months of which 2 of those months were sitting on dealer lot waiting for sale).

It's not pretty with any of the exotic cars at the moment and getting worse.

 

Wouldn’t get a second look from me either , but someone eventually will love the finish , the problem is it’s very few hence the price.

 

A $380K 488 Spider is crazy... Reminds me of the 488 Spider Rob (Superspeeders) tried to flip. He didn't even know what half the options were.

 

Ferrari does have crazy options( Like floor mats that cost a lil bit under 2k!) The sticker on my 2017 488 coupe is 395k so the immediate depreciation is even larger than specs with a more sane MSRP.

However, I'm really glad I wasn't the first owner that paid MSRP! I picked it up for 30% off MSRP last month with 300 miles on the clock. And that took a bit of haggling. Was a late 2017 build with factory warranty until 10/20. Was very happy with my purchase, any of the 488's in 220-240 asking range were not desirable for me at all.

I'll still prolly take quite the bath at resale, but I didn't exactly buy this care to make money!

 

It's getting ugly in all exotics indeed--and I have a feeling it's just getting started.

Not a bad time to grab something in 60-90 days if something tickles fancy.

 

There is a Grigio Titiano 488 good option 320k sticker one-owner pristine 1400 mile car in FL that can be bought today for 240k. Nuff said.

 

Again,

maybe in your country but not here. Why because our allocation for the face lift has already been sold

 

Please post the link or info to see the car for sale. Thanks.

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