F8 Tributo... what happens to the price on 458 and 488 | Page 6 | FerrariChat

F8 Tributo... what happens to the price on 458 and 488

Discussion in '458 Italia/488/F8' started by John458, Mar 6, 2019.

This site may earn a commission from merchant affiliate links, including eBay, Amazon, Skimlinks, and others.

  1. exoticcardreamer

    exoticcardreamer Formula 3

    Dec 9, 2014
    1,051
    usa
    Full Name:
    doesitmatter
    You're a broker, correct? You always take about dishonest dealers, keeping spec's low and you own a 488 and have sold two 488's.

    People who are buying these cars and/or sold the cars know exactly how much they are selling for and the trade ins. They just rarely post about it.

    The public postings on these forums about the sale of these cars is very rare but the most recent one is from another member who said it took 7 months to sell his 488, it had 300 miles on the clock and he lost $70K.
     
  2. boobernackle

    boobernackle Formula Junior

    May 28, 2016
    951
    I am not a broker, but work with one of the largest privately held dealership groups in the USA. This is why I called out the dealer BS on buying Lussos and the "customer must be chosen by Ferrari" marketing.

    My losses on a Ferrari have been hands down far below any other exotic car that I've owned. Here's a cherry picked example, with the Pista being the "it" car for now, do you know how much a hot pink Pista without a racing stripe will fetch?

    Folks buying Ferrari's with $12K paint, Daytona seats, etc. don't care about resale and more power to them. They simply order what they want and move on. The car IPO posted had $20K in options that yield close to $100 on resale (Two tone roof, CF inlet, Daytona seats). With no LED/CF wheel or backup camera, it would actually hurt it's resale far more than the $9,200 cost of those options, the painted wheels do the same. Even if that car was sold to the dealer for $210K, that's a $65K loss (from MSRP) in 3.5 years of ownership for a horrible spec 488, which is excellent IMO.

    Yes Ferrari's depreciate, just not as much as other exotic brands. Get a triple layer paint car and you're just like the rest of them.
     
  3. noone1

    noone1 F1 Rookie
    BANNED

    Jan 21, 2008
    4,612
    Los Angeles
    Full Name:
    Mike
    Depreciation is largely dependent on when you buy it. If you got the 488 on day 1, I'm sure it was great. If you got it last year, probably not so hot.

    Here's a perfect, normal red 488 with low miles asking $40K under sticker, so they'd probably accept at least $10K less. It's a 2018. Keep in mind it's a dealer selling it, so the dealer probably gave him another $20K less on trade. Add in sales tax and that's another $20-25K
    https://www.ebay.com/itm/2018-488/223438456350?hash=item3405f8461e:g:fm4AAOSwIS9cgKFx

    So really the cost of ownership was probably like $65-80K in one year. The reality with Ferraris lately is that if you can't get very early allocation, the residuals aren't nearly as good.
     
  4. Cigarzman

    Cigarzman F1 Veteran
    Owner Rossa Subscribed

    Or , how bout just don’t buy a car. Then you won’t have to worry about a new car being introduced or depreciation. Let’s just drive our cars and quit the whining. Best ,Kirk.
     
    MANDALAY, RSQP, Viperjoe and 9 others like this.
  5. jamie140

    jamie140 F1 Rookie
    Rossa Subscribed

    Oct 17, 2004
    3,191
    GTA/Marco Island, fl
    Full Name:
    Jamie
    488 spider rotates with some other fun cars spring, summer and fall. Daily drive home from the gym, get sideways and full throttle from a country side road onto three lanes with no traffic and cops . Depreciation never enters into that experience.
     
    HardTen, JimPVB and Cigarzman like this.
  6. Afonsolaw

    Afonsolaw Formula 3

    Sep 11, 2011
    1,908
    New jersey
    This discussion is similar to the comparison of the 308 and the 328 they both ar similar but my preference is the 308 cmbecause of design mostly .... is that crazy for me to say simply because the 328 is faster?
     
  7. exoticcardreamer

    exoticcardreamer Formula 3

    Dec 9, 2014
    1,051
    usa
    Full Name:
    doesitmatter
    "calling out dealer BS on buying Lussos and the customer must be chosen by Ferrari marketing".... There are many knowledgeable posters on these forums who buy these cars and know how the entire situation works, including myself.

    Ferrari/Mclaren when building XX amount of cars hold back allocations for VIP customers (They could be employees of the sponsors of their F-1 team, people who are connected to various board members of different countries, people who work with their suppliers, people who are part of their race programs, etc.). People who bought certain cars with guarantees of getting a Laferrari. These held back allocations work much differently and are part of the entire number of cars being produced but not part of the general pool of allocations available to dealers. Lusso/Cali T and whatever criteria is up to Ferrari, various countries requirements and dealers.

    Many, many people on these forums are quite proud of the ability to spec a car how they want (I'm not one of those types. I'm the type that if I want it, I want it now and if the car is available, I'm not going to wait for a year or two years so that I can get a certain stiching on my seats). The vast majority of spec. cars are not low MSRP. They are well over $300K. Cherry picking is taking low spec cars and seeing the difference between MSRP and a listing pricing.

    fwiw; I'm had 6 mclaren cars - I'm up considerably in the gain department.

    Ferrari; I'm considerably down in the loss department (scud, f12, speciale, 458). On the speciale alone (MSRP $372K, I bought it for $415K (with taxes about $450k and the loss on the 458 ($290K minus $240K trade in) make me in at $500K on the speciale (just to get a temperature check; whole sale price was $285K and I have 8,000 miles). You don't even want to get into the loss on an F12.

    Depreciation on Ferrari's is fake news and people should stop perpetuating this myth.
     
    Viperjoe likes this.
  8. JimPVB

    JimPVB Formula Junior

    Apr 24, 2016
    633
    Florida
    I've only met 3 people that have made money on their Ferrari's, a LaF, TDF, and Speciale. All of my other friends know and accept the cost of ownership, determined by their spec, year, condition, and mileage.....just like any other car. The pain at this level, for those feeling it, is only because our costs are 10x a normal car. If that's a problem for a buyer, and they must drive an exotic, then I suggest Forza Motorsport 7 it's $59.95 on the Xbox One.

    Jim
     
  9. Coincid

    Coincid F1 Rookie

    Dec 9, 2014
    3,577
    Canada
    How much did those 3 people lose on all the other Ferraris they purchased over the years to be offered the 3 models that were money makers?
     
    boobernackle likes this.
  10. JimPVB

    JimPVB Formula Junior

    Apr 24, 2016
    633
    Florida
    I hear ya, don't know, but I'm sure they "paid their dues." (I was only referring to buying, driving, then selling for more than they paid for those specific models, not where they are on their overall balance sheet.)


    Jim
     
  11. SoCal to az

    SoCal to az F1 World Champ
    Silver Subscribed

    Nov 25, 2012
    14,209
    Arizona
    Went to play golf today and took my 488. It was a nice course and cost me a couple hundred in green fees. That’s depreciation that I’ll never get back. Same as my 488. I’m sure I’ll lose money when I eventually sell it. But oh the memories....
     
  12. Cigarzman

    Cigarzman F1 Veteran
    Owner Rossa Subscribed

    Oh man , if you used your golf clubs they also took a depreciating hit too. I hope you remembered to figure that in as well. :rolleyes:
     
  13. Coincid

    Coincid F1 Rookie

    Dec 9, 2014
    3,577
    Canada
    Most here will spend $200 on a meal at a restaurant
    when you can eat at home for $30. Will go on a vacation spending thousands and then have nothing to show for it.

    But when I purchase a $350000 car , I expect not to lose money on it when I sell or trade it in.
     
  14. wrs

    wrs F1 World Champ
    Owner Rossa Subscribed

    Jul 11, 2015
    11,917
    Lakeway, Texas
    Full Name:
    William
    How many balls did you lose? Don't forget to count them.
     
    MartinRS2K, Cigarzman and SoCal to az like this.
  15. jac

    jac Karting

    Nov 4, 2005
    95
    Full Name:
    jack cohen
    I have always heard that exotics in general depreciate for about 10 years. After that either they climb in value or not if too many were made. #1 rule is I have it and you can't get it. Drive them and be happy. I thought I was the smartest guy in the room when I purchased an 86 Jalpa for 25k then sold it at auction 8 years later for 25k. I probably set a world record low auction price. Now worth maybe 80k or so. I had fun. Who cares. That being said depreciation is a real cost here so you do need to factor it in.
     
  16. SoCal to az

    SoCal to az F1 World Champ
    Silver Subscribed

    Nov 25, 2012
    14,209
    Arizona
    Damn!! More depreciation!!
     
    JimPVB and wrs like this.
  17. John458

    John458 Karting

    Nov 24, 2014
    182
    Ohio
    I know a few people in the market to buy who are wondering if they can afford the monthly payment on a lease/loan for a Ferrari. Those people who have bought a Ferrari and signed up for a 60 month lease will be in trouble if/when a recession hits. That will flood the market with used models! Look at the price of 2016 488's with low miles!
     
  18. John458

    John458 Karting

    Nov 24, 2014
    182
    Ohio
    Enjoy! I am in the market to buy and that is why I was asking.

    I owned a 458 and 488. I have a Lambo and looking to get back to a Ferarri.
     
  19. John458

    John458 Karting

    Nov 24, 2014
    182
    Ohio
    There is always a dealer game with a new model! Or they will tell you straight out 2.5 to 3 year wait!
     
  20. John458

    John458 Karting

    Nov 24, 2014
    182
    Ohio

    This one looks like it has a long list of options as well!
     
  21. SmokinV10

    SmokinV10 Karting

    Oct 19, 2017
    50
    The 458/488 who are arguing that they dont care about the incremental performance of the F8 - you need a reality check. Fact of the matter is that you just need a critical mass of owners who want the upgrade (and there are many) and you will have increased supply of used cars from trades. Maybe these are 458 owners who want something newer. Maybe these are 488 owners who want the latest and greatest. Fact of the matter is that many/most of these initial purchasers will be current Ferrari owners looking for their new toy. Simple supply and demand. There will inevitably be a step function increase of supply in new cars that is caused by a face-lifted 488/F8.

    For the guys who think the "majority" of owners will never be able to use the increased performance and therefore dont need the upgraded model. Seems intuitive that this is wishful thinking. None of us NEED an exotic, but we want them for the experience. MANY (not all) want the increased performance. To say that new typical exotic car owner will settle with the "status quo" with a 458/488 simply isnt true. Whether you admit this or not, id say most intuitively know this is true.

    I think the event that will be a stabilizing force for depreciation on all mainstream exotics (458/488/F8/Pista720s/650S/7XXLT/675LT/Huracan/Performante/Aventador) will be in 2022-2023. All three manufacturers (Ferrari, McLaren, Lamborghini) have said that their entire lineup will be hybrid electric. This will mean that all current cars will be the last pure internal combustion engine cars. There are more than a few of us here who may welcome the performance of electric drive, but will still crave the nostalgia and purity of the internal combustion engine. Its speculative, but id bet dollars to donuts that there will be sufficient demand for the current incarnation of supercars to stabilize/eliminate depreciation.
     
    MANDALAY and 09Scuderia like this.
  22. JimPVB

    JimPVB Formula Junior

    Apr 24, 2016
    633
    Florida
    I can only speak for myself, but I'll never own a purely electric exotic, I need that gas engine sound, so any hybrid needs that as the focus for me. If I want to hear a whine, I'll spend time with my kids.

    Jim
     
  23. Cigarzman

    Cigarzman F1 Veteran
    Owner Rossa Subscribed

    #148 Cigarzman, Mar 11, 2019
    Last edited: Mar 11, 2019
    In that case, my advice is to buy best car you can afford. Also whatever you were going to spend on golf clubs and balls , don’t because they depreciate too. Put that money towards your new rig. Happy hunting as that’s half the fun. Best ,Kirk.

    And I forgot to mention don’t invest in a plaid jacket .
     
    Viperjoe likes this.
  24. John458

    John458 Karting

    Nov 24, 2014
    182
    Ohio
    Easy man! Geez! It's a forum and all you do is troll.
     
  25. SoCal to az

    SoCal to az F1 World Champ
    Silver Subscribed

    Nov 25, 2012
    14,209
    Arizona
    He isn’t trolling. The plaid jacket comment is an inside joke.
     
    of2worlds, Viperjoe and Cigarzman like this.

Share This Page