488 - Asking price jumped overnight | FerrariChat

488 Asking price jumped overnight

Discussion in '458 Italia/488/F8' started by FL410guy, Sep 29, 2019.

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  1. FL410guy

    FL410guy Karting

    Apr 18, 2015
    64
    Fort Lauderdale
    I searching for a 488 after selling my last exotic, and i had my eye on a 2018 488. Traded emails with the sales guy who was very helpful and positive. I went to check the site again today to check out the pics one more time and guess what? The price went up about 9.5k dollars.

    Anyone else happen to see this bizarre trend?




    Sent from my iPhone using FerrariChat.com mobile app
     
  2. soulsea

    soulsea Formula 3
    Owner Rossa Subscribed

    Apr 14, 2018
    1,121
    29464
    Full Name:
    @soulseainsc
    Word is out that @sampelligrino bought one and prices skyrocketed. :)
     
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  3. SoCal to az

    SoCal to az F1 World Champ
    Silver Subscribed

    Nov 25, 2012
    14,209
    Arizona
    It’s irrelevant. If you want that car just talk to the sales guy and negotiate on the original price. If they wanna play games, tell them to go pound sand and move on to something else. Way too many cars for sale to deal with nonsense like this.
     
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  4. sampelligrino

    sampelligrino Formula 3

    Apr 16, 2017
    1,129
    guilty as charged - turns out it's quite an enjoyable car :)

    x2, never seen this tactic before or conversely bought into the "buy now before price goes up" crap

    should be many choices for the year, spec and coupe/spider format you want so I'd shop around unless you know this is the one and have to have it
     
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  5. obbob

    obbob Formula Junior

    Aug 14, 2017
    774
    I see unjustified price hikes from time to time. Usually it's just the seller posturing a potential buyer that they are currently in negotiations with. It accompanies the line "I already have several buyers already willing to pay more than you. I clearly priced my car too low so I'm going to do a price increase and see who's willing to match it if you don't accept my current offer to you right at this moment. Last chance!"
     
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  6. IloveGT

    IloveGT Formula 3
    BANNED

    Oct 17, 2015
    2,419
    Just tell the dealer to shove it and pound it at the same time.
     
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  7. AlfistaPortoghese

    AlfistaPortoghese Moderator
    Lifetime Rossa

    Mar 18, 2014
    3,778
    Europe, but not by much.
    Full Name:
    Nuno
    I wouldn’t go as far as calling it a trend based on one particular episode, but there are certainly people thirsty to make you pay extra if they feel you’re really excited about whatever item they have for sale. Show indifference and threat to walk away and you’ll find them changing their tune.

    Hope everything works out for you and that you find yourself behind the wheel of a gorgeous 488 before you know it.

    Kind regards,

    Nuno.
     
    Shadowfax likes this.
  8. Viperjoe

    Viperjoe F1 Rookie
    Silver Subscribed

    It could have simply been an honest mistake; call the dealer and ask. If it turns out to be an attempt to extract a higher price from an eager buyer, then yes the "go pound sand" response would indeed be appropriate.
     
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  9. Shadowfax

    Shadowfax F1 Rookie
    BANNED

    Jun 10, 2016
    4,066
    Australia
    #9 Shadowfax, Sep 30, 2019
    Last edited: Sep 30, 2019
    Prices on 488's are still all over the place. There is no parody between offerings whatsoever. In ways I was very lucky to get out of mine when I did even though I took a much bigger hit than I ever imagined. The ones still asking high are still sitting there nearly 12 months on living in hope month after month with no prospect of sale in sight. It's definitely a buyers market for these cars and with the numbers available for sale it appears destined to remain this way indefinitely. I truly don't think the situation will change for 488 - ever. There is simply far too much choice. Even the 458's have finally fallen through the floorboards. It can only mean one of two things for 488. The car was incredibly overpriced or, they sold so many of them that the secondary market was never large enough to absorb even half of them least of all return an acceptable figure. Either way it all bodes for a very ugly reality for anyone who buys one - new or used - who expects any form of acceptable recovery when they go to sell. Had I known what I now know I would have never bought one new even though I enjoyed the ownership experience in general. Thank god I drove the bloody thing and got some value out of it....even though they were the most expensive Ks I've ever traveled. That all said, today I have to honestly concede - thankfully I can still smile about it - that financially it was THE biggest tear up I've ever experienced on a car of this type. How quickly a Ferrari could be worth so little so fast still makes my head spin. Thankfully I didn't borrow money it.

    FL410 guy my best advice to you if you are seriously wanting to buy the car, go in and pitch an offer 20K below their previous asking price and say take it or leave it and, your offer is valid for 24 hours only....as in take the bird the hand before it flies off into the bush. Failing that - as in the seller taking your offer - walk away knowing you've dodged a very big bullet.
     
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  10. boobernackle

    boobernackle Formula Junior

    May 28, 2016
    951
    If you think the hit on a 488 was bad, wait until the F8 comes along. Although I sold mine earlier, the hit was within reason, spec matters.
     
  11. Shadowfax

    Shadowfax F1 Rookie
    BANNED

    Jun 10, 2016
    4,066
    Australia
    Spec was unquestionably what got mine over the line - make no mistake about that. Had it not been spec'd the way it was it would be still sitting there. The hit was bad for sure. Had I sold earlier before the majority of orders were satisfied i'm sure the hit would have been much less and, faster to shift like yours. For anyone still trying to sell today boy oh boy, bend over and grit your teeth.

    PS. Agree when F8 comes out and all orders are satisfied it's gonna be horrible.....unrecoverable. And I truly don't think i'm exaggerating.
     
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  12. FL410guy

    FL410guy Karting

    Apr 18, 2015
    64
    Fort Lauderdale
    Thanks guys!! Great insight, and def some food for thought. I was itching to get back into a Ferrari, and I’ve been reading what a bath I’d take if I hop into a 488 sooner rather than later (when the F8 hits the road). I think I’m gonna wait a lot longer now.




    Sent from my iPhone using FerrariChat.com mobile app
     
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  13. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,772
    get a 458 and you will probably never want a 488
     
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  14. Shadowfax

    Shadowfax F1 Rookie
    BANNED

    Jun 10, 2016
    4,066
    Australia
    #14 Shadowfax, Sep 30, 2019
    Last edited: Sep 30, 2019
    I don't think you should wait at all. Life's far too short to be waiting around. Just go in with a price you feel you can live with and be prepared to walk if they don't take it. It will be their loss not yours. I would approach the purchase purely as a money transaction of mutual benefit and remove any emotion from the equation. Now is the time to go in swinging the bat hard - not pack up the bat and ball.
     
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  15. kiryu

    kiryu Formula Junior

    Mar 28, 2016
    407
    Los Angeles
    the overnight price hikes usually happens when another salesman landed a deposit and the car undergoes PPI. Often times the sales dont talk to one another. Unless the other party back out or if you are willing to pay 9500 more, the car is probably in the process of being sold. Stay with your current price, but know they might already have another buyer
     
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  16. FL410guy

    FL410guy Karting

    Apr 18, 2015
    64
    Fort Lauderdale
  17. BLKBLK

    BLKBLK Rookie
    Silver Subscribed

    Dec 13, 2011
    48
    #17 BLKBLK, Sep 30, 2019
    Last edited: Sep 30, 2019
    The current exotic market has too many players pumping out too many cars very frequently. The era of driving a new mass produced exotic car without getting a substantial financial hit is over as we know it, unless it's a super limited production car with only putting 300 miles per year. Look at the market for Aventador SV & SVJ. Having that said, I enjoy the ownerhsip and the car for what it is and not worried about future resale. It's too stressful otherwise. I'll reserve my stress for my business and other investment ventures. Still, get the best deal you can get on the car you WANT and enjoy the life. =)
     
  18. Rory breaker

    Rory breaker Formula Junior

    Apr 17, 2017
    269
    They probably typed it wrong. Any thought of this being a market adjustment vs an error/one off/whatever is stretching, at best.
    Bet you call that dealer and offer whatever reasonable offer youd make based on the old price and they take it (or will eventually).
     
  19. rocketman

    rocketman Formula 3

    Oct 1, 2009
    1,487
    NY & Miami
    Motorcars International in Springfield, MO has an 812 Superfast listed for over two months now.
    MSRP was $424,xxx....originally for sale at 394, then 389, then 384, then 379 and now suddenly it is listed for $404,xxx !!
    Have seen them do this on several occasions with several cars.
     
  20. italiafan

    italiafan F1 World Champ
    Silver Subscribed

    Jul 19, 2006
    16,110
    Full Name:
    Stickbones Swagglesmith
    It’s like fishing....
    Throw line in, jiggle the bait...slowly reel in line...nothing...recast.
     
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  21. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,687
    I spoke to a dealer like this once, and he called this tactic "resetting the market". They know they won't sell at the high reset price, but as they start decreasing the price again they are hoping that new prospective buyers see the decreases and think they are getting a deal.....not knowing what happened previously.
     
    Caeruleus11 likes this.
  22. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,687
    Don't let anyone push you into making a poor financial decision using the 'life's too short" line.

    They don't know your financial situation, and it isn't their money being spent.

    You make the best situational purchase for your family. I for one won't jump to make a deal if I think I will lose $50k over a couple of years. That is money you are NEVER getting back.
     
  23. Thecadster

    Thecadster F1 Veteran
    Rossa Subscribed

    Apr 27, 2017
    6,705
    Regarding “life is too short”, it goes without saying that everyone’s financial situation is different. I can offer two items from my own personal experience:

    1). I waited too d*** long to finally pull the trigger on my first Ferrari. I should have done it 10 years sooner. It’s honestly one of the very few things in life that I would do different. Other than my wife and kids, no other passions give me as much joy. I’ve gotten absolutely crushed by depreciation (lost $70,000+ in approximately 2000 miles and 2 years of owning a used F12, my Performante is probably down $80,000 plus in almost 2 years, and I am sure my 4 month old 812 is down $80,000+), which leads me to...

    2). I simply have a monthly budget that I devote to cars that I take for granted is a sunk cost. I assume that once that money is appropriated to the car fund, the money is never ever coming back. It’s a mind hack that keeps me from really even thinking about depreciation. This forum taught me early on that many (most?) spend a disproportionate amount time worrying about financial value at the cost of emotional value.
     
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  24. Shark01

    Shark01 F1 Veteran

    Jun 25, 2005
    5,687
    So not being upset at all about being $230,000 down in depreciation is awesome......a testament to your intelligence and talents.

    Anything I have to say would not be in any way applicable to you or people in your situation with a skill set similar to yours.

    The reason I posted is that a guy was asking about depreciation in particular, and seemed to have a concern about the prospects of taking a $50k bath. So people were just blathering on with the tired quotes without paying attention to the context.
     
  25. Texas2step

    Texas2step Formula Junior
    Silver Subscribed

    Mar 25, 2018
    299
    Full Name:
    Bola olusola
    When you ask a question on F chat you are asking for opinions from people you don’t know who have no idea about your financial situation If you make a “poor financial decision”under these circumstances then it is on you not anybody “pushing “ you. You ask for opinions you get the opinions and then make your own decisions
     
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