488 - Why are Pistas not selling ? | Page 13 | FerrariChat

488 Why are Pistas not selling ?

Discussion in '458 Italia/488/F8' started by Texas2step, Jan 12, 2020.

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  1. Jo Sta7

    Jo Sta7 F1 Rookie
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    best advice.
     
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  2. 09Scuderia

    09Scuderia Formula 3

    Nov 20, 2011
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    I am NOT convinced that prices on real assets (sorry, your car may be an asset on your balance sheet, but a depreciation one) will drop. How can there be 3-5 TRILLION injected into the economy, everyone gave up to a 12-month mortgage payment holidays, no interest SBA loans, etc and there not be inflation? it's not possible. Image playing Monopoly where everyone is given more money every time they are nearly B/K out of the game. Please don't compare anything in our lifetimes to this. 07-09 900b was injected, all in. This time...3-4x. Historic end times for many things...maybe the USD.
     
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  3. bobhitch

    bobhitch Formula Junior

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    #303 bobhitch, Mar 23, 2020
    Last edited: Mar 23, 2020
    Yep re business owners- I'm sure we all know business owners who are struggling, immediately, with all of this and my thoughts are with them all.
    Most businesses forward plan and speculate ,business wouldn't grow otherwise.My business partner and I ,over the last 20 years, have done exactly this.
    In any expansion plans ,as one of the final checks, we have always discussed "what is the worst case scenario?"
    "Can we suck that up?"
    "We may not want this to happen but, if it did, what would the consequences be?"
    If we agreed that we could weather that storm then onwards and upwards we went.
    Who the f*** could have seen this coming even six months ago.
     
    Shadowfax likes this.
  4. ttforcefed

    ttforcefed F1 World Champ
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    Aug 22, 2002
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    telling a tale which way? these cars are nowhere near par. if you want to sell a pista spider to a dealer they are not paying par. but i was told i dont know crap.
     
  5. ttforcefed

    ttforcefed F1 World Champ
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    Aug 22, 2002
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    its about cash flow - a ton of people just took a hit that 08 never experienced. it also about willingness to take risk. in 08 alot of people who suffered were greedy and dumb. C19 was a bulldozer that just creamed a ton of people who were minding their own business. they are never coming back.
     
  6. noone1

    noone1 F1 Rookie
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    #306 noone1, Mar 23, 2020
    Last edited: Mar 23, 2020
    How can it be the end of times for the USD when ever other major currency is also being injected into their economies at seemingly similar percentages? It's not like CBOE and ECB aren't spending large percentages of GDP of stimulus.

    There are two possibilities here.

    1. You shut down the entire economy and more or less pause payments on just about everything. No defaults, most bills not due, people spend some savings on only essentials like food and utilities and then we flip the switch again like nothing happened. This would be like humanity freezing in place for 30 days then unfreezing. Net result is more or less a lost month. Nothing bad happened, nothing good happened. Just a month that for all intents and purposes doesn't exist in economic time anymore. In theory it's easy, in practice it's probably super complicated and would require global coordination.

    2. You just pay people directly for the loss in GDP, hope businesses can whether the storm, and then hope the economy starts back up again. All countries around the world injecting huge stimulus should mean that most inflation is relative. This is also not perfect, but in theory it can work as well. It's not like suddenly the economy has more money injected on top of all the current money. When the economy shrinks by 2T and you print 2T, you should net out in theory.

    The ideal situation is number 1, but that's just not really feasible. Number 2 is what we're going to due and we're just going to hope we don't bankrupt half the world in doing so and hope we don't do permanent damage to the economy. It's very possible though that habits are going to change to some extent and some industries will get hit hard and take a long time to recover. We need people to be safe but also not be afraid. Fear is like traveling after 9/11. We don't want fear of getting sick.
     
    johnr265 likes this.
  7. IPO1

    IPO1 F1 Rookie

    Dec 23, 2015
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    #307 IPO1, Mar 23, 2020
    Last edited: Mar 23, 2020
    This and the ENTIRE US (and world) is shut down. 08 was a financial crisis, but airlines were still flying, restaurants were open, businesses were open, people were allowed to go out of their house. If anyone thinks after the '15 day plan' everything will be fine--you're fooling yourself. It will be another 15 days after that and by most accounts, many are saying 2-3 months of this sort of living. THAT is what's going to kill the economy. Looking at a 30%+ contraction in Q2 or worse.

    We are just at the starting line of a very ugly 90-120 days (and best case 12 months until economy starts to get on track). Even with mortgage rates at all time lows, you can't refinance if you don't have a job. If those thinking home prices won't be impacted are smoking something.

    Hunker down...it's going to be a rough ride.
     
  8. ttforcefed

    ttforcefed F1 World Champ
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    Exactly. I wish mortgage rates wld be struck off the 10yr directly for the next 6 months
     
  9. Gh21631

    Gh21631 F1 Veteran
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    Feb 24, 2011
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    I just closed on 25 gyms 3 weeks before we had to shutdown. How about that for timing? It's all good, we will make it through and come out stronger. Oh and somehow I'm paying my employees for now and driving my cars. I am doing my part where I can.
     
  10. rob lay

    rob lay Administrator
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    Global stocks have lost well over $10 trillion. Unemployment will go above 20%. We aren't sure how quick companies and employment will recover, but it isn't going back to where it was anytime soon.
     
  11. rob lay

    rob lay Administrator
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    yes, it will be tough. rates haven't even gone that low, they've been up a half point the last week because so much demand. also shortage appraisers and others required to close.
     
  12. 09Scuderia

    09Scuderia Formula 3

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    Mortgage forbearance programs in place and being made public. No payments for 12 months. Yes, missed payments on the back of the loan.
    Another program they are working on (very complicated) is a short form re-fi. Rates will down into the 2s fixed 30 years. Most mortgages are govt controlled. The working plan is a simple way to re-fi your existing loan thru your existing bank. Yes, LOs will be pissed.
    SBA loans, 5 years no interest. Forbearance on every sort of loan you can think of...cars, credit cars...you name it.

    Long term ramifications aside, this is a smart way to help real people.
    AND anyone who is pissy that people are getting handouts and they should of been prepared etc. Give it a rest. The gov't just shut down every business in the US (effectively) with no end date. Gov't effectively owes businesses for their losses.
     
  13. Scraggy

    Scraggy Formula 3

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    Very impressive indeed, good for you
     
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  14. ttforcefed

    ttforcefed F1 World Champ
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    ft lauderdale sent out an email - they have 3 pistas for sale, one is a spider...
     
  15. rob lay

    rob lay Administrator
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    let me know, Hank? curious the real pricing.
     
  16. mkraft3003

    mkraft3003 Formula 3
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    They actually have 5 pre-owned for sale. Spider 750k, coupes for 530k, 520k, 505k and 500k. Good luck moving any of those! Lol.
     
  17. uhn2000

    uhn2000 Formula 3

    Oct 15, 2011
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    I am just glad my Pista is not here yet - F me, this is going to be insane. IT company of 250 people - we are trying to avoid layoffs, delayed 7 new starts and converted 6 to per hour only. All sales commissions will not be paid for the next 3 months and any bonus instalments to managers/executives are delayed for 3 months. We slashed our forecasts for new projects and business by 70% .. so far there is still red but its not as bad as it was last week. Next thing we are trying to figure out is which clients won't actually pay us at all - thats the scary stuff. This is less about whether I can drive my cars.. I just don't have the want to! I have good friends that have great businesses that won't survive 2 months of this.
     
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  18. Scraggy

    Scraggy Formula 3

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    Jeepers, I know that FX is quirky now but the UK price in USD would be big spec Spider $450k and Coupes $350k. That’s what would be “achieved”.

    Certainly the 488 PS is no Speciale Aperta.
     
  19. leopoldo

    leopoldo Formula Junior

    Mar 10, 2013
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    Well ... I have drove both and personally I love the engagement that come out from the PS and the sound that , even a bit softer, remind me of the F40 . Speciale Aperta is nice too , different type of sound design and my opinion less engagement when u drive it.
     
  20. ttforcefed

    ttforcefed F1 World Champ
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    the next 90 days are not a great time to be out and about driving these cars...e36 m3 and 2017 fiat abarth looking very useful for the spring and maybe the summer
     
  21. uhn2000

    uhn2000 Formula 3

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    So agreed.. I need a beater car of some sort!
     
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  22. Jo Sta7

    Jo Sta7 F1 Rookie
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    My M5 plays under the radar nicely. I agree, not a great time to be rubbing wealth in peoples faces.
     
  23. nmcclure

    nmcclure Formula Junior
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    you all are missing out. you know how hard you have to a wring out a mini cooper just at the speed limit???? It sounds ridiculous, but I've never had more fun in a car *at the speed limit*.
     
  24. wrs

    wrs F1 World Champ
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    Guess the owners aren't really strapped for cash just yet. Those prices are unrealistic given the haircuts on stocks and everything else on earth.
     
  25. wrs

    wrs F1 World Champ
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    Here is why I disagree.

    First, the stock market leverages a lot of the rest of the economy and in particular, real-estate. People that have just taken a beating in their portfolio are not going to look at moving up now.

    Second, cash-flow and employment income are no longer a function of your career or the success of your employer. People are not going to ever be sure about their employment again after this. Lenders are not going to be as sure either and the gov can't backstop everything nor can it really do all the stuff it's promising. All of this stimulus has yet to happen, most of what has happened is just the Fed buying distressed assets to help balance sheets and provide liquidity. I am doubting this fiscal stimulus will pass the Senate due to the problems with 5 republicans not being there. The logistics of it is problematic too. What they need to do is declare a moratorium on taxes for the year. That is something that would be easy to implement and would help everyone when things start back up.

    Third, real-estate has been massively over-priced for a couple of years now and it got crazy around here last summer and fall. I had a feeling we were at a top and I think we are on the way down, like 50% on a lot of stuff. On the lending side I don't think that appraisers are going to be quick to mark anything up right now. I expect this to be a buyers market and really good if you have cash which I do. Now it's just a matter of seeing who was swimming naked.
     
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