Curious how much $ I can trade my 488 in for? | FerrariChat

Curious how much $ I can trade my 488 in for?

Discussion in '458 Italia/488/F8' started by RaceMX-M3, May 22, 2020.

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  1. RaceMX-M3

    RaceMX-M3 Formula Junior
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    Dec 15, 2010
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    Frisco, TX
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    Scott
  2. Clay512TR

    Clay512TR Formula Junior

    Aug 13, 2015
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    Clayton Lee Stephens
    So let me get this straight, you want to trade in your 488 with less than 10k miles on another 488 with less mileage. If this is true I would probably advise you to rethink this direction for these reasons:

    1. 488 (like most exotics) is in a strong depreciation curve right now and will be for probably some time with the 458 still exciting buyers in the secondary market, the Pista (coupe and spyder) now in the secondary market and F8’s being delivered.
    2. Trading in a vehicle will almost always result in a reduced value for you. Some states have tax breaks which help but in general you won’t get as much in trade as you would if you outright sold it.
    3. 10k is not really “high mileage” so it almost feels like you are selling what you are trying to buy if that makes sense.

    Good luck to you my friend but it just doesn’t appear to me that this is a direction which benefits you much.


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  3. RaceMX-M3

    RaceMX-M3 Formula Junior
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    Just looking at options. Plan to stay in a 488 for quite a while and just want something a little fresher and newer. Mine's a 2016. If I can find a super low mile 2018 or 19 without getting killed on the trade it would be worth it to me. I live in TX and so we get 100% of trade value for tax offset, which makes trying to sell it myself and then have to pay full tax on a higher value car not really worth doing. I realize I'm in a depreciating asset but I'm going to get that either way.
     
  4. ScottS

    ScottS F1 Rookie
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    #4 ScottS, May 23, 2020
    Last edited: May 23, 2020
    On an upgrade trade to a more expensive 488, Ferrari dealer 170-180 is all in. Retail 205-215 max with CPO.

    I understand what your saying. Did you buy new?

    Ferrari of Houston has “ their favorite 488” back now for sale ( no,relationship). 2017, Well,optioned, not EC color 9k miles 217k.
    Be prepared for 40-60K delta for an 2018/2019 well optioned replacement.

    What color ?RCM?
     
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  5. RaceMX-M3

    RaceMX-M3 Formula Junior
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    I bought it used almost 2 years ago for $265k. MSRP was $365k. And yes RCM. If the delta is >$30k I'm probably out. It's ok I just bought a new BMW S1000RR I need to blow some cash on. :)
     
  6. up4speed

    up4speed F1 Rookie
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    #6 up4speed, May 23, 2020
    Last edited: May 23, 2020
    Out of curiosity, what benefit are you looking to achieve? Other than a lower number on your odometer? To be honest, I think it's nuts, especially if you know you have a good car (unless you don't, and there are issues that bother you). If you bought another, you start from the beginning having to sort it out and make sure it's a good car. Too much risk as far as I'm concerned. Plus all that lost money of course. Unless you are sick of the color, and looking for change, or want different seats (more comfortable, sporty, etc) then I totally understand also. However, your car looks GORGEOUS! I personally would keep it, until you are ready to move on to a different model.
    My thought on mileage may be unique. When I purchase, I want the lowest possible mileage. I want a completely unmolested car. However, once I own it, the more, the better! I would be more than happy to put 100K miles on my car, as long as it still looked new, and in perfect (or close to it) condition. That means that I enjoyed it and got my moneys worth.
     
  7. obbob

    obbob Formula Junior

    Aug 14, 2017
    774
    Generally there's only a few logical reasons to sell a car to immediately buy the same car.
    1. You like the spec and new features (if there are any) of the replacement alot more
    2. You love the model and want it, but your current car is cursed reliability wise
    3. You got a deal so great that you won't lose money making the switch
    If none of those reasons apply, then why burn the money? Doing this just for the odometer to display a lower number makes no sense. If your current 488 is reliable, at least then you know. There's no guarantee that your newer 488 will be more or just as reliable as your older car.

    You said your 488 Coupe is $365K spec. That is very high for a base 488 coupe. You probably have most if not all the desirable options.

    Finally, your loss will be large. Trade in value is generally $30K under retail. Then you pay extra for a lower mileage car, plus taxes, dealer fees, etc.
     
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  8. IPO1

    IPO1 F1 Rookie

    Dec 23, 2015
    3,575
    Just FYI, even if you buy out of state (and trade with that dealer) you still get the TX tax benefit when you register car here. $100K car, $100k trade = $0 taxes even if out of state buy/sell. Don't let TX dealers scare you into buying local only for benefit. TX dealers are not where you're going to find the best pricing...none of them.
     
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  9. mustangtornado

    Dec 19, 2014
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    Dallas, TX
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    incredible spec 488! not worth the move for miles alone. i could see if u wanted an F8 or spider, but same model? hard to believe you could get a better specimen than you’ve already got. in DFW area also?
     
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  10. RaceMX-M3

    RaceMX-M3 Formula Junior
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    I'm in Frisco. Lucky me 10 minutes to Boardwalk Ferrari. :)
     
  11. mdrums

    mdrums Formula 3

    Jun 11, 2006
    2,172
    Tampa FL
    2016 ... that's only 2k miles a year...hardly even using the car I feel.

    Just keep it... you have a optioned car I wish I had. I love my 488 but wish it had the race seats...
     
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  12. RaceMX-M3

    RaceMX-M3 Formula Junior
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    I've had it two years and put 2k miles on it. Sad I know. I've been busy. Will be putting a lot more miles on it shortly.
     
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  13. ScottS

    ScottS F1 Rookie
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    Change em.


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  14. fsprow

    fsprow Rookie

    Oct 21, 2007
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    Excuse me but the OP just wanted a $$ estimate for a trade up, not opinions on whether he should do so.


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  15. up4speed

    up4speed F1 Rookie
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    Hahaha...good point. I'm guilty, and owe the OP an apology. Sorry!
    I guess I just couldn't help myself, when I see such a gorgeous car, and I think about the amount of money that he would lose, it hurts me, lol. I'm one of those cheap guys that wants to see the value make sense in everything that I purchase (so I was just looking out for him, as a friend). So assuming that the value to him having the lower odometer reading is well worth the cost, my suggestion would be to look on Cars.com to look at comparable listings.
    The market (especially now), is not too stable, so cars.com may give a feeling for comparable listings, and a good place to start marketing it for the sale. There's no dollar value that we can make up that would make sense. A car is worth what someone is willing to pay for it, so comparable sales seems to be the best and most accurate way that I know of.
     
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  16. Clay512TR

    Clay512TR Formula Junior

    Aug 13, 2015
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    I think of it more as one car enthusiast caring for and sharing ideas with another car enthusiast...not sure that is wrong? Maybe the OP can comment on if our comments were helpful? Sticking to topic is important, I get that and I think most of these comments were in line.


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  17. Coincid

    Coincid F1 Rookie

    Dec 9, 2014
    3,577
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    The math on your your plan will involve a sizeable expenditure. The dealer selling the car you intend to buy needs to make a profit and likewise on the trade in of your car. I cannot see this being a fiscally worthwhile exchange. Furthermore, the only differentiation between the 2 cars is a distinction without a difference.
     
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  18. RaceMX-M3

    RaceMX-M3 Formula Junior
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    All replies are welcomed and appreciated - but I was just curious on trade in value. This is my first Ferrari and yet to sell or trade one in. Admittedly not an expert on the topic.
     
  19. Rostami6

    Rostami6 Formula Junior
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    When I’m in your situation I always work backwards to figure it out. Doing a quick search on Ferrari USA website I see 2016s with similar miles as yours being offered between 210k to 220k. You should be able to get a 10k discount across the board. My guess would be Dealer mark up on that price point is between 20-30k. I think the dealer would offer somewhere between 170-180k on a trade in.
     
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  20. ScottS

    ScottS F1 Rookie
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    Yes. It’s interesting. So for 2-3 years of use and 2k miles, you’re looking at 80-90k difference but a lot of that is retail wholesale. You could sell retail for about 205k and buy retail 225-25 k and mitigate your delta.

    I thought the why was important and interesting. Sometimes we don’t realize what we have or what we wish to accomplish.

    Tfazio has an amazing 488 TM on her a bit back (sold) but that car would be a gauge for what you would pay for an exceptional 488 worthy of your trade.

    In the end , the era of buying, driving and not losing is over. 30k per year is par for the course for the 8mids. The 12s? More. The longer you hold the cheaper per year it gets but you lose more in absolute terms. Good news. You’re at the relative bottom of the depreciation curve. From here 8-10k per year.

    ScottS
     
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  21. MANDALAY

    MANDALAY F1 World Champ
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    RCM is awesome ! Wouldnt trade her .You don't drive her much either. Ild keep it and then look into a F8 in 3 years tome if you want to buy second hand. Going to a F8 now the delta is just too big to justify it IMO
     
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  22. MANDALAY

    MANDALAY F1 World Champ
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  23. Cigarzman

    Cigarzman F1 Veteran
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    Mine is a 2018 Spider that I bought new. I just turned 10k miles. You best get to driving. Tomorrow is never promised. Best , Kirk.
     
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  24. RaceMX-M3

    RaceMX-M3 Formula Junior
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    Everyone will be so proud. I put at least 400 miles on my car this week. 10 more miles and I'll be over 10,000. ;)
     
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