Trade in value

Do you have more specifics? Probably depends on model year, mileage, color, # owners, etc-

 

5/25/21 wholesale was $182,500 for an 11,575 mile red.

 

I just went through this in May. I got two offers from two different Ferrari dealers trading in on a Speciale. I ended up selling my Italia for $25k more than the better of the two offers, $35k more than the lower offer. (It was like a net $12k after not getting the tax deduction on the trade in) I've heard that Ferrari dealers want to be sure they'll make $25-30k on any trade they take, which was right in line with my experience. If you have the resources and risk tolerance to own two cars at once, I would recommend hiring someone to sell your car as opposed to trading it in.

 

Also depends on where you live…in our great state of Illinois, we no longer receive trade-in tax credit (beyond $10K) as of Jan ‘20 so there really is no benefit of trading in a high-value car to the dealer you’re buying from except for convenience.

 

The ever fluctuating retail market,like todays', should have an effect on what trade value they offer.In winter in the northeast you may get offered less on a F-car thinking it'll sit til the spring.
But there's a misconception that because they're Ferrari dealers they always know what the hell they're doing.
I sold my 2019 488 spider for just under 300k- with 2k-dealer at the time in March offered 255k.Now I understand their thinking ( wrong imo) that they have to make 30-40k any any pre-owned car but the way i see it--they would have gotten probably 305k or more seeing as they had 2018s' on their site with 5k for 298k.
My car was bought from them and I had a F8 spider due in June(here now).
So tell me what's wrong with them taking in my car for say 275k and making a quick 25k and have a new customer in their fold who may service that car with them and remain a loyal customer.?
So, 35-40k is great but 25k isn't so bad!
BTW my 488 would go directly on their showroom floor-was showroom cond.

 

Would be shocked if they wouldn't offer at least 10k more today considering the shortage of nice cars.

 

It used to make complete sense- would trade in a $150K car, get 7%/$10K tax credit, dealer sells for $170K, and I avoid the hassle of trying to sell the car private party for $160-165K which barely covers the tax credit. But without the tax credit, I would *probably* try to sell it to another enthusiast-

 

Why not and make an extra 25k probably.

 

That being said, how many people have sold their $250K+ cars private party? I sold a pristine ‘07 GT3 (‘17) and ‘11 M3 (‘15) via autotrader and frankly don’t relish the thought of going through that again- PITA. Listed my one owner ‘18 RS3 in ‘19 for two weeks before trading it in to Continental Audi on an R8- I was asking 49K which was equivalent to the trade-in offer + tax credit + 1K. A local guy offered me 47K, which made zero sense, and he ultimately paid Continental 54K (+ 4K tax instead of 1.5K private party tax) after I traded it in. He texted me afterwards and said he F’ed up

 

There's a reason that Vroom and Carvana have a following--backward thinking dealers who only want o make a Huge profit rather than some profit and offer more for trades.
Customers would rather trade through the dealer, especially if there's tax savings,to avoid the pain that Fang spoke of.
As a dealer I've never lost a trade to one of these companies,as a nice trade -in gives me another profit opportunity and a new customer.

 

As stated above, I recommend hiring someone. My guy was 2% of sales price, due only after a sell. For that he listed everywhere, screened calls, made the listing text, set the price, etc. Could I do all that? Sure. But, I thought it was worth it just to remove that PITA.

Sent from my Pixel 5 using FerrariChat.com mobile app

 

I've sold several of my Ferraris via eBay Motors. List them and wait for someone to contact you directly. All my sales have gone pretty smoothly.

As others have said, given the strong demand for 458's and the shortage of them, I would think you could cut a pretty good consignment deal with any dealership. Probably 4-5% of sales price, without even breaking a sweat.

Ray