296 Values and Used Market

GTS deliveries before GTBs are back ass words--not happy that I ordered a GTB long before the GTS was in existence and still do not have my car......

 

You are not the only one. Very odd how they released this series. Maybe there is a method to their madness?

 

Interest rates were also very different when the 296 orders went in from where they are today as cars are being delivered. Some people who thought they could afford the car, now are realizing at today's rates that it might just be a better idea to keep their current exotic and not pay more to the bank.

 

Kind of annoys me as well since I don't have a delivery date. I'm getting tired of them pushing my orders.

 

at this point it's the winter in the northeast. going to be very annoying to have this car deliver in January or February and have to park it until driving season weather returns. i would rather it come in April at this point. my car shows complete in the APP, but i am not inquiring with my dealer as i am not dying for it to come at this point. i can just imagine it arrives at the dealer after some snow or ice storm and some fresh sludge mixture has been spread all over the tri state area and i have to figure out leaving the car at the dealer or taking delivery into my garage.

 

can confirm on this, my GTB will be sold when possible as I prefer to keep the spider.

 

I mean, "plenty" is pretty relative. I work with a large dealer in terms of their allocation amounts, and they have had 1 GTS delivered (airfreight), 1 more on the water, and another that hasn't left the factory yet. The GTS is certainly on the ground but there aren't that many, and those that have them this early are mainly Top/VIP clients. Obviously that group literally buys one of everything, and those will mostly be sold within 6-12 months. So in the summer we can discuss "there are so many low mile 296 GTS for sale, omg what is happening....."

 

I think both the 296 and SF90 will suffer depreciation curves that are very close to front-engined V12 Ferraris.

 

Guess the market ain’t too bad in the US. 70k over and still 19 hours to go. https://bringatrailer.com/listing/2023-ferrari-296-gtb-2/#comments-anchor

 

I think it was accidental - my understanding is that a certification and production delay in early 2022 (EU re-certification of hybrid components?) pushed back a lot of GTB production. Mine is going to arrive an entire year later than was suggested at deposit time.

 

That would make sense. Can’t recall that happened before on any series in recent times.

 

that is unlikely with the 296, at least for the next couple years. Supply in the US is significantly smaller than demand (at least currently), and that's why the order books are closed. At a recent event I personally saw three people approach the dealer rep and ask if there was any chance they could get on a 296 waitlist for cancellations....and were informed there had been none so far.

that is far different than what is happening with the SF90 right now, with coupes and spiders still being delivered and very high windows. And once the XX's start coming in, the "forced hold" on the SF90's goes away too....it's not a great situation for resale values.

 

I believe what you are recounting, but do not believe that there have been no cancellations yet - and those people are smart to ask to be on the unofficial back-up list Those people were just being told they haven't made the back-up list yet!

 

I am positive on the cancellation side. This is the same dealer rep that is far more pessimistic on the economy than even me, and I've predicted 9 of the past 2 recessions. As rates went up, they were forecasting about half the order book/placed deposits would cancel. So far, it's zero. But with 296 production pushed back, how many of that list have actually had a car reach production and then get asked for "real" money at delivery? Not many. So we shall see.

I also recall hearing more than two years ago about how F8 pricing would be crashing any day now. That hasn't happened, but I can see a surge of those hitting the market at some point soon. Many F8 owners are getting a 296, and the last F8 Spiders finally were delivered and will be sale eligible soon enough.

 

I think people are confusing the market for new cars, and the market for used cars (or the resale market).

The two are not the same.

Just as an 812 GTS allocation was hard to come by (when they were still available) so is an allocation for a 296. But the resale market for an 812 is not nearly as robust as it was for new specc'able cars, and is not an indication of the resale market. Same for the 296.

 

BAT 296 headed for $100k+ over MSRP....https://bringatrailer.com/listing/2023-ferrari-296-gtb-2/
not a traditional spec by any means and purple isnt for many (I think its amazing and creative). Closes in 5 hours....

 

I posted a few post above. It’s 68k over and not sure it will see 100k+. Would be great but not sure high bidder gets outbid. I’ll be watching to see!

 

500k plus 5k BaT fee sounds right in line to market to me. Obviously that's a love it or hate it spec.

 

$68 over plus $5k to bat....I personally love the color tho I wouldn't have ordered it. Given the time of year, the colors etc that is the market!

Interesting fact, of there is a no sale during the action yet it sells after the action closes BAT makes nothing...I bought a car that way from BAT. It was a reserve. the reserve wasn't hit, I was offered the car for my high bid. No $5k to bat.

 

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people should just buy 296 at USD100k under and import them into the US ...at 200k discount it might be worth having the steering on the other side

 

Mine is LHD and bought it new from the dealer for $380K. Might be worth doing lol.

 

That was an odd auction.

The winning bid at 500k, was something like 100k higher than the next closest, and last, bidder at 401k.

Did he overpay?

 

With so many for sale it would seem odd to pay a premium at an auction vs hitting a dealer and negotiating a deal.

Seems a bit sketch also with the bidding amounts. No one bids 100k higher from the previous. Doesn't make sense.

 

if you read all the comments on the auction, there is an explanation. Buyer wanted that car and got it.

of all the 296’s for sale right now, I would argue that was the “best” spec if you prefer something other than red or yellow. I’d never get that color myself but I have to admit it’s stunning in person.