296 Values and Used Market

Used cars went crazy because of the rapid Covid money inflation. That’s over now. Interest rates are way up. I don’t think the economy is crashing but it definitely went flat.

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Those are likely cars sold to mule "customers" so they can then be sold for way above list... while everyone else has to wait on a list. Nothing unique here.

 

Exactly

 

That’s incredible that the dealer cars sit, Sdl offering a triple yellow car 20 over sticker. Buy big incentives to create wash sales on Bat and perhaps someone loves Purple Rain!
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If I had inventory to dump indefinitely would bid up bat like a billboard of false pricing

 

In commodity trading they constantly flash high trades for world to see one over priced item can bring margin to whole book

 

Same in Europe, but from private or backyard sellers with arabic sounding names, so no Ferrari Approved certificate and so on .. let someone else buy them.

 

Do consider that its winter, rates are going to go down (no more fed hikes), the stock market is swinging back and clearly there is no recession. Home prices are also going to continue to increase. All of this will = car market will be hot again soon. Its the nature of things.

Most likely this the time before the market reverses trend and desirable cars level off and then start increase in value. Cars that have held value will now go to the next level.

In the gloom days from 07-09 we bought several cars (Lambo, 2 Porsches) and all increased in value by 20-40% 2-3 years later. Are we in a similar time now? I bet we are. Just the inflation on everything will make todays prices look cheap soon.

 

horrible result on a BaT auction for a light spec GTB, had the right basic options and a good color. 397k MSRP and closed at 416k plus 5k to BaT, = 421k. I would have guessed 450k all-in.

 

At least it didn't go under the MSRP...

 

A month ago, prior to buying my SF90, i was offered a mid spec 296 for very low $400's, with a hair over delivery miles.

 

true. Ferrari price creep up and higher interest rates have definitely impacted the market, I really expected a high 430-low 440k result plus BaT fee. Still think 30-50k over is where most 296GTB prices will be for a while.

 

and Porsche GT cars are selling for far more over MSRP. GT3RSs are $100+ over and they are selling! a $500-$550k GT3RS...with a $335k MSRP? World has gone wacky. That 296 at that price was a deal for the buyer. Bet its a dealer...and its going back for sale on their lot for $485k

 

Also, I just think that the levels that so many cars got to when people were blasting through their covid money was just not sustainable.... things cooling back down now.

 

Buyer has lots and lots of bids on Ferraris. He/she won a 488GTB auction in September 2023, doesn't seem like the car went back up for sale. So might be a dealer but might not?

 

The quicker the market price goes toward MSRP, the quicker people with deposits sitting for well over a year will finally get their allocations. As I've been saying here many times, just because a dealer gets your deposit and spec, doesn't necessarily mean you will actually get that allocation. They can turn around and sell it off to a broker or a mule customer. Case in point the Dodge debacle that recently made the news, seems many car "YouTubers" have no idea how a dealership business can work.

 

GTB price pressure will continue when the GTS becomes more ample in the market. The question will be if the GTS can keep prices around $500k. that is alot of money

 

The seats killed the resalve value of that 296

 

not sure many buyers realize that, but perhaps! I am pretty tall so the carbon seats on the 296 are a requirement, I can't fit otherwise.

 

I won't buy a car with CF seats. Had them in my F8. Looked great but hated sitting in them.

 

People aren't buying the 296 to drive. Not on BAT anyways.

It's (almost) always about the next sale.

 

in the old days (2 years ago) the release time from GTB to GTS was years. Now, they were for sale at the same time. Some dealers 'requested' their buyers buy an early GTB in order to get a GTS order. Now, the time between GTB and GTS is maybe a year...thus, lower miles etc.

 

I think that was planned to be the case with the 296 as well, but production delays pushed back a bunch of GTB builds and the usual gap between the models just didn't happen.

GTS allocations still aren't exactly flying out from the factory, but it seems new coupe/spider builds are probably running 50/50 at this point.

 

This is a big point. People are having both cars show up a lot sooner than expected. Some within a couple months of each other.