On January 5 there were 36 296 GTB’s for sale on Cars.com, that number is now 52. These are $400-$500k vehicles and there are 16 more of them for sale than there were 45 days ago. This strikes me as serious buyers market, but one which is not really functioning because no one wants to know what the real clearing level is for all the inventory.
bit off topic ...a 2012 McLaren MP4-12C with 35000 miles sold for gbp 47K https://collectingcars.com/for-sale/2012-mclaren-mp4-12c-15 yes mileage on the high side ..even so...what would that make in USA?
The 296 in the US market is still strong. The reviews, performance, and lack of availability are still keeping prices up there. Maybe another year we will see some adjustment but I doubt it unless there is a massive dump into the market. There just are not a tremendous number of cars stateside yet. The options pricing and variation on this model is extreme. Mine is 120k$ and I didnt even opt for a custom / upgraded color. $70k are the cf wheels + AF package. The remaining 50k$ of options are absolutely mandatory imho. Seats, cf steering wheel, stereo, basic electronics, etc. Standard colors like Rosso Corsa, Scuderia, and yellow variants will hold their value the most. The handling and daily livability even with the fixed suspension is good. It's gonna be a while before we see something compete with it as a complete package. The 488 had a lot of equals and competition at its time of release. 296 there is nothing at the moment.
296 GTB getting absolutely smoked in the UK, new cars trading $125,000 under sticker Image Unavailable, Please Login
Not going to lie - I am slightly gutted that Tom Hartley car appeared exactly two weeks after I picked up my new (to me) 296… I bought well, but not quite that well!
The UK numbers are bonkers, I don't understand how Ferrari decided to clearly overdeliver into that market. Meanwhile US dealers have closed order books and are only getting a trickle of allocations for actual build slots. My medium to large volume dealer has delivered something like 7 GTB's and only 2 GTS (with a third on the water)....in what, a year? I assume they built a large number of cars for the UK/EU market first, seems like a bad strategy vs. pushing volume out evenly across the various EU/UK/US/Asia regions. Especially when 296GTB production was delayed and the gap between the GTB/GTS was so short for many buyers.
I can imagine this 296/SF90 hit on basically new vehicles is going to have lasting effects on in the UK for Ferrari's customers. Good luck selling the new models for a while.....
Ferrari always satisfy the UK and EU markets first before they do North America. Plus the customers in US is a lot higher than any region in the world. Despite having a large allocation number for US there’s still not enough cars to go around for every North American customers. So that’s why the market will always be different here in US vs UK and the rest of EU combined. Sent from my iPhone using FerrariChat
I mean they clearly oversupplied the UK market, not realizing the effects of inflation/Brexit/etc. It isn't just the 296 that is soft there, it has affected SF90/Speciale/812/etc.
The hybrids will all take the same way, up to the third owner where it will become unsellable due to the maintenance costs generated (battery, brakes, ancillary equipment, etc.). These are consumable cars
Same thing happened in the UK with SF90 vs USA they got hammered early on and now the SF90’s are starting to suffer over here in the US. Sent from my iPhone using FerrariChat
For your sake I hope you’re right. But I’m looking at 52 vehicles for sale on Cars.com, up from 36 in early January, and that is not representative of a functioning market. And there are going to be more vehicles coming on the market as owners of GTB’s take delivery of their GTS.
For a thread like this there should basically be a disclaimer. *My sentiments apply only to the UK market or the opposite. It’s just so different from US market. in US market right now SF90s are starting to take a dump relative to MSRP. 296 are holding pretty well, but not appreciating much unless very low miles. I don’t think that changes much because the demand over here is great. Certainly higher mileage cars will struggle this is a series spec Ferrari after all. I don’t remember the world ending when 458s depreciated 30-40%. It’s normal. Special specs, with a lot of beautiful touches will always perform better in the secondary. Standard specs (launch color, little carbon, black interior) will command less of a premium. And the speciale version of the 296 will sell for large premiums (if done right) Pista and speciale are very strong is US. It absolutely blows me away the pista sells for more than the 765. 765 is numbered, much quicker, much more exotic, sounds better, drives better, looks like a hypercar with the doors. But nonetheless, it does.
While I like the car and have one on order I couldn't disagree withy you more. There are way too many cars for sale and anyone could have ordered one. They will not hold value because they are over priced to begin with. Furthermore red no longer holds value the best, this hasn't been the case for years. Just enjoy your car and drive it because value is gonna drop.
Some of this is just the overall dollar cost of the car. If a $450k car depreciates 20% and a $280k new car depreciates 20%, different pain.
No doubt but thinking these cars are going to retain value or be over list is not realistic with so many for sale and FNA offering these cars to even first time buyers. Add in the high price and you have recipe for a big price drop. If this inventory slims down then that will help. BTW, with this car dealers have new inventory hiding in the back. Go to the dealer and ask, you will be surprised. Many people that thought they were gonna make money are not taking delivery.
Agreed it’s going to take a hit while it’s still being produced. None of us know the magnitude. My crystal ball has been broken for years.
The Purosangue is gonna be worse even though much more limited and I have orders on both. I am not sure I even want it but they worked the **** out of me.
Me too but this reminds me of a bit of 2019 before COVID - glut of cars and slowing market. Its bad here in Canada.. also with our new luxury tax added to anything above a 100k its a hot mess on the new side. The market doesn't know where it wants to go and add in the uncertainty of the hybrid/electric market and it makes for a grind to get anything sold unless its something of extreme rare/numbered nature. I think its the "super cars" that were overproduced aka SF90s, F8s, STOs, 911 Turbos, Astons, Taycans Turbos, etc. lots of speculative buyers in the mix as well - mostly all financed/leased! I think it will get worse before it gets better, the new realities of the slowdown are starting to kick in and pricing needs to tremendously adjust.
Really torn between a 296 and an Artura . 296 clearly better looking and "slightly" quicker (road use). Artura waaaayy cheaper and bang for the buck better. Assume both lose 20% from purchase price in 1st year - is one better off buying the Artura at 30% less up front. Both short term ownership (under 3 years) and chances of an Artura LT being allocated to me - way better than 296VS - Interesting dilemma IMO
