296 Values and Used Market

There’s an expression on Wall Street, ‘there’s no such thing as bad bonds, only bad prices’. There’s nothing wrong with those cars, they’re just overpriced. And the proof they’re overpriced is they’re not selling.

 

Many are optioned up to as much as a Carrera GT was new ($448k).

 

Yeah, but that's not inflation adjusted, so it's a bit misleading.

 

Fair point, that’s $744k now.

 

This

 

a 1700 miles used 296 GTS selling for 480K USD at Ferrari Quebec.
https://quebec.ferraridealers.com/en-US/a/used-ferrari/296-gts/ZFF01SMA0P0294720-1707226477547

 

Seems like not much more than sticker? The market just sucks right now for all things still because of the interest rates.. a good time to be buying ANYTHING

 

Anyone order a 296GTB from Ft Lauderdale?

 

https://bringatrailer.com/listing/2022-ferrari-296gtb/#comments-anchor

 

Market has spoken.

PSA to owners. Buy the 296 to drive, not to sell.

 

Agreed. Seems true for all regular Ferraris at this point. Puro will maybe be different when it arrives.

 

puro will follow GTC and FF for depreciation. It will be brutal.

296 and SF90 are both near MSRP. They’ll
Depreciate some for sure but nothing to panic over. It’s a car. Covid asset bubbles finally ending.

 

supply will catch up with demand when rates come down and confidence returns.

 

Here , why ?

 

I agree with everything except for the Puro comment. There seems to be an inordinate amount of demand for that car. I forget the statistic but I think 3/4 of Urus owners are new to the brand or something like that. SUVs have an appeal for people that always wanted to be part of the brand but want practicality too.

 

These are my thoughts:

1. All the super SUVs have depreciated a lot (my cayenne TGT included)
2. Urus has done well, but it was priced well initially and also the Lamborghini style with the practicality is appealing. Lambo sports cars are dreadful things to own and use (imho). So there was pent up demand for that alone.
3. Ferraris have always been more
Practical and usable vs lambos so that does not differentiate.
4. The Puro is priced much higher than the urus giving it far more to fall and follow the typical trend of the super SUV in terms of depreciation %. If the market values Urus and Puro similarly it’s good for Lambo owners and dreadful for Puro owners.
5. The Puro replaces cars from Ferrari that we already have data on how they faired historically in the secondary market (ouch!)
6. Don’t listen to me.

 

All fair and thoughtful comments, will be interesting to watch. Right now I’m not that concerned about losing money on the purosangue I have on the way and I’m also excited to drive it and keep it.

Anyway back on topic which is 296 values, I am a little concerned about my $505k msrp 296 GTS!!

 

My GTB is $465k. I do think my spec is better than any I’ve seen on the market but I’m definitely prepared to lose $150k when I trade it back to dealer. I want the VS so I’ll keep the 296 until I see what happens there. I don’t think the VS is a car one will lose money on but again, who knows. The hybrid era will be different.

regardless the 296 seems like an amazing car to drive and use. So if I keep it 3-4 years and use the hell out of it and lose $150k, so be it. Life’s short!

 

Same here , I saw a pretty basic 296 GTB with fiorano pkg sold close to $500k , not sure of msrp but for sure not over $450k .............

 

Puro is still in the honeymoon phase.

The Urus went through the same hype/depreciation cycle.

Puro will ride the same curve.

 

https://collectingcars.com/for-sale/2022-ferrari-296-gtb-1

£207k ($261k) - 1k miles

 

where has all the money gone in the UK

 

idk, just not into 296's it seems - low mileage f8's are selling for more

 

Which is funny bc 296 is far superior.

 

agreed but I wonder whether the public has decided ‘enough is as good as a feast’ in terms of road performance? some people will naturally want more though, especially those who track them