296 Values and Used Market

Few things that are probably important to keep in mind:

• There is usually a decent time break between the coupe and spider for buyers that are getting both. As 296 production was delayed, a normal 12-18 month gap between the cars didn't happen. My GTS is arriving pretty quickly after a GTB and that wasn't planned.
• There are obviously a decent amount of VIP/Top clients that order one of everything. They got these cars first, and once their wait period was up those are all hitting the market. Just offhand I know three people in that group, one has already sold his GTB and the other two have theirs for sale. It was never going to be a long-term hold for them, regardless of how good the car is.
• And you're right, some ordered hoping to get the VS once it is released and that means buying a GTB or GTS to start. It will be interesting to see if the factory plays the same game as the SF90XX, where you had to be a current SF90 owner to even be allowed to order it. That did force some Top/VIP clients to "rebuy" a SF90 to qualify. Of course the VS won't be as limited as the SF90XX, so who knows yet.
• Higher interest rates absolutely affect the secondary market given how expensive the 296 is. It of course matters to the 458/488/F8 market (which is holding up well), but the 296 is a decent step up in price and that payment just looks worse.

And I don't know where demand is nationally - but I can tell you that the 458/488/F8's are still moving pretty darn well, going solely off what I've seen come up for sale at my local dealer and then clear off the floor. I think the 296 buyers are very focused on spec and price, makes sense given some of the very high MSRP's of the early cars. 500k is a lot of money for a toy.

 

I have noticed that more than a handful of GTBs have fallen into asking price range that start with a $3.

 

The market for all exotics sucks right now if you're selling

 

And I don't see any reason for that to improve near term....I think the "YOLO" effect of Covid and low rates probably drove some people to purchase things they always wanted but might just barely be able to afford. And now that the novelty has worn off, they are selling. It's natural.

See: Market for Boats for reference.

 

Yes, I have noticed that as well, I have not made a hard offer yet but in discussions with salemen i get the feeling that msrp offer is not going to be a hard no

 

Just saw a GTS go up with an asking price that starts with a $4.. barely, but still starts with a 4. Non Ferrari dealer, but a great dealer, I bought my 720S from them.

 

Something must be off, either a mistake or an issue. No reason to leave 30-40k on the table when you don't even have pictures up yet.

 

I'm guessing the car is lightly spec'd and they want to move it. They priced it to sell, it's my experience with this dealer, they know the market and prefer to sell a car, not sit on it.

 

MSRP can be had I think, I've gotten two cars to MSRP and one at 10K over MSRP...with a pretty good trade number, I just think it's still dropping. nothing I'm following is selling..

 

A lightly spec'd GTS can be a 440-450k window. So 499k isn't crazy if they want to move it quick.

 

Just found a CPO 23 with 1080 miles on autotrader asking $385,888 MSRP $389k.

 

The one on BaT right now is a big MSRP, and it's not going to do well. Likely will be a good deal for someone that likes that spec, but no way it gets close to sticker.

 

It’s an AF without racing seats. It’ll still do $450k+.

 

Friendly wager? $1 perhaps?

I'm betting RNM.



https://bringatrailer.com/listing/2023-ferrari-296-gtb-5/

 

Are you betting that it won’t get to 450k or that it will be RNM? I think it’s a given that it will be RNM and don’t think anyone thinks otherwise.

 

Oh it’ll be RNM for sure I’d imagine that number starts with a $5

 

Dealer bought back my 296 GTB for $365,000. Sticker price was $414,000.
Car was a lemon, in my opinion. Software was filled with bugs and dash was constantly having electrical issues. Dangerous to drive.

 

Miles ? Color combo ? Seems like a hefty haircut,considering the issues.

 

A car like that should be a no reserve auction. That'll separate the men from the boys. Let the market speak!

 

I don't think it will get to even 450k. And no question RNM. Just not the right place to try and sell a high spec car.

 

If one wanted to sell a high-spec car, what would be the right avenue to do so?

 

Ferrari dealer. My old F8 was for sale for 6 months at 2 different dealerships (a mclaren and an Aston/rolls dealer) and every online site. Finally went to a Ferrari dealer and it sold within 5 days. They have the clientele that is willing to pay a premium and doesn’t mid high spec cars.

 

100% agree. And another reason why....FFS will finance it.

 

+2
Interestingly the listing dealer on BAT is RDS Auto Group which owns Ferrari of Philadelphia (ex Algar), surprising they are not selling through that dealership...

 

My understanding is that Ferrari has "encouraged" their dealers not to sell through online auctions.