296 Values and Used Market

None at all but I do in the legal system. I can also speak from plenty of buying history over a long time as well from the legal industry.

 

I’ll repeat myself, but this is nothing new or unique to Ferrari. We are back to a pre-covid market. A new Mercedes can be bought at 20% off right from the showroom floor. (Just got my wife a new car yesterday). 2 years ago it was 20% over msrp.

 

Correct, so better just drive the hell out of the thing.

 

And not worry about the value. Accept that it will be worth less and enjoy the now.

 

Except chevy dealers are going to list the ZR1 for $100k over…..

 

ZR1 will go for much more.

 

If they produce the ZR1 at full capacity then they will sell for invoice in final year. We got $18k off our 2019 ZR1 because the C8 was coming out and it was a leftover.

 

Just look what happened with the Z06. 100k over, 50k over, 15k over and now below msrp. Exact same thing will happen with the ZR1 but the question will be the timing. Z06 held on to premiums for a while and I’d expect the ZR1 to be even longer.

 

Interested in a new Z06 conv with Z07, if you know where selling below MSRP please PM me. Would like to try as opposed to buying another 458 Italia.

 

I’d check out https://www.corvetteforum.com for the latest. I have no clue about the various packages and what’s out there just the basic Z06 pricing trends.

btw, the ZR1 is going to be a beast. Too bad the wife hates corvette and the last ZR1 I had she refused to even look at it. lol.

 

Agree to disagree...Ferrari's weren't plummeting like this before COVID. I can tell there is some desperation / turmoil within sales at our dealership over the number of people walking away from their deposits. Given what's available on the market right now, a 1 year old 296 with under 1,000km (5-600 miles) is over $100k less all inclusive than a new one. That's a 20% haircut.

It is what it is though. As I said, I didn't go into this expecting to make money, but losing 100k in a year means either the car is overpriced or overproduced if we're looking at it as a luxury good. IMO

 

Some refuse to admit that this is what will happen to all hybrid cars and prefer to deny the reality. They are consumable.
Same problem for the SF 90...
These are Apple Watch...

 

My bank account begs to differ. I lost on every Ferrari I’ve ever purchased. I posted somewhere above what I’ve lost on my 458, 488, Pista, 812sf. Was 20% on some of them.

I will agree that the depreciation has been quicker and a steeper curve than in the past, however, eventually they leveled off. (Remains to be seen where the 296 curve ends up).

 

Yeah the 296s sitting for 450k for weeks on end surprise me. Does that mean a new one with Lux Tax is 550?

 

I think this is semantics. There is MSRP and a dealer can charge a markup on MSRP or offer a discount on MSRP. However, by Federal laws in the US, the sticker price must be uniform in all US dealerships. So, the "list price" of a car with options would be the same from one dealership to another across the US (taxes may differ, but you are taxed where you register the car).

So, the MSRP or "sticker price" in US parlance for the car I posted would be the same at any dealer in the US. The selling price could be quite different from dealer to dealer.

As previously stated, cars are "stickered" at the port in the US prior to delivery.

Also, my contract says that FNMA can increase price between contract and delivery, but dealer has agreed to sell to me at MSRP.

 

That last sentence is the kicker , that does not happen in a lot of markets and it is driven by FNA. Why? Market size

 

His supposition was that all hybrids will lose value.

 

Last 3 years, a lot of people made a lot of money and bought super cars for the first
Time. Many weren’t really car people, but were enjoying the new found wealth. They got in at a time that exotics only went up. The manufacturers responded to this new found interest by over producing. The world is getting back to normal and the new wealth isn’t like the fact that exotics depreciate. This makes
Them more scared which further depreciates the product.

I’m a true car / Ferrari lover. But we all have our pain tolerance. I don’t mind losing money on a car. But $100k in less than 1000 miles is a bit ridiculous. We’ll see where 296 ends up.

 

Begs the question with SF90's showing stratospheric losses and getting worse due to the replacement coming - they might be the bargain of the century in 3-6 months. Seems like a lot of car for "296 money". Power warranty mandatory IMO

 

We can already see how 296 GTB values are going to end up. Hopefully it wont be so bad with GTS. Spec is crucial if a respectable price is to be achieved on the secondary market IMO.

 

Not sure I get this comment. None of us know where anything is going to end up. We can’t see very far down the road from ground level.

 

Sorry - what i meant was its obvious nobody wants to buy these 296 gtbs anywhere near some of the asking prices, which realistically shouldn’t be an issue for second hand buyers if the price represented fair value for the product itself. So again, what i meant was there is no need to hope values are going to improve down the track. There is already enough evidence now. Holding out for, or hoping for a miracle is only going to end in disappointment. Its one of these cars where too many were made and sold for way too much money to begin with.

 

Same as the STO - major bargains to be had

 

Yes another classic case of a very good car which had an unrealistically high price for what it represented, along with way too many made.