296 Values and Used Market

Europe. This example has been on the market for a while.
https://www.tomhartleyjnr.com/car/stock/2024/ferrari/296-gts/ferrari-296-gts/

 

All over the US, often 25k to 40k below MSRP. See for example https://siliconvalley.ferraridealers.com/en-US/a/used-ferrari/296-gtb/ZFF99SLA6P0299616-1727934087104
MSRP is $385k, asking price $359k

 

Asking and getting are two separate situations.

 

Quite odd that a minority here keep pushing an opinion that if a person questions 296’s horrific depreciation then they cant afford the car therefore, shouldn’t buy it.
If there was any substance to this argument then why are odos all so low and, why aren’t all these owners seeking to sell accepting their medicine by meeting the market? Afterall they can all afford it right? The depreciation that is.

Or, is the minority here suggesting 99% of Ferrari buyers couldn’t afford the car in the first place as they cant face the music the secondary market is playing?

Evidently, 99.999% of Ferrari buyers DO care about depreciation, which is why its continually bought up at one point during virtually every discussion in one way shape or form.

The minority always taking opportunity to object to these concerns, dismissing the cost of depreciation on the basis of a persons lack of financial means, advocating to those members expressing concern to work harder, or, not to buy the car because they cant afford it if they cant accept the massive depreciation, are quite obviously just putting on a brave face because they aren’t having to face (their) music at this particular point in time. So, it suits them to play the financial hero of the day, talking down to others offering a differing and more realistic view.
Purchasing cheaper pseudo exotics as run arounds - because they attract similar attention and are of similar driving experience - instead of using their 296’s as run arounds - which is essentially a vehicle of exact same purpose - only serves to prove they don’t want to use the 296 in fear of depreciation, the very concern they attempt to ridicule others here for expressing.

The motto to this story is:-
Actions speak louder than words.
If you can indeed afford the car and the depreciation which goes with it, then why not use it for its intended purpose instead of purchasing cheaper pseudo exotics of same purpose. Afterall its not a track car or track focused car.

 

The motto to this story is:-
Actions speak louder than words.
If you can indeed afford the car and the depreciation which goes with it, then why not use it for its intended purpose instead of purchasing cheaper pseudo exotics of same purpose. Afterall it’s not a track car or track focused car.

I agree with these comments. Part of our problem is too many people buy, put a couple hundred miles and flip. That directly and indirectly hurts those of us that buy these cars to be used. I am in my early days of 296 ownership and have 2k on the clock. I have come to accept that the garage queens will kill me on depreciation bc someone will want the 1500 mile example over my 10 or 20k version. It will be interesting to see if this shifts when there isn’t easy money to be made and more of the buyers become actual drivers. I don’t buy these cars to make money…which I would be happy to take…but instead to use and enjoy. And I can say with full confidence, I love this car.

 

god bless brotha. There were 34,000 miles on my 458 when I sold it in October. Drive em like you stole em man

 

Or maybe the reverse?

Last weekend I drove 992 GT3, 488, Pista, 296, STO, Tecnica, NSX, Z06, Emira at Speed Vegas to evaluate mid engines.

That led to pulling the trigger on a 296 this week and thinking about Scud or STO as 3rd mid engine. My take was that the STO much better handling than I remember Scud having. Scud better visibility and felt safer due to visibility, and neither really practical for me for tooling around for a day doing errands etc.

 

scud? You mean the pista?

I like your test but honestly doing 5 laps on a track with a guy that grabs the wheel whenever someone is passing you is not the best barometer for how the car drives overall. Still better than nothing though. Surprised you even coughed up the cash for the Emira and 488 considering the other options though.
Congrats on the 296!

 

Thanks... Will see what it's like to live w 296, I am hopeful.

Re: Speed Vegas I was trying to gather what info I could... I owned a 458 this year but once I fell into Porsche GT cars and an Evora GT stick it started to feel a bit big and electric in handling. Right now I drive mostly a few 911s and the Evora GT. Have also driven 488 and F8 for a few hours recently, and 296, Z06, NSX for ~15 minute test drives. I had come close to a Scud a few months ago but that'd be much more limited use for me so ultimately didn't start there. For me street driving is key not track, so Speed Vegas even more is just an approximation.

But I was considering a 296 now that prices are dropping, wanted to side by side vs. 488 and Pista in particular, and some others as well, to help decide whether to pull the trigger. Mostly F, the 2 Lambos, Z06 and NSX to see if they surprise, and the few others. Seemed like it'd be worth the few hundred to see 488 then Pista then 296 all back to back.

I came away thinking 296 feels almost as good and sounds better to me (yes through helmet) than Pista. Even 488 more than fast enough for me, so it was more about the overall feel. I wish I didn't like it as much, the warranty cost for 296 could be truly outrageous and still seems a bit unclear. And going to be hard for independents to work on long-term, so it seems much harder to view as a "long termer" than say 2RS or 3RS.

And -

Yes Emira seems random in that list but I love Evora GT stick and wanted to see what I'd think of their Emira auto to buy also not instead of Evora or a higher end mid engine. I think the Emira they have at Speed Vegas is a Touring suspension, and I didn't love it as much but it STILL had the best steering feel to me of the ones I drove other than 992 GT3. Also, despite bad reviews I had read/watched the auto wasn't horrible it just wasn't PDK or modern DCT fast.

 

Congratulations!
The 296 is certainly a great daily notwithstanding the frustrating controls and sub optimal seating ergonomics.

If looking for a 3rd mid engined then STO would be my pick as its completely different to the 296 and, in a good way. Scud is nice but getting a bit old now imho.

 

Simple, the flippers have been caught out thinking they can buy and flip in a market that there was a ‘short supply’ of new cars and make something because of demand exceeding supply.

Guess what it did not happen. Covid disappeared and those thinking the market did not change got caught. Remember many of these cars were committed to in late 2021 / early 2022.

This combined with some ,shall I say, ‘ very specific specs and colour combinations’ have made their ‘investment’ simply sink even more.

 

With that interior I can understand why !

 

Come on, who doesn’t want a crime scene in their car?!?

 

296 gtb is just a regular production model. Only very few flippers would bother to speculate on a regular production hybrid Ferrari these days unless it was an SV or a Porsche GT car.
This situation is clearly due to more obvious reasons as previously mentioned.
If the base car wasn’t so ridiculously under optioned and overpriced there would be more with higher options sitting. Higher options would result in even higher depreciation.
There is clearly a lot of dealer stock which they had to take which nobody wants at the stupid asking prices. The dealers were obviously too scared to option the cars up to make them more attractive as they knew they would only make the cars even more expensive and just make mattere worse for themselves.

 

You keep banging on with the same points when anyone ever raises an alternate view.
I think everyone knows your POV.

 

As an owner of a new-to-me 296, 2 takes on Dec 2024 market:

1) Market - $340k seems to be the new "floor" from dealers and 3rd party. I know some 22/23 are transacting closer to $300 than that with what I consider to be key options. Seems like + ~$40-70k depreciation this year.

2) Depreciation - If I keep a 296 medium term I expect I'll take $50k ish more depreciation (buying low low $300s) than F8, 488, 458, F12, or 812 over similar term buying at closer to $300k. But the even bigger issue I think is Power15/equivalent costs, which are unclear and I think won't be revealed until the 22s go out of factory warranty. It seems like it could be 2-3x Power15 cost on V12 Ferraris, though. If I love it it's worth it to me, if not though I think it will affect resale prices of 296 (as well as whatever the next 296 will be coming out).

 

Sure, but keep in mind it was you who replied my post with some crazy story about speculators being responsible for the situation. Completely illogical given the glaringly obvious.
Everything sells at a price - even an SF 90 and 296GTB. This one is a combination of problems but all started with the price. The secondary market will correct the problem initiated by Ferrari. No need getting all salty because you bought in at the top.

 

Blah Blah blah , as a non owner , you perhaps do not understand the ownership experience

 

Blah Blah blah , as a non owner , you perhaps do not understand the ownership experience

All the best for the holidays

 

I have had dealers opine that the 296 coupe market is soft because both the coupe and spider could be ordered at the same time. Many clients ordered both and flooded the coupe resale market once their spiders arrived.

The SF90 suffered a similar but worse fate. Like I suspect they, Ferrari, will in the case of the 296 “Pista”, one has to currently own an SF90 to be considered for the SF90 XX car. This was done in an attempt to shore up the SF90 resale marketplace price erosion.

Comically, I’m on my fourth SF90 in large part due to the above strategy.

 

So then it gets worse when the XX delivers, I doubt most will keep both.

 

wait wat?

some 22/23 cars are transacting at 300K? a new range rover autobiography is 200k new. wat

 

Did you get an XX with that strategy? You have more SF90s than Maranello

 

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Congrats! Looks awesome! What is the significance of #78?

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