296 Values and Used Market

Every owner gets the 8 year warranty on the battery from the in service date.

 

Good to know, they should update the warranty language to remove "initial purchaser" as it creates confusion.

 

Inflation has been much higher over the past 5 years than it was over the lifespan of either the 458 or 488. Factor that in, if you are using unadjusted numbers.

 

That was my car. You can read my previous posts on it. Sold it to Ferrari Lake Forest for MSRP ($483,353). They listed it on cars.com for $530K. Watched it drop to sub $400K. Think the owner bought it between $360-370K. Almost bought it back. Grigio Ferro was a $32,904 option.

 

Nice spec. Why did you sell?

 

Buying it back at $100k less would have been epic.

 

I'm I understanding this correctly - You sold car back to Dealer for full MSRP and they took a hit for 100k or so ?

 

Also looking for a new GM I bet.

 

Ferrari Lake Forest change of ownership/sold this year

 

In my experience in the UK when I was shopping for my car early 2024, some dealers got strange way of operating, mixture of arrogance and delusion.

Eg not engaging in any form of negotiation on a brand new orphaned car when 200 mile examples are sold for £100k off on Autotrader. It sits for a year costing them 5-7% interest, then gets sold for less than their asking anyways.

I got 12% off speccing a new car (plus fix price till delivery). not sure why starting with an offer at 18% off is ignored at another dealer (£270k for a £330k new orphaned car). We could’ve met closer to the middle and there’s potentially decades of future relationship ahead.

Zero response till someone higher up email me months later if I was still interested the day before collecting my new car. I doubt the salesperson even forwarded my offer to a decision maker

 

Could be corp places restrictions or incentives and until those are exhausted the dealers just wait it out.

 

I think you gave a fair outlook. At the end of the day it’s not an investment but it’s always about risk minimization. I’m still thinking about it.

the owner bought it new for $427k, so likely traded it in for very low $300s so this person took a $127k hit, so around -$61k/year

 

That is 14.29% over two years , much less than most cars. Sure the base is much higher so the $ are more however we lose sight of what most cars actually trade for after 2 years, except for a very small amount and how tailored was the souped to the owners likes ?

Most cars are 20% plus down after two years

 

Reason is in my previous posts.

 

I agree with this the delusion at some UK dealers is insane, it's not hard to see and point out where the market is yet they deny reality

 

I spent a few minutes this afternoon gathering data on all the 296 GTB’s on Ferrari’s website. I gathered data on every car with fewer than 1,000 miles that had a listed price. A couple things I found interesting:

• 18 listings included MSRP. Of those, the average price was 13% off MSRP. ($430,804 MSRP vs. $375,547 price)
• The average price of all 81 listings is $367,092.
• The average price for a car with less than 500 miles (46 listings) is $374,291.

I attached the table here as a CSV file for anyone that wants sort the data in other ways.

 

One may wonder why someone would buy a car not to drive it (given the low mileages, these cars have almost not be used), but just to lose money.
I can think of a few possibilities:
- flippers desperate to sell when they identify a negative trend
- people having bought as a step to get the next car
- people really hating the car after driving it only a few miles
I have no idea what is the most likely situation, or if there are other reasons - I'd be curious to get any informed insight.

 

I try a lot of cars, to me that’s the fun. And I learned to move on as soon as I know the car isn’t right for me. Sometimes it’s a gain, or a loss. I don’t sweat it anymore. So many cars to try.