296 Values and Used Market

I concur. I’m even bigger at 6’6” 260lbs and fit comfortably in my Pista, but cannot even shoehorn myself into a 296. That said, I did put in for a Speciale…there’s a special kind of madness that comes with this automotive addiction.

 

Roughly the same number of people that happily pay $750,000 for a Porsche 911 S/T when they could buy a 911 GT3 Touring for $300,000.

 

Numbered vs not numbered. That (silliness) really does matter. The ST is numbered. The Speciale Aperta is numbered.

Perhaps the better example is the not numbered 296 Speciale (GTB) vs the 296 GTB. That is where you will see the unusually large price difference....when you factor in the barely used 296 GTB vs the 296 Speciale then numbers get really strange.

For roughly the last 20 years Ferrari has built into their model leaving profit for the owner. The dealers have sold cars with the promise that you can drive a Ferrari mostly for free. That has all changed. Now they are depreciating luxury items. Ferrari must have researched their TAM (total addressable market) to know that their future buyers are more focused on brand, image etc vs what the previous generation was focused on.

PS do we KNOW-know that the 296 Aperta is numbered?

 

I agree the equation has changed in favor of Ferrari but I think they have miscalculated the demand at the higher price for regular production cars. The number of cars that sold on the secondary market at a nice profit did not nearly approach the number of primary buyers. Yes cars sold for $100-200K over sticker happened for those who sold a year or two later but if was assume say 5000 units sold over 3-5 year period, less than half probably resold in that production time period. Ferrari mistake is they used that higher resale price as their markup assume all purchasers would go for it. Instead they got tepid demand in the primary market and a bloodbath in the secondary.

 

My understanding is that 296 Aperta isn't numbered, but will be more exclusive and produced in more limited quantities than the coupe. Same as Pista Spider (which also wasn't numbered). Pista Spider marked a change from the 458 SA and 430 16M, which both were numbered.

I also wouldn't assume that younger people enjoy losing money any more than older people do. I think higher interest rates plus OEMs taking most of the ADM/resale profits off the table with higher prices overall has changed the resale status of all higher end cars (non-numbered). GT3s are basically the lone exception - and even that stands to be tested going forward, given that the base price has gone up by $70k in 3 years (MY22: $161k, now is $230.5k).

 

Have never heard anything about the 296SA being numbered, but from what I gather, going off of my dealer's numbers as well as those reported by others on here, is that they will make fewer SA than they did Pista Spiders, but more 296S than Pista coupes. And by less and more, my dealer is receiving 1 or 2 fewer SAs and 1 more coupe than they received Pistas.

 

Also heard less Aperta

 

Whats funny is that the track editions aren't really good on the track, not much better than the regular model. They usually look better but performance is similar.

 

They’re not really track cars. That seems to be the F80 consensus in the reviews as well. Would rather have a more raw road experience. Track cars can be bought much cheaper!

 

Exactly! They now have a GT3 approach at best, where one would expect a GT3 RS approach.

 

All this talk about depreciation and certain older VS cars hold value better. There is another side to the story. I had a 16M for several years and just recently let it go. I thought I would never sell that car. Yes, it did sell for a ton more than I originally paid, but there are certain things never discussed in these depreciation discussions. First, and most importantly, if you have a special car and own it for appreciation, you can’t drive it. Nobody wants a 25k mile 16M. It’s beautiful to look at, but only driven on special occasions. Just enjoy looking at it as it rots in the garage. Ferraris are meant to be driven. Like anything mechanical, if it sits, it is not good for it. In my case I had yearly issues ranging from $3500-$6500.
- fixing the nasty stickies (rearview mirror, buttons, A/C vents, etc….).
- yearly maintenance must be maintained at a Ferrari dealership.
- convertible top issues, I had two very expensive issues separately. One that Ferrari couldn’t fix in house. It went to a special guy whom seems to be the only person who can fix it. The other was a very expensive busted cable. Not to mention replacing the rear isinglass soft window.
- headlights spider cracking, another unavoidable expensive fix, not cheap.
- two separate A/C issues, not cheap.
- tire inflator goo can exploded in the trunk, very expensive cleanup.
- leather straps in trunk dry rotted and need to be replaced.
- shift button console failed, very costly replacement.
- F1 shift actuator replaced, shockingly expensive.
- busted header bolt resulting in a warped header, luckily they managed to machine it flat, as no replacement was available.
- Replacing outdated tires.
- busted fuel cover cable.
- there’s probably more, just can’t recall.
The above are not unlucky one offs, they are very typical of a car of that age. I love the older cars, but keep in mind, if you own them it is a love/hate relationship. Imagine having a full F1 transmission failure and needing a rebuild or replacement. It will bankrupt you. So, you always have that fear of something really bad happening in the back of your mind. I’m moving away from these older cars and accepting the depreciation that comes with driving them. It’s so much more fun driving them than maintaining and looking at them sitting in the garage.

 

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Well written. Lets be honest, these cars have become garbage investments. Its just a fun game. Opportunity cost is not nothing. Compare the money spent on any Scuderia, Speciale, Pista, Speciale....vs the S&P over the same time period.

Here is what ChatGPT had to say:

Ferrari 458 Speciale – 10-Year Ownership Cost Estimate
1. Original Purchase Price (2015)

• MSRP: $300,000 (base + modest options)
  

2. Annual Costs (Averages)
Expense Annual Estimate 10-Year Total
Insurance (full coverage, collector) $6,000/year $60,000
Maintenance (fluids, tires, service) $3,000/year $30,000
Storage (if in climate-controlled garage) $2,000/year $20,000
Registration/Taxes (varies) $1,000/year $10,000
Total Annual Costs ~$12,000/year $120,000
⚠️ This assumes the car was well cared for, lightly driven (~1k–2k mi/year), and didn’t need any major repairs.

3. Value in 2025

• Estimated resale value: $590,000
  

4. Adjusted ROI Calculation
Description Amount
Purchase Price (2015) $300,000
Total Ownership Cost +$120,000
Total Invested $420,000
Sale Price (2025) $590,000
Net Gain $170,000

• Raw ROI:
  ($170,000 / $420,000) × 100 = ~40.5% total return
  
  
• Annualized Return (CAGR):
  = [(590,000 / 420,000) ^ (1/10)] – 1 ≈ 3.5% per year
  

S&P 500 Comparison (Unchanged)

• Invested: $300,000
  
  
• 2025 Value: ~$804,000
  
  
• Net Gain: $504,000
  
  
• Annualized Return: ~10.3% per year
  

✅ Final Verdict (Adjusted for Costs)
Investment Net Profit Total ROI Annualized ROI
Ferrari 458 Speciale $170,000 40.5% ~3.5%
S&P 500 Index Fund $504,000 168% ~10.3%
Conclusion
After factoring in insurance, maintenance, and storage, the Ferrari 458 Speciale still delivered a profit—but its effective annual return dropped from 7.0% to ~3.5%, well below the S&P 500’s performance.

So:

• As a usable asset and passion play, the Ferrari performed admirably.
  
  
• As a pure investment, the S&P 500 crushed it.
  

 

Sure, but it's awful to drive.

(Seriously though, good writeup.)

 

more interesting question is what fun, similar to the Speciale car can you buy that won't lose value and maybe even gain in value?

 

With the benefit of hindsight, a 250 GTO purchased in the seventies? A McLaren F1 purchased in 2002?

 

Is the Speciale on the same level as those cars? Arguably, no.

I was justing pondering how the numbers compare when you factor in the tariffed up prices vs S&P.....the 'ROI' comparison becomes totally silly. There is 'affording the car' and then affording it post opportunity cost.

P.S. If I wanted a special new-ish Ferrari today I would absolutely consider a barely used 296. Makes NO sense to me that the spread between a 2023-24 296 GTB and a new 296 Speciale is $300k plus.

 

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My experience with 458 and Speciale was they felt quite similar in performance. I can’t imagine 296 and Speciale are much different, maybe that’s why they named it as such lol. Pista was a big step on, though.

 

This is interesting

 

Thank you for a coherent dose of reality- frequently missing when discussing the older cars. The newer ones are much better made and the warranty can now be extended for many years.

 

One of the better posts I’ve read here in quite some time.

 

Actually, way off, way too high.

First 7 years regular fluids was zero cost(brake and engine oil) and afterwords, low mileage you can go with one change every 4 years...so maybe $8000 including one set of tires (and that's changing coolant/trans/diff and a new battery or two as well)

Insurance about $1000 per year for first several years and then increase for past few to $1500 (use high deductible to help...) Even stated value policy with a major AAA rated carrier would be far less than $6/year

USA 2025 value of low mileage 458Speciale is over $700,000

Storage? At home=free

Texas annual registration is under $80 and only required if you drive, if you do not drive on public roads (i.e. flat bed to dealer) is zero

Not including sticky button or out of warranty repair ( less than $2500/year, no where near $12,000)

Agreed that putting same money into long term market is far better opportunity for monetary return...but real loss is having such a car and not driving it on a regular basis....

 

that’s exactly what I did. I save myself $200,000 with a car that had 100 miles on it…. I don’t know what’s gonna happen in the future with this car but right now it’s a very good deal

 

Me too, I'm a value conscious purchaser. Spec new at msrp was just too much compared to barely used ones. At 300k, the gtb makes a lot of sense to me for what you get. Much better value than 488/f8 in my opinion. Let's see where the gts comes down to in 2 years, I would take one of those too if prices converge.