488 Dealer Trade-in Valuation.

Dealers need to make money. They don’t take trade ins for good will. Assume a profit margin of 9% so most will offer around 85% of retail to make money and to cover the things you mention as well as room for negotiations. Also the 488 while a great car has done less well on resale than other modern day v8 (458 and f8) due to the high number of cars produced.

Thankfully for you, the 296 is already dry way under MSRP so you should be ok.

 

I got offered $65K trade in for my 1997 f355 spider (gated manual) with 36k miles that is in perfect condition with no accidents and clean title when I just purchased it for $100K and there are none for sale less than $125k. I also got offered $115k for my 992.1 c4s that is also in perfect condition with no accidents and a clean title and has 19k miles. Seems like highway robbery to me. I only lose money on cars when I try to trade up. I'm not looking to sell these cars right now but how can I get a better trade in for my cars when the time comes, or should I just try to sell them myself?

 

Make sure that when you calculate it, you take into account the tax advantage when trading in to dealer. At the price of these cars, it makes a significant difference.
The dealer may offer you $15-20k less than you would expect your car to be worth, but then you may save about that on the new purchase (depending on cost of cars), so it's a breakeven (or close to it) situation, and you have zero stress compared to selling online. So realistically, what you save in taxes, winds up being the dealer's profit. Win/win for both.
However, on cheaper cars, it will not work out as nicely, and probably better to sell on your own.

 

Dealers are now reluctant to trade cars in; they announce prices to discourage you from going that way. They far prefer taking cars on consignment, and still making a markup without having immobilized capital.

 

Every vehicle being sold is " perfect "
Every vehicle being purchased " has problems "

In my experience, it is extremely rare to have a trade in that needed absolutely nothing to be presented for sale.
Just look at the numerous threads here on Ferrari Chat, where buyers and the gallery pick apart cars for their imperfections.

Soft touch repairs
Leather Repairs
Tires
Wheel repairs
Touch up or paint repairs
Deferred services ( which must me 100% current to be eligible for warranty extensions or power options )

All add up quickly,

Steve

p.s. And most owners have no interest in dealing with buyers and tire kickers

 

Curious as to your reason why you would trade your 488 that is also a beautiful convertible for 296? You just want the latest tech or an even faster car? Do you like the looks of the 296 more? While not the last non hybrid v8, I think the 488s will go up in time given the engine and looks and where frrrsri is headed with design styles and drivetrains. Not meant in an argumentative way, just interested in your thoughts. Thanks.

 

Now in California the dealers don't want consignment cars. They are buying the cars and reselling them. I think it is partly because they are cash flush and times are good for them. I was offered about 75% of full retail value for my 2017 488 spider from my dealer which I did not accept. The dealer started out at around 65% as first offer and increased with two subsequent offers. I ended up selling it myself to a wholesaler type of company for $20,000 more than the dealer's max offer.

 

I'd honestly love to have Ferrari owners pick my F8 apart on condition so that I truly know what people think of it. I offered it for sale to a member and was low balled. I have been thinking of selling my 2021 F8, don't need to but it is getting closer to getting out from it while it still has over 2yrs warranty and 3yrs free maintenance left.

 

488 to 296?
Balls

 

Now way I'd trade a 488S for a 296. Meh. Keep her!

 

Exactly. Everyone is entitled to their opinion and what moves them. 296 doesn’t do it for me although I like that general color scheme outside and inside on the link your provided. In terms of maintenance on your 488, worst case are the turbos which can be replaced and installed for $10k using pure turbos. Cam gasket leaks are rare from what I’ve read and if you keep up on the fluids, dct should last a long time. But regardless, thanks for sharing and good luck w the 296.

 

IMHO the 488 is nicer looking than the 296, but the 296 has the performance the 488 lacks. Not sure about the long term prospects of the 296 once out of warranty. Myself I went from a 488 gtb to an F8 tributo and could not be happier. The engine in the f8 is tremendous and i did not want the hybrid features.

 

I agree with you. I basically received what i paid for the 488 from the dealer I bought the f8 from. I went from an 11000 mile 2016 488 to a 2021 2000 mile F8. The 488 was a low spec car the F8 is crammed with options. Not sure where the market goes, and do not really care , i just wanted a low mileage mid engine V8 with the pista engine ( without the Pista price) as the hybrid/electric evolution is not for me.

 

IMO, if the “retail /asking” price of the car you are trading in is $250k, I wouldn’t be surprised to see trade in of $215-$220k , which I guess aligns with the 85% number someone mentioned, but is also a bit more then the $15-$20k you mentioned

 

Not weird at all, people are pushing back against electrification of cars. Performance doesn't seem to matter in this. While I would walk across a burning desert for a F8, I wouldn't cross the street for a 296 or sf90.

Go look at the hard time chevy is having trying to move e-rays compared to Z06.

 

Sorry to hear, sounds like he flat out didn't want the 355 and gave you a "go away" price. On 911s, I'm of the opinion that non-GT3s and Turbos should not be $100k+ cars so maybe you consider that one.

 

Resale and trade-in values aside (which isn't a minor consideration), how is this even a serious question.

Trade the 488 for a 296 every day, and three times on Sunday.

Do it and don't look back.

 

If you're concerned with chassis stiffness then yes, the 488S has horrible cowl flex. That being said if you want ZERO flex in a spider, do yourself a HUGE favor and go test drive a McLaren 600LT Spider. You'll be blown away.