296 Values and Used Market

That’s a good point you bring up. It might be the one year leases are ending now based on what I saw:

Ferrari began offering official lease options for the 296 GTB starting in 2024, with verified availability at major leasing companies and dealerships across the U.S. and internationally by late 2024.

 

I actually think it’s a brilliant move for them to push people to buy a preowned Ferrari as a first Ferrari. Even with models that are still depreciating, this keeps the first time buyer somewhat more protected from a bigger depreciation hit, lets them try the car and the brand, decide if they like it, etc. If they don’t like it, the first time customer can sell the car back into the market, maybe to someone who also is a would be first time buyer. Maybe there is a loss, but it will be lower than if bought new. When the first new car does arrive, the person is already seasoned a bit. They will understand what they do and don’t like. And with cars taking quite some time from order to delivery, this is a way for someone to begin their Ferrari journey sooner rather than later. The downside is, as you say, you can’t order it new, the way you want it. However, with the lineup of today, you might be able to do that on some models, such as the Roma/Amalfi.

 

For regular models, I do not think (at least in Europe) that Ferrari forces customers to buy a used model first - the new wannabe customer who did not buy a used car will just have a low priority and a long waiting time, but that's it.
In spite of official claims, the regular models only become sold out when they are already old news (and very close to the end of production).

 

I agree and AF versions will be quite rare. The 296 Speciale with multimatics will also be the car to have down the track as most will option lift and have the soft street version. Likely the AF will also be quicker around a track or tight twistys than a magneride Speciale.

 

I think AF is going to go down like HGTC/HGTE packages - it'll be a desirable resale option that adds a meaningful amount to the value of the car, but it won't really be given the credit of being "rarer than the VS" car in the secondary market (despite, by the numbers, that probably being true).

Look at 599 as an example - base vs HGTE vs GTO ($180k, $250k, $1M USD respectively). Estimated take rate on HGTE was less than 10%, which puts it around 500 cars (vs 599 GTOs).

 

I don’t think we see things quite the same. Buyers who come to Ferrari looking to place an order for a new Ferrari at $300, $400, $500,000 don't really need any hand-holding or dipping of the toe in Ferrari water to see if it fits them. For the most part, other than perhaps a 20-something that hit it big with tech stock options, the buyer probably has plenty of experience with high-end cars…its not like a 16 year old getting their first car. Don’t be fooled into thinking Ferrari or the system is doing the buyer a favor or somehow protecting them. They aren’t. It’s simply a combination of money grab and maintaining the veil of exclusivity. However, this seems to be falling apart a little with the 296.

I’ve waited a year for many cars, and up to two years on a recent acquisition. I’d have been happy to wait my turn for a new Ferrari a few years ago; however, the price of entry was buying something used that they had on the showroom floor, so “maybe” get into the queue for an allocation of a Base car. I had no interest in the last generation—the reason for going to them was the next generation. Anyway, i don’t mean to come off fussy, so i apologize if it’s taken that way.

Interestingly, Maserati tried to mimic the Ferrari formula with the MC20; ie you had to be a long-standing, high value customer to get an allocation. Well, that failed (quietly). Then they attempted to have the buyer sign a contract to not sell the car the first year—that was only successful mainly with the Cielo (since MC20 coupe prices were $50 to $70 ADM, buyers were happy to sign). I’m speaking from experience on all accounts here.

I do see 296 GTS prices falling though, with ‘24s for $100 off Ask, with a couple hundred miles on the clock. It does make me scratch my head; as the 296 is gorgeous, fast, and well made.

 

It’s possible I’ve been in this too long and my opinion is out dated. But, as I think more about it, I don’t think so. I wonder if you are taking an individual experience and expanding that to a generality. I think you are still better off tipping your toe into something rather than going in full force. Especially something that often operates quite differently than the typical, in this case, cars. I think, in general, you are dealing with a very long established luxury brand in Ferrari. Brands are simply a human invention, which means you are dealing with human nature. Other brands can’t (today) replicate what Ferrari does, as you point out with Maserati. You’ve simply got to really love or want it to get into it; or, you will just pay market prices.

In my opinion the 296 is the most fun driving mid engine Ferrari. So how to explain the drop in values? It’s not about how it drives. It’s other market forces. Which is surprising for a company that is generally so good at marketing. First I’d say they made a mistake by placing the electric stuff too up front. There should be no e-manettino, and the plug should not look like an EV plug. Second they priced the car too high, and made too many (which would be worse if they did what you wanted them to do which is make more so more first time buyers could walk in and buy one, and indeed they did make enough that some first time buyers were able to buy one). And third I think they really hurt themselves with different warranty periods for different parts of the car. It’s taken something that should be simple and made it confusing, which goes against building confidence in the product.

All of this means, as long as you don’t mind buying pre-owned, you can buy the best driving mid engine Ferrari ever for a discount from new. I’d say that system delivered you a bit of a win!

 

There are 280 (two hundred eighty!) 296 GTB's/GTS's for sale in the US right now. This is unprecedented!

Over-production + lack of emotional-connection = glut; ergo 280 for sale.

Direct quotes from two friends who bought 296's new, then dumped them at losses:

1) "Can’t stand the crazy dash control"
2) "Haptic nightmare, no thanks."

 

Looking on autotempest only see about 120 for sale across GTB/GTS

also you seem to insist that opinions are facts