2016 T sells for 165 at Mecum

Anyone see this car? Is that lower than normal given milage and condition?

https://www.mecum.com/lots/DN0717-302861/2016-ferrari-california-t-convertible/

 

Mecum tends to attract bottom feeders / bargain hunters.

That's a good price for that car.

 

Each mile cost him $15 without gaz..

Dropping/Picking my son to school everyday would cost me $120 everyday.

 

Someone got an amazing deal. Still has 3 years of warranty no? When you think a 991 Carrera with some options is $130k...

 

You have to remember the buyer also had to pay the commission on top of that price.

 

In general, I think selling a modern Ferrari at auction is more likely to fetch you a lower price compared to selling it on consignment through a dealer. The modern ones can be had with a warranty and often after a PPI. Buying even a low miles modern one at auction seems risky by comparison, so that is reflected in the bidding.


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In case no one is paying attention, the used car market is in big trouble. Cars are going for way lower than blue book and there are too many coming off lease for the prices not to be affected. This is probably not as true for Ferrari but the economy just isn't supporting the prices being asked for cars.

Comparing the cost of a new 911 that will lose 30% the minute you drive it off the lot to the auction price of this car is kind of silly. Whoever bought that car got a good deal if it's in good mechanical order and it should be with those low miles. Depends on what the in service date was for the warranty coverage. For a 2016 model it should have a couple of more years of warranty left at least 18 months I would think.

 

My local dealer has a 2016 Cali for $219k, so this car was indeed a bargain. The seller was obviously desperate for a sale - "whole sale" in this case.
I also saw an F355 sell for $49k.

 

Odd you say this because I just traded in my 2015 911 turbo S (purchased in late 2014) with 15k miles to Tesla for my p100 for a 21% depreciation. The car was brokered to a Chicago based dealer who already had a buyer.

 

Not at all. It makes even more sense bc the 911 will do what you said.

You pay $130 for a Carrera S with some options that will be worth $100k by end of 1st year or you pay $160k for this California which is a much better car (i say this as a 991 owner) that will be worth 10-15k less by +1 year.

I agree however with your other point, there are a ton of used cars not selling. On top of that summer will soon be over for the majority of the country and people tend to unload their toys..that wont help.

 

Im wondering if this owner was one of those who bought a Calif to be part of the good guys with his dealer so he can eventually order a LE car.

 

I guess I didn't get the meaning of your reference to the 911. Yes, this would be the better deal but it wasn't for the guy that bought it new and sold it at auction. He took a $100k bath.

Turbo S drops less than the regular 911 but it's still pretty bad off the lot. I bought a 2014 TTS in Aug 2014 for $157k, had a $192k sticker and 3k miles.

 

Are you talking about "normal" mainstream cars as well? Only asking because I keep seeing articles about how the used car market is solid and prices for some are actually on the up and up. The Toyota Tacoma used market is absolutely absurd right now.

Or, maybe it's a regional thing?

 

I am talking used car market in general, prices are soft and extras offered are substantial. Lot's of lease returns swamping the market right now.

 

Seems like a great price. Can't tell if it has magneride.

 

Ya the 355 guys are livid.

Prices are dropping everywhere. 458 prices are sinking rapidly as well.

I personally would not buy an exotic like this by auction. You can't drive it, can't check it out, can't really find out much about the history.

For that I need a substantial discount or I'm not interested. And as it sold for no reserve, most likely the seller was pretty desperate or just uncaring.

Mecum does not really have much of an exotic audience attending also. Its not their forte.

 

https://www.mecum.com/auctions/monterey-2017/lots/

Looks like a few exotics on their docket, including 2 LaFerraris, an Enzo, a F12 TDF, a 1965 275 GTB Long Nose and 2 365 GTB/4 Daytonas.

Personally not a Mecum fan. Prefer RM Sotheby's but even they don't have some of the cars that Mecum has.

There are good deals and bad deals at every auction. It comes down to due diligence, knowing the market, and discipline.

Seller could have protected himself by putting a reserve on the car.

 

2010 458 manheim prices have been holding steady in the 170s and those arent sub 5k mile cars. Just looked this morning.

 

The scary part of doing this is that after you have bought this and that, they still don't give you the LE cars. IMO not-so-LE cars like TDF, 599 GTO, Speciale Aperta, 360CS, will soon come down to normal. 599 GTOs asking for 20% over msrp already become fossils. Some Aperta are already offered at 600+ instead of 1 million+. Even Enzo at 3 million has turned fossil.
So anybody wants LE, better wait instead of trying to be a super hero.

 

where did you see what it sold for?

 

That's a nice car for the money. I'm hearing that dealers are making "great" deals on Cali T's right now. The market is a bit soft in general. Why buy new when you can get a one year old car for a "bargain."

 

The seller netted something just less than $150K. He paid a 10% commission plus his consignment fee and placement fee which is based on the day and time it crosses the block.

The buyer paid $165 plus a 10% buyers fee and transportation / shipping if he didn't drive it home (Plus sales tax and registration). Is that a deal for a car you can't drive or check out on the road first??? Maybe, but maybe not. Denver was not the right auction for that car. Monterey is a much better venue for a Ferrari.

Remember the old maxim.... All BAD cars go to auction, but not all auction cars are BAD!

 

Cecum?

 

If a Cali T doesn't have the HS package, it's essentially worth very little... I said this the first day I picked up my Cali T with HS after driving a "normal" one. It simply transforms the car and makes it a "proper" Ferrari on so many levels and this is why the package is priced very low for a Ferrari, because the car absolutely needs it. Even in comfort mode they car is extremely compliant.

I traded in my car once I got my 488 GTB delivered, took dealer two months and they sold it to a local customer.

No HS, no sale, especially since the replacement announcement is very close at hand.

 

Can you retro fit the HS package?

Also, i think since the Cali brought a lot of first timers to Ferrari, they wouldnt really know what to expect so i would think even without the HS package, the car would sell.