296 Values and Used Market

sorry but with this argument you can justify every business fail .... we build to many homes so that's why we can't sell them but this homes are great and buyers love them ....

McLaren CEO after bankruptcy can say similar statement: our cars are better than Ferrari, every Mclaren buyer can confirm that, we bankrupt because we build to many cars ...

 

Play nicely

 

Porsche did that exact thing to me, increased the GT3RS $50k while it was on the water to me. Ferrari on the other hand has never applied the price increases on signed contracts, the Purosangue prices were increased locally close to $150k, Ferrari held my contracted price, so I am afraid to say you are incorrect in assuming that no other brand in the world does that.

On a separate note I have bought an off the plan apartment few years back, gave them a substantial deposit which they have used for going on 3 years now, the market has shifted considerably in the buyer’s favour, the vendors few days before Christmas notified all the buyers that there will be a 12.5% price increase on all signed contracts and if we aren’t happy they will just send our deposits back, there is no loyalty and respect in this world anymore, unfortunately that’s how it is, personally in my business I would NEVER go back on my word, written or otherwise and I have plenty of examples to prove it but not everyone is the same.

 

Also homologation which is the biggest factor with all brands when delivering a new product to the market, that was the issue Lamborghini had with the Revuelto. Lucky these cars aren’t life saving devices LOL

 

I feel for you, I had this happen to me and to say I was furious is an understatement, it's simply pathetic

 

Sooo, it’s ok for you to talk about the multiple cars you own but not for others, Shack come help out your favourite hypocrite fight the good fight LOL

 

On the Puro, you paid $150,000 below MSRP? I don’t quite follow the “signed contact” language. I had a signed contract to pay MSRP on my 812 GTS. By the time it went through the final build/delivery process 2 years later, the factory MSRP had increased by around $60,000. I participated in that increase. My understanding is that every new Ferrari is sold for the price clearly marked on the window. What contract did you sign?

 

It’s a nonessential investment for me, it’s more of a lifestyle thing but it was still extremely frustrating, it was the second apartment we got from these developers, lucky they are delivering the 1st one at the original contracted price because they couldn’t exploit the loophole in the sunset clause due to the fact that they were too far advanced in the construction process but the scumbags took the foot of the accelerator of the second project so they can take advantage of that loophole which frustratingly it’s only available in my state. Having said that I accepted their increase because I am ahead with teh first apartment and 12.5% it’s still around 10% under current market value and as I said it’s a bit of a toy rather than a necessity.

 

IIRC (but I may be wrong, it's some years now I've not been considering buying new from Ferrari) the contracts in France mention a potential price increase capped to 10% over the price at the time of order. Back in the days there was no such clause and while a price increase was possible, the option was to take it or leave it (getting the deposit back in this case). Now (as far as I understand) the increase must exceed 10% for you to have the option to walk away with your deposit.
I also don't know how it works between Ferrari and the dealer, depending on the rules between them the dealer would not have the same margin for negotiation with the final customer.

 

Just to clarify, I am not in the states and things relating to contracts might be different at your end, the “signed contract” I am referencing is the contract I have signed originally when the car was offered to me during the first round of allocations, you know the Koolaid drinkers get first dibs LOL, I signed that contract paid the deposit, selected my options and locked the car in for production, my dealer mentioned that they had 13 initial allocations only, I believe after the 1st round of the original allocations were exhausted Ferrari closed the order book for a while.

Subsequent to that for the second round of allocations Ferrari announced a price increase, in-spite of that my dealer honoured the original price we have agreed on under the original contract, I hope that makes sense.

Porsche on the other hand treated me as you were treated by Ferrari with your 812 GTS, when the price increase got announced my SA called and told me about it, he offered to refund my deposit and cancel my contract or pay the additional amount after I agreed t the extra charges they also charged the balance of deposit on the price increase, which was quite insulting TBH, they blamed the mothership for the entire debacle.

 

There’s an expression on Wall Street that goes something like this: ‘There are no such things as bad bonds, only bad prices’. I think that pretty much sums up the 296 GTB. I’ve been saying for the last 6 months that the inventory overhang will clear once sellers acknowledge reality and start hitting market clearing bids. If that’s 250k, so be it, but my guess is that number is only going lower.

 

Also as the last of the prior model (F8) gets absorbed, the buyers in the market will look at both 488 and 296.

 

https://www.motortrend.com/features/cheapest-ferraris/

Not too bothered by this. I love my 296GTB. Like the SF90, it’s a whole lot of car for the money these days. Just more of a reason to rack up the miles and enjoy these remarkable machines.

 

Revuelto posts moved here: https://www.ferrarichat.com/forum/threads/revuelto-values.702262/

 

FWIW, I feel like the handful of posts that were moved were less about Reveulto values and more about the nature electrified supercar values of which the 296 is part of that cohort. It’s clear that all of the unlimited hybrid supercars are being met with harsher secondary values than most predicted, and the Reveulto helps underscore that reality.

 

A few posts were, but the posts that were reported had to do with a user's incoming Revuelto, so those few got picked up along the way for continuity. Nothing wrong with a quick side topic post, but those posts took over the last page on the thread and users were reporting it to get the thread back on topic.

 

I truly believe in large markets the pricing is all over the shop. It is difficult to understand the US market when the actual sold price is set by the last person that had to get out of the car .

Also pre Covid there was a glut of 488 and the price sunk, another reason I think the market has not settled. Just my 2 cents worth

 

Big number for a GTB

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The car market is finally getting better. Only 16 Assetto Fiorano 296 GTB for sale on Autotrader and price is trending up.

ZR1 Vin #1 sold for $3.7M on BJ.

 

Whoever bid was hammered for sure.

 

296GTB's Advertised in the high $200s already - clearly really hammered and 200 for sale ??

 

I met the owner of a large dealer in Sofla through some friends and he showed me the numbers he’s doing. Insane numbers. Making substantial amounts per car in sales via finance. And I mean like, $1mm more on a Bug than advertised sales on Auto Trader. So it’s a massive head scratcher for me but he said the south Florida instagram, crypto, flex community will flip in and out of these cars they can’t really afford and they pay whatever to finance them.

So the market isn’t bad, per se, I guess. It’s just different.

 

Or 29 of them sitting at dealerships and one is 120k off MSRP, and another is 130k off MSRP, one is 140k off MSRP. Most are well below MSRP.

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So advertised price is meaningless since they all get financed? At say 8%?

 

I think it’s like ultra short term leases with guaranteed buy backs. So technically they’re buying the car and the dealer is obligated to buy back at a pre arranged price but the dealers structure in such a way they will make a killing. Great if you want to flex for 6 months and you cash flow well but you don’t have any real capital saved because you live at the edge of your means. . And it’s self financed at the dealer level so no dealing with a third party lender.