296 Values and Used Market

Porsche has done a great job to mimic Ferrari - GT3 and GT3RS used to be relative bargains, sensibly priced and easy to obtain... now they've significantly increased the prices, and cars are difficult to get (in France I was told a GT3 is relatively easy to get, but a GT3 RS is almost impossible to get for a new customer in spite of costing the same as a 296 AF)...

 

My P and Lambo and McL dealers are fantastic and no ADM markups.
My F dealer experiences have been wanting, and thats despite having owned plenty.
Is what it is.

 

probably a lot of truth to that frankly. good point.

 

No. Ferrari’s have always been mostly special occasion cars. Porsche’s are dailies. Are there exceptions- of course.

Maintenance costs and repairs on Ferrari’s are so high that it acts as a deterrent for many used car buyers- not a problem for new car buyers.

Regular production Ferrari’s have been depreciating since I purchased my first new one in 1989.

 

One of the big factors that has swayed me back to considering the 296 is the 7 years of maintenance included. I recently exited (before year two) a car that was $3,500 in year one, $5,000 year two, and so on. Call it $30,000 in maintenance over seven years, which I’d think is at least that for a 296, if you had to pay for it out of pocket. Big benefit for a new Ferrari, and if this were 100% out of pocket, the Ferrari would be a pass for me. At a certain point (everyone’s threshold is different), it’s not a matter of being able to afford, rather it’s willing to afford. I am curious as to anyone’s thoughts on whether an extended warranty (I’m not referencing the dreaded battery topic that I started a few weeks ago) is worthwhile—this would be for the 296. Certainly if it makes the purchase less worrisome, I get it has value, but does something like the 296 need it? Just an honest question. Thanks.

 

The 7-year maintenance (outside of the battery) does not have that much value IMHO, since it only covers regular maintenance (which, on a modern car, is fluids changes and occasional spark plugs / belts replacements). Then you have the "consumable" items (tires, brakes) and whatever unplanned maintenance not covered by the warranty - and that's were the main expenses will go after a few years.
A drawback of the 7-year maintenance program and extended warranties is that they tend to tie with the official dealer for operations that could be performed for less by an independent; and the official dealer will also be adverse to the installation of non OEM parts (e.g. for brakes) that are better.

 

296 is gorgeous - you carry a lot of Ferrari hate as do others on this forum.
Regardless looks do not reflect pricing - people hated the Dino for decades - fast forward arguably today the most beautiful Ferrari on the road.
The Dino engine was modified and raced in F1
The 296 engine modified in the F80 and hybrid racing - say what you wish about design but Ferrari is the best engine builder in the world
Prices dropping on 296 - imo it's much more simple, it's hard to sell a car second hand with high interest rates and the word "hybrid" is the worst name ever created. Ferrari should have spent more to differentiate their cars - marketing messed up, engineering and design did their job - read the room.
Six months ago the 296 Spider was over msrp. it's more of a sign of the economy and people uncomfortable over spending money when they could buy a house etc
The 296 is an entry level Ferrari - meaning people stretch to buy one, they can't afford to lose 100k it has nothing to do with the car itself.

It comes down to relationships - most Ferrari customers order one of each and make it back on the limited editions. It's a lifestyle and like anything else getting in and out like a fast food restaurant is never going to end well. Ferrari has heavily increased pricing - again marketing screwed up and owners and Ferrari will pay the price.

Ferrari could have fixed 296 with VS like XX - again marketing screwed up and no one cared. Those who got XX and 296Aperta 812 Comp aren't complaining - the other side of the story,

 

I have purchased an extended warranty a few times. They were always a waste- as I never had a single issue. And- considering how expensive a repair could be- it gave me peace of mind. So, for me it’s worth it emotionally- maybe not financially.

I purchased the extended warranty for the 296 because it is hybrid and there is so much FUD. Of course at $3,400 per year (had to purchase two years)- it seemed like a no brainer.

 

Ferrari maintenance from a dealer typically runs 2- $3k per year. I only service my Ferrari at Ferrari for resale purposes- it makes it much easier to sell.

IMO- The included “free” 7yr maintenance is brilliant. It compels people to properly service their cars improving reliability and therefore resale. In the past I could not believe how many wealthy people skimped on proper service thinking their cars didn’t need it. That problem still exists on older cars- while cars that are up to 7 years are now much more reliable.

 

You did a very nice gesture about letting a youngster sit and play with the wheel in your Ferrari. When i was 10yrs old while riding my bike around the new neioborhood a beautiful women walked down her driveway asking why no friends with me . i explained to her we were just moved. She explained she too was new to the area & was the former Miss Alabama. She asked me if I liked her husbands new red car and if i'd like to see it. Well she allowed me to sit in it, play with the gear shift and told me it was a Ferrari. I/ said to her it was the most beautiful car I've ever seen. On leaving I responded to her," one day I'm going to have one". She said I bet you will! Well I've had 6. She truly turned on the switch.

 

The 7 year maintenance carries far less value than you think. Ultimately, you have to drive a ton to “earn” fluid changes annually. It goes by a computer review and that determines your eligibility for what would normally considered full service. I cannot tell you have many times I have paid for full oil changes on my annual “free maintenance” appointments.

 

I disagree- it insures that the car is properly maintained which can be critical on a high performance car.

 

The 3 year warranty depends on timely meeting all 7 year maintenance requirements at a Ferrari dealer

 

I don’t see how that would impact years 4-7. Regardless- I don’t blame them. The car should be properly maintained so that there aren’t unnecessary repairs required. The 7 year maintenance is free and it Makes Ferrari accountable.

 

I think the 7yr maintenance is great. Not only saves a lot of $$$ compared to McLaren and Porsche, but you can be certain that used Ferrari's are maintained properly.

 

Do you feel good about paying to change your oil during the annual “free” maintenance visit to the dealer? Because I do not. This topic has been covered in detail on this board, so I don’t need to beat this dead horse again. Last point, I am old enough to remember when the 7 year free maintenance was, in fact, truly free.

 

I have never been charged for oil during my free 7 year maintenance period. The inclusive maintenance is to keep the car properly maintained. Therefore, all used cars less than 8 years old should be properly maintained (if submitted for the free service).

This was a brilliant corporate strategy as it has enabled the cars to be much more reliable.

Without this “free” service many owners would be penny wise and pound foolish creating cars with problems due to a lack of service. Many owners hardly use their cars leading them to incorrectly think that they don’t require service- that has mostly been eliminated.

 

I agree.

Like @Thecadster, I do wish they covered oil changes every year. I always want one, so I choose to pay out of pocket when Ferrari deems it unnecessary. But, I bet that they know what they're doing. I'm probably being needlessly cautious.

I'm any event, I'm glad they have this program.

 

It is brilliant to keep the cars maintained AND it’s very clever around generating more $. Heard from a source….they also do it so that when a defect is discovered they can try and keep that work in house (work outside of the 7 year maintenance and not under warranty). As soon as the warranty expired many F car owners would go to a less expensive shop for service and non warranty work. Now they keep u going to the dealer and we all go…oh well it’s already in the shop so go ahead and do the repair work at the higher rate. I don’t have issue with it but it also benefits the dealer.

 

Because it improves reliability it also improves resale values- which makes buying new less expensive. Genius.

 

I guess I see more value in the 7-yr included maintenance, as my MC20 was running about $4,000/year ($3,500 first, $5,000 second, and so on). So I’d value the 7-year included maintenance for a 296 at a value of around $30,000 (unless somehow it’s far less expensive to do standard maintenance on a Ferrari hybrid than it is on a 6-cylinder ICE)..

Certainly if you don’t want to do what the manufacturer says to do, or if you’re fine going to an Indy, that can shave thousands off those numbers. But I’m not close to any Indy shops, and I’m just not comfortable taking $300+ cars to anyone but the dealer. So for me, big value in the Ferrari maintenance program, and peace of mind that if they miss something or screw up something, I have full recourse. Add to that, at time of sale/trade, anyone can check that everything was done to Ferrari standards. Obv this applies less if you never sell or have utmost confidence in your local Indy.

 

I’m sorry, but I’m not following how you are paying for an oil change on an annual free maintenance program? Are you saying the 7-year maintenance plan on the 296 means one has to pay for the service?

Here’s what I’m seeing is included, and sorry if I’m brining up a topic previously covered somewhere, but the 7-year plan is a factor in my decision on the 296:


Covered Items and Services:
• Engine oil and oil filter changes
• Brake fluid replacement and caliper bleed
• Air filter and pollen filter replacements
• Lubricants and hydraulic fluid top-offs
• Auxiliary belt replacement as per schedule
• Comprehensive inspections of vehicle systems (suspension, gear oil, leaks, parking brake, etc.)
• System diagnostics and software updates
• Labor and Genuine Ferrari Parts: All maintenance uses Ferrari-trained technicians and genuine Ferrari replacement parts, including fluids and filters.

Only things they don’t seem to cover (as one would expect) are tires, and brakes, and windshield wipers (but does anyone drive their Ferrari in the rain)?

 

Oil and filter changes are included, but not necessarily annually. If mileage is sufficiently low, they will only cover it every other year. At least for some models. I've paid for oil changes once or twice because I didn't want to go two years without fresh oil.

(I'm still very happy with the seven year program.)

 

There is no such thing as a 7 year "free" maintenance.

It's "pre paid" maintenance.

The maintenance as part of a new Ferrari is baked into the MSRP.

 

@ipsedixit--I think we are getting into semantics here. Yes, it's backed in/pre-paid, etc...everything from roadside assistance to free/included maintenance to the bumper-to-bumper warranty is baked into the purchase price (whether it is accurately baked in, is up to how good the accountants and MBAs are at corporate), but it is essentially free, or if we want to be perfectly accurate, "included" (meaning you don't pay for it after purchase), even if you buy a used 296 with just 50 miles (which I'm looking at). So, I view this as a $30,000 benefit (plus the added benefit psychologically), over the course of seven years.

Separately, @NGooding , my understanding is maintenance is yearly or every 20,000KM, which ever comes first. So my assumption (maybe I'm reading wrong) is that if my car has 1,000 miles on it after 12 months, Ferrari will do the oil and filter change, etc., and I won't be waiting another 12 months. Personally, I'd have a real issue if they wouldn't honor that, which I'm assuming was what happened to you?