296 Values and Used Market

First, the dealer wants the car back ASAP to make another % commission on the marked up price. So while some are waiting out the holding period, some aren’t, but depending on the dealer this is part of the pattern. What I am told is that FNA doesn’t care about sales back to dealers on trades, but they do want to sell to owners who will keep and drive the cars. Hence the new guidelines about allocating VS to current owners of the base model, or 12Cilindri first spots to modern V12 owners. And that to get limited cars like SF90XX you cannot sell the SF90 you have before the XX is delivered.

GTB was announced July 2021 and GTS April 2022, so there were like 9 months where you could only order the coupe. Many, like me, put in deposits and then saw the convertible and wanted that more. Some dealers were telling people that GTB buyers got the first GTS allocations.

I could have just asked for my deposit back and only kept the GTS order. But knowing there was bad mojo with Ferrari to cancelling the accepted GTB order, and that it would be up to two years more wait for the GTS, kept both. But I’ll trade back the GTB to the dealer when the GTS arrives. That’s the deal. As it turned out, the GTB was delayed and it will probably only be 6-7 months until my GTS.

 

sf90 similar, a car just went unsold at auction - s90 spider 1k miles + extras, unsold at £290k

 

Damn! what auction site?

 

Of the new Ferrari range, I like the 296 the most - I think the design is the first pretty mid engined Ferrari since the 458, performance is tremendous, sounds good even! Hybrid and haptics are detractors IMO that may plague the car forever to some degree. All this said, I suspect there will buyers for this car as it descends to Turbo S pricing as they can actually fit similar use patterns in many areas and I think the Ferrari is a lot more car/fun for that money.

Cars.com alone shows 126 296s for sale. All are tightly clustered around $400K with mileage around 1K. My question is how many have been delivered to the US at this point? Feels like an enormous % of deliveries are available. My sense is this is not a car most owners will take back if they don't get their number; I get the feeling they will eventually rip the bandaid and cut them loose to free themselves up for other experiences. At some point they'll start chasing each other down IMO.

 

During a very frank conversation with the sales manger of a store in the Southern US I was told the sweet spot for the 296 GTB from his POV is around $430 for new specs. Anything significantly above won't come back to the first owner. If I were in the market for a pre owned delivery miles or near delivery miles car I wouldn't make any offers higher than $400k as my highest and best bid after some back and forth. Starting offer probably $380k.

 

watching the preowned site for a couple of months now and the inventory at dealers is certainly building, a whole bunch got added this weekend, mostly at San Diego.

If pricing reaches Turbo S territory a lot of people would jump in but they all seem to be adamant at getting 30-40K above sticker right now, what I don't know is if the dealers are perpetuating this trade back in at MSRP practice for the last decade...it certainly is going to change going forward..

if I can find one around $380K I'm in..

 

Should be possible depending on spec and location. Have you reached out to any stores and expressed interest yet? I'm working on a delivery miles Roma with the store in my previous post but we're fairly apart on the numbers.

 

pretty car; I want one! Hybrid, in general not a huge issue. Ferrari's historic electronic bugs + newer Ferrari hybrid tech + some of the glitchy 296 electronic bugs popping up, and preowned 22 warranty clock ticking heavy, does become an issue for me. I am still looking and hope to end up with one but right now all signs point to wait and watch prices; the cars are not being snapped up at current asking prices. I also don't think the dropping prices on the higher end cars is exclusive to the 296, it seems the market in general is really settling down.

 

I've been working with a bunch of dealers, I've gotten close to MSRP on a 2023 with 1K miles or so but the MSRP was still $430K ish...based on where the EU is I'm guessing these hit $350K-$375K soon.

 

Have a feeling once most of those folks start taking delivery of the GTS or higher trim cars, we might see some wholesale price drops on the current inventory. Time will tell.

 

I’ve been offered a number of very low mileage coupes at sticker, which has been around 400k. If anyone wants a referral my local dealer has two or three in resale red. Just ping me and I’ll send you my sales guys info

 

They are trading at that number every day and are wholesaling back of window. The US market is collapsing and the days of over sticker are numbered. It’s obvious that a spread of the magnitude we are experiencing between Euro cars and those in the US is not sustainable. We all know it, just no one wanting to admit it on a car they own. I say collapsing . . . To below msrp, after a period of unsustainable pricing euphoria… and we’re all still better off than any other new car from ‘23. The GTB is a car that needs to dip to $330k . . . At which point the market will clean itself up and inventory will be minimal. It will be at those levels this winter.

 

Let’s face it , a lot of 296’s were bought by people who did not pay cash , they have other commitments and interest is hurting them. This is the root cause for the surge , people that cannot really afford a 296 but could not resist

 

Not sure where you got that statistic but it doesn’t match with what I am seeing. If you take a look at the carfax of any car it will show you if there is a lien or if the title was issued outright. Looking at a random sampling of 296 for sale I see 1 out of 20 that had a lien.

 

So used 296’s will be at $330k this winter? Sounds a little ambitious considering that would be roughly $100k less than where the market currently is?

 

Thank you for providing some measure of actual data!! Not sure why there so many folks making wild predictions without any support for their assertions. I suppose we can all make guesses

 

Lien’s only show direct finance on a car , not cars that are bought through a myriad of other finance methods

 

Most all would want a lien on the car IMO

 

Not if it is a redraw

 

Not sure of too many other “finance methods” in which the lender would not put a lien on the car. Lease, wood side, commercial banks would all require a lien on the car. Sure, you can use a home equity loan or a line of credit loan but then you would be paying cash for it (and borrowing on the backside). I honestly don’t think that people using a line of credit (from investment accounts) are hurting as you describe.

So please provide the source of your statistic or let us know it’s your pure speculation on the subject, as I’m genuinely curious and not meant to be argumentative. You made a statement that sounded like facts and I haven’t seen anything to support that.

 

In 2022 there were nearly 5000 Ferrari sold in the US, it is the largest global market , if you look at the the Ferrari annual report and look at the finance profit the deduction is logical and straight forward

 

That makes no sense and you directly contradicted your earlier statement. If it was Ferrari that financed the car there would 100% be a lien that would show on carfax. Did you forget you just said there were other methods of finance that wouldn’t show a lien. Also, Ferrari financial finances more used than new cars so your theory doesn’t hold any weight.

Just admit that you have no facts to support your statement and it was just your speculation. It’s perfectly fine to speculate on something but not to state something as factual.

 

@mkraft3003 a fellow attorney? The evidence speaks for itself counsel Nice cross!

 

all of the above said; loan or no loan, I would think its a stretch at this point holding onto hope there is any kind of meaningful profit left in the sale of a 296 originally bought at sticker. I said it before but some of these cars have been out there for sale for 6+ months, advertising at 40-50k over, so at what point do those owners make a deal and cut the car loose and let that 400k work for them vs. slipping further down in value and having to keep insurance and registration up.

 

lol. After almost 30 years of practice its hard separate it.