296 Values and Used Market | Page 27 | FerrariChat

296 Values and Used Market

Discussion in '296' started by Mrwatchdawg, Aug 31, 2023.

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  1. mkraft3003

    mkraft3003 Formula 3
    Silver Subscribed

    Aug 20, 2016
    1,812
    Tampa, Fl
    Agreed. It’s following the normal curve for Ferrari (pre-Covid). First 6 months to a year they are over msrp, after which just at msrp and after that below msrp. No reason to think this is any different.
     
    Caeruleus11 likes this.
  2. Jlee504

    Jlee504 Karting

    Apr 8, 2017
    73
    its like a country club membership...you just pay it..regardless of use.. lol
     
    09Scuderia and Andynyc like this.
  3. rg88

    rg88 Formula Junior

    Feb 10, 2024
    270
    Montecito
    Full Name:
    rg
    or a gym membership! Try cancelling one of those. Harder than selling a 296 on consignment for over msrp lol.
     
  4. KL runner

    KL runner Karting

    Jul 25, 2023
    171
    Not in US
    Neither does a sample of 20 amongst thousands sold. It represents less than .5% of sales , it is not statistically relevant , enough said
     
  5. jumpinjohn

    jumpinjohn F1 Veteran
    Rossa Subscribed

    Mar 22, 2013
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    So it is a speculative opinion most are purchased on borrowed money?

    ;)


    Sent from my iPhone using FerrariChat
     
    mkraft3003 likes this.
  6. mkraft3003

    mkraft3003 Formula 3
    Silver Subscribed

    Aug 20, 2016
    1,812
    Tampa, Fl
    lol. No, sampling 20 out of 100 listed for sale. You just keep digging a deeper hole and have absolutely no facts to support your speculation. There is no harm is admitting it but to keep trying to defend a position where you’ve been proven wrong is just silly.
     
  7. mkraft3003

    mkraft3003 Formula 3
    Silver Subscribed

    Aug 20, 2016
    1,812
    Tampa, Fl
    Speculative or just totally making stuff up?
     
  8. jumpinjohn

    jumpinjohn F1 Veteran
    Rossa Subscribed

    Mar 22, 2013
    6,929
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    Well if you’re gonna start splitting hairs…

    :)


    Sent from my iPhone using FerrariChat
     
  9. KL runner

    KL runner Karting

    Jul 25, 2023
    171
    Not in US
    So that is just sales , if you look at my original observation I commented on the amount of Ferrari’s that are financed at purchase. If you understand research just looking at a small sample , in your case 100 sales with your claimed 20 finance deals that does not come close to getting the hundreds of deals needed to get a confidence of +/- 3% which then gets you accuracy that is statistically relevant . A much better sample are the facts in the Ferrari accounts , as I pointed out .

    If I dug a hole my friend you have clearly buried yourself by having such a small sample , maybe even in one state . Mmmmm thanks for the banter.
     
  10. SMSD

    SMSD Karting

    Oct 23, 2022
    87
    Honestly, irrespective of the financing, what will motivate sellers is the opportunity cost more than anything else. Interest payments are one thing, 400k tied up that could have otherwise made x% in SPY, or 5% in a mm account is more meaningful.
     
  11. rg88

    rg88 Formula Junior

    Feb 10, 2024
    270
    Montecito
    Full Name:
    rg
    This horse (no pun) seems to have taken full capacity flogging.
     
  12. KL runner

    KL runner Karting

    Jul 25, 2023
    171
    Not in US
     
  13. Shack

    Shack F1 Rookie
    Owner Silver Subscribed

    May 2, 2005
    2,519
    Earth
    In my "geo" 296's are over represented in terms of number for sale. I have been watching them a while and am quite interested in one "at the right price". Ask is MSRP so its going to be at least 10% less to do a deal. Think I will wait a few months as they are only going one way.
     
  14. 09Scuderia

    09Scuderia Formula 3

    Nov 20, 2011
    2,434
    USA
    Full Name:
    Max
    Quick scan on cargurus for 296 GTS's. Average asking price is around $560k. I would image that means GTS's are $75-100k over.
     
  15. jordanfsl

    jordanfsl Formula Junior

    Dec 11, 2010
    516
    Los Angeles
    I don't think you have accomplished what you think you have here....probably should have just taken the L and moved on. HIs WAS a small sample size, but you literally have zero to back up your claim. Like....nothing other than a guess.

    Given the heightened level of interest rates (FFS 10%-ish), my dealer is seeing a larger amount of cash deals as there is much less value in using that cash elsewhere/leverage. Obviously when rates are super low, financing makes a ton of sense even when you could write a check for the full amount. Wish I could take my F8S rate and apply it today to a new car, for sure.

    That being said, there is still a HUGE incentive in certain states to finance/lease almost regardless of rate. California is the obvious example, my GTB is leased to avoid paying sales tax on the purchase price. It's not a long-term car, so writing a stupidity massive tax check to the State would be inadvisable. So FFS gets to book a large lease, even though I'm far from a speculator or desperate seller. If you really think there are hordes of underwater 296 owners desperate to sell because they can't put food on their table, I don't think you are at all aware of the average new Ferrari buyer.

    And yes, some will take an overall loss on the GTB as they settle down towards MSRP. That's how it usually works on new cars, the COVID years distorted everything and there are definitely some people that will be surprised at that. Losing 20-30k ain't going to change their lives, trust me.
     
    mkraft3003 and NGooding like this.
  16. cmargosi

    cmargosi Karting
    Silver Subscribed

    Mar 14, 2024
    215
    60540
    So, since I don't really care if people finance their purchase of the car...I am wondering about the point made in this post. Anyone have ideas about how many have actually been delivered in the US / what percentage of the cars delivered that 126 cars represents? I know Ferrari sold 5,000 cars in the US, but I suppose I'm not so interested that I have read the 401K. Surely someone has and can save me the boredom of returning to my Wall Street Analyst days? Do they call out how many 296 were delivered in 2023 in the US?

    It would strike me that a high percentage of those could be for sale. As a side note, the number of GTS for sale on Cars.com seems to climb daily. While limited, I have been casually watching for about 2 months and haven't noticed too many selling.

    Finally, and this is purely self serving speculation, if the values come down, do we think people will skip their chance to order? I would love to get a car sooner, so I'm asking this question solely with hope of a Summer 2025 delivery. In the meantime, I will "slum it" in my 720 spider. But it would kind of stink to take delivery on a car in November of 2025 in Chicago...burn warranty and enjoyment time while the car sits plugged in the garage.
     
  17. Jlee504

    Jlee504 Karting

    Apr 8, 2017
    73
    There are so many to buy right now I chose not to order.
    I have 10 gtbs flagged in my favorites list for the last two months none have moved. …
     
  18. KL runner

    KL runner Karting

    Jul 25, 2023
    171
    Not in US
    Lets face it , Ferrari production cars like any other lose value if they are used . If you can find a spec that you like , although not perfect, well you have a decision to make . For me I like the personalisation and this am will to pay the cash and enjoy it.
     
  19. cmargosi

    cmargosi Karting
    Silver Subscribed

    Mar 14, 2024
    215
    60540
    I'm not looking to buy one cheaper...I'm just hoping to get the one I spec'd sooner. It may be a pipe dream, but I'm happy living in the fantasy world where people who thought they could own it for a bit, show it to their neighbors and put 1,000 miles it and still make money instead decide to cancel their orders and I get moved up in the queue.
     
  20. KL runner

    KL runner Karting

    Jul 25, 2023
    171
    Not in US
     
  21. stevdug

    stevdug Karting

    Feb 4, 2019
    140
    Tulsa
    Full Name:
    Steve
    or, did they get the GTB to be in line for the bigger better car, so I would guess they don't cancel in a big way, but where is the break over and settling point on the used market.
    Example of one on my favorite list; for sale for 250 days dropped by 135k since the start and they are still asking ~ 40k over. It is also funny that the average market price is listed as 447k so according to the web site this is a GOOD DEAL. I hope for the owner someone scoops up the car at that GOOD DEAL but the real market seems to say not such a good deal. Has anyone offered msrp and been turned down?
     
  22. Or just use a MT LLC

    Image Unavailable, Please Login
     
  23. jordanfsl

    jordanfsl Formula Junior

    Dec 11, 2010
    516
    Los Angeles
    We agree on these points for sure!
     
  24. jordanfsl

    jordanfsl Formula Junior

    Dec 11, 2010
    516
    Los Angeles
    I actually drive my cars and that is more problematic than it used to be, without going into more detail.
     

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