296 Values and Used Market

If they make a carbon tub production car, will be a game changer for them. The drive of my 720 and 765 was miles better than my Pista. Pista if it shed a few hundred pounds and was more stiff would be the ultimate. Its such a gorgeous Ferrari.

 

And this is why I can't go backwards with Ferrari to older models. I could add an 812 GTS maybe, but the 296 is the first Ferrari that drives on par with performance of my 765. The 765 crushed mid engined Ferrari's for me. Made my 458 Speciale feel dull. Overshadowed the Pistas I test drove significantly. But the current hybrid Ferraris' has evened or even jumped ahead performance wise.

If I went backwards I'd probably go way backwards to a 575 or Scud.

 

Blessings in disguise. I was rather bitter that my laf allocation was pulled from me in the 11th hour “because michael Jordan decided he wanted a car”. Ironically it turns out that was one of the best car days in my life.
The best day, f40 delivery.
2nd best day, telling ferrari corporate to go scratch.
3rd best day, losing the laf allocation because if i hadn't, id be in the same exact spot at roma and with my hand on the bible, for me there hasn't been a ferrari since the 458 that’s worth an after tax dollar!
My few cents.
And once i let go of corporate, my love for the cars i owned just got deeper and more profound. No more chasing ghosts, no more noise.

 

Very wise words. Remember you are not a customer to them - you are cash flow

 

I got caught in the trance of wanting to play The Game in early 2022. By this spring, I had three orders/deposits with my dealer. Then my first newly-ordered Ferrari arrived in June and things immediately played out as I documented in the 'problems' thread. I had physical possession for less than 5 weeks. During the issues, I took back my deposit for another that had not locked because I was so upset that FNA was ignoring me, and now that the GTB 'matter is settled', my GTS order is swirling in some limbo, not even a VIN 8 months after they told me it could start any day (I was listed as GTS #3 up at my dealer as early as February 2024, the prior GM told me probably March/April start, obviously many have rolled through since).

I check the app about once a month just to plan when I'm going to have to cough up another payment, but the anticipation has fizzled. I dread getting the car because if I take it home with like $150k+ in options and over 3 years' wait and it gives me a CEL or "Engine Module Failure - Go to Dealer" I will be beside myself.

Once I was through the rage and grief of the GTB and learning I was not to be a chosen one, I snapped awake from my Ferrari-or-nothing spell and realized that there were still many other cars from other brands that I still wanted to own. I recalibrated my goals and have been genuinely happy with the progress.
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The only potential issue I see is that more guys like us walk away and orders continue to cancel. There are a ton of new cars sitting now and it will get worse. The special cars will of course be sold immediately but their values will drop which may kill the game for a while. I see more people shifting to older models and other marques. There is so many other options.

 

@ryalex - The house always wins.

 

Oh both new and used cars are going to continue to pile up, Ferrari will start tightening the strings, with things like making deposits non refundable and making no sell agreements stricter. It’s going to get ugly for the holders of new cars with awful depreciation and no liquidity to get out, but my point is that Ferrari is going to be just fine for a while.

If F80 started trading at $1m under list and purosangue at half price then maybe many more orders get pulled and then Ferrari has a real problem. The one thing that is sure, is that Ferrari has been so arrogant there are dozens of journalists just waiting to write bad stuff about Ferrari with glee. We have already seen a few negative articles in the last few months on the increase in inventory.

PS One thing that infuriated me was that even though I signed the first right of refusal on the 812 comp the dealer put a lien on my car (which I never agreed to) even though I paid cash for it. Just another example of how the behavior by Ferrari and the dealers pushes away long time customers.

 

I have a 296gtb which i put a deposit down in May of 2022. Car went into production Feb of 2024, finally making it over on a boat. Should be here in a couple of weeks. Miserable experience with production(took almost a year, no idea why). Beautiful spec Grigio scuro with carbon wheels and etc. 450k msrp.

Unfortunately for me its a 2024, being delivered in 2025 in a horrible market. What will happen if i ask for a discount for all this? Will dealer say no and just move on? I imagine it must be hard to find buyers for such a high spec 296 being a 2024. First time buying a Ferrari and not sure how all this works. I drove the car and really liked it, however getting a "year old car" is not sitting well with me.

 

Drive it. Enjoy it. Have fun. Don’t make the same mistake again.

 

It seems to me that a lot of the negative experience here is dealer centric. We obviously all expect corporate to act horrid. But my dealer has been amazing. True gentlemen in every way. I would definitely be livid having to deal with some of the nonsense you all have.

 

I would be livid, that’s an automatic $75k haircut. How can it be a 2024?

 

Where in the world are you located? If you are in the US the dealer won’t discount and if you cancel they will just keep your deposit and move on. In other parts of the world you may be able to get a discount.

 

They’ll be fine until the

The dealer put a lien on your car that you own free and clear? That is world class chutzpah and I’m shocked it’s not illegal. Here’s are two questions for you and the other Ferrari experts: (i) have you ever seen inventory pile up like this before; and (ii) how are dealers reacting to it by managing their inventory?

 

Correct, US dealers will never discount new cars, they prefer them to sit and have a wealthy buyer VIP customer buy it from them as a "gesture".

 

I put a deposit on a GTS in June, 2022 and was told not to expect it until late 2024, early, 2025. I asked if that meant it would be a 2025 and was told maybe, maybe not. So I shrugged and went along with it. Ultimately I pulled the plug once I took it for a test drive because at 6’-3” ingress and egress was challenging to say the least and because it hit me that unlike every other car I ever ordered, I wouldn’t know the final price until it was delivered and I wasn’t comfortable with that open ended arrangement.

 

its not piling up. More or less just market forces doing what they do. There were certainly misalignments that have caused issues....delivering your 296 GTB and then quickly followed by your GTS..etc. The economy, interest rates, viable competitors, used cars dumping in value (because there are too many choices and interest rates) all are having an effect. And its winter.

 

You just said it's not piling up and then explained why it is piling up. Nice use of the word "misalignments" instead of "problems" which is more factual.

 

Wtf a lien.

 

Yes lien on a free and clear car!

(i) Others can chime in but this happened almost every decade until the 90s and the era of the 355/550 onwards until now.

(ii) I can only talk to the behavior at my dealer, but they are not showing prices at any level to take new stock and many of the cars for sale are not advertised.

 

Yes that’s the other craziness … order a car but there may be a huge price increase before it is delivered!

 

I don't think dealers are allowed to publicly advertise unsold new cars, word of mouth only. I think it's an Ferrari corporate rule (FNA or globally, I don't know).

 

Agree with the sentiment but what ever is on the plate is the MY.

 

A couple of years ago my dealer had a 2 canceled sf90’s and I received calls quickly to see if I wanted. By the time I returned the first call 30 mins) the first car was gone. Second car similar. I haven’t had a call about any cancellations in a while. Maybe they have them on the Roma and Portofino (had and wife currently has) but not sure there are many (any) new 296 gts’s or PS’s sitting around at my dealer I have orders for both and I know I would be on the list to call. I am nor cal so I pretty strong market. And ….still loving my 296 gtb

 

No other brand in the world does this... It is a symbol of contempt and total arrogance !