458 trade in value

sounds like a fair deal for a dealer trade in.

 

I'll pay 242 for that car. Except the color is not my favorite. Makes me wonder how much mine will depreciate in 2 years. Interesting. Thanks for the post.

 

I agree with Hawkeye.

4500 miles... probably about right. Add 30-40K on the car and that's what the dealer will offer it for. Then it will go for many 20 grand over your trade if it moves quickly.

I don't think anyone is getting MSRP back on a coupe now -- maybe a low mileage 13 but that's iffy.

When it comes to the options, you can pretty much throw those out the window in value. The only things that probably matter are power Daytona's versus standard without power -- and shields.

Any CF was completely wasted money. You can't count that in the value of the car. So, take out all the CF you paid and that's pretty much where the depreciation starts from.

When people shop for one of these, the amount of CF is just a bonus in their heads. They want year, mileage, condition, color, warranty, and a few specific must have options. Oh... and price.

 

You are probably right. It's too bad that the depreciation hasn't dropped enough on the earlier 458's so that a buyer can get them for much less than sticker (unless the car was over optioned as you pointed out with the CF). I ordered a new one, because if I'm going to pay sticker, I might as well get something new and exactly how I want it. Otherwise I would have gladly purchased slightly used and not have to endure the wait. On the flip side, it's unfortunate that sellers can't get a little more from the dealers. Why should they make so much off of these cars? Percentage wise it may not be a lot, but in real dollars it seems a bit high for detailing and advertising. Especially on 12's and newer, as they are moving quicker than older versions.

 

I saw the same thing happen with my F430 spider. CF meant zero in resale.

Mine was red/tan with average miles (5200). It went in 3 weeks but at a lower than normal price from the dealer. Mine was loaded with CF and just about every option.

Someone got a great car though! But he's lost another 50 in trade in depreciation also in the last 2 years.

 

Dealers have only so many new cars to sell. So the real opportunity is selling used inventory. they have to price the car at a level that someone will buy it. And they have to make a profit or they will not be in business very long.

As a former businessman myself, I believe dealers exist for good economic reasons. They make the market more efficient. Sure you can sell your car yourself but there is some risk attached if you are selling to a stranger or someone you do not know their true financial situation.

On used cars you can always sell to somebody else if you don't like the dealer's offer. Make sure if you do get a better offer you get paid.

And you can always buy a used car from an individual. Make sure you get a PPI and good title. If you finance it the bank will make sure you have good title.

Good luck and may the horse be with you.

 

Sounds right. I have been figuring depreciation on a low mileage 458 at 12% retail-trade spread out the door, followed by 9% per year depreciation. Applying that to your car would give 220-225K. So you did pretty well at 235K.

 

In my state, the trade in value offsets the sales tax on the purchase, so there is a huge incentive to trade or consign my "old" cars to the dealers when I purchase/order something else. It doesn't quite work that way if I sell to an individual and buy from someone (dealer or individual) else.

 

As above in my state you get credit on the trade for tax purposes...not sure how it works in AZ but add that to the trade for an actual caash number....

 

Mine too. Thank you Nevada!

Sales tax on these things is a killer if you trade in after only a year and buy a new car in a state that does not allow you to carryover the used car value. That's 30 grand between license, taxes, and fees for one year. Ouch.

It's a huge disincentive to trade for a newer vehicle.

 

Same in Mass....bought my 08 Scud for 195K (with a 95K trade), traded for 167.5K.....same as almost 179K cash with the sales tax....not bad for a year

 

California sucks. They give you zilch on trade in value for sales taxes. Same as paying all cash.

I guess they need the money.

I traded my 458 coupe at MSRP for $265K for a $315 K spider and only paid sales taxes on 50K, or about 4 grand. In California, that would have been 30 grand -- just for crossing the border.

 

Have things changed?

I thought there was no sales tax in Nevada. Thought they got their money from gaming and unclaimed property from dead gangsters.

 

No, there's always been a sales tax here. No income tax.

 

We have property tax on cars though. That adds several thousand dollars a year on these exotics. So I title mine in a different state without that tax

 

That's true. I forgot about that. But it's not sales tax.

Still a lot cheaper than CA.

 

Do you live in Taxachusetts also?

 

No. Midwest has property tax on things that move. Kansas, Missouri, Iowa, probably more. Wisconsin is nice. 5.5% sales tax and no property tax. The countryside does not require emissions inspections either, so no problem having the car out of state as long as I don't get in an accident.

 

Sounds like a good trade in deal.

 

There is also that intangible value you receive in trading in the old model to the dealer and buying another new car from him. Certainly a plus when the next special model comes along that you would like to get.
CH

 

And being a personal proprty tax, it is deductible on federal tax (unless you are in the AMT).

 

Fair for both sides to me. There seems to be an significant inventory of 458's, especially coupes, so that to me, is driving down the values, and it will continue. Dealer is trying to stay ahead of further depreciation as some of the 458's are taking time to sell, including the red ones.

 

Are people still getting MSRP back on Spiders ? I will have mine next summer and plan of keeping it for some time but want to ascertain where the market for them is right now?

 

Where did you trade the car?

Did you also get the sales tax "savings/offset'? (if so, in AZ that would add ~9% to your $235k, so around $255k equivalent to you)

Which new car did you get on trade?

Would be interesting to see what they list it for...my guess is roughly at sticker , so around $278k...(a ~15% profit margin at asking, pretty typical in my experience for a dealer).