458 values and depreciation

Buy one and trade in for the new model if you get a spot and you will have a premium for a while. 5 years is a long time especially when an all new model comes out.

 

Sorry to say, but that is ridiculous...
Why should one Pay more than MSRP, especially for a used car ?

You are really getting ripped off by the dealers in North America...

 

Because in the US unless the dealer really like you it's hard to get an allocation for a new car. I have bought 4 Ferraris from my dealer and it would have taken 2 years to get a Spyder.

 

It's really not the dealers ripping us off, we have to much demand and not enough supply. Dealers have to sell new cars at MSRP, no mark-up. The market wants more of these cars than Ferrari North America is allocated. That's how you get used cars selling above MSRP. I agree it's stupid and at some point supply will outstrip demand and prices will fall.

I suspect in Germany you get a higher supply relative to demand if prices for used cars are behaving "normally" and dropping about $20k per year.

 

You're about right. My 2010 Italia lost 60k after 3 1/2 years and 17k mls...

 

25 perdent in 3 years is not bad. In 3 years a mercedes amg has lost 50 percent.

 

In Dubai 458s lose 50% in 3 yrs like most other luxury or sports cars. A mark up on used, is unheard of across the board.

 

I would say the average 458 would lose 35-40% in 3 years in UK, when next model out, probably 50%. That is average I would say, but having driven mine 6500 in 7 months with spring around the corner and a throttle happy right foot probably 12k miles average in the year or more I will probably depreciate it 55-60% :S.

Lol. Oh well. I love it. Each and every mile!

Sunny

 

I'd buy one lightly used but closer to MSRP. Let some one else take the brunt of the depreciation and then sell it when you are done with it. I simply do not have the patience to wait on a list for a year with nothing.

Best

Doc J

 

How about buying a car in Europe and bring it to the States ? We do the same the other way round. Wouldn't that be possible ? There are a lot of cheap 458's in Italia...

 

Errr noo... Msrp for an italia in Dubai without add ons is 950k dirhams ... And no one buys without any addons.. So even an avg italia costs 1mil and I haven't seen Any italias selling anywhere near 500k AED..

Prices here hold up a lot better..

And yes there is premium for a slightly used car, and definitely a big premium for a new car that has landed at one of the non Ferraris show rooms. Most big sports cars show rooms in Dubai make all their money by ordering brand new cars and selling them at a premium to a load of buyers who happily pay above dealer retail to cut the wait, which in Dubai by the way is relatively short, under 6 mths always...

Mclarens though are a different story. They drop in value like there is no tomorrow!

458s and California's holding value nicely here.. FF I'm not soo sure of



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Very good post.
I enjoyed the information. Thank you for posting.
Similar situation here in the USA
Eric

 

In China there is typically a 5% to 10% discount for cars on dealers lot now, and no discount for ordered cars. The moment the car leaves the dealership, you are looking at a 20% depreciation if you try to sell back to the dealer. There is almost never the artificial shortage of cars experienced in the US. Unless you want to be the very first guy with the latest car, there is usually no mark up on new models either. but then a 458 already costs 700k after taxes...

Also in terms of used cars, mileage seems to be less of a factor versus model year in determining value, it only comes into play when compared to other competing sales. Used car dealers automatically deducts a certain amortized amount based on age. I've never seen exotics with just a few hundred miles, people here buy cars and drive the heck out of it then move on to the next toy. Very few owners baby their cars the way Americans do.

 

Very true, same in most of Europe. For many, it is their their first or second car and rightfully so, mileage is not an issue like here in the states.

 

Thanks for posting. Very different situation than what was described by other members here. Spiders still have long waits and command premium on used market in us. For how much longer no one knows.

 

As LdM wants to cut production numbers it might last for a while like this...

I'm glad I'm living in Europe

P.S. When I bought my Italia it was in May 2010 and the car was still brand new. I never had a F before nor had contact to my dealer. I just walked in and said: I want to buy a 458. The wait for a new one would have been in excess of 18 months. A couple of days later they called me and told me I could get a used 458 - 6 weeks old, 500 mls, red/black as I was dreaming of. I paid MSRP, although at that point of time premiums were paid for Italias. That's what I call a fair and reliable dealer...

 

Lets work through the numbers.

Total cost is ~$370k inc sales tax (my guess at 6%)

The ~$35k mark up (33k plus sales tax) is simply a gift to the dealer. That money is gone. What do you get for that good will? I would want to lock in something so you should decide if you want the inevitable special edition of the F12 or to be able to trade on a 458 Speciale Spider if that comes out- but in this instance you are doing the dealer a favor and you should get something in return.

I think the base MSRP on these cars is $260k. I bet a typically optioned car is right around $300. So lets discount your car to $300 right off the bat.

Then we have the question: what will a 2013 458 Spider be worth in early 2019? Even though thats 5 years from now, thats 6 model years. I think the 2013 Spiders were the 2nd model year of the spider.

If we look at a second model year 430 spider (2007) trading in 2013 (6 model years later) I think to be safe $150k is a safe number if you are the seller, especially if you are selling to the dealer.

I don't know the spec of the car you are looking at but if its the standard red with black or tan interior and shields then I think you're safe. If its black with a non offensive interior then I think you are probably still safe. Anything else you can expect to get less. This isn't a commentary on taste, its simply market realities.

So wild guess on what you would get back in 5 years lets just call it, most likely $150.

So 370-150= $220k/ $3,666 per month cost (over 60 months- including tax but not including wear/ tear/ maintenance/ insurance items).

As to waiting or not- only you can decide the value of having it now- but consider: the 2015 model will be a late model car which will hold on to value a little better further in the future.

Probably the best thing to do if you want to buy future cars and as far as the dealer is concerned is get the car now and make sure to get something (in writing would be nice) for all that good will you are buying, and then put the order for the 2015 car, and then decide what you want to do from there. I don't know if Florida allows a sales tax credit but this way you get out of the 2013 car sooner and before it seems so old to the marketplace. Besides that 2015 could become something like a 458 Special Spider- thats my guess that they will make one. I don't know but I also don't know how the factory can resist not making one.

My advice is not to get hung up on getting the first model year of the 458 successor whatever it is- and- no matter how you slice it- these newer cars are not a money maker for you, its just how much you will pay to have the privilege of driving these fine automobiles.

 

I wish what you are saying is true. But I think you have not visited dubizzle recently, 2010 Italias are "asking" in the 500-600k range, 2012s 700K+ and 2013s 800k. They all sell for much less than asking price.

A new Italia can be ordered and delivered in 3 months max, I got mine in just two (flown in) from Al Tayer. Those buying from these other non-official sports car dealers are often out of town regional buyers and the new cars sold by them are often not GCC spec (Euro specs) which means they do not come with a warranty. Some impatient customers do pay a premium to get car immediately. But frankly here it takes far longer to get a new ordered porsche (4-6 months).

I am merely pointing out that sport and luxury cars take a huge depreciation hit here, but that does not bother me too much, as I buy cars to drive. For example I completed 10,000 kms today after just 5.5 months with my Italia. Cars are to enjoy and drive, I will worry about resale when the time comes.

 

There can be some exceptional cheap cars. One selling around 575k nowadays but with 90k kms on it.. 2010.. Other times non gulf models which local dealer doesn't cover on warranty or service contract can sell a bit cheaper for obvious reasons. Cars sold by gulf Ferrari dealers do hold value unless some problem with the car or very very high mileage. Values are mileage sensitive in this region as many many people have 458s as their 3rd, 4th car and not uncommon to find 2-3 yr old car with 4-6k km on it.. I saw a 430 the other day with 850km on it... So if you have 90k km in the same market surely you have to compete by lowering..
When I say they hold value that's true for the major percentage of cars here..

On the non Ferrari dealers .. They are full of GCC spec brand new Ferraris. This is common practice here with popular models, Try buying a range rover for mSRP without waiting a year, you will easily pay 100/200k AED premium..
I did say that wait time is always under 6mths here in Dubai for a new Ferrari, and they are always flown in without exception. You can save time on delivery by choosing one of the cars that dealer has ordered himself if the options/colors are close to what you want. Dealer here has regular slots booked without selling them because the Know they will be able to sell the car easily by the time it arrives.

On driving the cars hard, agree with you! I have 40k kms on my 20mth old california, and 4k kms on my 1.5ًmth old spider!


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Yes, indeed, the dealer now typically has 1-3 Italias in stock, that they specced and these are sold after arrival. If the specs suit you you can get the car immediately, and it is actually possible to negotiate a small discount (3-5%) on these.

Congrats! You also appear to drive your cars as they are meant to be driven. We should go on a drive soon!

 

But a similar optioned 430 Spider is about $40K cheaper than a 458 Spider, so my guess would be ~$200K instead of $150K?

 

I agree with iceman, The difference between a 430 and a 458 needs to be considered. My 2007 430 spider was well spec'd at $235k. The 458 you are looking at is $316k. If my 2007 is worth $150k, that is about 64% of sticker. That would put your 458 spider at around $200k in 5 years. Keep in mind, Ferrari usually makes a coupe for about 2 years , then makes the spider. There is usually a waiting list which actually firms up the prices a bit on the preowned market for the previous spider. You would lose the mark up on the msrp. Buy one closer to msrp as someone else stated or wait and build your own at msrp.