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599/430 Prices Crashing

Discussion in 'Ferrari Discussion (not model specific)' started by Napolis, Oct 13, 2008.

  1. Napolis

    Napolis Three Time F1 World Champ
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    The wholesale market for modern Ferrari's has collapsed. This weekend Wholesale Low Miles 599's have fallen to 260K and Low mileage 430 Spyders have fallen to 170K.

    Now before the chorus screams BS! Show me and I'll but every one! I'm being Dead ****ing serious about these prices. If you are a REAL buyer and willing to buy in cash this Monday paying a touch over wholesale, (They usually try for +10 but may be willing to deal) PM me and I'll give you a phone # but don't waste my time. I have no financial interest what so ever in these cars or the Wholesaler nor will get anything if you make a deal. The wholesale network has MANY for sale with different colors and options that really need to be sold now. As a final aside it wouldn't amaze me if the market for these cars falls futher in a short time.
     
  2. Texas Forever

    Texas Forever Three Time F1 World Champ
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    But Jim, surely Obama has given us hope, yes? I sure the world is anxiously awaiting the Barack/Nancy/Harry Economic Recovery Act. Yes, I believe that a change will do us good. :)

    Dale
     
  3. WILLIAM H

    WILLIAM H Three Time F1 World Champ

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    #3 WILLIAM H, Oct 13, 2008
    Last edited by a moderator: Sep 7, 2017
  4. mcg

    mcg Formula Junior
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    Based on my current attempt to sell my '06 F430 Spyder I agree. I should have adhered to the notion that "your first money is your best money" and accepted the $215,000 offer from an end user 14 days ago and the $200,000 offer 2 days ago. I don't think I will be receiving any higher offers anytime soon, or ever.
     
  5. BigTex

    BigTex Seven Time F1 World Champ
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    Autoweek ads certainly reflect a growing inventory on ALL the dealership lots.....
     
  6. SDChris

    SDChris Formula 3

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    I was just looking at the network, and the numbers of 430's are up! For the first time, there are more cars being offered then dealers looking...Just 5! So as long as my calls stay steady, there are great buys out there!!
     
  7. spike308

    spike308 F1 Rookie
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    my local dealer (LFSC) has a slightly used 599 on the floor for 50K over sticker (they had the window sticker on the dash!)... nothing like the one they wanted $499K for last fall! Still seemed awefully optimistic.

    well, as the old saying says... cash is king!
    snap up some "great deals", thats if you have the means and / or 'nads to do so!
     
  8. Napolis

    Napolis Three Time F1 World Champ
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    The numbers are exactly what I posted. Anyone who pays more than that is very stupid period.
     
  9. sTyleR

    sTyleR Formula 3

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    This is very true. I went to Ferrari of San Antonio the other day and they had nine used Ferrari's on the showroom floor. I asked one of the sales representatives if they were getting any drop offs from people needing to sale quick. While is answer to this question was no, I have never seen this dealership with a full showroom of used Ferraris before. . . .

    Aside from dealership lots, 865 Ferrari’s are currently being advertised as available on cars.com.
     
  10. SDChris

    SDChris Formula 3

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    But thats wholesale Jim, dealers can not sell cars for what they have in them or less, it would for sure put the dealers out of business, and futher add to economic downturn.... Not only that but "normal" people can not buy through networks, only dealers...
     
  11. BIGHORN

    BIGHORN Formula Junior

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    I think the financial bottom is not near. We are CPAs with a lot of scared clients who are hoarding cash; actually so are we. I belive in not buying things that are going down. Wait till they start going up.

    The economy ( or lack thereof) is affecting everything.
     
  12. boxerman

    boxerman F1 World Champ
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    #12 boxerman, Oct 13, 2008
    Last edited: Oct 13, 2008
    Considder all the poseur aholes and glib dealers who did deals on 430's locking out genuine buyers while they bought new(by sucking...) and then resold though the dealer slightly used cars for big premiums. Considder the dealers who refused to take deposits from genuine buyers who would actualy keep the cars and use them.

    Considder that Ferrai said there was a 2 year waiting list on cars, but this was BS becaise no dealer would actualy even take a deposit for future delivery.

    Now we have all those overproduced ordered and owned on a hype market, cars suddenly no longer the fashion acessory of the era owned or leased by people who had no real clue what it was beyond image, and who now need to radicaly reduce expenses.

    The price is comming off bigtime. I feel zero for the dealers and ferrari, they could have sold to people who actualy were going to use and keep the car, instead they created and milked a fashionista market, paid for by CDO's or whatever. Same for many porche GT3 owners.

    For the few genuine owners who want to sell, sorry, but why not keep and actualy enjoy your "investment" I mean car.

    For the poseurs, well if you have not trashed your new car through valet service city streets poor warmups and the general car is a commodity neglect, then there is going to be a happy enthusiast somewhere in the next few years, who instead of getting a 328 might have a 430. For those who might actualy have the money to buy these fantasticaly depreciated cars, considder this your reward and rebate for "missing out on the motagage" boom.

    And since many people are going to suffer for the sins of people who sold themselvs the rope that they hung themselvs with, well we might all be in the same boat anyway, which means the 430 might be cheaper still.

    A predictable end really, just mazing it took this long. And when all this money being thrown at everything starts to stick we could end up withj another uncontrolled boom in some new BS, maybe that is just wishful thinking.
     
  13. SDChris

    SDChris Formula 3

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    Jim,

    With your experince and past with exotics cars, does this market look more like the crash of 1988-1990? Has the bottom fallen out like back then?
     
  14. Napolis

    Napolis Three Time F1 World Champ
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    Chris

    What part of I can put ANYONE "normal people" in touch with a dealer that will sell them these cars today at the prices I've listed + a very small amount that you are unable to understand?

    What part of yes many dealers will be going out of business that you are unable to understand? Do you seriously think exotic car dealers will remain unscathed?

    This is a Crash. Anyone who denies it is full of ****.
     
  15. SDChris

    SDChris Formula 3

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    #15 SDChris, Oct 13, 2008
    Last edited: Oct 13, 2008
    I am sorry Jim, I did not see that you had listed any prices at all that I do see now but I am unable to find the $170k 430 spider, also I did notice that you said "a dealer that will sell' so I assumed one dealer. the prices that you are seeing are wholesale, that was all I was saying...With markets rebounding today at least so far, I wonder if this market is falling like back in the late 80's and early 90'?
     
  16. Napolis

    Napolis Three Time F1 World Champ
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    Once again in 1989 a 250 GTO sold for 17 million. In the early 90ies the same car sold for 3.5 million. That break was 80% This one will be much worse.
     
  17. SDChris

    SDChris Formula 3

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    Hmm, so this trend is going to be much bigger then back then, since I was not in exotics cars back then, what drove that crash and what will drive this crash futher?
     
  18. Napolis

    Napolis Three Time F1 World Champ
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    The answer my friend is blowing in the wind.
    The answer is blowing in the wind.
     
  19. WILLIAM H

    WILLIAM H Three Time F1 World Champ

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    Mmmm, a BBLM would be nice :)
     
  20. SDChris

    SDChris Formula 3

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    #20 SDChris, Oct 13, 2008
    Last edited: Oct 13, 2008
    I spoke to 2 of my lenders this morning and they are buesy and loans are up for exotics for at least these 2 banks. The smaller banks are no longer doing home equity loans for exotics so they are both 3X busier then they have been. They are both asking for more income docs, but niether have seen a rise defults on there current loans, and are still working buyer with 680 becons and above. Both lenders said that since they have always required income statments and 650 above becons score with no lates, they have been less affected. Both said the banks that ware financing 60 months and home equity lines for these cars are the ones really hurting...but rates are good, and they are both still buying!

    Add that to great pricing out there, and now is the time to buy!?
     
  21. 2000YELLOW360

    2000YELLOW360 F1 World Champ
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    If they ever get to 1M, I'm a buyer. I'll deal with the money Nazi (just kidding) later, after I've bought it.

    Art
     
  22. fred cat

    fred cat Karting
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    ....I see the Johnny Walker Blue is flowing freely at glickenhaus&co.
     
  23. WILLIAM H

    WILLIAM H Three Time F1 World Champ

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    57 TR is my favorite

    but I think I'd rather spend that $$ building a nice compound in South America
     
  24. Napolis

    Napolis Three Time F1 World Champ
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    #24 Napolis, Oct 13, 2008
    Last edited: Oct 13, 2008
    Chris

    All you're doing is cluttering up this thread with BS. This thread is a free service by me to put real buyers in touch with a real seller of 599's at 260K+ and F 430 Spyders at 170K+. This dealer is talking cash today. That's all this thread is. People here are capable of deciding if this interests them. They know if they can or should get loans. They know that there are dealers that are asking a lot more than this. They know that things change fast. This weekend I saw 2 charity auctions that could not sell enough tickets to raffle a new exotic. I heard from dealers who refused new car shipments because their banks had frozen their floor plan and they can't move the cars they already have. I spoke to tanker owners who were told by cargo owners not to deliver on LC's because they would not take the credit of some banks. Great time to take a 60 month loan to by a 430. Not.
     
  25. SDChris

    SDChris Formula 3

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    #25 SDChris, Oct 13, 2008
    Last edited: Oct 13, 2008
    Fair enough Jim.....What I am talking about is not BS though. In a recent artical AFC and MAFS floor planning companies have not lost the value like other lenders have...anyway..it might not be as gloom as it seems, I just wanted more facts Jim...

    Have a great day...!
     

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