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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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    #26 Napolis, Oct 13, 2008
    Last edited: Oct 13, 2008
    Unlike some we bought Stocks on Friday. It wasn't the biggest mistake we've ever made. As for car's during the last break I spoke of I also bought a "big" car. Wasn't the worse purchase I made either. Losing money isn't a problem if you aren't leveraged, don't owe a penny, and have the foresite to buy when there is blood in the street but buying Exxon when it is down 20+% in two days and holding on to it is a bit different than buying a 599 for 100K over msrp.
     
  2. WCH

    WCH F1 Veteran
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    Mar 16, 2003
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    We had a long, great run, you could buy a new 8 cylinder Ferrari from a dealer, keep it for a year or so, drive it a few thousand miles, then trade it back and not lose money. Did anyone really think it could last forever? I wonder how many folks who ordered $300K Scuderias will cancel when the car arrives?
     
  3. donv

    donv F1 World Champ
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    The way things are going, this week's "wholesale" is next week's "retail."

     
  4. donv

    donv F1 World Champ
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    Can you give us a hint as to your new car?

     
  5. Napolis

    Napolis Three Time F1 World Champ
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    I was talking of the 89 crash. Still have her. Payed about 80% less than she was worth two years earlier.
     
  6. donv

    donv F1 World Champ
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    Oh-- thanks for clearing that up! We're probably a bit early for big purchases this time around.

     
  7. ferraripete

    ferraripete F1 World Champ

    the market rebounding today has ZERO to do with the fundamentals. as jim states, there are dire straits ahead of us and todays rebound is the typical noise reaction that many of us expected.
     
  8. boxerman

    boxerman F1 World Champ
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    #33 boxerman, Oct 13, 2008
    Last edited: Oct 13, 2008

    I am waiting for the 2kmi 80k scuderia. Remember 288GTO's, list was something like 86K, by the time they were being produced they were 300+K and peaked over 600K, then they fell to 150K and seem to have crested out around 700K. I can see them going back to 200k.

    I have also seen Ferrai 275 2cams at 150K twice. This market is very cyclical, and the newewr f-cars are really produced in quantity for many people who are not really commited to holding based on emotional values or true car lust/love.

    Then the next up cycle will come and Strdale's and Scuds will be seen as the it ferraris because f40's will be 1 million plus and these will be the new discovered stars. Boxers and Tetarosas will be dragged up by 600k Daytonas(which might touch 150k in the interim) and 308's will enjoy a revival as a true classic, like dinos were in the early to mid 80"s, or austin healeys.

    Question is will the 355 become the new 308gtsI or are they just too expensive to run. Maybe the 550 will be like a Ghibli was, a great looking driving car whose maintanace is so expensive relative to its cost that the value goes really low. Then one day then there will be specialists(because there will still be a lot of these cars) who know how to reasonably take care of these cars and they will be a good purchase. Plus there will probably be a lot of 550 motors laying around which will be awesome for p4 replica specials, but I digress.

    A Citroen SM which by any measure should be an ultimate classic depreciated, once used, so hard due to running costs and specialised maintanace, that they all really needed retoration, so their values could never recover.

    If I have the money and the family CFO(wife) can be placated then a renault R5 Turbo at 20k- is a must buy. And should prices really tank then I would look at a 288 (200K) as a must by, it will be a great car to own, and will if necessary appreciate at least as well as many other assets. So if one needed the money later in life it would have been well spent annd you will have enjoyed one of the greats, and if the money was not needed you will still have had and enjoyed one of the greats.

    Hopefully one lives long enough and healthy enough that 50 years or more on the cars become a barn find and people are amazed at what they are worth, even better your kids appreciate them too and dont have to sell...

    There is potentialy a new era comming for enthusiasts. We are envious of those who bought GTO's and SWB's in the late 60's or early 70's for 7k when they were unapprecited used cars out of step with the time. I remeber hearing of someone trading their 3 year old daytona on a new crappy mid 70's vette.

    The scuds and stradales or even lightened 360's for 50k will now fill that role.

    Alaways look at the bright side.

    Unless of course it will be the 30's again when nothing was really good. But methinks It will be bad but not that bad.
     
  9. Ricambi America

    Ricambi America F1 World Champ
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    "Meow" Said the cat, as bounced on the pavement. ;)
     
  10. SDChris

    SDChris Formula 3

    Mar 8, 2006
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    Fair enough! The 2 largest floor plan companies are not see it, and are still playing, the 2 largest finanicers of these cars to the public are not seeing it and still are writing long term loans, today is the first day that dealers selling are more then dealers looking on 430's (may be the start of somthing) So I do not know..the sky may be falling for everyboday like in the early 90's and maybe just for one dealer, I do not know..But I like these topics, and just wanted more facts..
     
  11. Napolis

    Napolis Three Time F1 World Champ
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    Good Post!
     
  12. JCR

    JCR F1 Veteran
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    You mean "dead cat bounce"?
     
  13. hardtop

    hardtop F1 World Champ

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    I told my wife that 430's are getting hammered. We bought ours new in 2005. Since it has 13K miles on it, has been rained on more times than I can count, been in snow and been on the track, I figure it isn't worth anything so no point in selling. She "didn't want to hear it". Life is good.

    Dave

    PS: Paid cash, no debt of any kind. Still sleeping like a baby.
     
  14. Mrpbody44

    Mrpbody44 F1 Veteran
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    The worst times can be the best times.
     
  15. Napolis

    Napolis Three Time F1 World Champ
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    No. Stocks were WAY oversold. They experienced the huge drop from the top in a very short time. The market will do better from here because the actions being taken are good and over time will work. The market lags and then leads. I believe that this is the beginning of the end of the Stock Market Crash of 08.
     
  16. BigTex

    BigTex Seven Time F1 World Champ
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    You'd hope a gazillion billion dollars/euros worldwide by the major governments would buy SOMETHING!

    Not to derail the most excellent thread here......:rolleyes:
     
  17. BT

    BT F1 World Champ

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    Yes, I would not bet against Jim that we may have seen the worst of the stock market for now. But I don't really understand the whole variety of plays and manipulations that I have to trust to a broker or learn on my own. For now I can play in the low dollar foreclosed real estate market and make plenty of money on the small amounts I have available for this type of investment. I have been pondering selling the 348 for about a year, but there aren't really any good buyers, so I am happy to keep it for now. Just need some new tires and it is good for another few years... The worst part of this recession is the boredom of not having lots of work to do. It is always better to be too busy than too slow.
    :)
    BT
     
  18. Testacojones

    Testacojones F1 Veteran

    Nov 3, 2003
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    Terra
    There was a huge boom prior to that and this was not the case in the last recent years for the Ferrari or exotic car market, not the same situation, and not they will not depreciate on a same scale.
     
  19. Napolis

    Napolis Three Time F1 World Champ
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    ??

    599's have fallen from a peak of 500K to 260K today in a very short time. Much faster than last time.
     
  20. eyboro

    eyboro Formula Junior
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    Where can I buy An F430 Spider F! for under $170,000?
     
  21. targanero

    targanero Formula 3

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    I'm not so sure the worst of the stock market crash of 08 is over with.
    Volume is light today because of the holiday, the bond market doesn't open until tomorrow, we won't see the effect of all of the global credit rescues until tomorrow or wed., and big earnings are due early this week which could foreshadow analyst downgrades, layoffs and future earnings reductions.
    If we get to Friday close with a substantial rally - maybe 10% - we may have seen the bottom last week, but it's way too early to tell and many will sell into a big rally after the shock that they received last week.

    As far as 599s and 430s, prices may seem great today, but no one needs a crystal ball to see where values will continue to go for a very long time.
     
  22. tazandjan

    tazandjan Three Time F1 World Champ
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    Jim- Sounds like nobody really wants a good deal on a 599 or F430. If I were in the market, I would surely be getting in touch with you.

    Taz
    Terry Phillips
     
  23. Napolis

    Napolis Three Time F1 World Champ
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    Read post #1 and follow instructions if you are a serious cash buyer today.
     
  24. Napolis

    Napolis Three Time F1 World Champ
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    Very interesting that no one has hit this offer.
     
  25. Testacojones

    Testacojones F1 Veteran

    Nov 3, 2003
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    Terra
    I'm talking in relation to their original msrp. Remember that an early Testarossa back in the boom had a msrp of low $100k and those went up to as much as $325k and then took the big hit down to $160k and from there slowly to where they have been for the last 8 years or so.

    The GTO from $85k to 1.2 million, back to 1/2 a million, then low $200k and not too slowly back up to around $500k, I can see these dropping to high $200k and don't think they will ever go below.

    Do you think that we could probably see GTOs for mid $200k or F40s for high $200k?
     

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