599 GTB -> F12

Last year I fulfilled a life long dream of owning a front engine V12 Ferrari when I purchased a '07 599 GTB. I simply love the car. However... I'm toying with the idea of ordering a F12. I called a dealer who told me it would take a year to get an allocation, and then another 6 months or so to order and get the car. So, 18 months or so, about what I figured.

In 18 months there will be low mileage F12's on the market. I'm not real fussy with options, so I'm sure I would find one that would be satisfactory. So, what is your input: should I get on the waiting list and order a car, or just wait that long and purchase one on the used market?

 

My bet is that your allocation may come in a bit sooner than expected. Not a lot, but a bit.
Given the lackluster state of the economy, I know many that got 458 allocations that weren't going to get them at all, or who got them sooner than they thought. And mid-engined eights always hold value better than front twelves in recent history.

With that said I don't think you'd be wrong in waiting out the slightly-used market.

 

If you are not too concerned on spec, I would wait but then you could also cover your bases by confirming your order with a refundable deposit so the closer it gets to confirming you order you can make the final decision depending on how the used market is.

 

At some point the F-12's will depreciate like the 599's do. The first few used F-12's will probably bring a premium after that they will go down. The only question is when.

 

I would say if you don't need the car to be in your exact specifications, wait a bit and buy used. You'll get it faster. Just be sure you won't regret no having spec'ed the car.

 

In 18 months time I reckon F12s will not be much below list on the used market. You might get a few 'free options', especially on cars with unpopular colours (I'm UK based).

On the flip side, the chance to spec your own and so have your own small piece of Ferrari history, and get a car that is exactly what you want, has an appeal doesn't it? I also think you should be able to negotiate some discount.

On the used market I would guess you'll have to wait 3 years for a decent saving and about 5 or 6 for a big one - by which time the F12's replacement will be here.

 

The F12 is the only current Ferrari I'd want to spec myself rather than get a 2nd hand car for the same money with 0 miles on immediately. I know exactly the spec even . Maybe end of 2014...

 

and it would be...............

 

John,
Must be some fate involved here... I have an '85 308 Euro., an '89 Testarossa, recently bought an '07 599 GTB, and am on the list for an F12. Hope to have the allocation this month. Must be in our Italian last name. Go for it!

 

No discounts in the US on new F12. Maybe at the end of the model run but probably not.

 

612 second hand prices in Australia are hovering around 250k, new price was 600k.

599 are great buys now at under 300k, they also sold for 650-700k on debut.

I suspect F12's in 3 yrs will also be good buying for the astute and patient, with nominal mileage

 

I was told 18 months also, but it was a guess.

I will not buy used. If I'm spending that much for a car, I want exactly what I want.

 

I think they want to break this cycle. This is why quota's are so tight. You would think that with sales overall down, they would want to push them into the market. But, it's more like "hold on a minute there cowboy" instead of "giddyup".

Will they go down. Sure. But they are going to try to hold resale values longer than 599's.

 

You might be right but personally I'm not certain. I found the following comment on another thread:-


"I am waiting for F12 and it is nearly 1 year away.
I am selling the aventador and only car in garage is 458 spyder.
Now, I have been offered very aggrasive discount on new FF and I am almost taking it.
Since it is my second FF, I know what I am getting."


I don't think manufacturers find it easy to reduce volume. A car will enter the country at typically half its retail or sticker price - a £250k car will be ex factory at about £125k. Out if that, full Gross Margin will be about half, so around £60k.

This pays for their fixed overheads, r&d, development, management, marketing and profit (very roughly).

To drop production by a mere 1,000 cars they have to find savings of £60m GBP or about $100m. Even then they will make less profit. I don't really see Ferrari in cost saving mode currently (but who knows, they could well be because they wouldn't make it obvious would they?). For 3,000 cars less it is $300m etc. Not many shareholders would be happy with that and the car industry globally has a history of being addicted to over-producing.

Much easier for a manufacturer to spend some of the distributor and dealer gross margin to try and keep sales and production as high as possible. Admittedly they have to do that very carefully and as quietly as they can but they will be very good at finding ways to do this.

I know that Montezemolo said recently that the future for Ferrari is to restrict supply but they said that about the FF and look where we are.

My only point is that i believe they will be heavily restricted in the degree to which they can keep supply limited.

 

You really can't compare the 2+2's to the v12 GT's, they do not follow the same depreciation curve and never have.

You won't see the values drop on the F12's until later in their production run, similar to the rest of the v12 GT's. They don't usually start to drop significantly until there is a new model on the horizon or they've been out for 4 or 5 years (the 599 was made for 6 years don't forget). If you want an F12 at a discount, it may be be 2018 by the time you get a significant one...

Regarding depreciation vs. the v8's, the v12's usually don't fare much worse if any, see the 550 vs. 355 and 575 vs. 360 current values, both are worth 20-30% more than their v8 brethren.

 

I am not sure that used Ferrari in first 2 years is good investment. They keep their prices pretty good in that period. In this moment you can buy used 599, have fun with it for next 2-3 years, than you can sell that 599 & take used F12. On the other hand, if you want F12 in this moment, take it brand new with some specific options so you can get nice re-sale value. After 2-3 years, you can get nice price for F12 & take 458 Monte Carlo.

I have few friends from Monaco with similar way of buying Ferrari`s. Take brand new Ferrari, enjoy it for 2 years and than go to next model. That is pretty expensive, but if you can afford brand new Ferrari, you should make enough money in 2 years cycle to add some cash for new model.