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Anyone getting good deals on preowned Ferraris these days?

Discussion in 'Ferrari Discussion (not model specific)' started by 96redLT4, Jun 27, 2020.

  1. 96redLT4

    96redLT4 Formula Junior

    Feb 20, 2009
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    Jim
    I have been watching the market for a late model V12 or possibly an 'unclaimed' F8. Ask prices are relatively unchanged from pre-Covid levels and most of the same cars are just sitting. The few auction results I have seen still look relatively strong. I'm sure new cars coming from Italy have slowed to a trickle. Any thoughts on the near term market?
     
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  2. C50

    C50 Formula 3
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    If a global pandemic with quarantines, unemployment, supply chain disruptions, market disconnection from reality, and all the other gems of 2020 haven’t been enough to move the needle, my money is on continued strong and stable second-hand pricing.
    I wish I was wrong because I’d love a TDF near MSRP, but I think those days will never arrive.
     
  3. paulchua

    paulchua Cat Herder
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    Things are relatively stable from what I've seen. All I can say is remember what happen to valuations the last time the Fed turned on the spigot.
     
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  4. plastique999

    plastique999 F1 Veteran
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    Nov 9, 2008
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    I’m with you on the TDF ...if prices drop enough that’s what I would get.
    It just doesn’t make sense that car prices have not dropped. I do believe there is a lag in the true recession and prices have got to fall at some point. I’m betting on the late fall and winter.
    This year just sucks overall


    Sent from my 16M
     
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  5. BMW.SauberF1Team

    BMW.SauberF1Team F1 World Champ

    Dec 4, 2004
    12,691
    Because not many have felt pain yet and are on borrowed money or government benefits for the time being. Over 30 million people in the US are on unemployment insurance (all programs combined) as of the DoL report on Thursday and a lot make more than they did on their jobs and can keep spending. 50 million people in the US currently on payroll work for companies that received forgivable Federal loans for payroll. That's half the US workforce. It won't last forever and companies revenue and earnings will fall, bankruptcies continue, and the domino effect will continue until those harmed have to unload unnecessary assets which will include luxury cars.
     
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  6. bcorner

    bcorner Karting

    Aug 25, 2017
    59
    I saw a 488 Pista, yellow with 340 miles for 452k is that. Good deal?


    Sent from my iPad using Tapatalk
     
  7. 96redLT4

    96redLT4 Formula Junior

    Feb 20, 2009
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    Jim
    There do seem to be a lot of beautiful Pistas now for MSRP or less. High price point though and even worse for us on the left coast where we have to add another 10% for taxes and fees!
     
  8. Culprit

    Culprit Karting
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    Everyone with money is bored out of their mind, at home, shopping for cars online. Bring-a-trailer is posting record numbers of bids and final prices. No discounts coming anywhere soon
     
  9. plastique999

    plastique999 F1 Veteran
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    Nov 9, 2008
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    Agreed, there will be a domino effect at some point when the $ tree gets dried up....question is when?
    I’m still thinking late fall/winter


    Sent from my 16M
     
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  10. 96redLT4

    96redLT4 Formula Junior

    Feb 20, 2009
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    I'm not an economist but I am trying to figure out how the fed can print $2 trillion dollars or whatever it was without creating runaway inflation. I saw today they are starting to buy the corporate bonds of AT&T and Walmart. I think that Mnuchin is a pretty smart guy and would not keep doing this but who knows. It is an election year.
     
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  11. BMW.SauberF1Team

    BMW.SauberF1Team F1 World Champ

    Dec 4, 2004
    12,691
    They are creating inflation. That's what quantitative easing has done and will do. It did it in 2008 and it's doing it again. I recommend people don't use the term "inflation" as it's not very specific. Most people usually refer to "inflation" in regards to consumer price index...which is only for consumable items. The Fed is not buying up consumables so it will not push that price up. They are however buying assets (bonds and indirectly stocks by pushing people into those). Therefore you get asset price inflation. Which we have had massive amounts of since 2008 (stocks, bonds, real estate, artwork, collectibles, etc). So the price of a t-shirt will remain low (CPI, "inflation"), but a starter home will push closer to $500k. The Wilshire 5000 has tracked very closely to the amount of dollars made by the US Treasury since 1980 so there is your inflation.

    They will print more this time and it will spill over into CPI this time and I think create stagflation as output will fall from high unemployment.

    Let's see if these cars can drop or just inflate up with this non-stop printing if they don't let off the printer.
     
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  12. Doc_Dent

    Doc_Dent Karting

    Mar 2, 2015
    77
    IMO, if a vaccine or a cure was developed any time soon, that would be a game changer when it comes to pricing worldwide, things will start to pick up fast I imagine.
     
  13. BMW.SauberF1Team

    BMW.SauberF1Team F1 World Champ

    Dec 4, 2004
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    #13 BMW.SauberF1Team, Jun 28, 2020
    Last edited: Jun 28, 2020
    The influenza vaccine is only effective 10% (2004-05 season) to 60% (2010-11 season) of the time based on the season per CDC. Most years less than 50% effective. I wouldn't count on it.

    Edit: And the rate we're going a vaccine will be too late.
     
  14. henryr

    henryr F1 World Champ
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    too early.... the fed and stimulus bought months...
     
  15. Texas Forever

    Texas Forever Four Time F1 World Champ
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    In the short-term, dealers are raising prices because there is an inventory shortage. No trades ins on new cars and so forth.
     
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  16. dgoldenz94

    dgoldenz94 Rookie

    Apr 13, 2020
    27
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    David Gold
    I just bought a certified FF with 48k miles for $100k including the 2-year CPO warranty. High spec custom build over $400k MSRP, seems like a great price for a CPO even with the miles.
     
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  17. Adamas

    Adamas F1 Rookie
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    What year?

    Pics and options?

    Congratulations.

    Mike
     
  18. technom3

    technom3 F1 Rookie
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    Unless it's a lusso 812 or 488...

    Prices were less in December.
     
  19. paulchua

    paulchua Cat Herder
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    Excellent post, very well explained.
     
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  20. dgoldenz94

    dgoldenz94 Rookie

    Apr 13, 2020
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    David Gold
    Thanks, looking forward to it! Been on the hunt for a while now and this one is spec'd exactly the way I would have done it. Might have chosen a different color interior but I think the color combo is great and the blue interior looks a lot better than I thought it would when seen under normal lighting conditions. It's a 2013. Options:

    Bianco Italia exterior
    Blu Navy interior
    Suspension lifter
    AFS system
    Dual view front parking camera
    Passenger display
    High power Hi-Fi system
    Alcantara boot carpet
    Alcantara interior carpet
    Inner alcantara inserts
    Aluminum brake calipers
    Front grille with chromed edges
    Blue color carbon fiber driving zone
    Blue color carbon fiber dashboard inserts
    Outer mirror insert in black
    Sport exhaust pipes
    Semi-aniline leather interior upgrade
    Semi-aniline leather upper zone
    Semi-aniline leather headliner
    Ferrari shields
    Diamond stitched seats
    Diamond stitched headliner
    In/out electric mirror + homelink
    Front and rear parking sensors
    White rev counter
    Forged diamond cut wheels in black
    Ventilated full electric seats
    Colored special stitching


    A few pics with bad lighting since they were taken int he warehouse with what appears to be a potato phone made in 2006:

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  21. 96redLT4

    96redLT4 Formula Junior

    Feb 20, 2009
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    ^^Congratulations on a beautiful FF. Curious what kind of warehouse with all those cool F-cars?
     
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  22. PTG1

    PTG1 Formula Junior

    Oct 7, 2017
    488
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    Pete
    Very nice indeed
     
  23. paulchua

    paulchua Cat Herder
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    Congrats!!! Awesome spec!
     

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