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Dealer Demo 2018 488 Depreciation

Discussion in 'Ferrari Discussion (not model specific)' started by mdrums, Oct 26, 2019.

  1. mdrums

    mdrums Rookie

    Jun 11, 2006
    24
    Tampa
    So I’m looking at a dealer demo 488 2018 with 250 miles. Dealer will not discount the 288k sticker,price, car has 2 years warranty left. They are giving me 15k over on my Porsche GT3 trade and giving me no charge 1yr extra warranty, front clear bra, Capristo exhaust and skid plates.

    I am putting 50k down to do some creative finance with Ferrari USA.

    Im getting cold feet on the deal, which I have been going back and forth with dealer on now since last Wednesday...3 full days of negotiations. Dealing with this dealer I feel like I am buying a Kia! Some contradictions and slimy dealer attitudes and talk.

    Maybe I need to just walk away. I like to drive my cars and on my 2018 GT3 I did 6k miles in a year and didn’t feel like I drove and enjoyed it enough. So with this Ferrari if I do that same mileage a year and sell it in 2 years people will think at 12k miles the car is junk...LOL

    with the 50k down and depreciation over the next year or 2 and some miles I think I will take a 100k hit.

    Thoughts? Maybe look for a 2016-2017 488? Or just keep having fun in my GT3....
     
  2. greyboxer

    greyboxer F1 World Champ

    Dec 8, 2004
    10,465
    South East
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    Jimmie
    Its probably not a dealer demo with that age/mileage/exhaust - it sounds like a two year old customer car that's been accessorised but never driven
     
  3. pilotoCS

    pilotoCS Formula Junior
    Silver Subscribed

    May 19, 2019
    997
    Wash DC
    Is the car titled or is it on MSO?
     
    willrace likes this.
  4. willrace

    willrace F1 World Champ
    Rossa Subscribed Owner

    Oct 21, 2006
    16,541
    North Tay-has
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    Kurt
    If you're buying it (this very expensive appliance) with Value Retention in mind, consider that it's still just another high-volume appliance, albeit fewer produced than a Camry, and from a halo manufacturer. For comparison, consider your losses on buying the equivalent $$$ value of Audis, Mercs,..... and Camrys.
    Buy it to enjoy it. It ain't a piggy bank.
     
  5. vrsurgeon

    vrsurgeon F1 World Champ
    Silver Subscribed

    Dec 13, 2009
    12,837
    Charleston, SC
    Full Name:
    Curt
    If it were me, personally I drive my cars. You will loose money. Big money IMHO. I wouldn't buy a new 488 when I can buy one that's 2 years old. Same car and not an F8.
    I drive my cars so the age and another 10-20K miles wouldn't bother me at all. I thought all of them had 7 year transferrable warranty?

    Nothing gets a dealerships attention like walking away. It's a buyers market with 488's.. they should be kissing your ***.
     
  6. 96redLT4

    96redLT4 Formula Junior

    Feb 20, 2009
    275
    California
    Full Name:
    Jim
    ^^This. That's hard to believe they wouldn't negotiate harder on an ask price. Is 288K the dealer ask or MSRP? Seems pretty low if it is the latter. I have been looking a little as well and it seems like there are a lot of cars that sit around for a long time waiting around for a buyer.

    J
     
  7. mdrums

    mdrums Rookie

    Jun 11, 2006
    24
    Tampa
    288k is msrp sticker. I just told the dealer to forget it. 3rd time I walked away and asked them to refund deposit. This time they didn't come back with another better deal. They still will not budge off msrp on this 2018 250 mile dealer demo.

    thanks for the reply's guys... i agree with most here and i am not ready to take a 100k bath on the car in a year or so. I will wait a little and see after the holidays where the 488 goes or maybe get a 458. Either way i definitely want a Ferrari.

    thanks again for the reply's
     
    daytona355 likes this.
  8. mdrums

    mdrums Rookie

    Jun 11, 2006
    24
    Tampa
    not sure about a mso... dealer says it was a demo they trailered to shows and used for some test drives and warranty was punched a year ago summer of 2018. This dealer has spewed out so much contradictories during the last few days on things I don't know what to believe. I would of had a better experience buying a Kia!!!
     
    daytona355 likes this.
  9. vrsurgeon

    vrsurgeon F1 World Champ
    Silver Subscribed

    Dec 13, 2009
    12,837
    Charleston, SC
    Full Name:
    Curt
    I was and still am a Porsche man. LOVED my 924 > 928 > Boxster > 997 and now added a 3-pedal Cayenne. Love the brand, love the quality.

    But... There is NOTHING like a Ferrari. I was out in my 360 this morning tooling around and the driving experience is just fantastic. Love my 997 and it's perfection, but the Ferrari is truly a weekend treat. Do it.
     
    daytona355 likes this.
  10. mdrums

    mdrums Rookie

    Jun 11, 2006
    24
    Tampa
    Thoughts on 2016 488 white Daytona race seats 8k miles 210-215k? Personally to me 8k miles doesn’t seem like a lot of use on a 4 year old car but seems as I learn people seem to think a Ferrari with more that 10k miles is junk and falling apart.
     
  11. Michaelw488

    Michaelw488 Karting
    Rossa Subscribed

    Mar 20, 2018
    129
    Full Name:
    Michael W
    If the car is well taken care of maintained properly 8000mls is fine for a 2016, I have owned many 911s u can’t even compare the experience & the enjoyment of a 488 to 911!
     
  12. pilotoCS

    pilotoCS Formula Junior
    Silver Subscribed

    May 19, 2019
    997
    Wash DC
    While I'm not 100% sure with Ferrari, with most other car companies if the warranty is started then the car has been registered to an owner. Mind you, that owner could be the dealer itself, but I think Ferrari has rules that deal with shenanigans like that.
     
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  13. Clyde Romero

    Clyde Romero Karting

    Sep 6, 2019
    160
    Atlanta Georgia
    Full Name:
    Clarence Romero

    I agree
    if its a demo
    it would have dealer plates as well
     
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  14. Clyde Romero

    Clyde Romero Karting

    Sep 6, 2019
    160
    Atlanta Georgia
    Full Name:
    Clarence Romero

    you are spot on with your assessment
     
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  15. C50

    C50 Formula Junior
    Silver Subscribed

    Aug 19, 2016
    745
    808
    My 16 488 has 14k, runs like a top, and has never had an issue.
    Don’t let mileage dissuade you from the car you like.
    Be sure to post up pics when you find the one for you.
     
    daytona355 likes this.
  16. ryalex

    ryalex Two Time F1 World Champ
    Owner Consultant

    Aug 6, 2003
    21,447
    Las Vegas, NV
    Full Name:
    Ryan Alexander
    Just get the CPO extended warranty and you should be fine with d like that, 210 is pretty competitive for a 488.
     
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  17. rocketman

    rocketman Formula 3
    Silver Subscribed

    Oct 1, 2009
    1,174
    The mere fact that the dealer has been contradictory in your discussions is enough to warrant walking away.
    He is revealing he can't be trusted and that is a big no no.
    No need to become emotionally attached to the car, there are plenty of fish in the sea.
     
    Avia11, mdrums, daytona355 and 2 others like this.
  18. Clyde Romero

    Clyde Romero Karting

    Sep 6, 2019
    160
    Atlanta Georgia
    Full Name:
    Clarence Romero
    Listen to rocketman
    He speaks the truth
    Truer words could not be spoken
     
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  19. Redneck Slim

    Redneck Slim Formula Junior
    Silver Subscribed

    Mar 10, 2011
    559
    Palo Alto,CA,USA
    Full Name:
    Walt Kimball
    Why I would never buy an expensive demo that I expected to keep for many years:

    1) It is unlikely that it was broken in properly.

    2)It is unlikely that it was warmed up properly before being driven hard each time it was taken out.
     
    daytona355 likes this.
  20. RedTaxi

    RedTaxi Formula 3
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    Mar 1, 2012
    1,472
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    Glen
    Or any second hand car as it would fall into the same category?
     
  21. daytona355

    daytona355 F1 World Champ

    Mar 25, 2009
    11,922
    London
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    Sid Korshak
    No, not the same at all. A demo car is used to show off the car and it’s attributes - for a Ferrari that’s hard acceleration, handling, and phenomenal stopping power from speed. A demo on 1000 miles maybe has wear of a secondhand car with 5000 on it


    Sent from my iPhone using FerrariChat
     
  22. Redneck Slim

    Redneck Slim Formula Junior
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    Mar 10, 2011
    559
    Palo Alto,CA,USA
    Full Name:
    Walt Kimball
    Demos get beat on. That is their raison d'etre.
     
  23. BOKE

    BOKE F1 World Champ
    Lifetime Rossa

    Jul 13, 2009
    15,164
    The Entertainment Capital of the World
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    ボケ
    This is why nobody should ever buy a used car in Florida.

    Keep your GT3.
     
    mdrums likes this.
  24. mdrums

    mdrums Rookie

    Jun 11, 2006
    24
    Tampa
    I walked away......long story...they came back 3 times with a so called better deal...but it really wasnt...and they just would dodge the warranty questions on a supposedly new car that didn’t have full warranty....

    I’ve cooled off on getting a 488 right now. I signed up for 2 DE track days coming up...with my GT3...one to instruct with my local Porsche club the other just a full day no run groups of advance solo guys.

    I a, goi g to wait a little...around Christmas or until February as I am seeing 488 prices dropping fast than normal depreciation which I believe is due to the new F8 getting ready to hit.

    I definitely still want a 488...2017-2018, buy an extra warranty and still have years of maintenance for free.
     
  25. IloveGT

    IloveGT Formula Junior

    Oct 17, 2015
    282
    Don't buy this car. Go to another Ferrari dealer and order a F8. 35% of F8 will be sold to customer without prior purchase history.

    Drive your GT3 until the F8 arrives. The GT3 retains value way better than the 488.

    Heck, or just buy a 2015 458 in the mean time and sell the GT3 to private party.
     
    arizonaitalian likes this.

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