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Dealers make it easy

Discussion in '458 Italia/488' started by benny, Oct 7, 2018.

  1. gobble

    gobble Formula Junior
    Rossa Subscribed Owner

    Jan 29, 2010
    999
    Milwaukee, WI
    Full Name:
    Mark
    My state gives sales tax credit towards a trade but not an outright sale/new purchase. You can buy a new 488 from a dealer and TRADE it back in 6 months later and not lose your ass? I'd think a dealer would pay a wholesale price for that almost new car.
     
  2. IPO1

    IPO1 Formula 3

    Dec 23, 2015
    1,071
    Central TX
    That's why I don't buy new Ferrari's :)
     
    Texas Forever likes this.
  3. gobble

    gobble Formula Junior
    Rossa Subscribed Owner

    Jan 29, 2010
    999
    Milwaukee, WI
    Full Name:
    Mark
    Same here. I just bought a 5 year old 2,400 mile perfect condition 458 for $100k off the original sticker. If the original owner hadn't registered the car in Montana he would have lost $120k after sales tax.
     
    Texas Forever likes this.
  4. Gh21631

    Gh21631 Formula 3
    Silver Subscribed

    Feb 24, 2011
    2,445
    East

    DC area is the same - dealers have new cars now on the floor, this is something new with Ferrari.
     
  5. exoticcardreamer

    exoticcardreamer Formula Junior

    Dec 9, 2014
    669
    usa
    Full Name:
    doesitmatter
    This is usually how it works for many (move up the list)... People just don't turn down cars when they come out. If we judge used cars by mileage or lack of mileage then you'd think Ferrari's would be terrible cars (obviously they are not). I've seen people giving long winded reviews/feedback/how much they love their car on various car forums.... eventually you see it for sale and it has 600 miles on it.

    Sales Tax - credit on trade or in California cases (many are leased due to no credit on trade and only pay sales tax on down payment and actual payments).
     
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  6. SoCal to az

    SoCal to az F1 Rookie
    Silver Subscribed

    Nov 25, 2012
    2,823
    Arizona
    or he would have had 5 wonderful years driving his car at the cost of 120k or around 25k a year. Screw the miles. drive the car cause if it had 12,400 miles on it, the depreciation would have been the same.

    I think hanging out on car forums is dangerous. You start looking at the next latest and greatest. Im certainly guilty of that. Ive settled a bit - just a bit. Id buy a car and immediately start looking for the next. Im at the point where I realize my desires are bigger than my wallet.

    There are some heavy hitters here who buy 300 or 500k cars and it doesn't phase them. I can certainly afford that but Im starting to enjoy what I have. After my 488 attempted trade in, I just thought to myself- why trade it in? you are getting 240k for a 329k msrp car after 2 years. Whats the point of trading in? What possibly can you get thats going to be better? Different, sure. but better? Better is a relative term.

    Ill keep the 488 for another 3-4 years. put 15k miles on it and probably sell it for 200k. At least I will have gotten my moneys worth.

    Same for the incoming 720. I know Ill lose my ass on it. Who cares. Ill drive it for 5 years. lose 100k. Maybe more. but it will be money well spent.

    Bottom line is that we all have our desires and goals of what we want out of these cars. I find mine changing more and more as I realize that the latest and greatest may not be so.
     
    davemqv, Bundy, Texas Forever and 5 others like this.
  7. gobble

    gobble Formula Junior
    Rossa Subscribed Owner

    Jan 29, 2010
    999
    Milwaukee, WI
    Full Name:
    Mark
    Autotrader alone has about 50 488's listed with 1,000 miles or less, many with around 200 miles. That blows me away.
     
  8. henryr

    henryr F1 World Champ
    Silver Subscribed

    Nov 10, 2003
    14,488
    Atlanta
    Full Name:
    Juan Sánchez Villa-L
    new cars are always instant collectables.... ;)
     
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  9. SoCal to az

    SoCal to az F1 Rookie
    Silver Subscribed

    Nov 25, 2012
    2,823
    Arizona
    That’s the same with Mclaren, Porsche, all the brands. Nothing unique about this.
     
    exoticcardreamer likes this.
  10. boogie

    boogie Karting

    Mar 4, 2016
    107
    Boston
    Full Name:
    Keith
    I bought a 458 and I drive it. I don't care what I get for it when I sell it. I don't even bother insuring it.

    If I felt different I wouldn't have bought it in the first place.
     
  11. Caeruleus11

    Caeruleus11 F1 Veteran
    Rossa Subscribed

    Jun 11, 2013
    7,888
    Doesn't MA law require you to insure your car?
     
  12. ipsedixit

    ipsedixit Rookie

    Aug 21, 2014
    20
    Massachusetts also requires a person to drive within the speed limits.
     
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  13. gobble

    gobble Formula Junior
    Rossa Subscribed Owner

    Jan 29, 2010
    999
    Milwaukee, WI
    Full Name:
    Mark
    Oh come on. Someone with enough assets to buy a 458 wouldn’t spend the $600/year to protect himself against the liability of an accident?
     
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  14. boogie

    boogie Karting

    Mar 4, 2016
    107
    Boston
    Full Name:
    Keith
    Just liability. Of course I have an umbrella policy as well.

    We know that if the car is in an accident and the Carfax gets dinged from the insurance claim the collision insurance doesn't "protect" anything. And your logic is wrong--anyone with enough assets to buy a 458 can afford to lose it. No one needs a Ferrari.
     
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  15. Caeruleus11

    Caeruleus11 F1 Veteran
    Rossa Subscribed

    Jun 11, 2013
    7,888
    Thanks for clearing that up.
     
  16. henryr

    henryr F1 World Champ
    Silver Subscribed

    Nov 10, 2003
    14,488
    Atlanta
    Full Name:
    Juan Sánchez Villa-L
    ban this guy......
     
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  17. SoCal to az

    SoCal to az F1 Rookie
    Silver Subscribed

    Nov 25, 2012
    2,823
    Arizona
    I agree with this. I often wonder why I I pay for insurance on my cars when in most instances unless it’s a catostopic loss, I will never make the claim. The car fax ding alone is not worth it.
     
  18. wrs

    wrs Formula 3
    Rossa Subscribed Owner

    Jul 11, 2015
    2,048
    Austin, Texas
    Full Name:
    William
    Yes but some things can be expensive enough to make the claim worthwhile. I ran over some road debris in my 991tts and at first it looked like only the front lip was damaged which was going to be about $7k. I would have covered that out of pocket but then it was the oil pan and the headers and a turbo. Ultimately it was 189 parts and a $34k bill so I let the insurance cover it. I ended up losing about $20k on trade value for the car due to carfax but I had bought the car at a $35k discount to MSRP when it was only 9 months old so I think I made out OK all things considered. In that case the insurance was worth it but I hope I never have to make a claim like that on my Ferrari.
     
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  19. gobble

    gobble Formula Junior
    Rossa Subscribed Owner

    Jan 29, 2010
    999
    Milwaukee, WI
    Full Name:
    Mark
    Collision on my 458 is $163/year. With a total loss being $200k that seems worth the small cost.
     
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  20. boogie

    boogie Karting

    Mar 4, 2016
    107
    Boston
    Full Name:
    Keith
    Seems quite reasonable to me too. I wonder what it would be around here. My current insurance company was reluctant to even price it.
     
  21. Motorwerks

    Motorwerks Karting

    May 8, 2013
    131
    Bloomfield Hills
    Full Name:
    Satish Tummala
    Most places have 488s readily available or imminently available with little to no wait times. Sorry to burst your bubble but these cars aren't just flying off the showroom floors. Ferrari pumped these cars out and the car is ending its production cycle within a year.
     
    Texas Forever likes this.
  22. henryr

    henryr F1 World Champ
    Silver Subscribed

    Nov 10, 2003
    14,488
    Atlanta
    Full Name:
    Juan Sánchez Villa-L
    no bubble bursting here. i was just commenting on the local dealer.
     
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  23. Texas Forever

    Texas Forever Three Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    34,664
    Texas!
    The only new Ferrari I ever brought was a Challenge Stradale for $205k. I drove it the better part of a year and sold it for $205k. I sold because I was worried about depreciation, and they did depreciate. I think Stradales dipped down to $125k. Of course, we know what they’re worth today.

    What’s the point? If you want to avoid the depreciation hit, buy used and get a warranty. But if you absolutely must be the first person to fart in the driver’s seat, you’re gonna take a hit. Your choice.


    Sent from my iPhone using FerrariChat
     
    LARRYH likes this.
  24. BaronM69

    BaronM69 Formula Junior
    Rossa Subscribed

    Aug 29, 2005
    703
    Washington DC / FR
    If Ferraris like the 488 start depreciating like the 720s, or Lussos..., far more buyers will shift away from the brand.
     
    boobernackle likes this.
  25. cavsct94

    cavsct94 Karting

    Aug 26, 2013
    61
    I think I need to reexamine my insurance policy!
     

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