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Ferrari prices

Discussion in 'Ferrari Discussion (not model specific)' started by ferrari#7, Mar 12, 2020.

  1. ferrari#7

    ferrari#7 Formula Junior

    Sep 8, 2008
    308
    Hi all, what do you all think. This economic slide the market is going through, are luxury items such as Ferrari's going to be effected.
     
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  3. PaulK

    PaulK F1 Rookie
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    Apr 24, 2004
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    Typically they do. The Ferrari market has crashed before and will again.
     
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  4. lopena

    lopena Formula Junior
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    Nov 3, 2003
    471
    There’s no doubt in my mind that used Ferrari prices, and collector-car prices in general, will soften.

    A month ago I was seriously considering buying a Ferrari Daytona, a Rolex Batman and several cases of fine Bordeaux. All of those potential purchases are now on indefinite hold (and may never happen).

    Alan
    N.J.
     
  5. NikiLauda70

    NikiLauda70 Rookie

    Oct 3, 2019
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    Richard Prati
    I agree with you. Luxury goods are softening everywhere. I visited my local Ferrari dealer last weekend, and they have huge inventory. There are very good deals for those stepping up.
     
  6. VAF84

    VAF84 Formula 3
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    Absolutely. I'm about to be one of the first to drop prices.
     
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  8. CoreyNJ

    CoreyNJ Formula Junior
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    Apr 17, 2006
    616
    New Jersey Shore
    Could go either way. I have seen this before with collectibles and art, people don't want to sell anything and upgrade so supply gets constrained on collectibles items. For example I guy who was going to sell his 458 to get an 488 or F8 is now constraining the supply on the used 458's. That 458 would have sold to an F430 owner who now has a smaller supply to look at with slightly higher prices and he decides not to sell, and the F430 supply gets constrained and prices go up. So the way I see it, deals may be had on newer ones and older ones go up a little and very rare ones go up a lot.
     
  9. Way2fast

    Way2fast Formula 3

    May 24, 2006
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    Sam
    In 2006 the 430s were selling 100k over msrp. In 2008 you could walk into a dealer and get 10% off

    Sent from my SM-G975U using Tapatalk
     
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  10. CoreyNJ

    CoreyNJ Formula Junior
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    Apr 17, 2006
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    Exactly, people weren't upgrading... so it constrains the used supply. It is not specific to cars, this happens with many collectible items. However, this virus thing is a different animal, so uncharted territory.
     
  11. Mighty Joe

    Mighty Joe Formula 3

    Sep 3, 2010
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    Everything will soften up price wise not just cars.....at least until this Chinese Covid-19 thingy subsides....and it will.
     
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  13. BMW.SauberF1Team

    BMW.SauberF1Team F1 World Champ

    Dec 4, 2004
    13,309
    I think it will continue after the virus dies down (summer it dies down). If the economy is structurally sound, it will be resilient and come back up after the virus panic goes away. However, I am on the side that think the economy was already structurally weak (for reasons I won't get into in this thread) and the virus will just knock it down quicker than it naturally would have gone.
     
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  14. Themaven

    Themaven F1 Rookie
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    Alan, the fine wine market as measured by the LivEx 100 rose 100% between November 2008 and May 2011.
     
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  15. CoreyNJ

    CoreyNJ Formula Junior
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    Apr 17, 2006
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    What's going on didn't suppress the collectibles market, yesterday, an Apple-1 computer sold for right in the middle of the expected range at $459,000 and a contract signed by Steve Jobs went for $46,000.
     
  16. Drew Altemara

    Drew Altemara Formula 3

    Feb 11, 2002
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    Historically, vintage cars and art have been counter-cyclic to the market. However my personal opinion is that newer stuff will be negatively affected.
     
  17. bobhitch

    bobhitch Formula Junior
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    Jun 28, 2014
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    Depends whether you are buying them to enjoy them or to make money
     
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  18. lopena

    lopena Formula Junior
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    Nov 3, 2003
    471

    I don’t sell my cars, watches or wine...I use them for my own personal pleasure. The point I was making is that I simply can’t justify spending hundreds of thousands of dollars on highly discretionary items during a period of financial upheaval. I’m hunkering down until this storm passes. I suspect there are lots of people feeling the same way I do, which doesn’t bode well for the classic car market.

    Alan
    N.J.
     
  19. jjp11

    jjp11 Karting

    Sep 1, 2013
    114
    This thread is discussing two very different criteria of Ferrari. There's Ferraris seen as pure collectibles... There's Ferrar's seen as pure luxury play toys. There's the collector market and the used/new car market.. Yes, some instances of those two markets blend given age, production numbers, blah blah blah..

    I'm not really familiar with the collector Ferrari market, so I won't comment on it. As far as modern day Ferraris though, the market was already soft prior to any of this happening due to saturation from car manufacturers. Now, with the economy possibly in for a lengthy downturn, that soft market is only going to get softer. Meanwhile, barring any changes to production, you've got these car companies still producing more cars that ever before. Eventually, the bubble is simply going to burst. There's way too many modern exotics and luxury vehicles out there to choose from. It's been building for some time now.

    Sent from my SM-G960U using FerrariChat.com mobile app
     
  20. SavagePower

    SavagePower Rookie

    Jul 10, 2019
    44
    UK
    Hello people, interesting thread and I was about to start a similar thread specifically on the Testarossa. Maybe you can help me with my conundrum?:

    I‘m in the UK, I’m 39 and about to buy my first Ferrari. (a dream since aged 6 when I saw my first Ferrari.) I don’t want a new one, so anything F355 or before. I’ve spent the last 6 months narrowing it all down and set on a Testarossa- UK RHD red, RC over crema with a black dash. I’ve found an all books backed up 20,400 mile Testarossa I’m about to buy, all being well with the PPI. It’s £90k.

    Now do I wait? I’m buying to fulfil an ambition. I’m buying to drive. I’m buying to be part of the heritage. I’m buying to sit and gaze at it with a glass of red in my hand. Values rising in 3-5 years would be a bonus. So long as I don’t lose money it’s a win in my book. I’d only sell to buy another classic Ferrari.

    A friend thought I may get a good one similar Testarossa for £50k or £60k given the time, economic climate and developments but I can’t see this dropping that low or an equal one that low. Am I wrong? This isn’t a quick flip car.

    At the back of my mind, I don’t want to miss a great car.

    Thanks
     
  21. LVP488

    LVP488 F1 Rookie

    Jan 21, 2017
    3,627
    France
    The price of £90K seems in line with current asked prices in Europe - but there's most probably room for bargaining. The trend is still downwards with no rebound expected in the short term (due to the current economy mood), but guessing how low it will go or when it will go up again is a risky exercice. In mainland Europe they were as low as €50K 15 years ago (within a healthy economic environment) and went to about €150K 5 years ago (as part of a speculative bubble) - so determining a fair value is rather difficult.
     
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  22. tonyswfla

    tonyswfla Formula Junior
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    Dec 2, 2007
    724
    Florida
    absolutely
     
  23. IloveGT

    IloveGT Formula 3

    Oct 17, 2015
    1,602
    The drop of supply is only minimal compared to the drop of demand.
     
  24. AlexBen

    AlexBen Rookie

    Dec 8, 2019
    16
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    Alex Benchimol
    Totally agree.
     
  25. CoreyNJ

    CoreyNJ Formula Junior
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    Apr 17, 2006
    616
    New Jersey Shore
    Historically for collectibles, that is not the case when the market tanks. People put their money into tangible assets. I guess we will find out soon enough.
     
  26. IloveGT

    IloveGT Formula 3

    Oct 17, 2015
    1,602
    The prices of gold are also dropping, we can forget about collectibles.
     
  27. CoreyNJ

    CoreyNJ Formula Junior
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    Apr 17, 2006
    616
    New Jersey Shore
    Gold is not the same unless you are buying physical gold. I deal with the collectibles market, and I am seeing an increase in interest in some of the higher end stuff this past week.
     
  28. sammysaber

    sammysaber Formula Junior
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    Dec 21, 2011
    522
    Exactly - in 2010 when I bought a 575, there were a few decent Testarossas well under 50k gbp - and when they shot up was kicking myself wondering why I passed on such a classic shape ! Talk about hindsight being 20/20 lol.

    My first thought was that your friend's 50-60k suggestion seemed perfectly reasonable, but looking at current prices that seems like a big drop at the moment. Question to ask is are these cars selling at the current prices ?

    Either way enjoy with the glass of red in the near future !

    Best,
    Sammy
     

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