Is the 488 really selling?

Going public and Marchionne getting rid of Montezemelo marked the beginning of the end and the inevitable attempt at a comeback years down the road

 

Perhaps this post was intended for another thread?

 

People seem to have forgotten very quickly what a normal market situation is - regular (i.e. not LE) highly priced models suffer from depreciation; for Ferrari it's not as huge as with other brands percentage-wise but given the high initial MSRP it's typically significant money.
There was a kind of bubble on all Ferrari cars in 2014-2015, and this has pushed all prices up, to the highest benefit of the 458 and F12 which enjoyed this situation exactly at the time they should have been hit by the initial (and typically most dramatic) depreciation (the V8 typically resist better than the V12, so that the older 458 was reaching the critical time just before the F12).
This wave is gone, many prices have gone down again and the used 488 do not get any similar support; and $20K on a $300K+ car is less than 7%.

 

488's are down as much as 20-30% now, there are just so many available. Nice time to be a buyer though. They will continue to drop in the next couple of years to the low 200's and then probably settle there for a while. A lot of car for the money. I dont think this is much different from other cars in the same range.

 

20-30% is certainly not the case in Europe (I think we're at about 10-15% max), even for cars stupidly optioned. Situation may differ depending on markets.

 

Show me a nice spec ($300k) 488 (race seats, LED's, shields) that is selling for 30% off. That makes it a $210k car.

 

Yellow Compass has one in classifieds asking $269 for a 2-3 months and cant sell it, ~1k miles There is well over 100 for sale, take a look yourself.

 

Yes , but I believe the list is around 300 , my math tells me the asking is ~ 10 pct. best , Kirk.

 

Yup, that is the ask but just sitting.

I was looking at this one https://www.ferrariofwashington.com/used-Washington+DC-2017-Ferrari-488+GTB-Base-ZFF79ALA7H0222210
Surprisingly it has been sitting for 4-5 months, they didn't take my initial offer but they are wishing they did now. 330K list, beautiful car, great options.

 

FERRARI 488 GTB 3.9 V8, 06.2016 / 12'800 km, CHF 249'900.–

https://www.autoscout24.ch/5090458

What about this one. Supposedly new at 370K in CHF...

 

According to the carfax; that car has been on sale since February 2016... Doesn't look like they really want to sell it.

 

Remember that many listings are consignment, where the owner sets the list price. Some can be a bit delusional.

Youtuber Superspeedersrob is still listing his ‘17 488 spider for $400k. He initially listed it for $420k a year ago and talked about how he was convinced it would be a quick sale. I believe his spider is literally the highest priced 488 in the entire US.

 

Wishful thinking. They are certainly not down 20%; I would buy a couple at 200’s but that won’t happen, any time soon.


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My experience with things:

Put it up for consignment. Some brokers bid on it so they set the floor price (wholesale price). One might or might not get an offer. Dealer might not present an offer if it isn't acceptable to them. Maybe they want a local buyer for future transactions, maybe dealer won't accept a trade from the new buyer...maybe dealer has open allocations for upcoming 488's so they aren't in any hurry to get someone to buy your car.

After a few months of sitting around; dealer comes back and says best offer they received is xxxx which is probably a wholesale price from a broker. Then it's decision time, especially if you have to sell the car because you are taking delivery of a new car.

If dealer owns the car then it can be a little different dynamic. They probably low balled on the trade but still have skin in the game. They are more motivated to sell the car to get it off their books. Maybe they offer sweetners to a buyer (ie., buy this over priced car and get ahead in the 812 or maybe secure an allocation for a 488 gto).

 

Yes sir. I agree with you.... I'm also talking from my own experience.

 

Not wishful thinking at all, you can buy a used 488 for 20% to 30% off. Over 100 488's on cars.com, the cheapest one is $249,999 ask up to $360K+ for the dreamers. I have nothing to gain either way, I am not looking for one anymore. They have dropped quite a bit since I started looking 4 to 5 months ago and the used ones are piling up.

 

This thread has become ridiculously devoid of objectivity. Cars.com ads are a joke and a majority of the cars listed are no longer in inventory. Moderator, please shut this thread down before my head explodes.

 

typo; meant February 2017

 

this is a joke thread

 

Rather surprising it hasn't sold yet. Is that not a screaming deal?

 

If the upcoming VS is as good as everyone is expecting that will naturally put some pressure on 488 prices,and depending on the production numbers it could well turn into something not very pretty financially.

 

Keep in mind a 488 base MSRP (new) is around $245K... Which likely means the low priced cars on secondary market have minimal options.

20-30% off MSRP on a lighlty used 488 as of this writing is a pipe dream. Surprised the black one you linked to earlier hasn't sold, maybe dealer is expecting to get good money for all the CF options it has, which is never the case in reality.

 

He simply bought that car to flip... Saw his "unboxing" video that had so many errors, he simply ticked every option across the board.

He'll be sitting on it for a while... $100K+ in options alone.

 

I’ve looked this car over a few times. It is a stunner. I’m pretty certain it is on consignment, otherwise I’m sure it would have sold long ago.

As for the market and values, another factor that I don’t believe people consider enough is over customization. I still believe that Rosso Corsa and Black cars (with properly matching interior colors) move first and rather quickly. The used market for other colors, even greys, blues, whites, yellow, is much smaller. Then, the various combinations that some choose, such as black wheels, or multi colored interiors, while all great, further limits the number of potential interested buyers. While I think anyone who had the incredible opportunity to design their own personal Ferrari should get exactly what they want, they shouldn’t be terribly surprised when the market isn’t beating their door down to buy it. Of course there will be depreciation, but far less for desirable specs. So, I believe the market is much more complex than simply looking at general prices and sit periods. Nicely specced cars (primarily Rosso Corsa and black with bridge or black interiors) will perform much better than others in the used market.

I didn’t order my 488 GTB with thoughts of selling it. I ordered it for me, precisely as I wanted it. I’m sure I’ll lose money on it when the day comes to sell, whenever that day is, but I bought it for my enjoyment and any other consideration is secondary. Still, I do take comfort in knowing that the choices I made on my spec are desirable and will remain so.