Pricing with Current Economy | FerrariChat

Pricing with Current Economy

Discussion in '458 Italia/488/F8' started by Extra300, May 13, 2020.

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  1. Extra300

    Extra300 Rookie

    Apr 28, 2020
    14
    Full Name:
    JJ
    Looking to buy a 458 and wondering what people’s thought are on current pricing and where it could go over the next 90 days. I don’t need a car today and am looking for a good buy that I won’t lose crazy money because of a pullback due to a virus or an over inflated economy going flat.
     
    Natkingcolebasket69 likes this.
  2. 09Scuderia

    09Scuderia Formula 3

    Nov 20, 2011
    2,420
    USA
    Full Name:
    Max
    keep the powder dry. wait 90-120 days.
     
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  3. IPO1

    IPO1 F1 Rookie

    Dec 23, 2015
    3,575
    No one knows answer.

    Prices won't be going up that I can assure you.
     
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  4. Rory breaker

    Rory breaker Formula Junior

    Apr 17, 2017
    269
    Obviously everyone’s own opinion no one can forecast, but ironically my guy at the dealership said the same to me the other day. His opinion of course.
     
  5. Art138

    Art138 Formula 3
    Owner Rossa Subscribed

    Nov 22, 2007
    1,488
    Ft. Lauderdale
    This is a good time to buy.....premium cars are being picked up now. If you see something you like at a good price don’t wait. Yes prices will move down in 90 days; but you might not get a well specked car as they are available now.
     
  6. Solid State

    Solid State F1 Veteran
    Owner Rossa Subscribed

    Feb 4, 2014
    9,582
    Full Name:
    Maximus Decimus Meridius
    Well spec'd cars in excellent condition are always the first to go. Buyers in good shape financially will not wait for the full bottom.
     
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  7. FFan5

    FFan5 Formula Junior

    Jul 7, 2018
    533
    I think we are clearly headed for deflation in the US. The only thing that makes this interesting is that the wealthy aren't really hit that hard, so luxury items might not deflate as much as other items. But I cannot image a depreciating asset is a great thing to hold during a deflationary period (the next 12 months).
     
    KC360 FL likes this.
  8. MANDALAY

    MANDALAY F1 World Champ
    Owner Rossa Subscribed Silver Subscribed

    May 23, 2013
    11,048
    AUSTRALIA
    Full Name:
    ANGELO
    Prices will all plummet. Those being forced to sell will at what ever price is offered.
    Car sales are down 50% Ferrari isn't immune to this.
     
    Bas likes this.
  9. RaceMX-M3

    RaceMX-M3 Formula Junior
    Owner Silver Subscribed

    Dec 15, 2010
    523
    Frisco, TX
    Full Name:
    Scott
    I would agree with this. Guess it depends how particular you are about colors and options.
     
  10. Luckymonkey

    Luckymonkey Rookie

    May 13, 2020
    3
    Hi,
    I’m looking at a private sale 2016 488 17K miles at $180K. Clean fax.
    Thoughts?


    Sent from my iPhone using FerrariChat.com mobile app
     
  11. dustman

    dustman F1 Veteran
    Rossa Subscribed

    Jun 12, 2007
    8,930
    458’s are in demand and moving very well according to several f dealers and independents across USA. Same for 355’s.
    I hear much slower for other cars.
    Many of the cars I watch have sold as the rich aren’t as impacted. Good cars sell fast.
    488’s and all those 911 gt3 rs that people bought at a premium...not.
     
  12. C50

    C50 Formula 3

    Aug 19, 2016
    1,729
    808
    i'd put that in the 'too good to be true' category.
    do your due diligence.
     
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  13. Luckymonkey

    Luckymonkey Rookie

    May 13, 2020
    3

    Understood. Seller willing to pay for PPI, as well. I will do more research on this.
    Thanks!


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  14. LVP488

    LVP488 F1 Rookie

    Jan 21, 2017
    4,839
    France
    Certainly it's worth checking the car - but the seller might have been upset by a dealer offer and be ready to let the car go at the same price privately (now dealers take cars on consignment, or try to buy at very low prices and sell at very high ones - that's part of the business model ;) )
     
    timjen88 likes this.
  15. jjp11

    jjp11 Karting

    Sep 1, 2013
    131
    Spring/early summer typically bring higher car prices as it is. If you're not feeling "yolo" for this summer and can hold off, this upcoming fall and winter should be quite the buyer's market. Right now, you still have sellers trying to ride it out and maintain their pre-Covid prices. Inventory is going to eventually start piling up once more cars begin hitting the market. This virus isn't magically going to disappear this summer. A global economic pullback of several percent isn't going to just leave the exotic car market unscathed... That's just wishful thinking.

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  16. Luckymonkey

    Luckymonkey Rookie

    May 13, 2020
    3
    I visually checked and drove the car in person yesterday. I'm not a specialist, so everything looked and drove fine to me. I do know this seller is trying to unload 3 vehicles at the same time - maybe Covid related financial issues. I do also feel comfortable the owner is willing to pay for PPI at the dealership. Car fax does show the most recent service was at a Mercedes Dealer involving a battery change though.
    Car is stock but also has aftermarket rims + IPE exhaust throwing in too.
     
    09Scuderia likes this.
  17. Sargepug

    Sargepug Formula Junior
    Rossa Subscribed

    Mar 23, 2020
    878
    NYC
    I say if you find the right one now, grab it! 458s are very hot right now as last NA Ferrari, etc. I was told when I bought, that I luckily bought at the bottom and this was just when Covid began. They are only going to go up from here. I found a pristine '14 w/ 4k on the clock and basically loaded w/ a $290k sticker. If you have the money, don't wait...

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  18. wrs

    wrs F1 World Champ
    Owner Rossa Subscribed

    Jul 11, 2015
    11,915
    Lakeway, Texas
    Full Name:
    William
    The 458 is NOT the last NA Ferrari. It ceased production in 2015 but the F12 was produced through 2017 and then followed by the 812 both of which are v12 NA screamers. The value of the 458 as the last NA Ferrari is just a sales pitch and something that 458 owners like to tell themselves.
     
  19. C50

    C50 Formula 3

    Aug 19, 2016
    1,729
    808
    The fact that the PPI will be done at the dealership familiar w the car is reassuring. If you can speak to one of the techs, all the better.

    It’s worth verifying that the service intervals have been performed as scheduled. If there was a lapse, the car loses the 7y included coverage. Dealer should be able to tell you and you can verify by reviewing the car’s service book records.
     
  20. lamontlawyer921

    lamontlawyer921 Formula Junior
    Owner

    Jul 1, 2010
    990
    The West Coast
    Full Name:
    Scott
    458's seem to be staying firm in price. I had been looking for 6-8 months, before buying 4 weeks ago. I got $5k off from their bottom line pre vs. post COVID. Everything else seems to be dropping but the 458's. If major recession kicks in, prices will drop some, but doubtful more than 10-15% on these cars. Benz and BMW could drop 20-25%. 488s have dropped a fair amount past 6 months and with F8 out.
     
    Defender 90 likes this.
  21. Defender 90

    Defender 90 Rookie

    Oct 21, 2019
    34
    Chicago, IL
    Full Name:
    Dennis
    #21 Defender 90, May 14, 2020
    Last edited: May 14, 2020
    Two weeks ago I bought a 458 after 4 months of looking and research.

    CarGurus has a price trends chart (attached). It shows that the average list for 458 actually has gone up within the past month.

    I deduce that the prices held firm as, in mid-March, most of the private party owners and consigned cars were pulled from the market. Also, I figure that since the factory was shut down many trade-ins and/or upgrades were postponed or cancelled. Less demand but also less supply.

    Ultimately, no one really knows for sure what will happen. I assume it may soften. Despite the uncertainty I bought mine because it was my desired spec at a fair price. I figured the right, well-documented, desirable spec 458, would minimize any potential dip from the state of the economy.

    Ultimately, my 458 is a timeless, modern classic and it is worth the price I paid.
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  22. DoubleD33

    DoubleD33 F1 Rookie
    Rossa Subscribed

    May 2, 2012
    2,732
    Pasadena, CA / Oahu, HI
    Full Name:
    Dan D
    Although not an exotic car but A similar situation as I see it. In 2003 Ford came out with a new Diesel engine. At first it drastically dropped the prices of the previous generation diesel. About 2 years into it used trucks with the old generation engine and older model years (1999 to 2003) were selling for as much as the newer model trucks.

    Fast forward to 2014 and the older generation truck was still holding strong.

    Example is 35K new in 2002 would sell for 17k in 2014 with 200k miles.

    I have not looked at the prices lately of these trucks but I suspect the same holds true.
     
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  23. kane00

    kane00 Formula Junior
    Rossa Subscribed

    Aug 4, 2005
    482
    Los Angeles
    Full Name:
    Keith
    We aren’t even close to the bottom yet. Everything is going down. Just wait till July and August or even better December.
     
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  24. Gh21631

    Gh21631 F1 Veteran
    Silver Subscribed

    Feb 24, 2011
    8,325
    East
    So many people hoping for the worst so they can buy a car. Probably best you dont spend your money if you are so concerned and just keep waiting for the rest of your life. Also 458's aren't appreciating but they will likely depreciate at a very slow rate and likely flatten out at some point. There were thousands made so not difficult to find one.
     
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  25. PA Wolfpacker

    PA Wolfpacker Formula Junior

    Aug 19, 2007
    653
    Naples, FL
    Full Name:
    Neil
    There are 191 458’s listed on Autotrader, a similar number that has been available for months. If you find one you like jump on it, if you are looking for a good deal wait because they will continue to drop.
     

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