Ferrari and other exotic price increase | FerrariChat

Ferrari and other exotic price increase

Discussion in 'Ferrari Discussion (not model specific)' started by Dr. K, Apr 24, 2021.

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  1. Dr. K

    Dr. K Rookie

    Jul 28, 2019
    19
    Boston MA
    Full Name:
    Dennis
    Anyone else notice the big increase in asking prices for ferraris and other exotics? I see 2017 488s asking for 290k plus at this point, 458s asking for 255k, and other exotics such as huracan getting a noticeable increase in asking price. Is inflation here already? What gives? Last may I could have bought a nice 488 for around 255-260k.
     
    buddyg likes this.
  2. tstuli

    tstuli Formula Junior

    Jun 12, 2018
    370
    NC
    People can't go on vacations etc and so are spending money on fun cars.

    Prices have definitely jumped big time.

    Sent from my SM-A515W using Tapatalk
     
    Thecadster and paulchua like this.
  3. Doc_Dent

    Doc_Dent Karting

    Mar 2, 2015
    215
    A world wide increase in (Sec hand supercars market) is well noticed indeed,,,
     
  4. Husker

    Husker F1 World Champ

    Dec 31, 2003
    11,788
    western hemisphere
    Everything is going up.
     
  5. jjmalez

    jjmalez F1 Veteran
    Silver Subscribed

    Apr 8, 2005
    5,948
    Northern Illinois
    Full Name:
    Joseph
    Not according to the federal reserve chairman Jerome Powell.

    :rolleyes:
     
  6. JAM1

    JAM1 F1 Veteran
    Rossa Subscribed

    Oct 22, 2004
    7,189
    FL, NY, and MA
    Full Name:
    Joe
    Wait, what? Ferraris aren’t part of the CPI calculation? :D
     
    Texas Forever, amak22, JSP and 4 others like this.
  7. gw32

    gw32 Formula Junior

    Apr 6, 2017
    942
    Sonoma, CA
    Full Name:
    Gary
    Econ 101: Imbalance with supply and demand are causing an increase in prices. There is a somewhat fixed supply of existing used exotics and manufactures production of new cars has been reduced due to COVID and global chip shortages. People are flush and feeling financially confident. According to one report, the US equity market increased by over $14 Trillion since the beginning of last year. Also, millennials are starting to see much higher salaries and discretionary income. Also the continued emergence of an upper class in China is driving new demand. All this has fueled higher demand for exotic cars. I don't see any reason for this trend to stop any time soon. Especially with the Fed's continued accommodation and a rebounding economy. Other parts of the economy are also experiencing price inflation. Hold on this may be a wild ride.
     
    willrace, NE550, anunakki and 2 others like this.
  8. buddyg

    buddyg F1 Veteran
    Rossa Subscribed

    Sep 20, 2004
    5,446
    West Michigan
    Full Name:
    Buddy
    992 turbo S are going for $30,000 to $40,000 over sticker even used ones.
     
    anunakki likes this.
  9. PMiranda

    PMiranda Formula Junior

    Jul 23, 2004
    574
    Austin, TX
    Chatting with a sales guy at my local dealer a couple weeks back he had the great quip "The used car factory seems to be closed this week"
    I think with interest rates so low that savings is dead money, there has been a ton of money in the stock market that probably wouldn't normally be there, and it's burning a hole in people's pockets. Plus you can't travel so people are saving more than normal. There's only so much you can spend on streaming TV, video games, and booze. It is taking longer than normal to get a new car built, if at all, so people are buying used more than ever, cutting supply in the face of increased demand. I would like to have gotten my 458 at last year's prices, but I didn't find the combination I was looking for until this month. That's just the way the cookie crumbles.
     
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  10. Spezia

    Spezia Karting

    Dec 15, 2019
    167
    Full Name:
    John Weires
    I started shopping for my 458 Spider in December of 2019. Then Covid hit and the stock market had the March crash. I was expecting prices on the 458 to drop since dealerships were closed and presumably would need cash. So I waited. but saw no price reductions. But then the market recovered at a surprising pace. I ended up buying in July of 2020 for the same price as when I started shopping the previous December. Since then they seem to have gone up. Maybe $10k or even $20k in the larger markets where many super rich live.
     
    ShineKen likes this.
  11. PMiranda

    PMiranda Formula Junior

    Jul 23, 2004
    574
    Austin, TX
    I'm not sure living outside a "super rich" area helps, since it seems the high dollar markets also have the most used cars floating around, or at least dealers more willing to seek out cars to buy. If you're not picky about colors that would help a ton, but I'm just not a red car guy so most of the used Ferraris were not on my list.
     
  12. ShineKen

    ShineKen F1 World Champ
    Silver Subscribed

    Aug 3, 2007
    16,412
    Southern California
    Full Name:
    Nostradamus
    According to Powell, inflation is moving along steadily at 1.7%.... below the 2% target o_O.
     
  13. vdm9

    vdm9 Formula Junior
    Silver Subscribed

    May 11, 2014
    276
    long island new york
    Full Name:
    vasilios
    This story is being played out in all the 'luxury items'
    Try and get a SS Rolex watch, or any other watch of value, boat used or new, middle class or upper middle class home, vacation- beach home, etc. Cars are just priced according to demand+ , and people keep buying...
    When will this end? Not sure, but if history is a teacher - it will at some point.
    vdm
     
    greg328 likes this.
  14. Jeff3545

    Jeff3545 Karting

    Sep 4, 2018
    113
    SF Bay Area and South Florida
    Full Name:
    Jeff Nolan
    Best time to be selling a car, worst time to be buying one. Even dealers are complaining that they cannot get enough inventory. Covid manufacturing weakness, chip shortage, and a lot of money sloshing through economies. The amazing thing is this, I can sell my Ram 3500 diesel pickup for pretty much what I paid for it if I was willing to buy a ’21 model off the lot and am not picky about the option package. There is a weird dynamic going on right now with pre-owned vehicle valuations decoupling from new vehicle pricing.
     
    Texas Forever likes this.
  15. dgoldenz94

    dgoldenz94 Formula Junior

    Apr 13, 2020
    542
    Las Vegas
    Full Name:
    David Gold
    Vroom.com is buying my 2018 wrangler for $36.8k. I paid $34k for it brand new 2.5 years and 25k miles ago. Sticker price was $38.5k. The used market is nuts.
     
  16. PMiranda

    PMiranda Formula Junior

    Jul 23, 2004
    574
    Austin, TX
    I wonder what I can get for my 2017 F150... Although it took me months to find a super cab and I haven't seen any on the new lots. Everyone seems to want the super crew with the little tiny bed. I must be the only person in the state that bought a pickup to haul stuff instead of people.
     
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  17. Jeff3545

    Jeff3545 Karting

    Sep 4, 2018
    113
    SF Bay Area and South Florida
    Full Name:
    Jeff Nolan
    I have a mega cab DRW that I use for a gooseneck livestock trailer, flatbed, and my 28’ car trailer. People haul different things, need different configurations. I wanted as much cab as possible, didn’t really care about bed length.
     
  18. Jboz

    Jboz Rookie

    Oct 11, 2019
    35
    Dallas
    Full Name:
    Justin B
    Those holdings cash or working W2 jobs are getting crushed by this fed policy. Those holding debt and assets are winning big time

    Fed increases cash in circulation, assets immediately jump in “value” because the dollar is worth less since there is more of it. Cars aren’t worth more, dollar is just worth less. Similarly debt owed is worth less, hopefully you used debt wisely.

    But, they don’t want to tell anyone that. Irony is that these policy’s are furthering the divide between haves and have nots, not shrinking it.
     
  19. dgunn365

    dgunn365 Formula Junior
    Silver Subscribed

    Dec 15, 2006
    250
    New London, NH
    Full Name:
    David Gunn
    Powell has obviously not been to the store lately; any store!!
     
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  20. dgunn365

    dgunn365 Formula Junior
    Silver Subscribed

    Dec 15, 2006
    250
    New London, NH
    Full Name:
    David Gunn
    And; it is not confined to exotics; try buying a good brand boat these days; limited flow of new inventory and people holding on to existing boats; finding it difficult to get the next size upgrade; all equals lack of inventory!
     
  21. Timber

    Timber Rookie

    Apr 20, 2019
    4
    Full Name:
    Tim
    It’s a real thing out there. I was looking for a 458 for about 6 months until I gave up in January (I’m picky). I switched my thoughts to an upgrade on the boat, which I got extremely lucky and found my exact build at local dealer. They had been keeping it under wraps so they could sale/show it at the boat show, but again with some luck i was able to get first dibs. Since then to taking delivery last week, I had 3 offers to buy it around $30k over MSRP. Delivery dates are 2022 at this point.
    My wife tried to get some patio furniture last weekend, delivery was November! Supply chains are a mess all across the spectrum.
    My neighbor is a food supplier and the stories he has are down right scary.
     
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  22. Spezia

    Spezia Karting

    Dec 15, 2019
    167
    Full Name:
    John Weires
    Supply chains are a mess. The well known chip shortages are effecting my former A/V businesses supply of A/V receivers and speakers in some cases.
    I'm waiting at least until August for a pair of the all new Michelin Pilot Sport AS4's for my Turbo Cayenne.
    They announced the new tire model in October 2020 but because of Covid it has been delayed.
    Good thing I still have safe tread on my existing tires.
    At least my Domino's pizza was delivered on time.....
     
  23. Jeff3545

    Jeff3545 Karting

    Sep 4, 2018
    113
    SF Bay Area and South Florida
    Full Name:
    Jeff Nolan
  24. gilly6993

    gilly6993 Formula 3

    Aug 20, 2009
    2,475
    Longmeadow, MA
    Full Name:
    Eric
    Interesting take on it




    Sent from my iPhone using Tapatalk
     
    gw32 likes this.
  25. Supply & demand / supply chain issues aside, collectibles are a store of value and luxury collectibles, being fewer of each made originally, more so. Luxury collectibles like Ferraris behave somewhat like gold during times of economic uncertainty. One ounce of gold is fungible with another. No two paintings are fungible. I’d place a nice Ferrari somewhere in the middle of that store-of-value spectrum.


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