488 488 Prices - What Are People Really Paying?

Have you checked out the pricing of a new Ford Bronco?? How about a Kia telluride?? Yes, the pricing is that high and they are selling. Why not make an offer or whatever you want, the worst they can say is no. More likely than not you maybe can save a few grand off the asking price but take a shot and report back when you get one.

 

If those cars being listed are 'gone' in less than 30 days you can assume they are being sold at or close to the asking price.

However, if you are serious, make your offer. They may have to think about it for a while, so it is good to get your offer in there...

 

These are good questions and one Ive been pondering as well. I thankfully have an F8 order in place but I doubt Ill see it until end of summer based on what Im hearing so I started looking at used F8s and the market is clearly 50-70K over sticker as I nearly pulled the trigger on a low milage one but I ultimately decided against it. I then thought about a used 488 (as I had a 488 spider in 2018) and the market for the spider appears to be about 20-30K under sticker as a listing price. However, my bet is a lot of these cars are on consignment and they don't appear to be moving at these prices. I suspect you can do better by about 10% since most of these cars have only a year or two left on warranty (you should be able to get a CPO and add the power warranty) but some of these cars are 5-6 years old now.

White the used market is insane right now ( I just sold my 2.5 year old a 2019 Ford Raptor last week for 6K over sticker) I personally don't think the caparison to other low priced cars is really applicable to the exotic market as not as many people are spending 200-300K on cars? Im sure many will debate this...

 

My pristine 2018 488 GTB with 6,400 miles, sold in June 2021 for $275,000; MSRP was $306,000. The pre-covid price would have been about $50,000 less.

 

If financing is part of the potential equation...you (or anyone watching) might want to consider what that landscape could look like in 12 months

https://www.reuters.com/markets/us/fed-prepares-stiffen-inflation-response-post-transitory-world-2021-12-15/

Of course, increasing the cost of borrowing will be its own "relief" to incessantly increasing prices as the potential pool of buyers is reduced...

So, if you are going to the dealership with a check instead of financing, waiting for 12 months could see some price relief..maybe, just maybe.

Or, waiting just gives more people time to become aware that Ferrari is completely removing itself from production of combustion-only cars and their hybrid thing is questionable, so, the back-catalog is where to hunt...

At this point, if you find a car you really like, end the wait, make it happen.

 

Considering the current market situation and low inventory ,I just can’t see prices dropping to pre-pandemic prices even by next year. Winter is the best time to buy. Have to agree with JTSE30,if you see something you like, make them an offer.

 

The answer is really if you want to buy and drive the car or just think about it . I don't know what normalize means because they are not producing anymore of these cars and If the economy tanks sales typically slow down at all price points because people get the creeps about buying things .

My opinion sounds like goofy reasoning but I'm a little older and NOT rich but listen to people hem haw over prices of everything and postpone buying things they would want and enjoy due to psychological pricing issues which is a far cry different from not being able to afford something .

 

I’m very strongly considering selling my 2019 488GTB… 6400 miles too. It’s been a great car, dealer derived, I love it and it’s pristine…complete with HRE and Novitec springs and stock wheels/tires springs too. I’d miss it and be sad but it’s getting time for something else soon I think. What avenue did you use to sell yours?

 

I would hesitate the same, no way of knowing if this is a bubble or the new reality at this point.

Something you said was very interesting though:

Guess what, you aren't the only one with that thought and it's a big factor. No F8's available, and the incoming model is a very different car/experience. Might be better, might be worse....but definitely different. That being said, they made a lot of 488's and I personally can't see them hanging around near MSRP long-term. If the F8 starts coming back to MSRP, the 488 will slowly roll down too - there is nothing it is better at than the replacement model. 458 vs. 488 is a different conversation.

 

Dealer Consignment.

 

You did well ! Dont say it aloud to the Pista guys that got shafted on their 488 GTB trade ins.

 

A doctor who goes to my gym put his 2019 white GTB ( about same miles as yours) on consignment at Ft Laud Ferrari and got over 300k for his (about one month ago).

 

Generally, mods yield negative returns. My 488 was bone stock.

 

I recently contemplated selling my '19 488 GTB w/4,600mi to Ferrari of Austin ($314K original sticker). Their wholesale offer was $260K and said they'd sell it for $280-290K. Since they want $400K for a used F8, I decided to just keep it and put some more miles on it.

 

I can swap back to stock spring easy and put the stock wheels back on. Only mods I did other than ppf

 

Excellent condition 2019 488 GTB with 6900 miles, stock except capristo exhaust switch, asked for $289K, sold for $284K, MSRP was $305.

 

you would probably get more that way, then sell the mods separately.

I personally would steer clear of one of these things modded while shopping pre-owned.....heck, they have enough issues stock sometimes! No way to know the quality of the install work, etc.

 

Dealer put the springs on… it’s easy to do nothing harmful. Wheels are just for looks all the same. Nothing to be scared of. It’s when people mess with the ECU to up boost…that puts strain on the stock turbos and internal engine components outside the designed parameters

 

Order a Huracan Evo, might be a year or so but you can spec what you want. Great car and sound. NA V10

 

What if you were to consign the car instead? Assume it sold for a very realistic $285,000 and you agreed to a 5% consignment fee, you would net $270,750 which far better than the wholesale offer you received. Dealers need inventory and should welcome a consignment opportunity.

 

I don’t know any dealers that do 5% consignment. While I suppose this negotiable in this market where dealers want used cars.

Every dealer I know of wants 9-10% which In the above case nets him the same as his cash offer. Typically the dealers have the math on this stuff figured out.

I think it’s actually the most helpful to know what people are being offered wholesale for their cars if you want to know what to offer. It’s good to know what money dealers have in cars and can extrapolate costs to prep or CPO them. Figure every dealer wants to make this 9-10% and that gives you a good offer number.

 

So assuming every 488 on the market is $50k overpriced versus where they were 18 months ago and there is maybe a 50/50 chance that premium goes away an 12-18 months, how important is that $50k+ (add taxes) or about 20% to you?

Since my savings rate for toys is around $20k per year, the thought that I am possibly overpaying 2.5 years is a deal breaker so I would wait it out.