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And so it begins, car value crash...

Discussion in 'Ferrari Discussion (not model specific)' started by 09Scuderia, Apr 13, 2020.

  1. DW68

    DW68 Rookie

    Dec 31, 2019
    15
    UK
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    D Wilson
    Ran out of time....add to this that some manufacturers are very, very tight on funds so they simply cannot throw money at the new car market. If they did, then they could cause used prices to drop to respond to this.
    (It is clear since the last recession that the monies they were making has been absorbed by R&D for wherever they see power trains going and their own operations ran with little or no profits and that's even after factoring in the way they rinse their own networks for every shred of profit they can. There was a time both Dealer, Distributor and Manufacturer all had a slice to live off but it has migrated up the food chain to the Manufacturer who has often pre spent it) Dealers need that prime used stock to pay the bills and their bigger operations have become dependent on it, as they chase to maintain stock they will maintain values of good units in doing so.
     
  2. pilotoCS

    pilotoCS Formula 3

    May 19, 2019
    2,426
    Wash DC & Long Island
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    Willis B.
    And old joke from the car business:

    A customer says to the salesman: "We're here for the 0% financing. Can you do any better?"
     
  3. LARRYH

    LARRYH F1 Veteran
    Rossa Subscribed Owner

    Jun 3, 2011
    6,655
    virginia usa
    I agree with this . I just bought a used 2020 PISTA (with200 miles) the advertised price was about 45k more than I paid through a Ferrari Dealer .. ...
     
  4. SirPouyan

    SirPouyan Karting

    Oct 18, 2017
    158
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    SirPouyan
    Can you tell us the price you paid relative to MSRP?
     
  5. George330

    George330 Formula Junior

    Oct 19, 2009
    892
    Switzerland
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    George
    I think it is way to early to determine whether there will be a crash in the exotic & classic car market. The last crash of the early nineties was two years in the making, it did not happen overnight and financial conditions were very different

    The dealers I speak to have actually had a very decent two months, with plenty of new and used cars sold in March and April as even “closed” dealerships continued to operate. The outbreak of the crisis saw a few cancellations, resulting in 812 GTS and SF90 build slots becoming available, but nothing particularly worrisome. Also car financing here in Switzerland has tightened a little bit with some deals being turned down, but none of this looks like a major crisis.

    Crises like these erode buying power from the bottom up and given low levels of interest rates it will take a lot for the entire market to crash. The market for “entry” classics is already in recession. However the top end of the exotic/classic car market is driven by wealth and liquidity, not global employment and wage growth. Liquidity is ample and stock markets have weathered the pandemic remarkably well (almost too well), so it is hard to expect an impact on that part of the market in the short term.

    Naturally the current situation will probably mean further price stagnation driving away people who played in the exotic car market expecting zero depreciation and some of those who view collector cars purely as financial investments to be stashed away in expectation of a windfall, but that is not necessarily a bad thing for most of us.


    Sent from my iPad using FerrariChat
     
  6. LARRYH

    LARRYH F1 Veteran
    Rossa Subscribed Owner

    Jun 3, 2011
    6,655
    virginia usa
    just a little below MSRP ..
     
  7. ross

    ross Three Time F1 World Champ
    Silver Subscribed Owner

    Mar 25, 2002
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    Ross
    i had the same reaction - pista is a great great car.....worth $500k + ? not for me.
    at that price point and even below, there are many more interesting cars to choose from in the vintage section that can be enjoyed without needing to risk your license to do so. i wont be getting a pista at that price, but i certainly hope those who own them already enjoy them to the max coz depreciation is coming for you.
     
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  8. henryr

    henryr F1 World Champ
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    Nov 10, 2003
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    Juan Sánchez Villa-L
    and a flappy paddle 575 sells for $160k on bat........................
     
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  9. tbakowsky

    tbakowsky F1 World Champ
    Professional Ferrari Technician Consultant

    Sep 18, 2002
    14,997
    The Cold North
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    Tom
    What? 160k? Was there somthing speacial about it? Famous owner, delivery miles, original air in the tires etc..
     
  10. Skippr1999

    Skippr1999 F1 Rookie
    Silver Subscribed

    Dec 22, 2009
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    Skipp
    Original owner wanted it back and made it happen. Sentimental value.
     
  11. Robb

    Robb Moderator
    Moderator Owner Lifetime Rossa

    Feb 28, 2004
    11,918
    Mesa, Arizona
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    Robb Williamson
    Original owner was former racing driver and race team owner Bobby Rahal - So I think he could afford it and who doesn't like a car you previously owned in many cases...

    Robb
     
  12. tbuff

    tbuff Formula Junior

    May 15, 2005
    547
    That place is a cult. Can't handle it.
     
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  13. flat_plane_eddie

    flat_plane_eddie F1 Rookie
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    Mar 30, 2013
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    It takes 2 to tango though, who was the other bidder going nuts over it?
     
  14. ChipG

    ChipG Formula 3

    May 26, 2011
    1,057
    Santa Monica, CA
    Probably the sellers shill account to fake bid it up
     
  15. henryr

    henryr F1 World Champ
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    Juan Sánchez Villa-L
    i saw

    that car would have sat on ebay for months at 100k
     
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  16. 09Scuderia

    09Scuderia Formula 3

    Nov 20, 2011
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    Tim&Julie
    Bobby won the Indy 500 in 1986!
     
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  17. italiafan

    italiafan F1 World Champ

    Jul 19, 2006
    10,104
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    Stickbones Swagglesmith
    Sometimes we place too much emphasis on dollars and not enough on emotional content, good for him getting back something important to him...life is short.
     
  18. Solid State

    Solid State F1 Veteran
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    Feb 4, 2014
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    Comor Bidity
    For sure. And Mr. Rahal wouldn't even notice the extra cost.
     
  19. JP365

    JP365 Formula Junior

    Mar 8, 2007
    948
    Chicago
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    John Fanning
    I’ve met him a few times at local events and he has always been extremely friendly. Several years ago at the fall vintage races at Road America he let my son look around his collection of cars in the paddock. One of Rahal’s paddock mates let my son sit in the Devin he was driving. Great guy.
     
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  20. Themaven

    Themaven F1 Rookie
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    Nov 2, 2014
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  21. Rossocorsa1

    Rossocorsa1 F1 Rookie

    May 14, 2017
    4,010
    The assumptions that the market crashed isn’t true for all cars. Superb examples are still desired.
     
  22. Themaven

    Themaven F1 Rookie
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    Nov 2, 2014
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    Darius
    Maybe it’s also because lockdown has made us reassess our lives. Spend time doing the things you love (being with family, driving cars) instead of endlessly chasing or worrying about the next $. That’s for those fortunate enough to have reserves in the bank, I’m not being callous.
    and if you do have a reassessment of your priorities and you love cars, you’re going to be looking at the market. I know I am more inclined to buy another car now than I was 3 months ago. Even though I am no wealthier.
     
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  23. tbakowsky

    tbakowsky F1 World Champ
    Professional Ferrari Technician Consultant

    Sep 18, 2002
    14,997
    The Cold North
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    I agree..however there is the opposite effect. Where people (even very wealthy people) realize they are working for thier possessions. I know quite a few collectors who are actively seeking to unload the needless cost of a large collection and just focusing on aquiring 2 or 3 prime collector peices..
     
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