I'm all for price appreciation , but even I have trouble understanding. Will these really sell? What am I missing here? 2007 Ferrari 599 Manual 6 Spd for $825,000 in Etobicoke | autoTRADER.ca http://wwwb.autotrader.ca/a/Ferrari/F512M/AURORA/Ontario/19_9184262_/?showcpo=ShowCPO&orup=2_15_50
The sellers saw similar cars ring the bell at retail auctions in the U.S. and now think they can get those prices here.
The seller is considering the price in US (for a unique action sale), then factors in the exchange rate. Can't blame him for trying.
I don't blame them for trying, but at that pricing for both of them, it sends the signal that they really are not for sale..... I suspect if I listed my glass car for 499 people would scratch their head and think the same. One would think that at this pricing they would go the auction route.
...with millions to burn. Ain't going to happen. They are only listed because it's now free to make autotrader ads online.
Get a 599 F1 at $180-200K and change the transmission to stick. F dealer for sure will do it for you at less than $100K.
LOLLLLLL Just read the ad.."A similar car sold for $650K at Amelia aucton..." ....Yes to a filthy rich collector who wants a 3 pedal 599 in his collection of 50 cars. Probably will never be driven again. Someone similar might buy this one too, its a shot in the dark but good for Caliber to exploit this market !!! Has nothing to do with exchange, you van find 100. 599 on eBay for $129 K USD right now. Its only the 6spd collectability value which is making that price. I was looking at another 599 6 speed at Palladini Prestige (red/tan) a few years back at $299k I guess the 599 is the new 275 GTB.... NOT !!! BigRed, you and I should buy a bunch of Honda Civic coupe 5 speeds... they will probably stop making those too eventually. We can auction them at Amelia Island in 20 years for $499,000 !!!!
Actually, I agree. By the time you factor in the ridiculously low Canadian dollar, this is a deal! Low mileage and a traditional Ferrari red will make this car desirable to collectors. Cheers FN
The number one employment sector in BC is finance. The majority of the financial market is in natural resources, primarily oil. We are in as much trouble as Alberta.
Not enough foreigners to prop up the BC economy. Foreign buyers that bought within the last six years, are down in their investments due to the low dollar. Many are now dumping their Canadian depreciating assets. Canada is a poor choice to invest in and most foreigners with the 30% to 40% depreciation have learned that lesson the hard way. And the conservatives killed the investor visa program, making it much harder for mainland Chinese to come here. The liberals haven't reinstated it.
Yes, as noted rich foreigners are in fact in the process of becoming poorer, when their currencies devalue it will happen even more quickly. Most of Canada has far more linkage to the oil industry, indirectly, than is generally realized but will soon be understood more fully. And overall, there is way, way too much debt. Its been a while in the making, but those who think this party goes on indefinitely and plan around that are going to get hurt. Everything is cyclical. Of course, things tend to work out, its really more of a mind game about living below your means.
O.k. more on topic. The number of CDN's with $800+K to spend on a used car, is a small pool. Even more so when we are talking about the number of $800k buyers who want a Ferrari, never mind a specific model. Its priced out of the Canadian market, period. The dirty secret, the Canadian dollar will always be low. Yes, its crept up and has reached parity with the U.S. When it does, its bad for economy. The basic economic model for Canada, is make things with low CDN dollars and sell it in the American market for more valuable U.S. dollars, make an extra 30% on the currency exchange. Now the Americans who are coming to Canada are looking to take advantage of their more powerful dollars purchasing power. The problem most goods are imported and are either more expensive or at par with the U.S. market. Its why you don't see tons of American cars at Costco in Canada, near the border. Americans will shop here, if its a deal, they won't if its the same as the American market. Add in importation hassles and duty, etc. A car needs to be worth the while or an American wont buy it. Yes, its rare. But I believe they priced it over the American market price. People forget auctions are retail, not wholesale. Most auction buyers over pay. You see it all the time XYZ rings the bell and suddenly people ask big bucks for their XYZ cars. 9 times out of 10, the reality sets in and XYZ's are back to realistic pricing. I'm all for making a profit, can't blame them for trying, but I think they missed the boat on this one.
a bit off subject but still related: New cars - Dealers who sell new units to the US will have their allowances cut and may be fined (up to and including loosing franchise). Used cars: American wholesalers have been cleaning-out high demand quality vehicles for almost a year and in effect have maintained or increased the values of used cars/trucks on our used car lots.
Plus these cars are not 25 yrs old or older , therefore won't be able to go to the US.....yet. That's the part I don't understand , why list at such a price.
Canadian market can or at least most can. Canada has almost identical emissions and crash test standards. Most times the only difference is kilometers. You just need a letter from the manufacture stating its DOT and EPA compliant and it can be imported.
Oh in both Canada and the U.S. there is companies licensed to bring in and modify a non conforming car to either countries specification. This route is very expensive. Little more on topic. Again I'm all for making a profit. Considering the retail prices of an automatic, doubt they paid a big premium when they bought the car. I also understand paying a premium for a rare desirable option. Asking a over $600k premium is just plain greedy. Now I've lost interest in all cars offered by them. I don't trust greedy people.
