Corona and the Impact on V12 Ferrari Values - Lusso | FerrariChat

Corona and the Impact on V12 Ferrari Values - Lusso

Discussion in 'FF/Lusso' started by BrntRubber, Mar 11, 2020.

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  1. BrntRubber

    BrntRubber Karting

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    Farris Alnaqeeb
    #1 BrntRubber, Mar 11, 2020
    Hi All,
    I am in the UK and have the option to get my deposit back on a 2019 Lusso with 600 miles, black on cream with all the key options for 37.5% off the new price via an official dealer.

    I love the car and already ordered a Capristo exhaust. That being said with the Corona situation, I can’t imagine people are out buying Ferraris as they are too busy trying to keep their businesses and families safe, plus the financial markets have already taken a big hit and might get much worse.

    What is the implication on car values during this uncertain time and how much pressure are official Ferrari dealers under to get cars off the lots?

    Although my deal seemed very good, I am thinking to renegotiate considering the financial risk Corona poses on my business and the pressure it is putting on the dealers.

    I am not sure how hard to push it with the dealer. Any ideas?

    If my dealer has the discretion to allocate me a 812 GTO (whatever it is called), then I would happily not renegotiate but just ask for written confirmation I will get a car. This seems highly unlikely.

    Thanks in advance for the advice. Some great guys on here :)
     
    LMH likes this.
  2. GreenLantern

    GreenLantern Formula Junior
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    #2 GreenLantern, Mar 11, 2020
    Stop blaming Corona for market woes. They make somewhat decent well-priced beer.
     
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  3. BrntRubber

    BrntRubber Karting

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    #3 BrntRubber, Mar 11, 2020
    Touché
     
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  4. ChipG

    ChipG Formula 3

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    #4 ChipG, Mar 11, 2020
    otakki, wrs, MDEL and 1 other person like this.
  5. msgm1

    msgm1 Formula Junior

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    #5 msgm1, Mar 12, 2020
    If you can afford it, then buy the car and enjoy it, life is short.

    I don’t think there is a snow balls chance that by buying a deeply discounted Lusso they will give you a chance to buy the limited edition 812, no way
     
    Caeruleus11 likes this.
  6. MDEL

    MDEL F1 Rookie
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    #6 MDEL, Mar 12, 2020
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  7. italiafan

    italiafan F1 World Champ
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    #7 italiafan, Mar 12, 2020
    You said you love the car....you will lose money on it regardless. Drive, live, enjoy...tomorrow is not promised.
     
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  8. wrs

    wrs F1 World Champ
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    #8 wrs, Mar 12, 2020
    So I am wondering if this gives any leverage on taking delivery of a new car? I am concerned that my new 812 will be only worth 2/3 of the MSRP that I am supposed to pay. I am considering not taking delivery unless I can get a discount equal to what 2019s are selling for because the fact that it's new means nothing at this point. In fact, I am wondering how much I will be able to get out and drive it given the looming lockdowns.

    If the NBA cancelled it's season, we are in full scale hysteria over here and now Trump is stopping travel from Europe to the US for 30 days? Wow!
     
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  9. Nospinzone

    Nospinzone F1 Veteran

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    #9 Nospinzone, Mar 12, 2020
    If you look at the market (stock and car) in 2008, you can get an approximate idea of where values will go.
     
  10. msgm1

    msgm1 Formula Junior

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    #10 msgm1, Mar 12, 2020
    It's always your choice to cancel an order, but the dealer and the factory will hold this against you when things normalize. i don't think there is anyway you will get a discount that is material if at all...
     
    KenU likes this.
  11. wrs

    wrs F1 World Champ
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    #11 wrs, Mar 12, 2020
    We will see.
     
  12. BrntRubber

    BrntRubber Karting

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    #12 BrntRubber, Mar 12, 2020
    I didn’t follow the car market in 2008, but if it was like the stock market it must have been a blood bath.
     
  13. msgm1

    msgm1 Formula Junior

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    #13 msgm1, Mar 12, 2020
    From memory there were very few cancelled orders in the USA for new Ferraris. Every other brand got destroyed but not Ferrari
     
  14. BrntRubber

    BrntRubber Karting

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    #14 BrntRubber, Mar 12, 2020
    I placed a deposit with my dealer on the basis he would supply and fit the passenger display on the car by the end of the same week. That was 14 days ago tomorrow.

    They keep saying they will try and expedite getting the part, todays email said “I think I have good news and it should be delivered sooner than expected... will update tomorrow” but I believe it is reasonable on my part to request a refund or I am also saying I am happy to keep the deposit with them if they provide written confirmation that it is fully refundable until the part arrives and I give the ok to fit it. Is this unreasonable or dickish?

    The car is on sale and return and I know the buyer really wants it sold and is putting pressure on the dealer.

    I am after all buying a used Lusso, although I love it as a V12 family mobile, it is not a 488 Pista Spider at list price, what do I lose by waiting? The answer is a few months of driving enjoyment.

    I think I should sit tight and see how bad things get. It’s not like I am going driving all over Europe etc anytime soon thanks to Corona. I don’t think there are many people in the current climate rushing to buy an almost new Lusso, unless it’s a crazy deal.

    If I get a call saying “what would get this deal over the line” what would you guys suggest? The deal as it stood was £180k (37.5% off the list price) for a 2019 with 600 miles.

    I have my 991 Speedster waiting for the sun to shine. Can’t enjoy it with both my boys at once but it is special and is getting a titanium exhaust tomorrow.:D
     
  15. ANOpax

    ANOpax Formula 3

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    #15 ANOpax, Mar 12, 2020
    There’s an element of you being ****** - but equally, the dealer has screwed up. To be fair, this won’t be the first or last time that you’re waiting on a part from Ferrari.

    Ask yourself the question - if you were in the seller’s shoes, how would you feel if the buyer walked out due to circumstances beyond your control?

    My suggestion is this. You want the car. I don’t know your business or financial circumstances. But maybe the fairest thing is this. I’m guessing that the passenger display is about 10k fitted.

    Tell them you’ll take the car tomorrow without the passenger display for 165-170k.

    Drive it. Love it. And then decide if the passenger display is worth 10k (I think you’ll find it isn’t...)
     
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  16. uhn2000

    uhn2000 Formula 3

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    #16 uhn2000, Mar 12, 2020
    Passenger display is the most useless feature in both my Lusso and Portofino, I don't have it in my 812 and not once has my wife or kids asked about it. You barely turn it on after a few times .. super quick novelty that will wear off fast.
     
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  17. BrntRubber

    BrntRubber Karting

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    #17 BrntRubber, Mar 12, 2020
    Having been a porsche guy for many years (since the 458) I thought it was a cool gadget and important for resale. Isn’t it a must have for resale?
     
  18. MDEL

    MDEL F1 Rookie
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    #18 MDEL, Mar 12, 2020
  19. Nospinzone

    Nospinzone F1 Veteran

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    #19 Nospinzone, Mar 12, 2020
    ^
    Tacky.
     
  20. uhn2000

    uhn2000 Formula 3

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    #20 uhn2000, Mar 12, 2020
    I too thought it was soo cool for a few times and then its just not :) Good question, its of zero value for resale in my humble opinion but I am no resale value expert.
     
  21. KenU

    KenU Formula Junior

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    #21 KenU, Mar 12, 2020
    Nope
     
  22. PTG1

    PTG1 Formula Junior

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    #22 PTG1, Mar 12, 2020
    They may give you one but, you won't know until you ask. Try your luck and see
     
  23. PTG1

    PTG1 Formula Junior

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    #23 PTG1, Mar 12, 2020
    Definitely not a must have for resale, they just say that to sell it to you!
     
  24. dustman

    dustman F1 Veteran
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    #24 dustman, Mar 13, 2020
    I was told this also and I don’t care. . too easy to buy from out of territory dealer who plays the game well.
     
  25. wrs

    wrs F1 World Champ
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    #25 wrs, Mar 13, 2020
    LOL! I added it because it looked much better than the original versions. It can change the music in the 812 version and so the co-pilot can do some things from their spot if they want but I imagine it may be nothing but a novelty.
     
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