first time buyer - Q's | FerrariChat

first time buyer - Q's

Discussion in 'California/Portofino/Roma' started by figment, Dec 23, 2020.

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  1. figment

    figment Rookie

    Aug 17, 2019
    6
    San Diego
    Full Name:
    AJ
    Hello everyone. looking at a 2020 Portofino in Rosso Portofino on Nero. been the dealer demo at Ferrari SLC for last 9 months.

    Sticker: ~$263k. I'm looking at $230k buy price.

    ~300 miles, CPO, but never titled (since dealer has owned it). so its somewhere between new and used. Carfax calls it new

    9 months on warranty have passed, 2yrs 3 months remaining.

    My questions are:
    • Are dealer demos to be avoided? any downsides?
    • Is the 7 year maintenance / CPO actually worth anything
    • Do i need to get PPI if it's dealer owned CPO
    • What else should I push for in negotiations - extended warranty etc
    what else should i be considering... are any blinders I have on that I should be aware of.
     
    paulchua likes this.
  2. vjd3

    vjd3 F1 Rookie
    Owner Rossa Subscribed

    Jun 3, 2005
    2,565
    Massachusetts
    Full Name:
    Vic
    Try to get them to extend the original factory warranty the extra two years. The price to do so is about $6500 retail, their cost would be less. That would be a nice deal, I think, if you like the color and the options. I would not be concerned about anything else as the car is still under the new car warranty. The only thing I would be concerned over is whether or not it got beat up on a little on the test drives -- i.e., not broken in gently -- but it's only 300 miles. Inspect it for chips, see if they will work with you on getting the paint protected if that's your thing.
     
  3. bmcginn

    bmcginn Karting

    Dec 11, 2005
    68
    I’ll get trashed for this comment, but you asked so here it goes. If memory serves me correctly, Rosso Portofino is a $25k option which means, at a $263k sticker, the car is a lightly optioned car. I’m a fan of Rosso Portofino, but not at $25k. I’m not a fan of Rosso Portofino with Nero interior. And I would never, ever buy a dealer demo. There are too many inconsiderate people out there who take cars for a test drive and beat the snot out of it. My advice is spend the extra money and order a new Portofino M. You’ll be so much happier.
     
  4. figment

    figment Rookie

    Aug 17, 2019
    6
    San Diego
    Full Name:
    AJ
    i believe it’s a $12k option and i’m happy with the config but your point on the dealer demo stands
     
    Florida Joe likes this.
  5. tomc

    tomc Two Time F1 World Champ

    Apr 13, 2014
    25,865
    DFW, Texas
    Full Name:
    Tom C
    Given the delta on new & improved Porto M and used Porto, I would tend to agree with the above.
    Wouldn't it be odd to have a low option demo? I thought those were usually pretty plussed up.
    @figment - I would ask SLC to shoot a pic of the plate in the trunk that lists the options.

    T
     
  6. figment

    figment Rookie

    Aug 17, 2019
    6
    San Diego
    Full Name:
    AJ
  7. Redneck Slim

    Redneck Slim Formula 3
    Silver Subscribed

    Mar 10, 2011
    1,440
    Palo Alto,CA,USA
    Full Name:
    Walt Kimball
    As someone who keeps cars for many years and who believes in a careful engine break-in as well as thoroughly warming up a car before driving it briskly,I would be very hesitant to buy a demo for the reason Vic mentioned. If I did buy,it would be with a big discount.
     
    tomc likes this.
  8. figment

    figment Rookie

    Aug 17, 2019
    6
    San Diego
    Full Name:
    AJ
    thanks guys
     
  9. tomc

    tomc Two Time F1 World Champ

    Apr 13, 2014
    25,865
    DFW, Texas
    Full Name:
    Tom C
    There are 72 Portos for sale on cars.com, including 10 within a grand of the asking price of the car you showed. Porto M coming out, you would think would put downward pressure on gen 1 Portofino prices. F-chat dogma suggests that convertible prices soften during winter. I think it's a buyers market. Contravening that, everyone seems to indicate that high-end car sales are very strong. Unless you're super specific on a spec, I say enjoy the hunt, test drive a few, and then pounce when the deal is good...T
     
    figment likes this.
  10. RamsHmb

    RamsHmb Formula 3
    Rossa Subscribed

    Jan 22, 2017
    1,030
    San Francisco
    Full Name:
    James
    The big option missing is carbon fiber driver zone. Gives you the led’s on the steering wheel. Can be a deal breaker for future potential buyers. I have on my GTS and my wife has on her porto...I don’t have on my Roma. So there are folks that will go both ways but something to consider. I wouldn’t buy a v12 without but I think it works for the Roma...like having on the portofino.
     
    TifosiConch and figment like this.
  11. Quietriot

    Quietriot Karting
    Silver Subscribed

    Oct 28, 2018
    90
    I think you need a bigger discount to take a demo car. 30K is just not enough. The market price for PF is about to drop further while new PFM come out. The more you wait ........the more you will save .....the steep depreciation curve is about to hit PF

    My .02 cents of advice .....keep looking .........
     
    figment likes this.
  12. TheMayor

    TheMayor Nine Time F1 World Champ
    Rossa Subscribed

    Feb 11, 2008
    98,533
    Vegas baby
    A dealer demo car would not scare me, particularly with only 300 miles. In fact it might be a bargain and certainly quicker than ordering one.

    Rosso Portofino is an expensive option but worth next to zero in resale. It is beautiful though. It might be a bit tough to color match in an accident.

    The 7 year maintenance is "worth it" but comes with some restrictions. Only the dealer can do the service and if you are far away from one, that means transporting the car. And it has to be done in a "window" of opportunity. If you don't then it becomes void. That window may be 2 months from the scheduled date. If you go beyond this, Ferrari will stop it. Servicing the car yearly is about $1500 or so. Ask your dealer for more information if you have any questions. Bottom line is you can't have the car sit around a few years and then think its still under the 7 year maintenance warranty for you or the guy you sell the car to.

    I would ask for an extended warranty. They sell extended warranties so giving another year up shouldn't be a deal breaker for them if they want to sell the car.

    I would almost guarantee the dealer will not let you take it somewhere else for an inspection. But the CPO and warranty covers you. The CPO would have to list any accident repair or something like that. Given that its only been driven with a salesman present its unlikely its been abused to any extent to worry about.
     
    Florida Joe and tomc like this.
  13. greyboxer

    greyboxer F1 World Champ

    Dec 8, 2004
    12,282
    South East
    Full Name:
    Jimmie
    300 miles is surely too low for a dealer demo car in nine months - maybe it was the showroom car or something - as noted above most driver demo cars are heavily optioned not the opposite - could this be a cancelled order or similar ?
     
  14. bmcginn

    bmcginn Karting

    Dec 11, 2005
    68
    I think you’re right about the Rosso Portofino cost. For some odd reason my brain locked in on $25k.
     
  15. TheMayor

    TheMayor Nine Time F1 World Champ
    Rossa Subscribed

    Feb 11, 2008
    98,533
    Vegas baby
    #15 TheMayor, Dec 24, 2020
    Last edited: Dec 24, 2020
    No I think the mileage sounds about right. They aren't going to let just anyone drive it. They have to believe they are a serious buyer. Let's say the car came with 50 miles and each demo takes 10 miles. That's 25 demo's in 9 months. or 3 per month. Seems reasonable to me.

    They may have gotten it in a backed out deal or immediate trade back though.
     
  16. XSpeed

    XSpeed Formula Junior

    Jan 6, 2019
    408
    Full Name:
    SX
    You're getting a used car from last year and paying 90% of the MSRP where there is already a newer version of the same car.

    Does not make sense at all.
     
    timjen88, AlexBen and figment like this.
  17. luvair

    luvair Formula 3
    Owner Rossa Subscribed

    Jun 4, 2005
    1,495
    From my past experience, the special colors for resale is near zero value. Unless someone really wants that color, then it’s different. But that percents is very small for resale. Unless a Porsche where there are tons production cars and many more buyers.
     
    figment likes this.
  18. tanktom

    tanktom Rookie

    Dec 26, 2020
    36
    London
    Full Name:
    Henry Tucker
    Portofino is a beautiful car! Interesting to hear the comments from those more experienced than I re the mileage clocked up by the test drives.
     
    figment likes this.
  19. Los Angeles pi

    Jun 30, 2017
    13
    By what you love. These cars are not bottles of fine wine. Every Ferrari and for that matter every car I have owned, I drive it like I stole it. As far as price, go with the market. Don't settle on color, get what you want.
    Image Unavailable, Please Login
     
  20. figment

    figment Rookie

    Aug 17, 2019
    6
    San Diego
    Full Name:
    AJ
    thank you all for your input! very grateful for this board
     
  21. Il Co-Pilota

    Il Co-Pilota F1 Veteran

    May 29, 2019
    6,023
    Hopefully some place nice.
    Full Name:
    A.B
    Dealer demos can be great cars, it depends on the dealer. More often than not, dealers try to not have clients beat on them, whereas owner cars you don't know about. Trust me, my cars are not babied, and a dealer demo would be in better shape than my cars. I take care of them well, but I drive them, hard.

    Sent from my SM-G930F using FerrariChat.com mobile app
     
    AirKuhl and figment like this.
  22. AirKuhl

    AirKuhl Formula Junior
    Silver Subscribed

    Nov 23, 2004
    678
    Who da ho?
    Full Name:
    Peter
    I couldn't agree more. It's a sports car. Accelerating and cornering briskly is why they exist. It's the opposite of beating on them. And this ain't the 70's where break-in made a huge difference and oils needed to be changed at 500 miles due to metal shavings.

    Demo drives usually have the sales guy in there with you. Do you guys really trash cars on test drives? I can't imagine doing that. I love buying demo cars, as they are usually very well taken care of. I have purchased 2 demo sports cars and they have turned out to be some of my best, including my Porto.


    Actually the urban legend of dealer demos being somehow inferior might be why they are often such a good deal. Nevermind, dealer demos suck! Avoid at all costs!

    ;)
     
  23. XSpeed

    XSpeed Formula Junior

    Jan 6, 2019
    408
    Full Name:
    SX
    Chances of finding a trashed Cali T or Portofino is very difficult. if the car doesn't have any accident history, it is most likely very good to go.

    For me location & environmental factors matter more. e.g I'd not buy a used Ferrari originating from Dubai.
     
  24. Bill Phillips

    Bill Phillips Formula Junior
    Silver Subscribed

    Nov 4, 2019
    478
    New Orleans
    Full Name:
    Bill
  25. TifosiConch

    TifosiConch Karting

    Jan 15, 2020
    213
    Full Name:
    Paul Maurer
    I agree, the CF wheel with LEDs was a must have for me on my Cali T, along with Magneride, upgraded wheels and power seats. The other carbon fiber bits can be added easily and cheaply, but not the wheel. I think it makes the cockpit. Used Portos are now dipping into the $180s and there are now nearly as many for sale as Cali Ts. Buy this one if you are in love with the color and cannot wait, there is really not a bad choice here.
     

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