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Need input on an 18 488 GTB (high miles)

Discussion in 'Ferrari Discussion (not model specific)' started by wrapfee, Feb 26, 2021.

  1. wrapfee

    wrapfee Rookie

    Aug 19, 2019
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    Brad
    #1 wrapfee, Feb 26, 2021
    Last edited: Feb 26, 2021
    Hi everyone,

    Strongly considering (finally) fulfilling my dream of owning a Ferrari. I've been hesitant because I know I'm going to put miles on any car I own. Came across this today and am looking to move on it quickly if it's a decent deal...

    2018 Used Ferrari 488 GTB Coupe at Excell Auto Group Serving Boca Raton, FL, IID 20233304

    Ask is $227K.

    Anyway, would love some input on what a fair deal on this car might be?

    Also, I would want to extend the factory warranty for years 4 and 5...would it be a reasonable ask (assuming I can make a deal) to have it done at a local Ferrari dealer, at my expense, before closing the purchase? I wouldn't want to buy a high mileage car, and then find that I couldn't extend the warranty.

    Thanks in advance for anyone willing to offer insight.
     
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  3. vraa

    vraa Formula 3
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    #2 vraa, Feb 26, 2021
    Last edited: Feb 26, 2021
    12*12*1575 = 226k + 44k = 270k?

    Can you do ferrari new power / main power from a non-ferrari dealer purchase?
     
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  4. wrapfee

    wrapfee Rookie

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    #3 wrapfee, Feb 26, 2021
    Last edited: Feb 26, 2021
    I deleted that part of the post because I misread the listing. They were actually advertising it as a 180 month loan, not a 144 month loan (crazy!). But the number I calculated was accurate...total payments would've added up to $270K like you said, but that's due to the 6.5% interest rate for 180 months.

    I wouldn't finance it for any longer than 60 months anyway (I was just trying to sneakily back into their number). And I probably wouldn't finance it all unless they want to give me a better deal so they can write a loan and get a reserve.

    I don't know the answer to the warranty question...hoping someone else does. I'm not trying to buy a $47,732 navigation system if it fails.
     
  5. wrapfee

    wrapfee Rookie

    Aug 19, 2019
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    Brad
    I'm a very conservative person financially...if someone tells me I can pay $225K for this car, and most likely can get out of it in 36 months and 15,000 more miles for $150Kish, I'll be a proud new Ferrari owner next week. :D

    I know my habits. And I know miles + Ferrari = depreciation. I put 20k miles on an R8 in about 2.5 years. And 10k miles on an Evora 400 in less than 2 years. I'm going to drive whatever toy I have...and if I kill $100K on car depreciation, my wife will kill ME!
     
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  6. greyboxer

    greyboxer F1 World Champ

    Dec 8, 2004
    11,137
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    Jimmie
    Lots of warranty threads in the 458/488 section but essentially yes it can be extended (if current) or renewed (if out of warranty) via an inspection at a main dealer

    Oh and its not a high miles car - it has had reasonable use for three years
     
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  8. wrapfee

    wrapfee Rookie

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    It will be a high miles car when I'm done with it.

    What do you think is a fair offer?
     
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  9. ScottS

    ScottS Formula 3
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    Mar 2, 2004
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    Do you love it? Thing is you can do better. Market is soft.



    Approximate pre COVID 13k per year
    3.3 K per 1000 miles.


    Assume 287K MSRP which I am not sure about -subtract
    14.4x3.3k miles
    13.3x 3 years
    86.52 K off MSRP
    205 price target

    Start there. Prices increased after covid. I assume that coupe low mile 488 will be at 210 with modest spec, and higher with high spec but the range is there. F8 is here and spiders are coming. 458 staying where it is. A lot of downward pressure.

    I suspect these guys wont want to deal with you. The site suggest they make their money on the long term financing and the margin on higher mile exotics cars.

    Check out the classified here and see where the price point really lies.

    Scott
     
  10. wrapfee

    wrapfee Rookie

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    Brad
    Thank you Scott. I really appreciate your insight.
     
  11. Way2fast

    Way2fast Formula 3

    May 24, 2006
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    Sam
    Here are the facts about Extended Powertrain warranty in the USA. The car needs the following:

    Less then 15 yrs old
    Less then 56k miles
    Needs to pass Authieized Ferrari dealer inspection every year to qualify
    Approximately $6k/yr with inspection
    You do not need to purchase car from an authorized dealer

    Sent from my SM-G975U using Tapatalk
     
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  13. 26street

    26street Karting

    Jan 30, 2021
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    Mark k
    As long as it is serviced and Ferrari will give you a warranty I would do the deal and if you are buying it as a investment then that’s not the car but as driver I can say the best thing for cars like this is to drive them I put about 50k miles on mine in 4 years with little to no problems that I read about on lower mileage cars (no leaks, dead battery, fuel system cleaning and problems with passing emissions)
    Spending this type of money is like buying a house and not living in it
    The only thing I pay for and really don’t plan on using is my life insurance everything else is no limits


    Sent from my iPhone using FerrariChat.com mobile app
     
  14. Cigarzman

    Cigarzman F1 Veteran
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    I disagree with the market is soft. I recently traded my 2018 488 to the dealer for solid money. They didn’t have the car there 2 weeks and sold it. When I was there picking up my F8 they had 5 488 spiders and all but one sold in the last 3 weeks. It’s a very hot market IMHO at the moment. Best , Kirk.
     
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  15. wrapfee

    wrapfee Rookie

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    Thank you Scott. I really appreciate the time you took to write that, and for sharing your knowledge on the subject!
     
  16. Scott98

    Scott98 Formula 3
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    I was at Lamborghini Broward the other week and their entire new car inventory had been sold. Showroom was empty except for a 918 Spyder. Salesman told me they had a record year last year and were on track for another record this year.
     
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  17. wrapfee

    wrapfee Rookie

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    I agree completely. I definitely use my toys!
     
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  18. Natkingcolebasket69

    Natkingcolebasket69 F1 Veteran
    Rossa Subscribed

    Yes- so long as u do a ppi with them... and most likely they will ask u to have the car in a certain shape for them to do it (which makes sense)


    Sent from my iPhone using Tapatalk
     
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  19. Ianjoub

    Ianjoub Formula Junior

    Dec 22, 2019
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    Ian Joubert
    14k is NOT high mileage.
     
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  20. wrapfee

    wrapfee Rookie

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    I think this is going to be where I come in at. The car has $30K in options, which I suspect isn't what you'd consider a "high spec" 488. But it has all of the options I'd ever want.

    I suck at negotiating. I tend to give them my actual offer on the first attempt, and then walk if they say no.

    Maybe I'll throw $205K out, with the plan to come up up to $210K.

    I asked them to shoot me straight if they care if I finance with them, and of course, they said "no, we don't make very much on that anyway." Which I know is total b.s. I have a good friend that does bank lending for dealerships and some of them make 3% on the reserve. But hey, whatever. I gave them a chance to be honest if it would help them make a deal. If they want to lie about it, that's their problem. I've done that before in the past, and it's always been 4 month hold so the dealer doesn't get a chargeback, and I've always kept my word on that.

    They are working on some numbers for my trade today (which I don't have to trade in order to do the deal, but I would like to if reasonable).

    Any other last minute advice on "the number?"

    Oh by the way, the car had the most recent service done at Ferrari of Ft. Lauderdale in October (so they've been sitting on this car for awhile). They said it would be no problem to have them do the warranty extension at the same time.

    Edit: Looks like they've been sitting on this car since June of 2020. Not October.
     
  21. Mighty Joe

    Mighty Joe Formula 3

    Sep 3, 2010
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    488's are great cars! Love the yellow...... Good luck with the deal...
     
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  22. GTFan

    GTFan Rookie
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    Scott Niederbrach
    Great looking car! I am in the Denver area and bought a 2019 Portofino in early December. I also looked at a 488 Tributo that week. It was one of 7 cars plus mine that was sold out of the FOD dealership that week. Seemed to be to be a good sales week for Ferrari in Denver in December... I am very much looking forward to our perfect top-down weather in late spring.
     
  23. wrapfee

    wrapfee Rookie

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    Brad
    Deal on the table for $210,500. Includes dealer doc fee (bot doesn't include tax, tags).

    I think this is a fair deal and I should pull the trigger tomorrow...
     
  24. GTFan

    GTFan Rookie
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    Good luck - hope you love the car and it shows you some love back!
     
  25. wrapfee

    wrapfee Rookie

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    Brad
    Thanks everyone! Will post an update and pic once she's here!!!

    Seriously appreciate everyone's input on this.
     
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  26. Spezia

    Spezia Karting

    Dec 15, 2019
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    John Weires
    Did you close yet? If so congratulations!
     
  27. wrapfee

    wrapfee Rookie

    Aug 19, 2019
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    Brad
    Did not close yet. Down payment is made and my funds are ready to rock and roll. We are doing a courtesy trade on my Evora 400 to an out of state buyer (different than my state, and different than the dealer's state). Excel is getting his financing in order, and arranging for the inspection of the 488 at Ferrari of Ft. Lauderdale (so I can purchase the Extender Power warranty from Ferrari...I missed the bumper to bumper extension by THREE MONTHS! Ughhh, oh well).

    Have covered and insured shipping ready to rock & roll.

    Should be all done by the end of the week I hope, then I guess 5 - 10 days to ship depending on the trucking company schedule. So looks like I won't be sleeping much for the next two weeks. I'm pumped!!!!!!
     
  28. wrapfee

    wrapfee Rookie

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    Thank you Sir! I know I'll love the car. And I hope she loves me back!
     

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