Question from first time Ferrari buyer looking at a 2011 458 Italia | FerrariChat

Question from first time Ferrari buyer looking at a 2011 458 Italia

Discussion in '458 Italia/488/F8' started by FUTURESTAR, Oct 26, 2014.

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  1. FUTURESTAR

    FUTURESTAR Karting
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    Aug 12, 2014
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    #1 FUTURESTAR, Oct 26, 2014
    Last edited by a moderator: Sep 7, 2017
    I'm currently in the market for a 458 Italia and I found a 2011 that is pretty much exactly how I would want mine to be from a cosmetic standpoint. Typically I buy my cars from private sellers so I can cut out the "middle man" and negotiate the best deal possible but this car happens to be at a dealership. The car is "fully loaded" with a window sticker of around $330k per the dealership which they say is one of the highest MSRP 458's they've had. It is white with the factory black roof, black mirrors, black rocker panel, etc. The car has 9,000 miles. Here is the options list the dealership printed out for me.

    AFS System
    Alcantara Boot Carpet
    Door Armrest in Alcantara
    Two Tone Body Painting
    Aluminum Brake Calipers
    Carbon Fiber Driver Zone - LED's
    Carbon Fiber Lower Cabin Zone
    Carbon Fiber Dashboard Inserts
    Suspension Lifter
    Ipod Connection
    Scuderia Ferrari Shields
    Diamond Stitching Seats
    Full Optional Mirrors
    Radio Navigation System with Bluetooth
    Reverse Parking Camera
    Front and Rear Parking Sensors
    Sport Sill Cover
    20" Forged Black Painted Rims
    White Rev Counter
    Full Electric Seats
    Diamond Pattern Headliner
    Rear Shelf Leather Upholstered
    High Power HIFI System
    Upper Part Alcantara
    Michelin Tires

    What should the "right price" for me as a buyer be on this car? I don't usually keep cars very long so I will likely have it for 6-12 months and then sell it before the replacement comes out. I just want to have some fun with it and enjoy it for a little without taking a big hit on the resale and I'm a bit worried being that is has 9,000 miles on it now and I will be driving it daily. It seems higher mileage really hurts these cars value, more so than other exotics. I just want to make sure I buy it at the right number. What is your guys opinions on both the car and where the price should be?

    I've attached a picture so you can see the actual car. I'm in love with the look of it and it's exactly what I want but I need to buy smart and not just with my heart if you know what I mean. Thank you in advance and I hope to be an owner sooner than later!
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  2. FerrariFL

    FerrariFL Formula Junior

    Dec 2, 2012
    524
    Probably around 215 would be a decent buy. Looks like Ferrari of Palm Beach. Are they putting a warranty on the car?
     
  3. dr.sb

    dr.sb Formula Junior

    Aug 19, 2011
    789
    UK
    Full Name:
    Sunny B
    Beautiful specced car. I have a bianco avus 458 and they are gorgeous. If you are keeping for 6-12 months, with the 458 replacement due, you will take a bigger hit right now anyway, despite the mileage. When you go onto sell the 458 replacement will already be with the first few owners already.

    As per mileage, I have driven mine 14,500 now in just less over 15 months. But then I do not want to sell it, if I was going to sell it, I would sell now rather than 6-12 months down the line.

    The right number is the number you are willing to part with, but it seems that $310k mark would be great to manage to get it at. I am not in the american market, so not quite sure.

    Sunny
     
  4. riozilla

    riozilla Formula Junior

    Jan 25, 2006
    596
    Austin, TX
  5. FUTURESTAR

    FUTURESTAR Karting
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    Aug 12, 2014
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    Thanks for the quick feedback guys I appreciate it. As I expected since the car is with a dealer they want too much for it compared to your opinions. I also didn't think the 458 replacement would be on the road that quickly so I didn't think that would have much impact on the resale value. Especially since the buyer looking at 2011 458's in the $200k range is typically not the same buyer looking at brand new cars in the $300k+ range. Thanks for the insight and help, maybe I should just wait.
     
  6. riozilla

    riozilla Formula Junior

    Jan 25, 2006
    596
    Austin, TX
    If you just want to get in and then out of one quickly, you can buy one relatively cheaply if you are flexible on colors and miles/options.

    But if you are dead set on a specific color combo and options, it's much harder to be super picky on price.

    Prices are going nowhere but down, so for the lowest possible price either buy from a private party or look for a 2010 with ~10k miles that's been for sale at a dealer for 3-6 months.
     
  7. FUTURESTAR

    FUTURESTAR Karting
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    Aug 12, 2014
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    What would you consider relatively cheap just so I have a clear understanding of the price point you are referring to? Also I thought I remember hearing or reading there were some significant improvements after 2010 since that was the first model year if I'm not mistaken?
     
  8. riozilla

    riozilla Formula Junior

    Jan 25, 2006
    596
    Austin, TX
    2012 and up models have software updates for transmission/gearbox but it also allegedly reduces/removes exhaust note popping/cackling. 2012 and up have the factory covered maintenance which also increases their prices.

    No other differences from 2010-2011 model years.
     
  9. FUTURESTAR

    FUTURESTAR Karting
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    Aug 12, 2014
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    Good to know. For some reason I thought there was a difference between the 2010 and 2011 model as well.
     
  10. Noblesse Oblige

    Noblesse Oblige F1 Veteran

    Nov 7, 2011
    6,114
    Three Places
    215 would be a steal. Be prepared for 225 or higher. :(
     
  11. FUTURESTAR

    FUTURESTAR Karting
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    Aug 12, 2014
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    Thanks for your input. They are asking $239k for the car but obviously that is just a starting price and it can be bought for less. I'm just trying to figure out at what price would it be a great deal for me that I shouldn't pass up on should I be able to get them down to that number.
     
  12. Noblesse Oblige

    Noblesse Oblige F1 Veteran

    Nov 7, 2011
    6,114
    Three Places
    Yes... as expected. If you can get it in the range 225-230 you will be doing well. It will help you in your negotiations if you can find a competitive candidate car at another dealer that would be acceptable to you..
     
  13. carcommander

    carcommander Formula 3

    Sep 28, 2006
    1,705
    Southeast
    Full Name:
    Jim
    Few people get in and out of a Ferrari without spending some money. 10 to 15 percent per year. Also if you buy at retail and sell at wholesale exspect another 10 percent. It's fun but it's not cheap.
     
  14. Noblesse Oblige

    Noblesse Oblige F1 Veteran

    Nov 7, 2011
    6,114
    Three Places
    Absolutely right. In my books, I depreciate via a 12% retail-wholesale spread and at least 10% per year depending on the model.
     
  15. FUTURESTAR

    FUTURESTAR Karting
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    Aug 12, 2014
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    Yes I understand I've had a Lamborghini and currently have a Bentley so I'm used to the exotic car market I'm just new to Ferrari so I'm learning and soaking up as much knowledge as possible so I can make the smartest financial decision possible. I appreciate your guys help. I don't think getting the car in the $225-230k range is very difficult but I'm just concerned others are saying $210-215k is just a "decent deal" on the car. That's quite a significant difference. I can also say I've never lost 10-15% on any exotic car in the past. Maybe I'm just lucky or maybe I just buy them at the right prices so I don't take that depreciation hit, I don't know.
     
  16. dustman

    dustman F1 World Champ
    Rossa Subscribed

    Jun 12, 2007
    11,036
    They are saying $215k because options count for little value, and the mileage is a bit of a detractor, relative to other cars. But all that matters is if you like it.
     
  17. FUTURESTAR

    FUTURESTAR Karting
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    #17 FUTURESTAR, Oct 27, 2014
    Last edited: Oct 27, 2014
    I love it but unfortunately that's not all that matters. The price and the right deal matters more than anything else to me. It's good to know that a car with $100k more in options than another car isn't worth more money. I wouldn't have thought that. It appears Ferrari is different than other exotics in terms of resale and value and they are also more drastically affected by mileage than other brands as well, at least from my experience. I sold my Lamborghini with 28k miles and that wasn't an issue. It sounds like 10k miles on a Ferrari is considered very high and scares buyers away.
     
  18. dr.sb

    dr.sb Formula Junior

    Aug 19, 2011
    789
    UK
    Full Name:
    Sunny B
    I don't think the high miles scares them away per se, but in the states it seems these cars aren't driven much, so most people on second hand market will look for less mileage examples which makes sense.

    Completely different ball game here in UK and europe. These cars are fully driven.

    Depends how much you are willing to lose monetarily for the enjoyment. Only you can gauge that. Sounds to me a 458 with 28,000 miles on it in USA will be a difficult one to sell unfortunately, well maybe at the prices you are hoping to get for it anyway.

    Buy a MP4/650S or Huracan?

    Thanks

    Sunny
     
  19. FUTURESTAR

    FUTURESTAR Karting
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    Aug 12, 2014
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    Looked at the MP4 but I just like the styling of the 458 more. Don't want the Huracan since I just sold my Lamborghini and I'm wanting to try a different experience plus it's out of my budget since it's brand new. I'm torn on what to do now. Try and buy this car at the right price even though it has 9k miles and I intend to drive it often? Look for another one with lower miles? Wait until the replacement comes out and the prices drop? Ahhhhhh decisions, decisions!
     
  20. dr.sb

    dr.sb Formula Junior

    Aug 19, 2011
    789
    UK
    Full Name:
    Sunny B
    You will always be waiting for your first Ferrari this way I think. Like I said, if you are ready to take a $50k hit in 12 months having driven it 15-20k miles ( you may lose more in USA), then go for it, else buy the MP4/650S because they have depreciated a lot anyway and people aren't so scared of putting miles on them it seems.

    Sunny
     
  21. FUTURESTAR

    FUTURESTAR Karting
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    There is a 0% chance I would take a $50k hit in 12 months, LOL.

    I've never taken more than a $5k hit on any exotic I've owned to date.
     
  22. dr.sb

    dr.sb Formula Junior

    Aug 19, 2011
    789
    UK
    Full Name:
    Sunny B
    I would not do it then. Enjoy the MP4.

    Best wishes.

    Sunny
     
  23. FUTURESTAR

    FUTURESTAR Karting
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    Aug 12, 2014
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    Thanks for the feedback, it helps.
     
  24. Noblesse Oblige

    Noblesse Oblige F1 Veteran

    Nov 7, 2011
    6,114
    Three Places
    Options such as carbon fiber are worth something in resale but only a small fraction of their cost. If you have two identical cars next to each other and one has interior C/F slathered all over and the other doesn't, the one with the C/F is worth maybe 5K more, or perhaps a little higher.

    On mileage take a look at the data on asking prices of 458s. DuPont shows more than 50 2011s for sale. The average mileage is a little more than 7000 so the one you are looking at is not that much above average. 2011 Ferrari 458 Italia For Sale - duPont REGISTRY.com
     
  25. Rcktrod

    Rcktrod F1 Rookie

    Dec 21, 2010
    3,946
    USA
    I guess it may depend on where you are located and the number of cars for sale in that region. I sold my 12 Italia with 9,300 mi at the end of August. Sticker was $281. There's a thread here somewhere on the depreciation: 20k per year and $2 per mile. Following that would give you a good indication of what that car is worth.
     

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