WHATS GOING ON WITH 488 values

Used car values will be nuts for the foreseeable future but as soon as the chip shortage is fixed in 12-18 months, values will normalize.

 

Socal is right. As painful as it may be, you might want to sit it out for a bit.

 

terrible time to be buying a used car. the 458 is the better buy at the moment. while the chip shortage ending should calm the market down, i think it’s quite possible the v8 ferraris all hold value well since we have confirmation the v6 is coming.

 

I've been looking at 488 GTB's for the last 6 to 8 months. I was seeing highly optioned 2016/18 488 GTB's with around $5,000 miles being offered by F dealers for around $235k to $245k....not anymore!! I've even noticed a few 488s asking price to be pretty close to their original MSRP's. I'm going to wait.

 

Massive inflation is coming. Electric is coming. I don’t see prices coming down a whole lot even when the chip shortage is over.

 

I tend to agree with jc1. Inflation probably is coming. But, how much that matters at this level is unknown. As a CEO in the industrial manufacturing space, most suppliers (including those providing us chips, sensors, electronics, etc) indicate that their companies learned some supply/demand lessons through Covid. This may mean that they work to control it better than in the past, cutting inventories and relying on acceptance that things simply take longer to get.

What exactly this means for the supercar gray market, truly remains to be seen. But, a case can certainly be made for values holding at least firmer than we’re accustomed to. This is especially true, as many folks resisting the EV movement, seek ICE supercars instead. This may be even more pronounced (at least in the U.S.) when people begin realizing our electrical infrastructure is nowhere near capable of supporting multiple chargers in every garage.

I say buy now and enjoy the hell out of it. Tomorrow isn’t guaranteed, and if the woke environmentalists have their way, we’ll all be giving up personal cars in the future, in favor of autonomous ride share thingy’s…

 

I bought a 488 Spider in November (retail) and sold it for nearly 40k higher last month. That is not the way it is supposed to work….ever. Dealers should not be getting 30k over for a 3k mile F8 coupe, and 75k over on a 2020 F8 Spider. But I know for a fact it is happening, no shock to anyone here.

I do not think what is happening right now is normal, and I can easily see a correction that puts prices back down to where they “should be” if Covid never occurred. So that nearly 300k used 488 should be more like 240k. Just my opinion.

now, that being said….life is short and if you are always waiting for a price drop, waiting for the next tech gadget, waiting for the new Ferrari model, etc….you will always be waiting and not ENJOYING. If the price delta hurts your long term financial picture, then you probably shouldn’t do it. If it’s just physiological, then realize that and make the decision you think is best.

 

Are you only keeping the car 1-2 years? Or do you care about paper losses? If there isn't a Ferrari you see yourself driving more than 1-2 years, I wouldn't buy it right now if depreciation is a concern.

As for economic inflation/deflation, the best economists in the world have been wrong for 20 years. However, it is hard to imagine a future where inflation is so high Ferrari's become a good store of value in the United States. To me, it'd be more likely upper class expansion would drive used Ferrari sales than people trying to preserve capital by buying five used Ferrari's.

 

I say wait it out. Prices are nuts right now. I was looking at buying a Huracan and the used cars were more than the new ones so I ordered a new one. (but will probably back out)

 

what does a "chip shortage" have to do with Ferrari 458s and 488s?

N o t h i n g

The situation seems that F8 prices will remain at msrp or higher, that will "pull up" 488 and 458 prices since the F8s will likely not depreciate, perhaps never, so that raises the "roof" on 488s

bottom line, as more and more people come to realize that Ferrari is becoming an appliance maker and getting out of the car business, there will likely not be much of a decrease in overall prices, and in a few years, I am presuming the prices to be even higher still (even with zero currency inflation) because it's all over...again, as more people come to realize this, there will be more buyers for traditional combustion-only Ferraris...watch for that

 

Chip shortage is driving up the entire used car market. Just take a look at what a used Honda, Nissan, etc is going for. As there is a mass shortage of new cars people are buying used cars (when people would buy a new car their old car would enter the market as a used car, but now there is less supply for used cars since people can’t buy new). Every brand is seeing an increase in pricing and this has nothing to do with any particular brand. A year ago you could buy a used Huracan for a nice discount, today it’s over MSRP.

 

For mainstream cars, such as those used as daily drivers, for work, etc, yes, chip shortage is a main driver of increasing prices.

Has zero to do with collectible exotics, zero.

What would a lack of chip shortage do to prices of 458s and 488s...nothing, nothing at all.

The contemporaneous event is the dramatic move to all hybrid and then EV, that's what is driving the general price increases in collectible exotics.

The "message" regarding this move was 'brought home' by Ferrari's 296GTB release (hybrid, and downsized engine) and that all future Ferrari reveals will be hybrid/ev..same is mostly true of Audi-ghinis (Lamborghini), Audi recently indicated it has already ceased making new combustion engines and will only 'maintain' their existing engines (for use in new cars) to meet regulatory (emissions) compliance...and Audi is the maker of Huracan's V10, and the STO V10 is nothing new, just massaged, the expectation set by Lamborghini is the next edition of the Aventador and Huracan are hybrid...

these are all working together to increase pricing of all combustion-only Ferraris, this move was made known by Ferrari nearly 3 years ago and is moving along, reality is biting and will continue to bite and smart Ferrari dealers will have seen this (years ago) and built up the classic business, ability to maintain older cars and built up their pre-owned inventories (which are now gone).

Look at the 458 Speciale, if you can find one, it's already reached the point of increasing prices and nearly zero available inventory (in USA/Canada), watch the inventory levels over the next year, they will continue to be depleted, even the 812SF inventory levels have dropped 40% since a year ago...(the V12 is now out of production, only remaining 812GTS orders to be built, that's it, if there is another V12 Ferrari (not including the FUV), it is at least 3+ years away from production and will quite likely be hybrid...but, it may not exist at all...)

strange and extremely unique time...

 

I have been active with Ferraris for about 20 years and I have at least a dozen good friends here in Atlanta with the same experience. None of us believe that this is temporary.

 

^ What he said

 

Exactly, those who would normally buy the next Ferrari, trading in their current Ferrari on that purchase are instead, holding that Ferrari and buying something they like from the back catalog...

In other words, Ferrari is increasingly competing with its own back catalog of pre-owned...

Ferrari's track record in hybrids leaves a lot to question, and if the 296GTB continues the experiences (of the LaF and SF90) the "rush" to the back catalog will only accelerate because those willing to buy a hybrid Ferrari are going to find that car spending more time in the shop than in their garage and that's not an experience to pursue... And if Ferrari cannot make this hybrids super reliable (for at least the EV portion) the resale (out of warranty) is going to really sting...(referring to the SF90 and 296GTB, the LaF is more immune due to super exclusivity and price) due to immense repair costs...which will likely interfere (at some point) with initial purchase desirability...

 

Hah. I did the same thing but I'll be accepting it.

I guess I disagree with the posters above me that these prices are here to say. Shortage of new cars being available RIGHT NOW is driving up the price on used cars. Meaning you can't walk in to a dealership and buy a new F8, 992 turbo, 992 GT3, new Huracan.

Once manufacturers are able to meet demand, used car pricing should normalize some. Just my opinion. By no means do I claim to be an expert in these matters.

 

I do not believe this is a short term bubble in the market. We are seeing a fundamental shift away from ICE to EV vehicles. Super cars are no exception. I went to price a great low mileage F430 Spider Manual recently, given it was the first F Car I ever purchased back in 2007, and I was shocked to see asking prices above 300K now for a low mileage spec.

I purchased my current 2020 488 Spider back at the beginning of the year, and was shocked to see I can sell it for more than I paid.

I have an F8 Spider on order, will be interesting to see what my 488 is worth at the time my F8 arrives!

 

I've been seeing pricing bubbles in almost everything lately. Luxury watches, homes, vacation homes, boats etc. I understand many of the points made but when I see 45' to 50' salt water yachts selling for $100,000 to $250,000 more than they did two years ago, I say bubble. People are just throwing cash around right now. Isn't this mainly due to the gains in the stock market and maybe people saving money during COVID and now wanting to spend some?

 

I agree with you for the most part about people throwing money around from Covid and gains in the market and now wanting to spend it.
This has certainly helped drive prices higher for luxury cars as well.

However watches and vacation homes aren't getting hit with the fundamental change away from ICE to electric that is a huge watershed for high performance luxury cars. All kinds of new electric car manufacturing targets and governmental regulation goals have been announced since the first of the year. The writing is on the wall in capital letters, if you don't want a hybrid or fully electric car you'd better buy your dream ICE car now.

 

Ferrari doesn't create unsold product to give to dealers (like others), so, the F8, just like every other Ferrari, is made to order, there is no "going to a dealer" and picking through the available new inventory....

The 'shortage' of new Ferraris is the lack of non-hybrid options and that's a 'demand' Ferrari has zero intentions of ever fulfilling in any sense ever again and that's contributing to the prices remaining on the upside, specifically, it is all over for non-hybrid (combustion only Ferraris)...

 

Dealer are jacking up the price of F8's

This car is about $700 k . About 75k over list.

488 GTB's are going up.

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Our dealer got 2 F8's with no buyer. They just put every extra on it. Compared to the above i posted they were close to 750 K !!!!

 

Yes, dealer's do order demo cars and are required to not sell them for a period of time (6 months or more) and then when that period is up, at least in USA, they are also not allowed to advertise them...and, also in USA, dealers are not allowed to sell over list price at all... apparently that is all different in Australia

 

“Audighini”.....I nearly choked on my coffee! LOL