Saturday, November 15, 2008

Selling Ferraris? Now? Why Bother?

If I were trying to sell the Ferrari right now I think I would be in a bit of a bind. I have no idea or real data on pricing movement in other areas but in Oregon Ferraris are definitely feeling the impact of the recession. Both Gran Prix and RTGT have, what appear to be, very nice 360s for under $100,000. Gran Prix has a 1999 red and tan spyder with about 16,000 miles. RTGT has a burgundy and grey coupe with 6000 miles. When I was shopping last year both cars would have been priced in the $130,000 to $140,000 range. A 30 to 40% price decrease in one year. What more. Gran Prix has a 348 for $35,000. A red Ferrari for $35,000! I figure my 355 is worth about $69.95.

I have seen no indication that Ferraris owners are selling their cars for less. I assumed that a few Ferraris would end up on the market at fire sale prices then the supply would decrease as owners looking to sell decided to postpone putting the car on the market until times are better. Dealers have a greater need to move the inventory they have. I have noticed a decrease in 430 pricing but it appears to mainly affect cars with lots of miles or odd color combos.

I thought and have been thinking of how I could get a 430. One hurdle I am trying to get over is the cost of a brake job. All new 430s and many of the used ones come with the carbon ceramic brakes. Replacing rotors and pads is around $28,000. For another $7000 you could by the 348 at GP.

While this was not the best year to test my one year with a Ferrari thesis this weekend may be a good weekend to drive Ferraris. Looks like it will be cool, dry, and sunny. I am going to take advantage of the nice weather and drive the car a bit.


Anonymous said...

hi david,

this is a great website. when will you publish your book?



David said...

Thanks Dave,

I was craking along nicely on the book then got hung up a bit last month. I hope to have it finished sometime next year and, with luck, published as well.