Is a price correction coming for the F355's

[4rephill]

dvb247 said:

Thank you for the heads ups, £59,995, looks a nice motor

But still more than you said you were prepared to pay.

At the moment you're in the Ferrari "off-season" where most of the cars are no longer on the road due to the gritters having been out and people are also now concentrating more on the Christmas holidays, so the sales have slowed up and there are less cars advertised.

The market will now be quite slow until spring time, but at the moment, (some) people have
spare money again and are buying classic cars. What has happened in the classic car market (and even more so with Ferrari's), is that investors have noted that these cars are going up in value and so have jumped on the bandwagon to make money off cars.

It is these investors who have driven the prices up so quickly and taken many Ferrari's out of the budget of many a true enthusiast. 355's have gone from @£50K to @ £60K~75K, 328's have gone from £30K~36K to £70K~£100K+, even 348's have gone from being £25K~£30K to being £30K~£50K.

This trend looks set to continue to one degree or another for at least another 12 months, but then the prices could drop back a bit (I'm not convinced that the prices will crash as they did back in the late 80's, but they may drop back a bit).

[red_slr]

I have been keeping my eye on the market for a couple of years and seriously looking to buy since April.

My max budget was a bit more than yours, and there were a few cars coming up that were around my max. Very few for less.

Here is my story so far..

First car I found that seemed to fit the bill was c.£48k agreed price. I was 100% convinced the car I bid on was "the one" but the PPI said otherwise. I still wanted to get the car - so made another offer - but the seller refused.

After this I found another car for sale for a few grand less, plenty of recent work, similar miles... another bid went in.. seller was thinking about it - but I then found out the car had been in a crash. Spoke to the guy who did my PPI.... he just laughed. So that was the end of that one.

Car 3.... very high miles, but looked ok - my energy buy this point was low - would have taken £39k. High miles put me off.

Last car, I really should have bought. In 10 years I will *really* regret not buying it. Low miles, spyder, £45k. Not advertised widely - owner was just testing the waters. Was within an hour of buying it - without PPI - sat down with the wife, she said... but its not red.... FFS. At that price I was happy to throw £10k at a full re-spray but the interior would need changing too. I think it went to a dealer in the end. Bet they laughed all the way to the bank.

THEN

Price started to climb, fast.

The type of cars I had been looking at (40-50k miles) were £40-£45k at that time, then around October they shot up by another £10-£15k. Something with 40k miles is now £55k+.

I think by this time next year the similar cars will be £70k.

Its all now gone over my budget and I had that small window of opportunity which I think is now closed. I really cant see prices coming down at all - they have gone up so fast in the last 3-4 months that I can only see the prices going up further. I think £100k will be the limit for a good while though. In 5-10 years I can see prices still at £80-£100k.

That all said everyone likes to think they know the market but in reality the only price that matters is what you buy for - and what you sell for. Dealers don't care, they make their margin no matter what the price, if anything the higher the price the better for them as there is more demand.

Good luck in your search!

Edited by red_slr on Thursday 25th December 23:05

[priley]

Was also lucky enough to have a quick spin in mine today. Feel so fortunate to have got in when I did five years ago. And I'm not gloating in any way. It all just seems a little crazy at the moment.

[Birkin1932]

I seriously think your kidding yourself if you think these will be 80k-100k in 5/10 years time.

You could argue some cars are at that level now.

standard looked after 355's will be 75k this spring

for what it matters, Tom Hartleys very bullish view

http://www.classicdriver.com/en/article/cars/has-f...

Edited by Birkin1932 on Friday 26th December 15:51

[red_slr]

The 40-50k mile cars, yes I think £80-100k in 5-10 years is about right.
The collector cars are always going to be twice the price... and in that respect I think TH is probably not that far off the mark. I can see the most desirable cars starting with a 2 in 10 years.

[Birkin1932]

I think they will be 100k inside 5 years and 150k inside 10 years for a standard 'driven' car and as TH says 250k for the 'garage queen' collector car

[GRBF430F1]

Please no one tell me how much my 1997, 4 owner, FFSH 38,000 miles, F355 GTS rosso corsa, crema, manual with capristo and Challenge grill is worth.

I don't want to know and steer well clear of looking at the ads now. Always said I would get buried in it so looks like it could be an expensive funeral.

To me as my first and best Ferrari its PRICELESS

[jackal]

dvb247 said:

12 months ago you could buy a red Berlinetta or GTS manual with low miles for approx £40k, now they are £60/70k and the ones on the market at this price are not selling, I know this because I want to buy and I won't at that sort of money, I hope the price will correct itself in the New Year and level off at still very healthy percentage increase over this last 12 months, wishful thinking or not???

I dont follow this. In 2009 when i was looking (i bought my 993 instead) good manual Berlinettas were £45k+. That was 5 years ago.

[ric p]

Would all please stop this thread. The last of my worries will be actually using the car. But I'll be in proper trouble if my wife sees these values, her thoughts may drift to how to spend it. It's difficult enough explaining a £35K car sat in my garage.

[CGF993]

ric p said:

Would all please stop this thread. The last of my worries will be actually using the car. But I'll be in proper trouble if my wife sees these values, her thoughts may drift to how to spend it. It's difficult enough explaining a £35K car sat in my garage.

You need to get the trust of your closest friend as I have.
In the event that either of us die the other must ensure that our "toys" are sold for market value and not what we told the wife we paid for them.
There is a huge difference !!!

Charlie