Cars not selling?
Discussion
I've been seeing ads for the same cars, week in and week out, and very little actually seems to be selling. Asking prices are a bit all over the place and it seems like the majority of buyers aren't willing to buy at current levels and sellers don't want to drop to a price the market will bear. I'm talking, specifically, about F430s, but I wouldn't be surprised if the same thing is happening across other models (and other marques... I've also been watching Gallardo prices and the same thing seems to be happening there, too). In the past few months of looking, I'm only aware of 2 F430s that have actually sold from the ones listed on PH sales and AT... one was extremely high spec with full carbon pack and carbon brakes which sold for mid/high 70s and another standard spec car which sold for mid/high 60s. Lots of early cars being marketed at mid-80s and up which don't seem to be shifting. As a prospective buyer, these signs are cause for some concern.
Are these cars currently over-valued?
Are these cars currently over-valued?
Massively overpriced IMHO.
You can advertise them for what you like but as you have noticed it doesn't mean they will sell. Someone advertising at a more realistic price suddenly looks "cheap" in comparison but given the meteoric increases in Ferrari prices over the last few years (with little justification for regular production high volume cars ) the ones that have sold have actually realised strong money.
To a certain extent understand low mileage manual cars but even then these cars only have a purple patch in the limelight for a period of time before the overhype subsides to more realistic values
Buyer beware. Buy at the peak and the price can only go one way
You can advertise them for what you like but as you have noticed it doesn't mean they will sell. Someone advertising at a more realistic price suddenly looks "cheap" in comparison but given the meteoric increases in Ferrari prices over the last few years (with little justification for regular production high volume cars ) the ones that have sold have actually realised strong money.
To a certain extent understand low mileage manual cars but even then these cars only have a purple patch in the limelight for a period of time before the overhype subsides to more realistic values
Buyer beware. Buy at the peak and the price can only go one way
Edited by RamboLambo on Friday 26th May 20:11
I've been watching 430 spider, 430 scud (lhd) and 458's since January. Very little is moving and some of the prices are being reduced. I agree with the above, there is a lot of over priced cars. In a few more months summer will be over, then IF people want to sell there will have to be significant drops or they will still have them next summer.
I think there are a lot of rightfully nervous potential buyers. I've pretty much decided to see where we are at the end of season when prices suffer there normal seasonal fluctuation.
I think there are a lot of rightfully nervous potential buyers. I've pretty much decided to see where we are at the end of season when prices suffer there normal seasonal fluctuation.
Somebody asked the same question about the sub-£50k market over in General Gassing a few weeks ago, and the conclusion was that the hard stats (not the guesswork) showed the used market remains healthy at the moment. For example, the SMMT showed +3% YoY growth in its latest numbers this month.
The Gallardo market is definitely moving. At least 10 cars between £70-300k have sold since March. Manuals are rising sharply in price, and at least 3 Superleggeras sold in the space of a week in early Apr. And keep in mind, perhaps 10-15% of Gallardo adverts right now are fishing or placeholder adverts and the cars are either not for sale or do not exist, so they sit there appearing "unsold". Some northeastern indy dealerships are particularly prone to such behaviour.
Having said that, it looks increasingly like Labour are going to win the election and overtax the rich, while Brexit negotiations will probably not go well, so some people are taking a pause to "wait and see" how things pan out in the next month or so.
The Gallardo market is definitely moving. At least 10 cars between £70-300k have sold since March. Manuals are rising sharply in price, and at least 3 Superleggeras sold in the space of a week in early Apr. And keep in mind, perhaps 10-15% of Gallardo adverts right now are fishing or placeholder adverts and the cars are either not for sale or do not exist, so they sit there appearing "unsold". Some northeastern indy dealerships are particularly prone to such behaviour.
Having said that, it looks increasingly like Labour are going to win the election and overtax the rich, while Brexit negotiations will probably not go well, so some people are taking a pause to "wait and see" how things pan out in the next month or so.
PGN6 said:
voicey said:
The market is dead apart from utter bargains.
Spoken to a few well known independents and they have hardly sold anything as yet. Hopefully things start shifting soon otherwise summer will be over and the market won't have started With ref to 430 prices I looked at a black 430 in maranellos at I think the start of the year and it was £107500 and they would not reduce the price , as of last week it's now exactly 100k,
And it's a good spec low miles etc .
Cosworth4388 said:
I've been looking for a white gallardo for a few weeks now , almost purchased one yesterday but something in the back of my mind is telling me to hold on.
With ref to 430 prices I looked at a black 430 in maranellos at I think the start of the year and it was £107500 and they would not reduce the price , as of last week it's now exactly 100k,
And it's a good spec low miles etc .
£7,500 reduction is just the tip of the iceberg on these cars IMHO. Market for supercars should be at its peak given we are almost June yet it is dead as a dodo. Dealers may as well hang the "gone fishing" signs upWith ref to 430 prices I looked at a black 430 in maranellos at I think the start of the year and it was £107500 and they would not reduce the price , as of last week it's now exactly 100k,
And it's a good spec low miles etc .
Adz The Rat said:
Depends who you talk to. Ive been extremely busy these last few weeks.
You don't need to talk to anyone ... you can see the same cars have been for sale for months. I'm starting to see prices are slowly reducing too (which you would never normally see this time of year).I think the market is nervous. I suspect, like me, people are concerned about the implications of brexit, the election, car credit bubble, etc ... but then I consider +£100k in a car a significant sum of money.
Yipper said:
Having said that, it looks increasingly like Labour are going to win the election and overtax the rich, while Brexit negotiations will probably not go well, so some people are taking a pause to "wait and see" how things pan out in the next month or so.
Ok. I bit. Yipper you do write a lot of nonsense but this comment caps them all. I have to respond. Sorry. Labour are not going to win this election. The conservatives will get their historical landslide.
And if Labour did win that super car sitting in your garage will be the least of your worries by a very long shot......
RamboLambo said:
Its the first signs of a correction in an overhyped Ferrari bubble
Possibly on some models , but them I am def no expert .I did sell my 5000 430 2 years ago due to wife having to change jobs and take less money as a result I did my bit by getting rid of the 430 to stop me getting divorced .
I have also been looking at mclaren 12c and almost bought one from rybrook in Bristol but I could not get the figures financially to work for me , anyhow they have a Black 430 there which has been for sale for a couple of months and as of a few days ago that's gone down from £96500 to £93300 ish
When I bought my 430 from Carrs 2 1/2 years ago I paid £89950 in the right colour 4800 miles and one owner , I thought at the time it was a fair price (approved car etc ) .
London housing market has stopped moving according to agents covering Notting hill and Hyde park. Some new builds being resold at a 10% loss near me in battersea/nine elms
Stamp duty and Brexit. If 1000s of the best paid people in London have to move and chose to sell either property or toys, there will be a dent in the market - probably not for the really collectible stuff but in the "nice toy" 100k area
Stamp duty is the one that annoys me as it is prohibitive to move in London
Whilst I don't wish losses on anyone it would be nice to see some beautiful cars getting more accessible.
Oh and if labour get in then it won't be a nice country to be financially successful in and a lot who can will move
Stamp duty and Brexit. If 1000s of the best paid people in London have to move and chose to sell either property or toys, there will be a dent in the market - probably not for the really collectible stuff but in the "nice toy" 100k area
Stamp duty is the one that annoys me as it is prohibitive to move in London
Whilst I don't wish losses on anyone it would be nice to see some beautiful cars getting more accessible.
Oh and if labour get in then it won't be a nice country to be financially successful in and a lot who can will move
We have an election due, guess that's a big thing driving uncertainty, may is predicted to win but if she doesn't and we get a coalition of the rest it's a scary thought so guess a few are sitting tight on buying cars
Actually not a scary thought, a feckin nightmare scenario, brexit negotiated by a coalition
Actually not a scary thought, a feckin nightmare scenario, brexit negotiated by a coalition
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