355 price correction

355 price correction

Author
Discussion

phib

4,287 posts

239 months

Monday 4th December 2017
quotequote all
I just wonder which classic Ferrari's are ACTUALLY selling ?

There seem to be the same ones that do the rounds and pop up every 18 months / 2 years and then others that just stay on the market and don't move.

I have a 355, no idea what its worth as wont be selling it, had it about 10 years now.

However I I did sell my 550 about 9 months ago, I sold it via a dealer.

At the time I though he was under cooking it as it was £20k less than many others on the market, however it sold within three weeks to the only enquirer for it.

Since then the ones on the market at the same time as mine that were say £110k are now £69k and £79k.

Really I am not sure what anything is worth anymore !!!

Phib

sparta6

3,287 posts

80 months

Monday 4th December 2017
quotequote all
phib said:
I

Since then the ones on the market at the same time as mine that were say £110k are now £69k and £79k.


Phib
That's a lot of car for the money

Nano2nd

3,401 posts

236 months

Monday 4th December 2017
quotequote all
MDL111 said:
I think he has a point, watching car prices in Germany - there seem to be a lot of reductions in asking price and cars are sticking. It certainly seems like there are fewer buyers around than say 12-18 months ago.

It also feels like (this is not in any way to be construed as a fact ...) there are fewer threads on Pistonheads asking about which car is a "good investment" or threads in a similar vein
not sure how much relevance the German market has to the UK? and judging anything by a few threads (or not) on PH seems a bit daft frankly.... the one thing that does appear to be certain on PH, its got its fair share of rampers and also those that talk prices down... depending on their agenda lol

Bacchus

601 posts

264 months

Tuesday 5th December 2017
quotequote all
I keep an eye on the german market, the cars advertised are often in GTS or Spider form, and if they are F1 cars, they won't sell! Fact is!

Rarer colours or 2.7 cars sell immediately. I think they can't be compared with the rest of the 355s!

4 years ago when I started looking for a 355 my budget was 40-45k€ at the same time my actual car was sold to the guy I bought it from
for 62k€! That was when they had bottomed out. Then in september 2014 he sold it to me for 87k€ it's a GTB red/beige, 2.7, shields, Capristo 2 owner car with 80k kms.




z4RRSchris

10,107 posts

159 months

Tuesday 5th December 2017
quotequote all
Nano2nd said:
z4RRSchris said:
they will correct, along with every other tax free asset class.

smart money is moving out.
and you know that how exactly?
cars: the market has softened, the hype has gone, prices are falling, cars are not selling
art: the market has softened, the hype has gone, prices are falling, many lots going unsold
wine: the market has softened, the hype has gone, prices are falling, many lots going unsold
diamonds: the market has softened, the hype has gone, prices are falling, many lots going unsold
houses: the market has softened, the hype has gone, prices are falling, houses are not selling

i suspect anyone who purchased any of the above over the last 24 months is now losing money. unless they purchased best in class.

Bacchus

601 posts

264 months

Tuesday 5th December 2017
quotequote all
Have you forgotten to take your pills this morning? eek


WCZ

9,462 posts

174 months

Tuesday 5th December 2017
quotequote all
Bacchus said:
Have you forgotten to take your pills this morning? eek
he's basically right though, it's only generally exceptional examples like Salvator Mundi / delivery miles f1 / monaco penthouses that have nearly set records this last year and lots of money is getting out

Ferruccio

1,778 posts

99 months

Tuesday 5th December 2017
quotequote all
Two views make a market..........

Nano2nd

3,401 posts

236 months

Tuesday 5th December 2017
quotequote all
z4RRSchris said:
cars: the market has softened, the hype has gone, prices are falling, cars are not selling
sold my car last week... what other facts you got that "cars are not selling" ?


Bacchus

601 posts

264 months

Tuesday 5th December 2017
quotequote all
WCZ said:
he's basically right though, it's only generally exceptional examples like Salvator Mundi / delivery miles f1 / monaco penthouses that have nearly set records this last year and lots of money is getting out
I know what you mean, but aren't we all behind the best we can afford?


MDL111

6,370 posts

157 months

Tuesday 5th December 2017
quotequote all
Nano2nd said:
z4RRSchris said:
cars: the market has softened, the hype has gone, prices are falling, cars are not selling
sold my car last week... what other facts you got that "cars are not selling" ?
that is about as represetnative as me saying that I have been watching 2 Carrera GTs (both at the lower end of the asking price universe) for well in excess of 18 months, which both have not sold. I don't think he meant all cars are not selling.

Nano2nd

3,401 posts

236 months

Tuesday 5th December 2017
quotequote all
MDL111 said:
that is about as represetnative as me saying that I have been watching 2 Carrera GTs (both at the lower end of the asking price universe) for well in excess of 18 months, which both have not sold. I don't think he meant all cars are not selling.
yes but i'm not saying that the 430 market is going up just because i sold mine... hes saying that everything is going to go down, when i asked how he knew that, one of the reasons was "cars are not selling", which is incorrect, there are a plenty of cars selling. one of his other reasons was the "hype" has gone, how do you quantify "hype" ?

MDL111

6,370 posts

157 months

Tuesday 5th December 2017
quotequote all
Nano2nd said:
MDL111 said:
that is about as represetnative as me saying that I have been watching 2 Carrera GTs (both at the lower end of the asking price universe) for well in excess of 18 months, which both have not sold. I don't think he meant all cars are not selling.
yes but i'm not saying that the 430 market is going up just because i sold mine... hes saying that everything is going to go down, when i asked how he knew that, one of the reasons was "cars are not selling", which is incorrect, there are a plenty of cars selling. one of his other reasons was the "hype" has gone, how do you quantify "hype" ?
I get that, although it does seem like overall the market is more likely to go down than to go up from what I - unscientifically - can see by spending way more time than I should on mobile.de and the Pistonheads classifieds. Yes cars are selling, but it seems like neither asking prices are going up (looks more like the opposite) nor do many seem to sell particularly quickly. So I think his statement, even if a generalization (which is kinda all we can do given nobody has an extensive dataset) is not unreasonable.

So yes, cars are selling - I just bought one last month which had been for sale for ages (did not get a discount, but price had been reduced at some point prior to my purchase), but it seems a lot are sticking - many 550s I have been watching have been around for ages and by now had some substantial reductions and are still around. GT3RS, GT2, 911 R, 550, Scuderia, F12, FF (just to name the ones I regularly check) and so on and so forth, all seem to have had heavy reductions. Heck you can pick up a 911 R for 350k now, that was unheard of about 6 months ago. There are plenty of FFs below 150k, plenty of F12s below 200k etc

I am talking Euro cars btw, not U.K. UK I only watch UK cars ala Safaris, which at least seem to be sticking

sparta6

3,287 posts

80 months

Wednesday 6th December 2017
quotequote all
MDL111 said:
So yes, cars are selling - I just bought one last month which had been for sale for ages (did not get a discount, but price had been reduced at some point prior to my purchase), but it seems a lot are sticking - many 550s I have been watching have been around for ages and by now had some substantial reductions and are still around. GT3RS, GT2, 911 R, 550, Scuderia, F12, FF (just to name the ones I regularly check) and so on and so forth, all seem to have had heavy reductions. Heck you can pick up a 911 R for 350k now, that was unheard of about 6 months ago. There are plenty of FFs below 150k, plenty of F12s below 200k etc
Are you therefore suggesting a current market softening for contemporary "mass produced" models ?


Edited by sparta6 on Thursday 7th December 16:58

HardtopManual

1,921 posts

146 months

Saturday 9th December 2017
quotequote all
"smart money" doesn't invest in mass produced 90s Ferraris.

If the market is softening, it's because the cars got a bit too dear, nobody's getting much of a pay rise, real-world IRs are ticking up and non-discretionary items are going up in price. This idea that hedge funds drove up the price of cars like the 355 and are now rotating into, I dunno, Bitcoin, is ridiculous.

MDL111

6,370 posts

157 months

Saturday 9th December 2017
quotequote all
sparta6 said:
MDL111 said:
So yes, cars are selling - I just bought one last month which had been for sale for ages (did not get a discount, but price had been reduced at some point prior to my purchase), but it seems a lot are sticking - many 550s I have been watching have been around for ages and by now had some substantial reductions and are still around. GT3RS, GT2, 911 R, 550, Scuderia, F12, FF (just to name the ones I regularly check) and so on and so forth, all seem to have had heavy reductions. Heck you can pick up a 911 R for 350k now, that was unheard of about 6 months ago. There are plenty of FFs below 150k, plenty of F12s below 200k etc
Are you therefore suggesting a current market softening for contemporary "mass produced" models ?


Edited by sparta6 on Thursday 7th December 16:58
To me it looks like that could be the case - but as I don't scientifically track cars or even regularly check a particularly large number, I'd just call it an observation from somebody who spends too much time in mobile.de and Pistonheads

EKMV

9 posts

57 months

Saturday 9th December 2017
quotequote all
Well atleast this devolpment in prices mean that normal enthusiasts like myself can actually afford an older Ferrari now.

red_slr

14,510 posts

169 months

Monday 11th December 2017
quotequote all
355 Ave Asking Price PH USED, LHD & RHD, GBP only.
11/07/2016 101127
07/08/2016 101017
04/09/2016 98589
23/09/2016 98255
11/10/2016 96682
01/11/2016 97565
07/12/2016 99140
06/01/2017 99140
16/02/2017 96322
02/03/2017 96165
14/04/2017 96498
29/05/2017 98208
28/06/2017 96185
28/07/2017 91938
27/09/2017 90084
30/11/2017 89919


Prices pretty flat until July. Seen a small monthly drop since.
LHD has done better than RHD but both still slowly falling.
Wont really know whats happening till summer next year IMHO.

I can see the market jumping up again in the medium term.

It has to be said that this is not limited to the Ferrari market even motorhomes have been doing very well the last 3 years. I sold a motorhome in 2015 for £17k and could not buy it now for less than £25k, a good one in good condition like mine maybe 30k..

jw01

84 posts

113 months

Monday 11th December 2017
quotequote all
Been watching 355prices since I sold my spider in 2016 at 132k, purchased for 50k in 2012. Brexit, potential interest rate rises and general scarey world instability will make a continued price correction inevitable imo

This-isnt-real

92 posts

57 months

Monday 11th December 2017
quotequote all
jw01 said:
Been watching 355prices since I sold my spider in 2016 at 132k, purchased for 50k in 2012. Brexit, potential interest rate rises and general scarey world instability will make a continued price correction inevitable imo
But we have had all that already and prices haven’t crashed!