Main Ferrari Dealer Hikes up prices

Main Ferrari Dealer Hikes up prices

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Discussion

rat rod

366 posts

21 months

Thursday 9th July
quotequote all
beanorat said:
you won't get any sort of deal from any of them......I asked Lovetts about one of their Speciales and the deal was trade for my 10k miles Scuderia and retail for their Speciale, 120k to change. They think we are all born yesterday, maybe they are relying on it.
I think the problem is after reading all these doom and gloom threads we now got the impression that we will be welcome with open arms with our base ball bat ready to hit them in the balls. They have the attitude that the harder they are the more you will want what they have and it works most of the time,if the specialists tried that it wouldn't workat all.If they say no discount and you have to wait for it opposed to a huge discounted price just may get you thinking maybe the car isn't as desirable as you first thought.I think it's called reverse psychology.Good stock seems to be hard to replace but in your case your Scud would be a lovely p/ex for them and they should be able to sell it quickly and make another profit,mind you sounds like with that low mileage you will have no trouble selling it yourself and get a Ferrari cap as discount on the Speciale.

rat rod

366 posts

21 months

Thursday 9th July
quotequote all
TP321 said:
LordOfTheManor said:
there are car sales people still off, businesses are open, they and management were happy to continue furloughing until October - shame on them!
This is why now is not the time to buy. The reality of the situation we are in has not yet materialized as the Government is subsidizing business. Sit back and wait until the Furlough scheme ends in October. I think January onwards the market will adjust to the new reality - Recession.
You may be wright ,you may be wrong but with these type of depressed posts we are talking ourselfs into a recession.

dereksharpuk

108 posts

124 months

Thursday 9th July
quotequote all
I have been looking for a 458 Spider for ages, with an immaculate F430 Spider to p/ex. Sadly, a dealer will tell you why your car is worthless and why their's is priceless. The mark up between buying in and selling appears to be circa £25K. Some Ferrari dealerships sell slightly cheaper, but offer much less for a trade-in. I know that high-end dealerships like Lovetts have very high running costs, but I'm not sure how they justify a £25K mark-up. Trouble is, with high running costs, they have to make a lot per car. The less they sell, the more per car. That can be counter-productive,

Jack-flash

171 posts

28 months

Thursday 9th July
quotequote all
25k is a exactly what they have my f12 in leeds up for over what they paid me

RogGT-R

35 posts

4 months

Thursday 9th July
quotequote all
Jack-flash said:
25k is a exactly what they have my f12 in leeds up for over what they paid me
Might I ask which one? DM if you prefer.

I am looking at the Rosso with Crema (gone up £10K this morning - I mailed the salesperson to say one assumes his original offer last week stood and if not I would be delighted to wait until it came back down again) Or the Fuoco with Carbon seats - which is now only £2K more than the Rosso Crema and 3K less miles, mega paint and Carbon seats.

Very odd.....

I said to the couple of dealers I would be more than happy to wait for November

WilliamWaiver

226 posts

1 month

Thursday 9th July
quotequote all
dereksharpuk said:
I have been looking for a 458 Spider for ages, with an immaculate F430 Spider to p/ex. Sadly, a dealer will tell you why your car is worthless and why their's is priceless. The mark up between buying in and selling appears to be circa £25K. Some Ferrari dealerships sell slightly cheaper, but offer much less for a trade-in. I know that high-end dealerships like Lovetts have very high running costs, but I'm not sure how they justify a £25K mark-up. Trouble is, with high running costs, they have to make a lot per car. The less they sell, the more per car. That can be counter-productive,
I will match you and raise you £5k.

Dealer offered me a good £30k min below what they would retail my mint 2 owner 12,000 mile 430Scuderia with zero prep required against a PISTA that's over list and been in stock over 6 months.

I politely declined his shafting

Taffy66

3,910 posts

58 months

Thursday 9th July
quotequote all
The morale of these stories is to always bide your time when choosing which Ferrari to buy and look at it as a very long term keeper..
I nearly succumbed to a very well priced 488 in my ideal colour and spec however the derisory PX i got offered for my 458 scuppered the deal..

ettore

2,866 posts

208 months

Thursday 9th July
quotequote all
PrancingHorses said:
They are all riding the tide of the bounce back loans. Next year will be crunch for used car values when people try to sell to repay the BBLs. Prices certainly will drop next year.
Lots of people are saying this but how true is it? Are people genuinely using bounce back loans to buy Ferrari’s (or anything else shiny)

The majority of the working population hasn’t had any and I rather suspect they’re the ones buying!

av185

11,611 posts

83 months

Thursday 9th July
quotequote all
TP321 said:
This is why now is not the time to buy. The reality of the situation we are in has not yet materialized as the Government is subsidizing business. Sit back and wait until the Furlough scheme ends in October. I think January onwards the market will adjust to the new reality - Recession.
Not necessarily.

Hard Brexit possibly surcharge of 10% on new cars could well result in late and little used car prices rising and high end used including Ferrari up another 10%.

f1ten

1,919 posts

109 months

Thursday 9th July
quotequote all
The economic fundamentals are plain to see and don't need to be talked up or down. Fact is there is a recession and will be lots of jobs going which cannot stop demand shrinking for shiny toys. Not particularly happy to see my ferrari go down in value hut that's life and I expect it.

Dealers are taking a short term profit (fair enough) whilst some people are oblivious to what's coming! -there is so much new expensive metal whether it's supercars or Bentley suvs as choice and with pcp deals apparently now looking expensive as finance companies drop GFV residuals it means owning a newish toy will be more expensive. That will also hit demand. I just can't see any way in which values aren't going to come off?!

Cheib

18,949 posts

131 months

Thursday 9th July
quotequote all
av185 said:
TP321 said:
This is why now is not the time to buy. The reality of the situation we are in has not yet materialized as the Government is subsidizing business. Sit back and wait until the Furlough scheme ends in October. I think January onwards the market will adjust to the new reality - Recession.
Not necessarily.

Hard Brexit possibly surcharge of 10% on new cars could well result in late and little used car prices rising and high end used including Ferrari up another 10%.
I think come the autumn we will have the normal seasonal cooling off in the car market which will be combined with concerns about a possible second wave of Covid 19 and Furlough together with other economic measures ending.

I don’t think the Govt is going to be adding 10% tax to anything with the economy in this precarious state...it would be odd to do that when they’ve got a stamp duty holiday which is here until next year.

4rephill

4,326 posts

134 months

Thursday 9th July
quotequote all
rat rod said:
TP321 said:
LordOfTheManor said:
there are car sales people still off, businesses are open, they and management were happy to continue furloughing until October - shame on them!
This is why now is not the time to buy. The reality of the situation we are in has not yet materialized as the Government is subsidizing business. Sit back and wait until the Furlough scheme ends in October. I think January onwards the market will adjust to the new reality - Recession.
You may be wright ,you may be wrong but with these type of depressed posts we are talking ourselfs into a recession.
The "depressed posts" are just a reflection of reality.

The recession is coming regardless of how depressed or uplifting people's posts are (From: https://www.bbc.co.uk/news/business-53347853 ) :

On Thursday, in its analysis of the latest measures, the IFS predicted that government borrowing would surge to about £350bn this year. In March, the government forecast a deficit of about £50bn to £60bn this year.

The IFS said it expected further spending support in the autumn Budget, perhaps through targeted tax cuts.

However, IFS director Paul Johnson said: "Let's hold in the back of our minds that a reckoning, in the form of higher taxes, will come eventually.

"This is no normal recession. It's the deepest in history," Mr Johnson said. The IFS said annual borrowing as a share of the economy was on course to be its highest outside wartime in more than 300 years.

Right now you're looking at mass job losses in all manner of industries, businesses going under, and the possibility of a second wave of the virus, that could hit businesses again, causing more closures and job losses.

And after the virus threat is over, then you can look forward to a future where taxes will have to rise, to recoup the money spent on trying to keep everyone out of financial trouble during the COVID 19 pandemic.

Post all the positive posts you like - It won't stop the fact that the World is in for a depressing time (for a while at least)


TP321

1,189 posts

154 months

Friday 10th July
quotequote all
What we have right now is people coming out of 3 month lockdown with plenty of liquidity from the government, and they are saying “what the hell lets enjoy ourselves”.

But by November things will be very different, recession means that finance just won’t be there for expensive, faster depreciating toys. There is already a glut of super cars - the most there has ever been, and in order to find new homes, prices will have to come down, or else we will have a very stagnant market as only those needing to sell will do so

WilliamWaiver

226 posts

1 month

Friday 10th July
quotequote all
av185 said:
Not necessarily.

Hard Brexit possibly surcharge of 10% on new cars could well result in late and little used car prices rising and high end used including Ferrari up another 10%.
Yep I predicted this 12 months ago. The gap between a lightly used 12 -24 mth car and a new car at list price will be huge pulling used cars back up.
If your average new Ferrari is £250k then that suddenly becomes £275k. In that case I can see used car prices going up by at least £10k if not more.
Also New McLarens not subject to a tariff will become more competitive meaning less discount increasing used McLaren prices.

I dont think its a great time to sell a used car at the moment and in 12 months time it could be better not worse

rat rod

366 posts

21 months

Friday 10th July
quotequote all
4rephill said:
The "depressed posts" are just a reflection of reality.

The recession is coming regardless of how depressed or uplifting people's posts are (From: https://www.bbc.co.uk/news/business-53347853 ) :

On Thursday, in its analysis of the latest measures, the IFS predicted that government borrowing would surge to about £350bn this year. In March, the government forecast a deficit of about £50bn to £60bn this year.

The IFS said it expected further spending support in the autumn Budget, perhaps through targeted tax cuts.

However, IFS director Paul Johnson said: "Let's hold in the back of our minds that a reckoning, in the form of higher taxes, will come eventually.

"This is no normal recession. It's the deepest in history," Mr Johnson said. The IFS said annual borrowing as a share of the economy was on course to be its highest outside wartime in more than 300 years.

Right now you're looking at mass job losses in all manner of industries, businesses going under, and the possibility of a second wave of the virus, that could hit businesses again, causing more closures and job losses.

And after the virus threat is over, then you can look forward to a future where taxes will have to rise, to recoup the money spent on trying to keep everyone out of financial trouble during the COVID 19 pandemic.

Post all the positive posts you like - It won't stop the fact that the World is in for a depressing time (for a while at least)
That's a relief,for a minute i thought you were going to give us some bad news !

Raygun

3,476 posts

76 months

Friday 10th July
quotequote all
Taffy66 said:
The morale of these stories is to always bide your time when choosing which Ferrari to buy and look at it as a very long term keeper..
I nearly succumbed to a very well priced 488 in my ideal colour and spec however the derisory PX i got offered for my 458 scuppered the deal..
Wise words.
Hope all these dealers are remembered in different times.

DT398

1,630 posts

104 months

Friday 10th July
quotequote all
WilliamWaiver said:
Yep I predicted this 12 months ago. The gap between a lightly used 12 -24 mth car and a new car at list price will be huge pulling used cars back up.
If your average new Ferrari is £250k then that suddenly becomes £275k. In that case I can see used car prices going up by at least £10k if not more.
Also New McLarens not subject to a tariff will become more competitive meaning less discount increasing used McLaren prices.

I dont think its a great time to sell a used car at the moment and in 12 months time it could be better not worse
And yet you talk of “massive downward price corrections” coming for Ferraris on one of the other 458 threads. I wonder which will turn out to be true.....

TP321

1,189 posts

154 months

Friday 10th July
quotequote all
The availability of finance is what really drives the market. If as a result of this virus we enter a recession, then I can see finance availability drying up, and with it sales volume and prices of super cars coming down.

av185

11,611 posts

83 months

Friday 10th July
quotequote all
TP321 said:
The availability of finance is what really drives the market. If as a result of this virus we enter a recession, then I can see finance availability drying up, and with it sales volume and prices of super cars coming down.
Depending on the vehicle, manufacture subsidies and other buyer incentives will always drive sales relatively irrespective of the prevailing economic backdrop.

TP321

1,189 posts

154 months

Friday 10th July
quotequote all
av185 said:
Depending on the vehicle, manufacture subsidies and other buyer incentives will always drive sales relatively irrespective of the prevailing economic backdrop.
Well i guess we will see, but anyone willingly paying top dollar for a supercar now is a very brave man. I am holding out until next year to see where we are.