458 v 488 market

458 v 488 market

Author
Discussion

f1z

Original Poster:

42 posts

17 months

Sunday 19th February 2023
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Hi guys,

Looking to get into a 458 or possibly a 488 but just seeing what people thoughts are currently on the market. It appears 488 pricing has been coming down and has had an effect on the 458 market as pricing seems to be lowering (not by a huge amount but noticeable based on a few listings, including dealer approved cars).

I am looking to drive quite frequently (possibly daily, weather permitting) so i'm mostly searching for cars in that 25-30k mile range and have seen prices come into that 125-135k range for the 458. I don't expect prices to drop much but is it likely for higher mileage cars to go to the 110-120k mark? I understand looking for a deal on a car like these is comical but also considering cost of maintenance and putting cash aside for that.

Many thanks

johnnyreggae

2,962 posts

163 months

Sunday 19th February 2023
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I think there was a similar long thread a couple of weeks ago - might be worth scrolling down

f1z

Original Poster:

42 posts

17 months

Monday 20th February 2023
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I have seen the past few threads regarding 458's but I think it was more of a discussion on financing and what is the better car to drive/own. I'm more so looking for people's thoughts on the current pricing based on mileage/spec and whether we will see prices drop in the next few months. I'm not looking for a garage queen but in that 25-30k mile range. Just considering future market values to see that if I wait, I can get into a car in that 115-120k mark and if others have been looking at the Ferrari market and seen drops in cars they have been eyeing.

Thanks

WCZ

10,639 posts

197 months

Monday 20th February 2023
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at that price it might be difficult for a RHD example, I have seen a 50k miles 458 sell for around £110k within the past year though

f1z

Original Poster:

42 posts

17 months

Monday 20th February 2023
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I have looked at some of those cars in that 40k+ mileage but just concerned there would be anywhere from 5-10k pounds to spend to get it into a ok shape to drive without even inspecting paintwork which may be additional amount. The retail ask between them and mileage half of that is quite close in that 10k pound range which doesn't make sense to jump on one of those unless they were closer to 100k.

jay2000

120 posts

104 months

Sunday 26th February 2023
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Have you got any contenders? I find the pricing can depends on spec as well.

f1z

Original Poster:

42 posts

17 months

Sunday 26th February 2023
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There was a nice black one at 125k with Simon Furlonger that was sitting for months but it appears to have been sold in the past few days. Spec wise i dont really mind, if it doesn't have lift or carbon buckets its not a big deal to me. As mentioned I would be trying to drive it as much as possible, not just a weekend ride so im looking at the cars with 25k miles +. There are a few Ferrari dealers with 458 / spiders that have been sitting for months but from reading the forums, I assume they will not consider a 10% below ask offer especially if its a SOR car.

I think pricing is holding due to anticipation of spring and some people have mentioned to me to maybe wait till after Easter to lock one in.

I have also been eyeing a Ferrari dealer TDF blue 488 coupe at 149k with 11k miles but currently there is barely anything in the market that is 20k+ miles to find a nice deal sub 140.

Not sure how many people are locking in cars with the current finance rates but maybe more of a wait and see game and prices drop further in the coming months

MDL111

7,050 posts

180 months

Sunday 26th February 2023
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f1z said:
There was a nice black one at 125k with Simon Furlonger that was sitting for months but it appears to have been sold in the past few days. Spec wise i dont really mind, if it doesn't have lift or carbon buckets its not a big deal to me. As mentioned I would be trying to drive it as much as possible, not just a weekend ride so im looking at the cars with 25k miles +. There are a few Ferrari dealers with 458 / spiders that have been sitting for months but from reading the forums, I assume they will not consider a 10% below ask offer especially if its a SOR car.

I think pricing is holding due to anticipation of spring and some people have mentioned to me to maybe wait till after Easter to lock one in.

I have also been eyeing a Ferrari dealer TDF blue 488 coupe at 149k with 11k miles but currently there is barely anything in the market that is 20k+ miles to find a nice deal sub 140.

Not sure how many people are locking in cars with the current finance rates but maybe more of a wait and see game and prices drop further in the coming months
I suspect prices will drop further and higher mielage cars are difficult to sell.

My Scuderia has been sitting at a dealer since last August and as far as I know no bids yet [or none he has told me about anyway]. Car has mid-70s km on the clock and I suspect nobody wants that - even with 30k spent over the last few years, so probably better condition than some cars with say 50k km on the clock [which will have all the same stuff replaced eventually]

f1z

Original Poster:

42 posts

17 months

Monday 27th February 2023
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There have been some higher mileage 458's that have sold so i assume theres a few guys out there like me looking for a deal in that 115-125k range. Just a month or so ago Tom Hartley had a rosso 458 at 129k with around 26k miles, it did sit for some time but eventually did sell. I do see alot of cars 130k+ asking all the money and have been sitting thinking they will still get top dollar. Thats where i see some people contemplating on why spend 140k+ on a 458 when in comparison a 488 usually has more options, newer in age, ferrari dealer approved warranty ect.

Slightly off topic, i have noticed that 992 911's and G63's are coming down on ask so i assume overall the luxury 100k + market isn't moving all too well. I think some others would consider a Huracan but the owners of them are asking 130k+ and don't appear to be willing to take less and have been listed for many months.

Time will show where the market heads in the next few months. Still checking daily to see what comes up and will for sure lock something in this year

f1z

Original Poster:

42 posts

17 months

Tuesday 28th February 2023
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It would be interesting to hear from any members who own a 458 over 30,000 miles are doing with their cars mechanically. Any issues that have shown or what to look out for?


PinkHouse

1,136 posts

60 months

Tuesday 28th February 2023
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f1z said:
It would be interesting to hear from any members who own a 458 over 30,000 miles are doing with their cars mechanically. Any issues that have shown or what to look out for?
Apparently leaky magnetic shicks can be a problem and not covered by Ferrari warranty, don't think the 488 suffers from this but I'm sure some owners can confirm

Eatpies99

154 posts

57 months

Tuesday 28th February 2023
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PinkHouse said:
f1z said:
It would be interesting to hear from any members who own a 458 over 30,000 miles are doing with their cars mechanically. Any issues that have shown or what to look out for?
Apparently leaky magnetic shicks can be a problem and not covered by Ferrari warranty, don't think the 488 suffers from this but I'm sure some owners can confirm
They can be rebuilt now by Independents for much much less then a replacement from Ferrari
And yes they're not covered under the warranty haha

f1z

Original Poster:

42 posts

17 months

Tuesday 28th February 2023
quotequote all
What about steering racks, i have seen some people talk about these potentially needing replacement? Or was this found with the early 2010-11 models like the DCT gearbox issues

Gibbo205

3,572 posts

210 months

Wednesday 1st March 2023
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f1z said:
It would be interesting to hear from any members who own a 458 over 30,000 miles are doing with their cars mechanically. Any issues that have shown or what to look out for?
Mine is on 27,000 miles, a 2014 car which I purchased four years ago with 13,000 miles on the clock.
Unfortunately the gearbox started dropping oil out the tell tale hole a few weeks ago, fortunately it happened on my driveway so no driving happened. Car is with Ferrari and is now repaired, due to be delivered back to me tomorrow. Failure was an internal oil seal on the rear casing, when it fails it drops out the internal tell tale hole to prevent contamination, essentially it was clutch oil, no error lights on dash as not enough oil had been lost.

Car is driven often as can be seen from miles in my ownership, always serviced on time and well cared for, so a bit of a shock but the service from Ferrari Stratstone in Manchester has been superb, I've had them do a few other jobs as well whilst the gearbox was out, thankfully gearbox has no damage, just this internal seal failed. The bill, well I aint getting much change from 8k, but I think the overall picture is not so bad, now I hope I can get another 20-30k miles trouble free, wishful thinking maybe but 458's tend to be quite reliable so maybe I was unlucky especially as my car is a 2014 model. It has had no other issues during my ownership and the extended warranty I believe would not have covered this, as classed as an oil leak. The good news is the car will now have fresh clutch, e-diff and gearbox oil as all have been replaced, something that is never done on a service so will be interesting to see if I can feel any kind of difference, but in fairness the car has always drove amazingly well and I test drove like 4/5 458's before buying this one, something I recommend anyone does, surprisingly the two cars I drove at Ferrari dealers drove great, one of which I purchased but the cars I drove at Specialist either seemed down on power or handled odd, so always shop around and test drive several, these are 10+ year old cars now and could be hiding many things, clocking is rife and potential accident damage, so be careful.

One of my half shafts was weeping also, so I had both changed whilst gearbox was out, this was only around £300 for new seals/flanges fitted, made sense. Servicing is around £900 for minor and around £1200 for interim with belts, major with plugs budget upto £2000, it is always worth shopping around.

Edited by Gibbo205 on Wednesday 1st March 09:10


Edited by Gibbo205 on Wednesday 1st March 09:13

Spleen

5,453 posts

124 months

Wednesday 1st March 2023
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A fresh clutch?

f1z

Original Poster:

42 posts

17 months

Thursday 2nd March 2023
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Gibbo205 said:
Mine is on 27,000 miles, a 2014 car which I purchased four years ago with 13,000 miles on the clock.
Unfortunately the gearbox started dropping oil out the tell tale hole a few weeks ago, fortunately it happened on my driveway so no driving happened. Car is with Ferrari and is now repaired, due to be delivered back to me tomorrow. Failure was an internal oil seal on the rear casing, when it fails it drops out the internal tell tale hole to prevent contamination, essentially it was clutch oil, no error lights on dash as not enough oil had been lost.

Car is driven often as can be seen from miles in my ownership, always serviced on time and well cared for, so a bit of a shock but the service from Ferrari Stratstone in Manchester has been superb, I've had them do a few other jobs as well whilst the gearbox was out, thankfully gearbox has no damage, just this internal seal failed. The bill, well I aint getting much change from 8k, but I think the overall picture is not so bad, now I hope I can get another 20-30k miles trouble free, wishful thinking maybe but 458's tend to be quite reliable so maybe I was unlucky especially as my car is a 2014 model. It has had no other issues during my ownership and the extended warranty I believe would not have covered this, as classed as an oil leak. The good news is the car will now have fresh clutch, e-diff and gearbox oil as all have been replaced, something that is never done on a service so will be interesting to see if I can feel any kind of difference, but in fairness the car has always drove amazingly well and I test drove like 4/5 458's before buying this one, something I recommend anyone does, surprisingly the two cars I drove at Ferrari dealers drove great, one of which I purchased but the cars I drove at Specialist either seemed down on power or handled odd, so always shop around and test drive several, these are 10+ year old cars now and could be hiding many things, clocking is rife and potential accident damage, so be careful.

One of my half shafts was weeping also, so I had both changed whilst gearbox was out, this was only around £300 for new seals/flanges fitted, made sense. Servicing is around £900 for minor and around £1200 for interim with belts, major with plugs budget upto £2000, it is always worth shopping around.

Edited by Gibbo205 on Wednesday 1st March 09:10


Edited by Gibbo205 on Wednesday 1st March 09:13
Could you breakdown some of the service work that you had done, Was your gearbox rebuilt? 8k is quite hefty so I assume you had other sizeable work done. Thanks

Gibbo205

3,572 posts

210 months

Thursday 2nd March 2023
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Gearbox was rebuilt costing about £7600. New casing, new sensors, new seals etc.

Was actually quite cheap as there was no damage to the clutch, E-Diff and gearbox, the bill could be as high as 30k if a replacement gearbox or E Diff was required.

I got lucky the oil seal let go as I selected reverse to back onto my driveway at which point it started dropping oil and was then not driven again until repaired.

As such my car had thrown no error lights as it had not lost enough clutch oil and thus the system still had pressure to operate normally.

If it had let go during driving and the first sign was warning lights or loss of gears then it’s at this point damage could have happened and the bill would be bigger.

It’s pretty rare to happen on 458’s I’m told so guess I got unlucky especially as I’ve got a later car and it’s been driven regular and well cared for.

I’m just looking forward to getting it back and enjoying it as I don’t consider 8k a big bill on a supercar in four years ownership. It could be far far worse!

f1z

Original Poster:

42 posts

17 months

Monday 6th March 2023
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Interesting to watch the 458/488 AT listings. No price changes and the same cars that i have viewed in the past are all still listed. I assume dealers wanting to hold the stock at the pricing to see how things play out in the coming spring. Still waiting out to see if someone posts a higher mileage 488 as that may be something id look to get in to

Gibbo205

3,572 posts

210 months

Tuesday 7th March 2023
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f1z said:
Interesting to watch the 458/488 AT listings. No price changes and the same cars that i have viewed in the past are all still listed. I assume dealers wanting to hold the stock at the pricing to see how things play out in the coming spring. Still waiting out to see if someone posts a higher mileage 488 as that may be something id look to get in to
In fairness a lot of the cars sticking around are not particular attractive specification wise, when a really good spec car comes along with good history and ideally at Ferrari main dealer they do tend to move.

Also sellers will be waiting for Spring to truly come into effect where the market tends to pickup from the slump that is December-February period.

If you think of buying or have a couple of cars which are contenders now is the time to be making some offers in case someone wants shot before the market does pickup as it does every Spring/Summer particular on sports/supercars.

Singh911

957 posts

244 months

Tuesday 14th March 2023
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Ferrari dealers are quite stubborn with pricing - and often won't entertain offers a lot below asking even for cars that have been hanging around. I suspect there is a view that interest rates are at or near peak - and that things could look better in a few months time coinciding with better weather etc.