UK 296 GTB Values

[MeisterH]

mr_tony said:

Picked mine up last week. 23 gts, good spec, blu America which is rather lovely, carbon everything pretty much including the seats which so far I m liking; getting to grips with the touch controls pretty well, Apple CarPlay well integrated and bloody hell it s quick. Probably too,quick really, but being able to drop the roof gives it the extra dimension, and the opening rear window is a fun touch.. battery all checked out, bargained hard and got a good discount, and the kers extended to 2030. Looking forward to doing some fun trips in it soon..

Thanks for the useful thread

Ah this car they got in for me to view, lovely colour which is £££ as it is a special paint, I could not fit conformably due to the 'bump' in the roof.. went Pista in the end

Enjoy its got a mega Spec full PPF aswell which was a bonus

[kbf1981]

The car is massively undervalued presently.

Its basically got a 499P / F80 engine, is the fastest, most fun to drive car under £300k (under £400k?), and speaking to a lot of owners, and having had mine for a year now, its trouble free. I have no idea how anyone else is getting these problems with it. I had more issues with my 488 and Lusso.

Ferrari's today seem pretty reliable. Miles more so than a 430. Which itself wasnt that bad.

Handling wise, its easily the best handling model in the range presently - having driven before a 430, 458, 488, Lusso, 12C, Puro.

Same speed as an SF90, looks like a Dino, comfy, fast, easy to handle. It is madness the prices are as low as they are.

[MeisterH]

Coming from a former 'active' buyer of the 296, i reason i did not go forward with one was 3 reasons, both personal, One being the lack of leg room due to th battery behind the seats, being 6f 4 it compromised, i tired the Spyder above that the guy bought in Blu America, the issue was compounded due to the spyder having a lump in the head lining where my head sat

The second reason, the digital dash, i just know it would hack me off in a short period of time, i like buttons

Third reason, the looks, don't get me wrong, and again this is purply personal, I found the side profile just wasn't doing it for me, i kept trying to convince myself it would grow on me, the front and rear were lovely

I do feel they are super value for sure, may i even say i think they will firm up in value as they just cant go much further down

[LondonCarGuy]

MeisterH said:

Coming from a former 'active' buyer of the 296, i reason i did not go forward with one was 3 reasons, both personal, One being the lack of leg room due to th battery behind the seats, being 6f 4 it compromised, i tired the Spyder above that the guy bought in Blu America, the issue was compounded due to the spyder having a lump in the head lining where my head sat

The second reason, the digital dash, i just know it would hack me off in a short period of time, i like buttons

Third reason, the looks, don't get me wrong, and again this is purply personal, I found the side profile just wasn't doing it for me, i kept trying to convince myself it would grow on me, the front and rear were lovely

I do feel they are super value for sure, may i even say i think they will firm up in value as they just cant go much further down

I come at it from the other end, I'm only 5'6" tall. My GTB has racing seats without the lifter. At first I thought, this won't work for me. Then I sat in it. There is very little headroom, I don't need the seat lifter LOL.

[XMA Simon]

While some of the online video and written reviews do mention that taller driver would find the cockpit cramped you never hear about passenger room in these reviews. This is an omission. In fact the other aspect of the small cockpit is that passenger legroom is even more limited than for the driver because the LV battery sits in the front bulkhead on the passenger side. My partner was complaining about lack of legroom and I was thinking "what on earth are you complaining about... it's not that bad." Jumped in the bomber / navigator's seat and "ohh... I see what you mean". (She's not that tall either). It is worth checking.

But look... you and your passenger either fit or you don't. Notwithstanding it is an incredible car.

[mr_tony]

I’m 6’2” but with the race seats I found I’ve got enough headroom. With standard seats the GTS was a little tight due to the increased headlining depth.

Passenger seat seems fine. Initially I was thinking I’d go GTB for increased headroom for a helmet for track days, but honestly I have other cars for that and the fun of putting the roof down on the 296 for me outweighs likely very rare track usage..

[MingtheMerciless]

It is definitely more cramped than the 458/488. I'm only 5'10 so not an issue in GTS with race seats.

Looks are subjective, but I love the way it looks. Just did 500km over mountains and twisties today and yesterday and I loved it. Again. The only thing is the noise is pretty good but not 458 and it is very very wide. Also yes the haptics did annoy me today. Mostly I set it up before I leave so I don't have to mess with them but today I had issues even answering phone calls. Overall it ticks all boxes for me. It is also fantastic on track but I'm not going to use it for that.

[LondonCarGuy]

So far in April, the median asking price of a Ferrari Approved 296 GTB increased to £202.5k. The IQR is £199-211k. Sequentially from March, prices are up +1%...kind of normal seasonality as the weather starts to improve.

September: £209k
October: £209k
November: £205k
December: £205k
January: £199k
February: £199k
March: £199k
April: £202.5k

[LondonCarGuy]

1st May, the median asking price of a Ferrari Approved 296 GTB fell to £199k. The IQR is £195-205k. Sequentially from April, prices are down -2-3%. The warm weather is not leading to further gains.

September: £209k
October: £209k
November: £205k
December: £205k
January: £199k
February: £199k
March: £199k
April: £202.5k
May: £199k

[MingtheMerciless]

It would be interesting to look at declines in F8 and 488 GTBs at the equivalent time, and also to have some sense of how expensively specced the cars were - that's not a bad fall from basic MSRP but of course Ferrari like to have at least £40k of extras specced as do most owners.

[LondonCarGuy]

MingtheMerciless said:

It would be interesting to look at declines in F8 and 488 GTBs at the equivalent time, and also to have some sense of how expensively specced the cars were - that's not a bad fall from basic MSRP but of course Ferrari like to have at least £40k of extras specced as do most owners.

If anyone wants to take up the F8 and 488's, that would be great.

By providing the IQR, we can see what the typical spec range of cars are. I can tell you this, when I was looking for my 296, I saw a GTB spec'ed to £434k new, car had just over 2k miles, Ferrari Approved it sold for £229k. Big spec's typically do not trade at big premiums. Their owners selling them think that they should, but they don't. They trade for 20 cents on the dollar over the median cars. A second GTB was spec'ed to just under £400k and the salesman was so excited to tell me how special the car is. I told him he was 12-15% too high, we hung up the phone. Two months later they put thru a huge price cut on it, nobody was paying up for it.

[MingtheMerciless]

Thank you for your work so far. Maybe I'm being dim, but how does IQR identify spec level? It's only the spread of the middle quartile which to my mind doesn't really identify for example the ones you mention above?

[LondonCarGuy]

MingtheMerciless said:

Thank you for your work so far. Maybe I'm being dim, but how does IQR identify spec level? It's only the spread of the middle quartile which to my mind doesn't really identify for example the ones you mention above?

I'm just assuming that the IQR would most likely exclude very high and very low spec cars. But really I can't stress enough how high spec cars barely trade at a premium. A car with circa £134k of extra spec traded for £30k over the median. Spec is 20 cents on the dollar. Nobody pays up for someone else's dream spec.

[MingtheMerciless]

Yes that makes sense - it was always this way in the past except in relation to collectibles.

[XMA Simon]

Besides, a median is what it is... There will up outliers on the more pricy and less pricy distribution curve. Rarely you will see Ferrari dealers list "Tailor Made" cars at quite significant premium to cars specified at the ADs and Atelier cars. How much of a premium these Tailor Made cars actually trade on transactions I cannot tell you. But there are never enough outliers to meaningfully change the average, let alone the median listing prices.

[LondonCarGuy]

1st June, the median asking price of a Ferrari Approved 296 GTB is flat at £199k. The IQR is £189.8-204.8k, the lower end is sliding into the 180s. More than 29% of the cars are now in the 180s.

September: £209k
October: £209k
November: £205k
December: £205k
January: £199k
February: £199k
March: £199k
April: £202.5k
May: £199k
June: £199k