Will Corona effect the Supercar Market

Will Corona effect the Supercar Market

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Discussion

garystoybox

766 posts

116 months

Saturday 6th June 2020
quotequote all
Regy53 said:
Having been watching the 458 market since march this is the first dealer car i have seen that looks to have covid 19 pricing against it for the spec / miles. It says crash damage, it was a valeter in the dealership so it had a bumper and a wing which wouldn't really put many off i suppose. It sold within a day apparently. I viewed a car today with 10000 miles more Italia for the same price, similar spec.

https://preowned.ferrari.com/en/gb/search/2012/fer...

And another 458 gone up 5k...

https://www.jct600.co.uk/used-cars/ferrari-458-ita...

Edited by Regy53 on Saturday 6th June 15:32
The JCT car has had a price increase because as of Monday this week it is now Ferrari Newcastle and has to come with a 2 year approved Ferrari warranty which costs the dealer just over £5k. It also has to go through the full pre approved check which will likely have highlighted additional prep and cost. It’s sat with them since the beginning of the year as a Bentley retailer; nice car but overpriced.

Regy53

260 posts

130 months

Saturday 6th June 2020
quotequote all
garystoybox said:
The JCT car has had a price increase because as of Monday this week it is now Ferrari Newcastle and has to come with a 2 year approved Ferrari warranty which costs the dealer just over £5k. It also has to go through the full pre approved check which will likely have highlighted additional prep and cost. It’s sat with them since the beginning of the year as a Bentley retailer; nice car but overpriced.
Where do you see it at ? its on my list... along with one thats been in stock since xmas which sounds like ages ago but covid was March so it really had jan and feb to sell

https://preowned.ferrari.com/en/gb/search/2012/fer...

TP321

1,475 posts

197 months

Saturday 6th June 2020
quotequote all
garystoybox said:
The JCT car has had a price increase because as of Monday this week it is now Ferrari Newcastle and has to come with a 2 year approved Ferrari warranty which costs the dealer just over £5k. It also has to go through the full pre approved check which will likely have highlighted additional prep and cost. It’s sat with them since the beginning of the year as a Bentley retailer; nice car but overpriced.
Overpriced? That's certainly the understatement of the year ...its a 2012 458 for £148k!! ridiculous

Regy53

260 posts

130 months

Saturday 6th June 2020
quotequote all
Hmmm i suppose i never looked at 458's before they all seem to be up there in pricing and some are selling.

This car is a 1 owner 7k mile 458. Maybe it matters not. I offered 138k when it was 143k They declined

jsw777

43 posts

46 months

Saturday 6th June 2020
quotequote all
Regy53 said:
Having been watching the 458 market since march this is the first dealer car i have seen that looks to have covid 19 pricing against it for the spec / miles. It says crash damage, it was a valeter in the dealership so it had a bumper and a wing which wouldn't really put many off i suppose. It sold within a day apparently. I viewed a car today with 10000 miles more Italia for the same price, similar spec.

https://preowned.ferrari.com/en/gb/search/2012/fer...

And another 458 gone up 5k...

https://www.jct600.co.uk/used-cars/ferrari-458-ita...

Edited by Regy53 on Saturday 6th June 15:32
The spider has been accident repaired which I think is why it is priced at that.

The second car, the best I managed to get them too was £141k.

SSO

1,386 posts

190 months

Friday 3rd July 2020
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I just posted up on our site an article on what I see as the current status of the supercar market. While things have been very stable to date, it really depends on what segment of the market you are looking at. Also the forces that have driven the current stability are likely to shift in the coming months.

Harris_I

3,225 posts

258 months

Friday 3rd July 2020
quotequote all
SSO said:
I just posted up on our site an article on what I see as the current status of the supercar market. While things have been very stable to date, it really depends on what segment of the market you are looking at. Also the forces that have driven the current stability are likely to shift in the coming months.
Thanks SSO. Great blog, as always.

For those who need the link:

https://karenable.com/supercar-market-update-q2-20...


Cheib

23,067 posts

174 months

Friday 3rd July 2020
quotequote all
Harris_I said:
SSO said:
I just posted up on our site an article on what I see as the current status of the supercar market. While things have been very stable to date, it really depends on what segment of the market you are looking at. Also the forces that have driven the current stability are likely to shift in the coming months.
Thanks SSO. Great blog, as always.

For those who need the link:

https://karenable.com/supercar-market-update-q2-20...
Great read as ever. That’s an incredible stat about the Top 100 Collectors owing 350 cars each ! Blimey

xcentric

722 posts

218 months

Saturday 4th July 2020
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Cheib said:
Great read as ever. That’s an incredible stat about the Top 100 Collectors owing 350 cars each ! Blimey

35 each, on average..... not 350

Pvapour

8,981 posts

252 months

Saturday 4th July 2020
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Prices were definitely holding (apart from a lhd GTR i was offered) so ended up buying and now enjoying in the small window we have b4 next lockdown, i suspect many are doing the same, hence prices holding and increasing in some cases.

markst

Original Poster:

236 posts

164 months

Saturday 4th July 2020
quotequote all
i liked that blog......and quite agree ...reality has not sunk in yet...

just wait until all that free money dries up.....gulp

of course, i hope it all turns out ok....but i doubt it.

great time to sell............


FezSpider

1,039 posts

231 months

Saturday 4th July 2020
quotequote all
markst said:
i liked that blog......and quite agree ...reality has not sunk in yet...

just wait until all that free money dries up.....gulp

of course, i hope it all turns out ok....but i doubt it.

great time to sell............
You don't happen to work for BBC news do you? biggrin

Bo_apex

2,489 posts

217 months

Sunday 5th July 2020
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Pvapour said:
I would stick, I’ve said it before, but I think the demand for big luxury vehicles is going to increase as people with money realise their holiday options are now limited to driving through Europe, that or charter small jets in syndicates via fab groups at small airports to get distancing and lower risks.
I agree and see an uplift coming for capable, dynamic and comfortable GT cars of all eras.
We're chartering soon for a French trip as 8 of us are piling down but when it's just the two of us driving is more fun than sitting in a tin can.


jimmyslr

797 posts

272 months

Sunday 5th July 2020
quotequote all
markst said:
i liked that blog......and quite agree ...reality has not sunk in yet...

just wait until all that free money dries up.....gulp

of course, i hope it all turns out ok....but i doubt it.

great time to sell............
I think this is largely correct and I’m also in the same place as the blog.

The one build to the theme in the blog around a lot of sales at the top end of the market is the impact of consumer distress at the low end of the market. Whilst the person buying a new M3 or an older 997 isn’t the same as the person taking as the one selling the classic Ferrari I think they are all part of an ecosystem. Across each ownership boundary we see buyers moving up and down the various models, for instance the Lotus owner who buys a Porsche next (or as well) or the Porsche owner who moves to a Ferrari and so on. Ignoring the financial position of the super car owners or collectors, as the lower end of the market sees the inevitable pressure from material job losses they will sell their fun car or defer the purchase of the next toy up the ownership ladder. That ownership ladder is actually more like a pyramid and if you start removing buyers or lowering their affordability it destabilises the next level up, those at the next level up find their car is worth less and so have less to trade-in for the next car they aspire to and so it goes on.

Put that together with the blog’s theory around a glut of supply at the top end and I see significant downward pressure on prices in 6-18 months. The apparent resilience at the moment is because the pain hasn’t hit yet; we are infected but we just don’t yet have the symptoms.

Cheib

23,067 posts

174 months

Sunday 5th July 2020
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What’s interesting to me is that it’s cars less than say 10 years old that seem to have really caught the demand....maybe that’s because it’s the most accessible and easiest to finance. I’ve been looking at a couple of older/classic cars pretty closely with an eye to purchasing and they are if anything not seeing sales and am seeing prices getting reduced. There have obviously been exceptions to that but that is generally what it feels like to me.

Three months ago people were saying older cars will be fine and the new stuff is where the trouble will be!

Ferruccio

1,832 posts

118 months

Sunday 5th July 2020
quotequote all
Cheib said:
Three months ago people were saying older cars will be fine and the new stuff is where the trouble will be!
Most people are wrong, most of the time.....................??

sparta6

3,689 posts

99 months

Sunday 5th July 2020
quotequote all
Ferruccio said:
Cheib said:
Three months ago people were saying older cars will be fine and the new stuff is where the trouble will be!
Most people are wrong, most of the time.....................??
And therein lays a platter of wonderful opportunities smile

Cheib

23,067 posts

174 months

Sunday 5th July 2020
quotequote all
Ferruccio said:
Cheib said:
Three months ago people were saying older cars will be fine and the new stuff is where the trouble will be!
Most people are wrong, most of the time.....................??
They are indeed

hornbaek

3,664 posts

234 months

Sunday 5th July 2020
quotequote all
Corona is basically adding fuel to a fire which was already raging for the car industry. Most manufacturers of supercars were already seeing falling sales trends because they all largely appealed to the same consumer who has never had a broader choice than today. Manufacturers who were in trouble before corona are now fighting for their survival. The perfect storm is raging further, as we are at the same time entering a technology shift away from the ICE and towards electric, pushed on by green politicians and a new electorate for whom the car is purely transport rather than a driving experience. One can have two views on this: either you give in and go for an electric vehicle or you try to enjoy the next 3-4 years of unhinged driving because after that, unrestricted autobahns and free to enter city centers will belong to a bygone era.

anonymous-user

53 months

Monday 6th July 2020
quotequote all
hornbaek said:
Corona is basically adding fuel to a fire which was already raging for the car industry. Most manufacturers of supercars were already seeing falling sales trends because they all largely appealed to the same consumer who has never had a broader choice than today. Manufacturers who were in trouble before corona are now fighting for their survival. The perfect storm is raging further, as we are at the same time entering a technology shift away from the ICE and towards electric, pushed on by green politicians and a new electorate for whom the car is purely transport rather than a driving experience. One can have two views on this: either you give in and go for an electric vehicle or you try to enjoy the next 3-4 years of unhinged driving because after that, unrestricted autobahns and free to enter city centers will belong to a bygone era.
It's a long way off still when a supercar buyer abandons ICE cars and switches to electric as we're still in the betamax stage with electric cars and it might be a fair few years before they nail it with an electric car that would appeal to a supercar buyer, time waits for no one and anyone 40+ don't want to be an oap when they buy their dream car.