UK 296 GTB Values
Discussion
bennno said:
be more useful to just track a specific year and mileage.
my car is back for sale at a dealer at what it cost me a year ago, but in the interim I doubled the mileage.
I agree, that would be best. Unfortunately, the sample size is not big enough to be that specific. All the fleets of all models get older, add miles etc. Also it would be nice to keep the spec very specific too. Again, sample sizes limit this.my car is back for sale at a dealer at what it cost me a year ago, but in the interim I doubled the mileage.
col68 said:
Does anyone have any real world experience of trade bids on GTB s ? Are dealers, main or otherwise willing to write the cheque so to speak?
A few Ferrari Approved 296s are SOR, but most are dealership owned. I've now visited eight Ferrari dealers. So, they will definitely write you a check if you want to sell.So far in February the median asking price of a Ferrari Approved 296 GTB remains at £199k. The IQR is £198-209k. We now have three cars in the £180's. A number of salespeople told me in January and early February that demand and interest was picking up as we exit the winter. However, despite that rhetoric, prices are not increasing.
September: £209k
October: £209k
November: £205k
December: £205k
January: £199k
February: £199k
September: £209k
October: £209k
November: £205k
December: £205k
January: £199k
February: £199k
MingtheMerciless said:
Any info on GTS prices? Even though I don't really care as I have no intention of selling. I did buy with my eyes open though.
I think what would be an interesting stat is median price no v original price including options - since most cars had I think £40-50k+ in specced options.
Sorry, I stopped tracking GTS as my own focus has been more GTB.I think what would be an interesting stat is median price no v original price including options - since most cars had I think £40-50k+ in specced options.
A typical 296 GTB new in an "average" spec was £290-ish, so they have lost about £90k. The highest one I've seen was £434k for a GTB new. That car sold for high £220s with 3k miles on it. Nobody pays very much for "spec" in the secondary market.
A big issue for SF90s and 296s will be when they are at the very end of their hybrid warranties and owners want to sell them back to Ferrari dealers. Of course, the dealers will make bids on the cars, but now the dealer will either have to attempt to sell a car with no hybrid warranty, or the dealer will have to pay (wholesale) for a new two year hybrid warranty in order to make the car more marketable. This will get interesting.
bennno said:
Agreed, it s the 4 year manufacturer, 5 year hybrid , 7 year servicing which confuses. Even prior to the hybrid warranty expiry it s a potential issue, as Ferrari were initially suggesting dealers could only add hybrid warranty in 2 year chunks at 11k for 2 years - but now they can add pro rata proportions to give top up to their normal 2 year used retail warranty.
An expired hybrid warranty would mean a £200k retail car is likely to have a trade value £165-170k.
My understanding is that the Ferrari dealerships can buy six month hybrid warranty blocks wholesale, but not pro rata stubs like seven months for example. Regardless, they at least no longer have to buy full two year warranties.An expired hybrid warranty would mean a £200k retail car is likely to have a trade value £165-170k.
In terms of where the 296 GTBs could trade in the future with an expired warranty, I think you are correct. Imagine this, today we know that Ferrari Approved 296 GTBs have a median asking price of £199,000. Two years from now, the car generally could depreciate -5%, which does not seem unreasonable, so that would be a median retail asking price of £189,000. In that time, the replacement to the 296 will be announced, so that seems a possible price trajectory. Also, in two year times some of the cars will be approaching or will have reached the end of their original five year hybrid warranties. If the dealer wants a 10% margin, then he will bid you £170k to buy your car. But then they have to go buy a warranty for the car, so a £160s bid seems perfectly plausible.
I have had one salesman, when we were discussing SF90s, admit to me that their buyer will bid lower prices for car approaching the expiry of their hybrid warranties.
We've been seeing 50-55 296 GTBs for sale on AutoTrader for a few months now. I wonder when the 2022 cars start to reach the expiration of their 5-year hybrid warranties in 2027, do we see supply increase meaningfully? At that point, the Ferrari dealership bid for the car will be approximately £170k or lower. Does an owner want to spend £12-14k for a two-year hybrid warranty? Maybe they do, it's a personal choice. Obviously, in the eighth year they get a free battery replacement if the car is under continuous warranty.
If 2027 does indeed usher in a period of increased supply, then clearly prices are headed further south. We'll know soon enough.
If 2027 does indeed usher in a period of increased supply, then clearly prices are headed further south. We'll know soon enough.
bennno said:
The battery replacement rumour has been debunked, only if the battery is defective / degraded at 8 years seemingly .
Actually, I was one of the guys saying that you do not automatically get a new battery in year 8. I was wrong. So long as the warranty is continuous thru the life of the car, then you will get a new battery in year 8. I apologize for getting this wrong, it was based on the best information that I had available at the time. Again, my bad.mr_tony said:
Hoping to get some perspectives from those who already bought / sold a 296..
I m currently looking at either a 22 GTb (dealer specced car with carbon everything premium hifi carbon seats etc) at sub 190, or a 24 gts, with an awesome similar spec (standard hifi though). Price differential is around 55k between the two. All things being equal is a newer car with Kers warranty for through until 29 a better bet? Or go for the GTb at a lower entry price and self insure?
Owning one of these cars with no hybrid KERS warranty is brave. Personally, I would never own a high performance hybrid without a warranty on it. I m currently looking at either a 22 GTb (dealer specced car with carbon everything premium hifi carbon seats etc) at sub 190, or a 24 gts, with an awesome similar spec (standard hifi though). Price differential is around 55k between the two. All things being equal is a newer car with Kers warranty for through until 29 a better bet? Or go for the GTb at a lower entry price and self insure?
mr_tony said:
Yes both approved used.. based on what I can see I could level up the kers warranty and make the GTb 200k and have the same coverage as the newer car pretty much first world problems for sure, now it s just a case of whether it s worth a 50k premium for a 2 year younger car with a sunroof
Whatever you do, push hard on the price, especially if a car has been on the market for a few months and/or had price cuts. I assume you are running the AutoTrader plug-in to track price reductions? If not, then be sure to.And for sure, don't buy either of them without asking what the SoH of the HV battery is.
I don't know what GTBs you are looking at, but I viewed a lot of them in person. Feel free to DM me.
mr_tony said:
Appreciate the offer Londoncarguy, (but your profile doesn t accept emails, if you change the setting I ll drop you a note.) The whole hybrid state of health thing seems to be a bit of a minefield but I guess it s likely that everyone is being a bit oversensitive to it, I remember the doomsayers stating when Tesla s first appeared the the batteries would lose their charge in less than 7 years of so,etching like that, and none of that came to pass.. and I m sure the secondary service market will figure out how to,replace batteries in time, it s not rocket science after all, but in the meantime it always makes sense to buy a car that s been properly cared for regardless of hybrid or not, this is just another point that hilights how it s been treated
My apologies, I've changed my settings so you should be able to contact me now. 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
Beautiful car, enjoy it!Thanks for the useful thread
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
Beautiful car, enjoy it!Thanks for the useful thread
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