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Thread: 488 GTB - Buying Advice Please and Future Values

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    Default 488 GTB - Buying Advice Please and Future Values

    Hi Folks, hope you all had a great xmas and Happy New Year. I need some help please, i have sold my Huracan and looking to purchase a 488 GTB, I have seen a nice example being sold by a main dealer, it is a 17 reg with only 2k miles and 1 owner from new for £169K,, i have the following questions can someone help me please;

    a) The car has no carbon on the exterior, the previosu owner has wrapped the bottom sill in a gloss piano black colour but it is only a wrap, the dealer said they are happy to wrap some parts of the exterior to give it a carbon look, my question is although I am not too fussed about it having carbon will it affect its resale value and interest when i come to sell, it does have a few carbon interior bits, the kick plate is in carbon, the centre tunnel, vents and the steering wheel but NOT the paddle shifters but nothing else.

    b) the values of 488 GTB do vary considerably dependant on spec or colour, is £169k for a 17 reg GTB 2k miles in Scuderia Red with crème interior about the right price, i do feel its a lot for car with a mediocre spec for an extra 15k you can get a spider but then that starts to become very close to a price of a F8 which will come with additional warranty and servicing and prob retain its value more than a 488.

    c) what are peoples opinions on the 488 prices currently, will prices remain stable or drop considerably this year, as this car is 169k I can see a year older car with about 10k miles on clock sells for £155k to 160k therefore will i end up losing £10-15k in a year or have prices generally stabilised on the 488?

    Any help would be most appreciated, this is my first ferrari and always find forums like this very helpful for unbiased views rather then a dealer telling me what i want to hear.

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    Welcome

    You need to remember that selling price and buying price are different so an older car being sold for £ 155 was probably bought in for £ 125/130 so your annual depreciation is rather worse

    To me all these cars feel expensive and it might be worth trying to get one with a few more miles for a lot less money (but I guess it depends on your use plan & how long to keep)

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    Agree they do feel rather expensive and not sure whether to wait until prices drop, the issue I have is if I buy one with more miles by the time I want to ell it on it will be considered as high mileage and my thoughts are if i buy a rellay low mileage example now it will retain more of its value when i come to sell...

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    Nosevi is offline Post whore with no life, no friends, and a problem fitting into normal social circles Committee Member
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    Quote Originally Posted by AN11LLP View Post
    Agree they do feel rather expensive and not sure whether to wait until prices drop, the issue I have is if I buy one with more miles by the time I want to ell it on it will be considered as high mileage and my thoughts are if i buy a rellay low mileage example now it will retain more of its value when i come to sell...
    I think with Ferraris there's a bit of a 'sweet spot' when it comes to mileage - a really low mileage example that doesn't stay that way loses a heap of money, equally a higher mileage car which has significant miles put on it to become an outlier compared to it's siblings by having more miles than them loses a lot in comparison and becomes harder to sell. Somewhere in the middle of the pack, perhaps a bit below average and with average miles added will generally lose the least.

    With a car still as new as a 488 you are more than likely talking about how much it loses over the next few years though rather than the price stabilising. 430s may have about hit the bottom of their curve and I'd say 360 probably have, while older cars like the 308/328/348 and 355 have bounced off it and come back up a bit (I paid £23k for my 348 a little over ten years ago). My guess is 488s have some way yet to fall as they age compared to newer models and miles get put on them.

    All crystal ball stuff though, no one really knows. All we can really do is get the car we want and try not to worry too much about depreciation.

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    Agree with you they seem a bit high at the moment; compared to what you might think of as a "normal" depreciation cycle.

    But with a shorter than expected F8 run, 296 demonstrators not yet on the streets and a generalisation of "luxury" goods very much in demand, if I was borrowing Pete's crystal ball I wouldn't think you will see prices come down until 296s starter to be delivered. Those that trade to the newest thing haven't really had much opportunity to trade the 488 for an F8, so I'd guess there is a segment of the market waiting to trade their 488 in against a 296.

    I think most people saw the 488 going below the 458 price wise, and this may yet happen! (Pista/Specialie)

    Might be complete BS, but...!

    My personal view is buy what you want when you can afford it. If you break even you've done well!

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    I'll add that purchasing the car in question will be very close to 'top money' (for the age /model), being a main dealer vehicle with such low mileage. As soon as you buy it it'll then have twice as many owners and if you plan to use it, that mileage won't stay quite so pathetically low. Personally I'd be looking for a car with perhaps 2k pa, save some of that premium at the point of purchase and worry more about enjoying a wonderful car than second-guessing the future. I know this probably won't help much but life's too short...

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    Thank you so much for your input and thoughts, agree with your comments even 488`s with circa 10 to 15k miles are going for more or less the same price so would make sense to buy the one being offered with nominal mileage however agree with you it is `top money` the dealer is asking for I will see what I can negotiate ideally £165k would be the sweet spot for me!, dealer wants £169k.

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    Quote Originally Posted by AN11LLP View Post
    Thank you so much for your input and thoughts, agree with your comments even 488`s with circa 10 to 15k miles are going for more or less the same price so would make sense to buy the one being offered with nominal mileage however agree with you it is `top money` the dealer is asking for I will see what I can negotiate ideally £165k would be the sweet spot for me!, dealer wants £169k.
    I would agree with Mark that the very low mileage car doesn’t necessarily make sense. The first Ferrari I bought had only done a few hundred miles a year in the last 5 ish years before I bought it. Never again, first long trip it came back on a transporter. My higher mileage 355 that had been used properly before I bought it was bullet proof in comparison.

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    sssdu01 is offline No I'm Spartacus Committee Member
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    Here is another theory EU rules will be introduced on new build cars to limit speed/have annoying buzzer if you go fast/GPS device to alert the authorities if you are driving too fast/etc (I know we have left the EU but the Green Lobby/Health and Safety Warriers will "help" the UK to adopt those rules). Net result will be no one will want to buy a new Ferrari or any other fast car, and second hand prices will go up for anything that is allowed to go over 2000 revs.

    So the safe option is probably buy and older Ferrari, enjoy it, and keep it. Thats my plan

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    Quote Originally Posted by sssdu01 View Post
    Here is another theory EU rules will be introduced on new build cars to limit speed/have annoying buzzer if you go fast/GPS device to alert the authorities if you are driving too fast/etc (I know we have left the EU but the Green Lobby/Health and Safety Warriers will "help" the UK to adopt those rules). Net result will be no one will want to buy a new Ferrari or any other fast car, and second hand prices will go up for anything that is allowed to go over 2000 revs.

    So the safe option is probably buy and older Ferrari, enjoy it, and keep it. Thats my plan
    I already have one and very happy with it. 43 years old and still going strong!

    Unlike me coming up to 72 and creaking at the joints!

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