[Boxer]

The financial crisis seems to be pushing prices of more recent Ferrari models down rapidly. Seems like there might be some excellent buying opportunities in the coming months. Alternatively with prices going down, should you sell now before things drop further.

In general, awho is looking to buy in the next 6-12 months ?

and if so what model?

Who is looking to sell ?

 

[JazzyO]

I'm going to keep an eye out. Don't know what I'll be buying, or even IF, but there is a definite possibility.

It all depends on income the coming 6 months, and that depends largely on how bad the crisis will be (since I'm in gold mining - the worse the crisis, the better it is for me). Some ideas I have:

1. An open Ferrari.
2. A classic Ferrari.
3. A sports Ferrari.

All three are not in my stable yet and a combination of 2 of those 3 traits would be very nice. An Eldorado scenario would be a 275GTS but I can't imagine earning that much money (or conversely, for their prices to drop that much).

More realistically, it could be a 330GTC. Just gorgeous.

One step down (in terms of price) would be an F430 Spider, and an outside possibility is a 330 GT 2+2 Series2. I think the latter could become a real bargain in 6 months.

Finally, and this is a very fresh idea I had, I might help my younger brother in getting his first Ferrari. I think it would be nice if we owned a 308 together, which could eventually end up being his. It could be a restoration project or something. Haven't talked to him about it yet but it would be nice to share this hobby and go to meets each in our own car. And I love the 308.

But, all in all, it just depends on my situation. I've already got two Ferraris and I'm more than happy (as I should be!), so I am just going to wait and see. But whatever happens I really want a convertible - the classic Lotus Elan (1965-1970) is also high on my list.

It'll be fun to watch what's going to happen. Maybe, just maybe, some opportunities will arise.


Onno



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[Mike430]

Hi Boxer,

Unfortunately I wont be one who is purchasing a Ferrari in the next 6-12 months but I would like to ask, which models are coming down in price and is it due to the financial crisis, the model itself or a bit of both?

Here are a few examples of what you would pay for different models that are currently for sale here in South Africa (''R'' is South African Rands but I've shown the equavalent in U.S Dollars according to todays exchange rate for S.A being R10.15 for $1.00) :

1) 328 GTS 59 000Kms R650 000.00 ($64 039.00)
2) F355 GTB F1 21 000Kms R1 490 000.00 ($146 798.00)
3) 360 Modena F1 34 000Kms R1 795 000.00 ($176 847.00)
4) Challenge Stradale 7 000Kms R2 750 000.00 ($270 935.00)
5) F430 Coupe F1 11 000Kms R3 100 000.00 ($305 418.00)
6) 550 Maranello 27 400Kms R1 650 000.00 ($162 561.00)
7) 612 Scaglietti 8 300Kms R2 575 000.00 ($253 694.00)

 

[Vitalone]

All going well I hope to keep the 308 (currently being refurbished and hopefully revitalised and ready for FLED 2) and then to add a 550 to the stable.

It seems that the older tipos are holding value and that the newer models could make good buys. A 550 for less than a 330 or 365 gt 2+2 sounds too good to let go.

 

[David Lee]

Hey Boxer

I think next year could get a whole lot worst because of the Credit Card Crisis coming up next, thanks to Bush and Greenspan but lets not go there, Onno you're in luck, but yeah i would love to buy a Dino 246 in silver if a good one comes up, a friend of mine is selling his 348 spider from new sounds like a great deal, i've also noticed recently in my area there are a few 360 and lambo's on the market too so no rush!

 

[JazzyO]

Unfortunately I wont be one who is purchasing a Ferrari in the next 6-12 months but I would like to ask, which models are coming down in price and is it due to the financial crisis, the model itself or a bit of both?

The SA market is very different from other parts of the world as importing Ferraris is so expensive and there are not many cars to choose from the market itself. So prices there seem to be a bit out of touch with the rest of the world.

In general terms, modern V12's are going to plummet. Premiums on new models are not likely to be paid. Modern V8's like 360's and F430's are often paid for on finance - those will also come onto the market by droves.

Classics will hold their value better, I think, as most people buy those with cash and they are usually bought as a 3rd or 4rth car. These people can often afford to wait the storm out a bit longer. But if it continues, they will also fall. The thing is - if you need to sell, there may not be a lot of buyers, but it all depends on how many are on the market. If people hang on to them the classic market may actually survive this quite well. If there's 3 buyers out there with only 4 cars on the market, you will still get a good price for a car in good condition.

We'll see what happens.


Onno



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[Louis355]

The financial crisis seems to be pushing prices of more recent Ferrari models down rapidly. Seems like there might be some excellent buying opportunities in the coming months. Alternatively with prices going down, should you sell now before things drop further.

In general, awho is looking to buy in the next 6-12 months ?

and if so what model?

Who is looking to sell ?

Thanks to Onno, who let me drive his great 550, I'm looking for a 550 to keep the 355 company. I guess 550's are about to bottom out and are already moving slowly in today's market. Some bargains could be outthere the next 6-12 month's. But also looking at alternatively an 250GTE or 330 GT series2 if prices come down.

Interesting times indeed.

 

[archiegibbs]

As you already know, I sold my immaculate late 1989 20K mile 328 GTS in March 2008, before the credit crisis really took hold, but fearing what was coming. I sold to a trader (a leading UK independent Ferrari specialist) and got what I thought was really top trade book at the time £29000 GBP, the trader carried out a cam belt service, some minor detailing work and advertised it at £35K GBP. I am reliably informed he got £34K for it? Which is what I paid for it in April 2006. Sure, I miss it and will buy another, but I'm pleased I sold when I did, as I don't think I would get anywhere near £25K GBP in the trade for it now.

I will buy another Ferrari when my own financial situation improves, I really miss the 328 and would love another, but with prices coming down I might be tempted to go for a 360 or 550. I'll just have to wait and see, but I hope to have another Ferrari within the next 18 months.

 

[JazzyO]

I'm looking for a 550 to keep the 355 company.

Hey, that's awesome, Louis. Keep us posted. And you need to experience the Boxer next year.


Onno



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[Louis355]

Hey, that's awesome, Louis. Keep us posted. And you need to experience the Boxer next year.


Onno

I'll will of course....and would be great to see (and hear..) your boxer beauty in real life..

Maybe I missed it but how did it go with foskers? Did they do the smart thing and turned around in attitude and sorted the issues like you expected??

 

[JazzyO]

I'll will of course....and would be great to see (and hear..) your boxer beauty in real life..

Maybe I missed it but how did it go with foskers? Did they do the smart thing and turned around in attitude and sorted the issues like you expected??

Have had nothing but positive e-mails from them the last two weeks. Apparently the electrics are now really well sorted - all wiring was stripped, alternator replaced (4th this year!) and geometry is now fine and battery charging well. Clutch was replaced and oil metre en speedometer are now fixed. Brake discs replaced as well as pads. Interior detailed and cleaned.

We haven't talked money yet, but I'm sure we can work that out. I'm just glad they seem to have really got on with the job and sorted it out professionally. Can't wait to try it. April maybe, but perhaps only in May, boohoo!!


Onno



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[sgarrity]

I may sell my 96 F355

I may sell my 96 355 spider, nothing to do with the economic crisis, I just had the engine completely rebuilt for $30K+ anxious to get it back. Has 25k miles

steve

The financial crisis seems to be pushing prices of more recent Ferrari models down rapidly. Seems like there might be some excellent buying opportunities in the coming months. Alternatively with prices going down, should you sell now before things drop further.

In general, awho is looking to buy in the next 6-12 months ?

and if so what model?

Who is looking to sell ?

 

[t1fosI]

The financial crisis seems to be pushing prices of more recent Ferrari models down rapidly. Seems like there might be some excellent buying opportunities in the coming months. Alternatively with prices going down, should you sell now before things drop further.

In general, awho is looking to buy in the next 6-12 months ?

and if so what model?

Who is looking to sell ?

I am definately looking to buy, there are only two things stopping me.

1. A dearth of good 328 GTS models.
2. Prices seem to be dropping so rapidly that soon a 360/550 will be what a 328 cost 9 months ago (approx GBP 35k) - where does it stop or at the very least flatten out?

Actually there is a third issue, but that is more to do with my conscience. I had never given it much thought before, but in an environment where recession prevails, as in the UK, there is the inevitable sceptre of unemployment and hardship. This in turn creates resentment and contempt for those who are percieved to be doing OK. Question is, will the 'green eyed monster' overshadow what would otherwise be a most pleasurable experience?




.

 

[archiegibbs]

Actually there is a third issue, but that is more to do with my conscience. I had never given it much thought before, but in an environment where recession prevails, as in the UK, there is the inevitable sceptre of unemployment and hardship. This in turn creates resentment and contempt for those who are percieved to be doing OK. Question is, will the 'green eyed monster' overshadow what would otherwise be a most pleasurable experience?


.

Why worry about what others think? If you are at all self concious and have a guilty conscience a Ferrari is hardly the most descreet car and probably not the right choice (get a Ford Mondeo). Why does the state of the economy matter? Most people can't afford a Ferrari in good times let alone hard times. When I was out in the 328 (during the boom) I would get a mixture of admiring smiles, comments and waves as well as the jealous idiots flipping me the bird - so what?

Follow you heart, you are only here once, buy that Ferrari, and plate that says F11CKU

 

[212Export]

I am definately looking to buy, there are only two things stopping me.

1. A dearth of good 328 GTS models.
2. Prices seem to be dropping so rapidly that soon a 360/550 will be what a 328 cost 9 months ago (approx GBP 35k) - where does it stop or at the very least flatten out?

Actually there is a third issue, but that is more to do with my conscience. I had never given it much thought before, but in an environment where recession prevails, as in the UK, there is the inevitable sceptre of unemployment and hardship. This in turn creates resentment and contempt for those who are percieved to be doing OK. Question is, will the 'green eyed monster' overshadow what would otherwise be a most pleasurable experience?



.

I respect your thoughts on the "third issue" very much. After all we are human beings not only fanatics !

 

[Malcqv]

Looking to sell the Mondy next year for either a 348 or 355. The cheaper Ferraris sell the better as the difference between my Mondy and a 355 will reduce.

 

[JazzyO]

I'm with Archie. If you're successful you'll be resented for it by some people, no matter what you do. You could buy a big house or a yacht, or whatever, people will not love you for it.

With the Ferraris, I actually do get a lot of positive reactions and not many negative ones. The negative ones you do get are easy enough to live with.

Anti social people can be driving ANY car. Buying a Ferrari doesn't make you a [email protected]@rd unless you already were before you got one.


Onno



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[Louis355]

I'm with Archie. If you're successful you'll be resented for it by some people, no matter what you do. You could buy a big house or a yacht, or whatever, people will not love you for it.

With the Ferraris, I actually do get a lot of positive reactions and not many negative ones. The negative ones you do get are easy enough to live with.

Anti social people can be driving ANY car. Buying a Ferrari doesn't make you a [email protected]@rd unless you already were before you got one.


Onno

+1

And I've noticed you're own attitude does matter as well.
To ben honest I tend to be more 'social' in traffic in the 355 then in my audi for some strange reason.

 

[archiegibbs]

Anti social people can be driving ANY car. Buying a Ferrari doesn't make you a [email protected]@rd unless you already were before you got one.


Onno

Completely agree.

In fact most Ferrari owners I know or have met are thoroughly decent people, whether they own a collection of half million dollar supercars or a bottom of the range V8

 

[t1fosI]

Why worry about what others think?

I normally do not care what other people think, and without getting too philosophical I agree that it matters not what others think about things such as whether you own a Ferrari or not, particularly other drivers.

I have to say that I am not too self conscious nor do I possess a guilty conscience (I know how hard I have worked and the sacrifices I have made to get as far as I have). But I do have a conscience and I guess (like many of us on this forum) I am the product of parents who having grown up themselves in a post-war society that was difficult, encouraged their children to work hard, be well educated and importantly, be responsible. Perhaps I am being overly sensitive, but as 212Export correctly says, we are after all human beings.

I'm with Archie. If you're successful you'll be resented for it by some people, no matter what you do. You could buy a big house or a yacht, or whatever, people will not love you for it.

That is very true, the sad fact is that we live in a society that prizes material possessions over many things including the our relationships with others. When I first got my SL500 a few years ago, I would occasionally drive it to work and park it in the car park. The vast majority of people who noticed the car were complimentary, then they would ask - 'whos car is it?' Normally I would avoid the question and move on, a couple of times my mouth was quicker than my brain and I responded that it was in fact mine. On these occasions the response was very much negative, one person I remember quite clearly saying 'You must be making a lot of money, how much are you charging me?' After that the brain got savvy and always switched in first. I guess the moral is that when I get it, I will not drive the Ferrari to work! For that I should get a Ford Mondeo - well if its good enough for James Bond than its good enough for me :grin:



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