I am curious to know if the bargaining back and forth is the same in the Ferrari world is the same as the rest of the used car universe. Am getting close to a purchase and do not want to insult seller with afoolish offer. I have purchased many cars in the past used and new and have usually looked at 20% less the stated price as a start assuming asking price is reasonable. Where would you guys start the price war on a car that was listed for $55,000. Any difference between dealer and private sales . Thanks for any insight.
making first offer
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Umorus is exactly right. Do your market research and decide how much it's worth to you. Just because someone else might pay more, or less, for a particular vehicle should not be the issue. You're the one who's going to live with the decision.
Buyers remorse is awful! If it's not the right price for you walk away. There will always be more cars.
Do your research! And always get a PPI.
Buyers remorse is awful! If it's not the right price for you walk away. There will always be more cars.
Do your research! And always get a PPI.
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749 Posts
Yep, the bargaining is the same as any other make. Maybe even worse, as many people buy a Ferrari but only keep it short-term, & then expect to get back what they paid for it. If they bought it from a dealer there is NO way they will get anything like that price when selling, even privately, unless the car is a short-supply new model.
The "20%" discount thing is meaningless. Many many owners don't monitor the resale prices of their cars & expect they have held their value (or increased), when usually the market price has dropped. This situation isn't helped by there not being many cars of a particular model around, so you can't just look in the ads & see (for example) 50 BMWs or Golfs of the same model to compare. There may be only 1 or 2 Ferraris of the model you want, so often the prices being asked are just way off.
Do as Senna says - look at market guides to get the real valuation range & talk to folks in Ferrari clubs & forums (like FF) to determine what you should pay for what quality. Then check the cars on-sale. Unlike Fords, etc, you will often find a big variation in prices asked (again due to vendor "ignorance").
A lot of it is "educating the seller" to lower his/her expectations - tell HIM what the market price is & show him how you have established that (market guides, valuations, insurance values, previous sales, etc). Ask him/her why he thinks the car is worth what is being asked (most just say "I think it is" - doh!). Most of all look at LOTS of cars & don't fall for the first one. You will very soon become much more an expert than most sellers & you will be able to set the right price in your head after a quick inspection. Your $55,000 car may be excellent buying at $52k, or maybe worth only $40k - you have to find this out.
And as mentioned, always pay for an expert inspection before parting with your money & make this part of the terms - you don't want to end up with a problem Ferrari !!!!!
Good luck.
The "20%" discount thing is meaningless. Many many owners don't monitor the resale prices of their cars & expect they have held their value (or increased), when usually the market price has dropped. This situation isn't helped by there not being many cars of a particular model around, so you can't just look in the ads & see (for example) 50 BMWs or Golfs of the same model to compare. There may be only 1 or 2 Ferraris of the model you want, so often the prices being asked are just way off.
Do as Senna says - look at market guides to get the real valuation range & talk to folks in Ferrari clubs & forums (like FF) to determine what you should pay for what quality. Then check the cars on-sale. Unlike Fords, etc, you will often find a big variation in prices asked (again due to vendor "ignorance").
A lot of it is "educating the seller" to lower his/her expectations - tell HIM what the market price is & show him how you have established that (market guides, valuations, insurance values, previous sales, etc). Ask him/her why he thinks the car is worth what is being asked (most just say "I think it is" - doh!). Most of all look at LOTS of cars & don't fall for the first one. You will very soon become much more an expert than most sellers & you will be able to set the right price in your head after a quick inspection. Your $55,000 car may be excellent buying at $52k, or maybe worth only $40k - you have to find this out.
And as mentioned, always pay for an expert inspection before parting with your money & make this part of the terms - you don't want to end up with a problem Ferrari !!!!!
Good luck.
Joined
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15,193 Posts
A PPI is a Pre Purchase Inspection carried out by a qualified Ferrari Mechanic. It is one of the best investments you can make !Umorus said:
You can find price guides at:
http://www.classicandsportscar.com/
http://www.qv500.com/indexferrari.htm
http://www.ferrarimarketletter.com
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