Ferrari Speciale (My Notes)
Discussion
Hi,
I was very close to buying a Speciale 18 months ago, however I instead opted for a new supercar instead, as I wanted a supercar that I could drive daily. I decided that I would hopefully buy a Speciale 12 months later as a second car / modern classic car.
While I don't buy cars as an investment, I do buy with a significant level of common sense. The Speciale is a car that I have been in love with since it was released. I'm now looking to scratch that itch again, however I'm sure we can all agree that the overall car market (and financial markets) are a little chaotic.
I've included some stats on the market over the last 18 months as I literally stare at these cars on AT & PH on a daily basis :-)
- 18 months ago: 7 cars (coupe) on AT, and the average prices was circa £260k
- 12 months ago: 9 cars (coupe) on AT, and the average price was circa £370k
- Today: 20 cars (coupe) on AT, and the average prices is £360k
Is the significant increase in availability a trend that other cars of a similar 'ilk' are experiencing, driven by the many external factors in the world, or is the significant increase in availability somewhat more unique to the Speciale? It feels like only 3 months ago, people were still saying that there was still a significant lack of higher end cars (of all brands) in the market.
I'm still waiting for the right car to pop up. I've no interest in over paying for someone else's garage queen, as I plan on driving the car a lot (weekly), so would like to buy one that has at least 10,000 miles on it.
Keen to hear other people's views on the above, and apologies for another thread that is somewhat 'market' related.
I was very close to buying a Speciale 18 months ago, however I instead opted for a new supercar instead, as I wanted a supercar that I could drive daily. I decided that I would hopefully buy a Speciale 12 months later as a second car / modern classic car.
While I don't buy cars as an investment, I do buy with a significant level of common sense. The Speciale is a car that I have been in love with since it was released. I'm now looking to scratch that itch again, however I'm sure we can all agree that the overall car market (and financial markets) are a little chaotic.
I've included some stats on the market over the last 18 months as I literally stare at these cars on AT & PH on a daily basis :-)
- 18 months ago: 7 cars (coupe) on AT, and the average prices was circa £260k
- 12 months ago: 9 cars (coupe) on AT, and the average price was circa £370k
- Today: 20 cars (coupe) on AT, and the average prices is £360k
Is the significant increase in availability a trend that other cars of a similar 'ilk' are experiencing, driven by the many external factors in the world, or is the significant increase in availability somewhat more unique to the Speciale? It feels like only 3 months ago, people were still saying that there was still a significant lack of higher end cars (of all brands) in the market.
I'm still waiting for the right car to pop up. I've no interest in over paying for someone else's garage queen, as I plan on driving the car a lot (weekly), so would like to buy one that has at least 10,000 miles on it.
Keen to hear other people's views on the above, and apologies for another thread that is somewhat 'market' related.
Edited by simoncars on Sunday 30th October 12:11
I know you didn’t ask, but at around 360k I would much rather have a 488 pista. I appreciate its turbo’d, but it looks amazing and is a total weapon.
Usually when availability increases, prices reduce. If you have any concern about losing money then personally I would consider it risky to buy one in these troubled times!
Usually when availability increases, prices reduce. If you have any concern about losing money then personally I would consider it risky to buy one in these troubled times!
I was actually going to start a thread recently to discuss the state of the market but this one has kind of done that. I notice a lot of dealers taking in a lot of stock and shifting very little. One of my cars is on SOR at the moment, desirable Atelier spec car which hasn’t shifted and the dealer asked me if I could take it back to my garage because they are running out of space.
There are those who say high end stuff will be immune to this downturn but I think it has to be very high end such as F40’s, F50’s etc. Speciale’s were tipped by many to reach £500k at some point in the next few years but I can’t see that happening for a while now. Too many people who finance their cars won’t be happy to do so at these new rates, hence a lot cars coming back to market, so in order to shift them the prices will have to come down.
In direct reference to your question about Speciales, I think you’re in a safe place. If you buy a 10k or more mileage car it will be nearer enough the cheapest on the market now and when you come to sell you just market it the same margin cheaper than the low mileage cars are selling for. With that type of car, there is always someone interested in the cheapest one.
I’ve been wrong in the market before, I sold my Urus for a small profit but probably could have put 30k miles on and sold it for the same. I thought Covid would lead to a down turn so sold it. This feels different when adding in all the cost of living plus the tax environment.
Anyway, the best advice is the simplest, buy what you love and don’t worry about the value.
There are those who say high end stuff will be immune to this downturn but I think it has to be very high end such as F40’s, F50’s etc. Speciale’s were tipped by many to reach £500k at some point in the next few years but I can’t see that happening for a while now. Too many people who finance their cars won’t be happy to do so at these new rates, hence a lot cars coming back to market, so in order to shift them the prices will have to come down.
In direct reference to your question about Speciales, I think you’re in a safe place. If you buy a 10k or more mileage car it will be nearer enough the cheapest on the market now and when you come to sell you just market it the same margin cheaper than the low mileage cars are selling for. With that type of car, there is always someone interested in the cheapest one.
I’ve been wrong in the market before, I sold my Urus for a small profit but probably could have put 30k miles on and sold it for the same. I thought Covid would lead to a down turn so sold it. This feels different when adding in all the cost of living plus the tax environment.
Anyway, the best advice is the simplest, buy what you love and don’t worry about the value.
More for sale as prices have gone up. People who bought at £260k now see a £360k asset and an easy £100k tax free profit. I think its as simple as that, perhaps if you had bought at £260k you might be doing the same? There are always people who buy cars to speculate / collect or just because they can afford to. Then there are fans who buy to keep. I think the speculators / collectors are just selling up to realise their profit. Be interesting to see if this leads to a softening of prices or a temporary situation with more cars just going to long term fan boys followed by a shortage and price rise as the cars all get locked away into long term ownership?
Bispal said:
More for sale as prices have gone up. People who bought at £260k now see a £360k asset and an easy £100k tax free profit. I think its as simple as that, perhaps if you had bought at £260k you might be doing the same? There are always people who buy cars to speculate / collect or just because they can afford to. Then there are fans who buy to keep. I think the speculators / collectors are just selling up to realise their profit. Be interesting to see if this leads to a softening of prices or a temporary situation with more cars just going to long term fan boys followed by a shortage and price rise as the cars all get locked away into long term ownership?
Totally agree with this, people are cashing in on cars they've bought during the early part of pandemic, with the added COVID tax applied they are in for a tidy return if they can find someone to buy, lots of prospective buyers out there fully aware of this and not prepared to fork out these inflated prices, so what happens next ? Stalemate ??Thank all.
On reflection, I think I am more surprised at the volume of cars on the market now, due to all factors (time of year and global economy).
An additional 2 cars went up in the last 24hrs (total 22), compared to 9 this time last year.
The same trends exist in the watch market… so it might be best to wait 2-3 months before pulling the trigger.
On reflection, I think I am more surprised at the volume of cars on the market now, due to all factors (time of year and global economy).
An additional 2 cars went up in the last 24hrs (total 22), compared to 9 this time last year.
The same trends exist in the watch market… so it might be best to wait 2-3 months before pulling the trigger.
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