Pre-owned Ferrari values soar

FERRARI'S new 488 GTB and 488 Spider have only been on sale for a matter of months but since the introduction of the latest mid-engined V8 representative, resale values of the model it replaces, in some cases, have received a significant boost.

Priced from $469,988 plus on-road costs, the 488 GTB is $55,000 cheaper than the 458 that it replaces, but already, second-hand market prices of more exclusive variants of the superseded model are sky-rocketing.

Speaking to GoAuto, Ferrari Australasia president and CEO Herbert Appleroth said that certain limited-edition Ferrari models were not experiencing any depreciation when a successor is introduced, and their immediate value appreciation following the arrival of a new model was surprising.

“It is a somewhat new phenomenon that the current range or just superseded models are performing so well in the depreciation market,” he said. “Things like the 458 Speciale or the 458 Speciale Aperta, which was a limited-edition car. Those cars are now receiving well in excess of their purchase price.”A preliminary search online found a number of private sellers and dealers asking significantly more for a nearly-new Ferrari than was charged for the new model, including several 458 Speciales listed for around $730,000 – an increase of $180,000 over the original price.

In standard trim, Ferrari's F12 Berlinetta predecessor – the 599 Fiorano – is not quite commanding used prices to match the original ticket price, but if one of the 10 GTOs that were sold here were to go up for grabs it would likely top the $1 million price that was slapped on it in 2011.

Moving a little further into the prancing horse past, a limited-edition F430 Scuderia could be yours for the same as it sold in 2008 at half a million dollars, or how about an FF that is about to be superseded by the GTC4Lusso for nearly $800,000? – a mark up of $175,000.

“Historically it's been about the classic Ferrari movement but now it's the current range of Ferraris. That's something we are enormously proud of,” said Mr Appleroth.

In 2015, Australian classic vehicle auctioneer Shannons sold a 1986 Ferrari 328 GTS for a hearty $155,000, which followed a 1973 246 GT (affectionately nicknamed the Dino) for a cool $522,000 earlier in the year.

But the record asking price goes to a mint condition 1991 example of the iconic Ferrari F40, which went up for grabs in 2014 for an eye watering $1.45m.

Customers signing up for a new Ferrari will have to wait at least one-to-two years for their vehicle to arrive depending on the model, and swelling prices of nearly-new cars will be partly attributable to a queue-jump premium.

But Mr Appleroth explained that the swelling value of Ferraris from nearly-new examples all the way back to early classic models was also thanks to a careful global strategy that ensures the prancing horse brand remains desirable regardless of the vehicle's age.

“We are the only manufacturer in the super-luxury segment that has an official presence here as a factory and subsidiary. That means that we are able to closely manage the market more than anyone else and get a very close relationship with our clients.

“We purposely do not oversupply the market no matter the demand. Australia is not a dumping ground for Ferrari, we have to fight daily to try and increase, where possible, some of our allocation on our cars that are super popular.

“We have a different discussion with our clients than other brands.”Mr Appleroth said the resale value of a Ferrari was directly linked to its exclusivity, desirability and popularity when new, but added that Ferrari has almost as strong a focus on used car sales as the showroom models.

“The resale value of any model Ferrari and any car is also determined by the success of the car when it was new. The 458 Italia, Spider, Speciale and Aperta were phenomenally successful so then you've got strong demand and fixed supply, so with the law of economics, the price goes up.

“When it comes to Ferrari approved pre-owned cars, we would be the only manufacturer in Australia that has our dealers on such a strong focus on pre-owned, that it's one of their major KPIs every month.”Previous mid-engined V8 Ferrari special editions have been offered in the form of Stradale, Speciale and Scuderia to name a handful, but Mr Appleroth would not be drawn on what will be offered for the 488 to maintain interest in the newest sportscar as the model ages.

“What we've done in the past has been a great success, our clients have been so happy, the resale values have been phenomenal for our collectors. It's been a winning formula but who knows what the future holds?“It's all based on what our customers would like us to do. We always like to surprise.”