Very true. But as I said before you have to admire these guys, there spending money living life to its fullest by not hoarding there wealth and having so much fun. Respect ✊
@@resnonverba137 Bapster Man is giving no shits as regards your grammar correction. See below. He simply responds to your (somewhat pedantic, if I might add) pointer by essentially unloading an incorrect there-there combo as if it literally rolled off his tongue. Took it in his stride. How do you feel?
Wow! That’s a ton of depreciation. A good friend of mine sold his about three months ago here in Florida and lost $30,000. His car was less than a year old and less than 1000 miles on it. As he put it, this is the first Ferrari that he ever sold and lost money on. He has owned Ferraris since 1998.
I heard a similar story up here in the DC area. It's a real pity Ferrari is taking this route as they have so much brand equity worldwide and have managed it very well overall. I think in another year the 488 series will be even more "affordable" once new products are in owner's hands.
Damian - your honesty & openness are probably major contributing factors why you've been as successful as you have in life....so far! Long may it continue!! I've never seen a bad vid from you two. I watch most more than once. Keep it up. Top Gear or another major motoring show (past present or future) surely calls!! I'd love to claim a slight - tiny influence into this vid about depreciation after our recent conversation but I'm sure this has been filmed a while back and planned for weeks! Martin.
Thanks, Martin. We try to ensure each vid is better than the last. We’re learning all the time. Our aim is to have a body of work that we’re proud of and stands the test of time.
Superb honest and transparent feedback on why you are getting out of the 488. Ferrari’s business model looks like they are going the way of Ducati. S Model R Model Superleggera Then some random “special edition” with parts picked out of the spares bin all released in compressed timelines. The only thing missing is a “limited number run” with plaques. The best way to combat it is to vote with your feet.
The supercar market is heading for a market correction due to over supply. The more you produce the more the market will soften. It will be good news for more average purchasers.
Spot on. I went to buy a Mclaren earlier in the year. £50k off a 800 mile car, but they're out of date almost instantly. My money is in the slighty older stuff. 458, 550 and the F355 i'm keeping. Wonderful to drive and with manual 550s and F355s proper open gate no electronics Ferraris.
Ouch, a very deep bath indeed ! Like yourself i have an F355 ( edit : "Had" ). Owned for 10 years i sold it last week after a very enjoyable 15k miles or thereabouts. £37k to buy in and got out at £65k. Approx £20-25k running costs over 10 years ( service, insurance, repairs etc ). Perhaps i was lucky with my 355 but it certainly looked after me well = get yourself some more older models ( especially the 512TR ).
Damian, I took delivery of my Pista a few months ago and while it is beautiful and INSANELY quick, it also has a muted sound similar to the 488. For me a track focused car like the Speciale should be more aggressive than the base car. The good news is I recently heard an IPE exhaust modified Pista and it sounded much better. Also I agree with you on the Ferrari owner frustration of the F8 tributo being announced before I even took delivery of my Pista. Cheers to a solid informational and engaging video. Keep it up!
I like how cool this guy sounds in losing money on a car... Clearly the type of guy who can afford to buy supercars...someone who isn't too fussed about losing value on depreciation!
Uber 1%’er problems alert, really (first world isn’t close enough); nevertheless, this is the only channel capable and willing to disclose all of this. Very informative, entertaining, and fills in gaps the magazines could not possibly write about. Worth watching, as usual...
Totally agree with your plan. (Not that my opinion matters) Jason, I felt exactly the same way when i drove the 488. It lacked fizz and sadly I was a little bit disappointed. But obviously a very capable car.
I'm sure some people give you a hard time about first world problems, but I wouldn't worry too much about it. Poor guys like me appreciate factual, honest insights like you're providing here. I can find rich guy info interesting without getting jealous or resentful
Funny, my first reaction was a few Rolex SS Daytonas and GMT’s. Upside with the Ferrari is that you can actually buy one. The Rolex SS sport watches have disappeared from the dealerships!
Great example of the old adage, "You have to pay to play." … and you nailed the true reason - shareholders want profit on their investment; sounds like to make money on Ferrari these days you need to buy the stock. Good video, enjoyed it.
You have to have that mentality even when you sign the paperwork that you are going to take a bath in order to enjoy some amazing engineering ( Unless you are lucky enough to get an RS model at sticker )
It would be cheaper to charter a private jet and travel 10 times the distance. I think it’s crazy you have to wave goodbye to the £70k to win favour and ask if you’re good enough to be able to spend your hard earned money. You have to hand it to Ferrari, what a great strategy.
These guys are chasing "the next car" because they feel they need to have the Latest-Model...yet, I don't see much driving ability to really test the limits of the car they already own....what, exactly, is the logic in this besides EGO????
Definitely turn into buying older cars. Way more interesting! Nothing beats the rawness of driving an old car. It also makes sense financially and from the perspective of only doing a few hundred miles a year for sheer pleasure.
I feel your pain on the loss, however the 488 was launched in 2015 and by the time the F8 will start rolling on UK road in 2020 it would have had its 5 years cycle! Perhaps you got in it a bit too late, but i m pretty sure you ll be making your money back and more with the future residual value on the Pista!
Too many RUclips bloggers buy these type of cars, instantly making them uncool and undesirable and depreciated assets. The great late Enzo Ferrari is quoted as saying that his cars should be "longed for and dreamed of, and not merely bought." This chap, although intelligent, thoughtful and decent, defines the polar opposite - buying a car as a stop gap before another more exclusive version can be allowed. Asking a car manufacturer to slow development Ina competitive world, is quite crass really. Unless the other premium vendors all enter into a gentleman's agree or slow development. That's unlikely, so suck it up. Fools and their money. The real oddity is that Porsche 911 values have held up better than Ferraris over recent model evolutions - and that is in spite of their greater production volumes and less perceived ' exclusivity' compared to the Modena product. The last N/A models are the ones that will hold values best.
Not so sure about Porsche, they bought out their new 6 pot Cayman after the last 4 pot version didn't sell and now the former version has gone down massively in value. It's not only a bad car, it's just as dull and uninspiring as the 488. I think if you're going to sell expensive cars like this, at least take care of your customers. People that made money know how money works, and if you're going to continually screw your customers, you're going to end up paying the price. They won't buy. Anyway, I think just like the 718, the turbo spoiled the 488 and it's because of stupid EU emission regulations. Otherwise, with a screaming V8 I'm sure this car would be ten times more visceral.
BS. Forget the cost, just the personal hassle getting them fixed all the time is a deal killer. AND u will be getting them fixed all the time + there are no more parts. You'll have to have the parts made at a machine shop.
I bought my 488 Spider for $345000. I've added another $16000 in carbon and wrapping. I drive it like I stole it. I love it and so does everyone else. I did not buy it to make money, I knew it would depreciate the moment I drove it off the lot. To me, its worth every cent. If I choose to sell it one day, and I loose big bucks--I don't care, I've already had hundreds of hours of enjoyment from it, from the track, the highway, and from just looking at it sitting in my garage.
Jesus Damian, that's painful. It's the same across the board, loads of M4's have now come off 3 and 4 year PCP deals and swamped the market and they are dropping like a stone too. I've always said to people classics is where it's at, hardly anybody on youtube produces content with them except Harry Metcalfe , presumably because they don't generate the views or ad sense . I've recently subscribed to " Ratarossa" . Scott Chivers , buys and restores none running shonky old 80's and 90's Ferrari's in his own garage from all over the world, he daily drives a badly Stone chipped 360 challenge stradale , brilliant channel and worth a watch. 👍👍
Wow.. That's terrible Damian, congrats on being so remarkably calm. To take a hit that big on a car you only bought to get a build spot for a Pista sucks.. I saw it for sale a couple of weeks back at Lyndhurst thought it was yours.. Look at it as an additional £54 per mile running cost..Best wishes to both you and Jason.
Very useful video, and probably wise to jump out. In 2022 with the f8 already old with the 296 oncoming, and 296 Spyder already on way, is the 488 now a known market...
i was shocked at how fast prices have tumbled, Graypaul have low mile 488gtb on at the moment in blue at £168k...i was really tempted to trade in my 08 f430 spider but after watching this im getting cold feet...grass is always greener.. subbed by the way great vid guys
The supercar market has tanked not even Ferrari are immune to it. As for the level of obsolescence well thank McLaren for starting the trend. To be fair the 488 was launched 2015.
The whole Sportscar Market is going really slow at the moment. So much almost new cars at the Dealers and nobody seems to buy them. Almost looks like a Bubble.
Flip side is that your Pista spider will be worth well over list and probably never under list so that should out weigh the 70k loss, so actually not that bad in the great scheme of things, however if you had not got a Pista allocation then that would have really stung!.Hopefully Ferrari will never get to Mclaren levels of depreciation where even their Limited edition or special cars are going below list!. Anyway great video as always
I often wonder if very successful people can grasp the excitement the majority of us would have when the call comes in to collect your new supercar. Is there anything left to be aspirational about in their world? 🤔 Great channel and a very humble multi, multi millionaire.
God, I love your openness and honesty Damian! So it's a good and fast car, but not exciting, and with so many new Ferrari models coming out, you hence lost £70,000 to get the car you actually want (which when you get it, might then not be the "wantable" car, due to those new models). Its pretty clear that Ferrari's current business strategy faces a huge problem. The three model V8/V12/GT plus hypercar lineup plus fast expanding Asian market doesn't produce enough profit (for their new public company status, which relies on quarterly profits). Thier choice is to increase model turnover, which hence reduces residual model value faster, and destroys an old Ferrari value (good residuals). Other options would include adding new models (hybrid of each line, plus develop California/Portofino line and add a 4x4SUV - latter really profitable), or focus more on the hypercar models/something closer to an F1 street car. Owners mean while will come to your conclusion on the current fast model turnover - why not buy old cars, which are cheaper and actually make money?
Old cars: YES! Get a NA Ferrari. You will never ever be able to buy these things again. It‘s just for the experience. We live in a time where you have to buy an engine and life with the car surrounding it, because these engines will die. Sad, but I would buy a same priced old Ferrari over a new turbocharged one all day long. When do you need 488 performance on the road? Focus on the experience, not the numbers ;-)
Thanks for the information guys. Ferrari was always known to hold value because they would not release new models quickly and also numbers released now they will depreciate quick with lots of new models coming into the market just like McClaren
You two are really great guys! Very interesting content. Had a similar thing with Porchce to get a GT3 but the math didn’t work so went the second hand route.
Usual great content. I noticed that depreciation wasn’t on your list of things you hate about cars 😉. We know this car served its purpose, so it was worthwhile I guess 👍
While a small consolation, I am pleased to hear your Ferrari dealership offered a bit more and values their relationship w/you. Of course, they can pass it along for more money. But, dealers are in a bit of a spot too - trying to keep customers happy. Following in McLaren's footsteps is not savvy.
Hey Damian, Loved the frankness of your narrative on the real cost of Ferrari ownership on new cars. I couldn’t help but come to the conclusion that with so many products being launched in so little time why not buy 1-2 year old “new” cars and let someone else suffer £70k depreciation in year 1. Having said all of that can’t wait to see the Car Guys video on the Pista Spyder when it arrives. On a final note, Jason made me laugh with his final comments about not being too fussed to see the 488 go. The 16M sure is a lovely looking and sounding Ferrari. Tempted?
Ouch! I like the frank, honest approach to this video, and others previously. I think you'd get way more enjoyment out of the older models. Pista spider may be old news by the time you receive it!?
thx & gd post. FYI - I do not play the "buy this to get that" game with anything. awesome car though. driven a couple, great all rounder. can definitely daily drive it unlike my Scud. I love it, but is sure aint user friendly on regular basis. I may swap. the 488 is really locked in, ultra sharp & scary quick.
Really enjoy watching your videos Damian and Jason. Just don't get this level of transparency and insight when it comes to buying and selling Ferrari's. Love that this channel is about sharing the experience, in all its forms..and not simply some shallow posing that so many so called "influencers" on YT engage in. The Gold standard of Ferrari ownership on RUclips for mine. Peace and continued success.
It's a shame to think of a Ferrari as a non-event but totally agree with comments on pace of development etc. I saw a 488 the other day, if I hadn't have found The Car Guys channel & re-discovered my love of cars then I wouldn't have had a clue what Ferrari it was or where it lies in history. This channel is a hit for 30 somethings like me who got fed up with the same boring presenters on tv shows well past their sell by date. Quality cars + engaging enthusiastic presenters + banter & laughs = happy viewer.
Why even worry about the Pista as the F8 will also soon have a hot version, if I were you I would buy a 288gto or an F50 and leave all the modern churned out models for footballers!
It has the same engine as a F8 so it will lose value. Why would you buy a pista if you can buy the same car with a newer interior, more comfortable seats and a over all a better ride
For us mere mortals, I just watched an NL video where an Austrian guy has remapped a new BMW 140i to 467 horsepower and 186 mph. Not bad for normal working folk that cannot realistically afford eg £205,000 for a second hand 2018 Ferrari 458.
Part of the big price hit is because of the excess, high cost options of the car such as bi-color + triple layer red, IMO. More than 20k is spent just for the paint.
TheCarGuys.TV I know; I have a italia which I bought and ordered as knew. Your ex-488 is a highly optioned car and people, most of the time, don’t pay high cost paint options, exterior & engine carbon options etc. For a short term car, you put too much options on the car. This is what I meant. If I were you, I would choose no cost metalic paint, standart wheels, some interior carbon options + carbon seats, some low cost options and be done with it. But that’s just my opinion.
Some years ago Ferrari announced that they would introduce at least one "new" car per year. Why would they do that? Well, to please the shareholders of course. Because once a new Ferrari has been sold, the company couldn't give a damn about its resale value.
My personal opinion is a lot of Ferrari owners buy these and portofinos just to stay in good favour,lots of owners do it....Ferrari have amazing brand loyalty so they can call the shots
TheCarGuys.TV if most owners are honest(you are) that’s the reason they buy the “lesser” cars as to open the hallowed red gates and access to get the special cars or the limited edition cars.shame really....also you forgot to mention the new suv that’s coming in Geneva next year as that’s a huge growing market
A few more older cars perhaps from select marques to balance out your interest in the the latest models. Mind you, that's pretty much what you're already doing to a degree. And it's not all about money is it? I've no doubt you'll come out ahead overall. Great upload, thank you. 👍
Another great candid video Guys, thank you. Agree with your sentiments regarding the development and release of new Ferrari models. Ferrari should at least fulfill their order books or offer a cash back deal that is equal to the depreciation values their marketing strategy is creating. The 488 Pista, SF90 & F8 Tributo scenario is a very good example Damian. I also wonder if the impact of the Chinese markets demand for something new and different every year (plus their 2 million+ millionaires) is creating a more serious supply and demand problem with an increasing gap between new and used pricing too. Suppose we’ll have to wait and see if it has longer term impacts. Can’t wait to see your Pista. Really hope Ferrari get their A into WG so you have it soon. 👍
Di Montazemelo said Ferrari would never build more than 3500 cars per year...they're now up to 7,000. When rumours of the SUV surfaced it was denied, now it's going into production. If they're not careful they're going to become just expensive Alfas. A year old 488 should be near enough money back! Over supply.
Hi guys !! Thanks again for your great videos, 3 months ago I told you what you mentioned .,with one car platform since the 308 Ferrari use to have 2 models in a span of 10 years aprox.even that I can afford a Ferrari I’m upset I can imagine you guys , have a great day and good luck
Very informative video. I love your honesty. It's great to get a proper Ferrari insider's look at the supercar marketplace. I was considering chopping my 458 spider for a Portofino but for now l think I will keep it and see what happens to the market values.
![I.N "HALLUCINATION" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/n5B5q1Hwt_U/mqdefault.jpg)
For a guy who just lost £70,000 your taking it very well, I have to admire that to be honest.
I know right, you could get a Gallardo for that loss.
Very true. But as I said before you have to admire these guys, there spending money living life to its fullest by not hoarding there wealth and having so much fun. Respect ✊
Cheers
If that's what he ended up paying for the Pista Spyder slot, he already made it back - and then some;)
@@resnonverba137 Bapster Man is giving no shits as regards your grammar correction. See below. He simply responds to your (somewhat pedantic, if I might add) pointer by essentially unloading an incorrect there-there combo as if it literally rolled off his tongue. Took it in his stride. How do you feel?
Guy buying this made a great deal. It's still brand new
Yes, he’s a lucky owner - good on him
Except he will be making a video in eight months saying ‘I lost £70k’. I hope he’s bought it to drive daily so just won’t care 🤞
@@davetomley3145 or probably more than that
It’s gonna go up in value beautiful piece you’ve had would have never sold it
Won’t sell my spider 🕷 ever
Only 205K? Where's my checkbook? Oh, here it is, sitting on top of all my unpaid bills and late notices.
Wow 😂
Totally agree with you on the subject of the McLaren analogy... I’d be really pissed off.
Wow! That’s a ton of depreciation. A good friend of mine sold his about three months ago here in Florida and lost $30,000. His car was less than a year old and less than 1000 miles on it. As he put it, this is the first Ferrari that he ever sold and lost money on. He has owned Ferraris since 1998.
I heard a similar story up here in the DC area. It's a real pity Ferrari is taking this route as they have so much brand equity worldwide and have managed it very well overall. I think in another year the 488 series will be even more "affordable" once new products are in owner's hands.
Less than 1k? Are people afraid to put on miles on a Ferrari
@@deezknuts07 Like a number of brands, the Ferrari market is very sensitive to mileage.
A refreshingly honest chat Damian. Nice one 👍
Damian - your honesty & openness are probably major contributing factors why you've been as successful as you have in life....so far! Long may it continue!!
I've never seen a bad vid from you two. I watch most more than once.
Keep it up.
Top Gear or another major motoring show (past present or future) surely calls!!
I'd love to claim a slight - tiny influence into this vid about depreciation after our recent conversation but I'm sure this has been filmed a while back and planned for weeks!
Martin.
Thanks, Martin. We try to ensure each vid is better than the last. We’re learning all the time. Our aim is to have a body of work that we’re proud of and stands the test of time.
Superb honest and transparent feedback on why you are getting out of the 488.
Ferrari’s business model looks like they are going the way of Ducati.
S Model
R Model
Superleggera
Then some random “special edition” with parts picked out of the spares bin all released in compressed timelines.
The only thing missing is a “limited number run” with plaques.
The best way to combat it is to vote with your feet.
Another factor is the slump in super car turnover in the UK at the moment. Not helping with current re-sale valuations.
The supercar market is heading for a market correction due to over supply. The more you produce the more the market will soften. It will be good news for more average purchasers.
McLaren has ignited this and I thank them and hope it keeps going.
you're thinking of McLaren aren't you?
Looking like it’ll be a good time to become a used supercar owner!
My red CGT is exempted from the fall off. Hoping I can say the same about my solarbeam yellow SLS Black Series.
Sid in Europe they are all still way too expensive.
I love how honest your channel is
Thank, Michael
McLaren releases new cars way too fast. Ferrari: Hold my beer!
More like: hold my wine. 🇮🇹
Great change to hear a honest person,well done.
Spot on. I went to buy a Mclaren earlier in the year. £50k off a 800 mile car, but they're out of date almost instantly. My money is in the slighty older stuff. 458, 550 and the F355 i'm keeping. Wonderful to drive and with manual 550s and F355s proper open gate no electronics Ferraris.
Ouch, a very deep bath indeed ! Like yourself i have an F355 ( edit : "Had" ). Owned for 10 years i sold it last week after a very enjoyable 15k miles or thereabouts. £37k to buy in and got out at £65k. Approx £20-25k running costs over 10 years ( service, insurance, repairs etc ). Perhaps i was lucky with my 355 but it certainly looked after me well = get yourself some more older models ( especially the 512TR ).
I almost bought a 355 back in 2005 but went for an M3 instead (which is long gone) ..... the 355 would certainly have been a wiser investment !
I had to laugh when the “first world problems” words came up but I fully understand your frustration at Ferrari corporate greed!
More like "top 1% of first world problems".
I’m still in awe at the spec of ur pista spider, can’t wait to see it.
Neither can I
Damian, I took delivery of my Pista a few months ago and while it is beautiful and INSANELY quick, it also has a muted sound similar to the 488. For me a track focused car like the Speciale should be more aggressive than the base car. The good news is I recently heard an IPE exhaust modified Pista and it sounded much better.
Also I agree with you on the Ferrari owner frustration of the F8 tributo being announced before I even took delivery of my Pista.
Cheers to a solid informational and engaging video. Keep it up!
Thanks & congratulations
Still one of the most honest and best RUclips channels.
Thank you, Quaid. We try
I like how cool this guy sounds in losing money on a car... Clearly the type of guy who can afford to buy supercars...someone who isn't too fussed about losing value on depreciation!
I love the comment " am I going to buy more Ferrari's". Most of us would like to be able to buy one!! The 488 sounds fine to me
would better without turbo... when is ferrari going back to made v8 n/a... hybrid don't need turbo...
Uber 1%’er problems alert, really (first world isn’t close enough); nevertheless, this is the only channel capable and willing to disclose all of this. Very informative, entertaining, and fills in gaps the magazines could not possibly write about. Worth watching, as usual...
👍👍
Totally agree with your plan. (Not that my opinion matters) Jason, I felt exactly the same way when i drove the 488. It lacked fizz and sadly I was a little bit disappointed. But obviously a very capable car.
I'm sure some people give you a hard time about first world problems, but I wouldn't worry too much about it. Poor guys like me appreciate factual, honest insights like you're providing here. I can find rich guy info interesting without getting jealous or resentful
Thanks, dude
70k! Like throwing a Patek into the sea ! :)
Like the old lady in the movie Titanic, she threw a Patek Nautilus into the ocean.
Very good comparison.
Funny, my first reaction was a few Rolex SS Daytonas and GMT’s. Upside with the Ferrari is that you can actually buy one. The Rolex SS sport watches have disappeared from the dealerships!
“There’s some space in the garage there...”
Meanwhile most of us: loving my golf parked in some free street space...when available.
Buying brand new cars -except of limited series- implies always huge depreciation. 70/250. = 28%. It is VAT more or less
Damian would love you to sink some of your cash into a 288 GTO! Sound long-term investment too
A nice honest video. Well done chaps.
Great example of the old adage, "You have to pay to play." … and you nailed the true reason - shareholders want profit on their investment; sounds like to make money on Ferrari these days you need to buy the stock. Good video, enjoyed it.
You have to have that mentality even when you sign the paperwork that you are going to take a bath in order to enjoy some amazing engineering ( Unless you are lucky enough to get an RS model at sticker )
It would be cheaper to charter a private jet and travel 10 times the distance.
I think it’s crazy you have to wave goodbye to the £70k to win favour and ask if you’re good enough to be able to spend your hard earned money.
You have to hand it to Ferrari, what a great strategy.
people need to cancel their orders, only way they’ll take notice.
These guys are chasing "the next car" because they feel they need to have the Latest-Model...yet, I don't see much driving ability to really test the limits of the car they already own....what, exactly, is the logic in this besides EGO????
I absolutely knew you would be driving to Meridien. I’ve driven that route a couple of times
Definitely turn into buying older cars. Way more interesting! Nothing beats the rawness of driving an old car.
It also makes sense financially and from the perspective of only doing a few hundred miles a year for sheer pleasure.
Call it as it is Damian, you are the one taking the hit and should be telling Ferrari the truth, good on you
I feel your pain on the loss, however the 488 was launched in 2015 and by the time the F8 will start rolling on UK road in 2020 it would have had its 5 years cycle! Perhaps you got in it a bit too late, but i m pretty sure you ll be making your money back and more with the future residual value on the Pista!
Yes that’s all true
Too many RUclips bloggers buy these type of cars, instantly making them uncool and undesirable and depreciated assets.
The great late Enzo Ferrari is quoted as saying that his cars should be "longed for and dreamed of, and not merely bought." This chap, although intelligent, thoughtful and decent, defines the polar opposite - buying a car as a stop gap before another more exclusive version can be allowed. Asking a car manufacturer to slow development Ina competitive world, is quite crass really. Unless the other premium vendors all enter into a gentleman's agree or slow development. That's unlikely, so suck it up.
Fools and their money.
The real oddity is that Porsche 911 values have held up better than Ferraris over recent model evolutions - and that is in spite of their greater production volumes and less perceived ' exclusivity' compared to the Modena product.
The last N/A models are the ones that will hold values best.
Not so sure about Porsche, they bought out their new 6 pot Cayman after the last 4 pot version didn't sell and now the former version has gone down massively in value. It's not only a bad car, it's just as dull and uninspiring as the 488.
I think if you're going to sell expensive cars like this, at least take care of your customers. People that made money know how money works, and if you're going to continually screw your customers, you're going to end up paying the price. They won't buy.
Anyway, I think just like the 718, the turbo spoiled the 488 and it's because of stupid EU emission regulations. Otherwise, with a screaming V8 I'm sure this car would be ten times more visceral.
a big yes to the older ferraris!
BS. Forget the cost, just the personal hassle getting them fixed all the time is a deal killer. AND u will be getting them fixed all the time + there are no more parts. You'll have to have the parts made at a machine shop.
I bought my 488 Spider for $345000. I've added another $16000 in carbon and wrapping. I drive it like I stole it. I love it and so does everyone else. I did not buy it to make money, I knew it would depreciate the moment I drove it off the lot. To me, its worth every cent. If I choose to sell it one day, and I loose big bucks--I don't care, I've already had hundreds of hours of enjoyment from it, from the track, the highway, and from just looking at it sitting in my garage.
Jesus Damian, that's painful. It's the same across the board, loads of M4's have now come off 3 and 4 year PCP deals and swamped the market and they are dropping like a stone too. I've always said to people classics is where it's at, hardly anybody on youtube produces content with them except Harry Metcalfe , presumably because they don't generate the views or ad sense . I've recently subscribed to " Ratarossa" . Scott Chivers , buys and restores none running shonky old 80's and 90's Ferrari's in his own garage from all over the world, he daily drives a badly Stone chipped 360 challenge stradale , brilliant channel and worth a watch. 👍👍
I’m there 👍
Love the video. Good straight talk that everyone can understand. Ferrari definitely has product lifecycle issues that are financially hurting owners.
Wow.. That's terrible Damian, congrats on being so remarkably calm. To take a hit that big on a car you only bought to get a build spot for a Pista sucks.. I saw it for sale a couple of weeks back at Lyndhurst thought it was yours.. Look at it as an additional £54 per mile running cost..Best wishes to both you and Jason.
Saw it at Meridian, still a beautiful car. Love the sound it makes, best ever!
Now sold - it went v quickly
Very useful video, and probably wise to jump out. In 2022 with the f8 already old with the 296 oncoming, and 296 Spyder already on way, is the 488 now a known market...
Will watch now. As you guys love watches you should pop along to Paul Thorpe’s Watch show in October. Go on 👍
Thinking about it
TheCarGuys.TV love you guys x
Totally agree. Ferraris speed of development is maddening.. There s a new ferrari every 6months these days.
Wow, he talks about buying Ferrari’s like most people talk about buying iPhones. Haha I’m happy for him.
i was shocked at how fast prices have tumbled, Graypaul have low mile 488gtb on at the moment in blue at £168k...i was really tempted to trade in my 08 f430 spider but after watching this im getting cold feet...grass is always greener.. subbed by the way great vid guys
Welcome to the channel, Vengeance
The supercar market has tanked not even Ferrari are immune to it. As for the level of obsolescence well thank McLaren for starting the trend. To be fair the 488 was launched 2015.
Yeah I don't know what he's crying about. He should've bought one in 2015.
458 (2010-2015)
488 (2015-2020)
Great honest and insightful video.
The whole Sportscar Market is going really slow at the moment. So much almost new cars at the Dealers and nobody seems to buy them. Almost looks like a Bubble.
Flip side is that your Pista spider will be worth well over list and probably never under list so that should out weigh the 70k loss, so actually not that bad in the great scheme of things, however if you had not got a Pista allocation then that would have really stung!.Hopefully Ferrari will never get to Mclaren levels of depreciation where even their Limited edition or special cars are going below list!. Anyway great video as always
True, Adam
I often wonder if very successful people can grasp the excitement the majority of us would have when the call comes in to collect your new supercar.
Is there anything left to be aspirational about in their world? 🤔
Great channel and a very humble multi, multi millionaire.
Thanks, James
God, I love your openness and honesty Damian! So it's a good and fast car, but not exciting, and with so many new Ferrari models coming out, you hence lost £70,000 to get the car you actually want (which when you get it, might then not be the "wantable" car, due to those new models).
Its pretty clear that Ferrari's current business strategy faces a huge problem. The three model V8/V12/GT plus hypercar lineup plus fast expanding Asian market doesn't produce enough profit (for their new public company status, which relies on quarterly profits). Thier choice is to increase model turnover, which hence reduces residual model value faster, and destroys an old Ferrari value (good residuals). Other options would include adding new models (hybrid of each line, plus develop California/Portofino line and add a 4x4SUV - latter really profitable), or focus more on the hypercar models/something closer to an F1 street car. Owners mean while will come to your conclusion on the current fast model turnover - why not buy old cars, which are cheaper and actually make money?
Old cars: YES! Get a NA Ferrari. You will never ever be able to buy these things again. It‘s just for the experience. We live in a time where you have to buy an engine and life with the car surrounding it, because these engines will die. Sad, but I would buy a same priced old Ferrari over a new turbocharged one all day long.
When do you need 488 performance on the road? Focus on the experience, not the numbers ;-)
Thanks for the information guys. Ferrari was always known to hold value because they would not release new models quickly and also numbers released now they will depreciate quick with lots of new models coming into the market just like McClaren
You two are really great guys! Very interesting content. Had a similar thing with Porchce to get a GT3 but the math didn’t work so went the second hand route.
Usual great content. I noticed that depreciation wasn’t on your list of things you hate about cars 😉. We know this car served its purpose, so it was worthwhile I guess 👍
God I love that car! OK - I'm more of a Porsche fan - but that 488 was lovely and in my favorite colour! I feel for you on the depreciation though!
While a small consolation, I am pleased to hear your Ferrari dealership offered a bit more and values their relationship w/you. Of course, they can pass it along for more money. But, dealers are in a bit of a spot too - trying to keep customers happy. Following in McLaren's footsteps is not savvy.
Crikey...New to the channel and just watched you pick the bloody thing up 😮
Hey Damian,
Loved the frankness of your narrative on the real cost of Ferrari ownership on new cars. I couldn’t help but come to the conclusion that with so many products being launched in so little time why not buy 1-2 year old “new” cars and let someone else suffer £70k depreciation in year 1. Having said all of that can’t wait to see the Car Guys video on the Pista Spyder when it arrives. On a final note, Jason made me laugh with his final comments about not being too fussed to see the 488 go. The 16M sure is a lovely looking and sounding Ferrari. Tempted?
As a tifoso always sorry to see a Ferrari go but I can see why you did. Can't wait for the Pista now.
Hands down one of the best car channels 👍
Thanks
Great video as usual guys
Fast forward December 2021....
.....If you had only waited a little bit longer...
They are now going for over 290k
Not in the uk
Ouch! I like the frank, honest approach to this video, and others previously. I think you'd get way more enjoyment out of the older models. Pista spider may be old news by the time you receive it!?
thx & gd post. FYI - I do not play the "buy this to get that" game with anything. awesome car though. driven a couple, great all rounder. can definitely daily drive it unlike my Scud. I love it, but is sure aint user friendly on regular basis. I may swap. the 488 is really locked in, ultra sharp & scary quick.
Really enjoy watching your videos Damian and Jason. Just don't get this level of transparency and insight when it comes to buying and selling Ferrari's. Love that this channel is about sharing the experience, in all its forms..and not simply some shallow posing that so many so called "influencers" on YT engage in. The Gold standard of Ferrari ownership on RUclips for mine. Peace and continued success.
Thank you very much, Targa 👍
It's a shame to think of a Ferrari as a non-event but totally agree with comments on pace of development etc. I saw a 488 the other day, if I hadn't have found The Car Guys channel & re-discovered my love of cars then I wouldn't have had a clue what Ferrari it was or where it lies in history. This channel is a hit for 30 somethings like me who got fed up with the same boring presenters on tv shows well past their sell by date. Quality cars + engaging enthusiastic presenters + banter & laughs = happy viewer.
👍👍
Great to have you here, Moogsta
Why even worry about the Pista as the F8 will also soon have a hot version, if I were you I would buy a 288gto or an F50 and leave all the modern churned out models for footballers!
Tough times - I hope you make it through
😂😂😂👍🏻
First time see your video,i love it!!
Glad you liked it!!
70k down on this but how much will you be up on a pista spider
Who knows?
It has the same engine as a F8 so it will lose value. Why would you buy a pista if you can buy the same car with a newer interior, more comfortable seats and a over all a better ride
Don’t know but it achieved its desired objective 😊 Love you channel
The way the global markets are going Supercars sales will dive, dive, dive. The world’s a changing landscape ...
Maybe another thing to consider is this puts off people who buy to flip. And helps people actually buy to own. Something car manufacturers prefer?
For us mere mortals, I just watched an NL video where an Austrian guy has remapped a new BMW 140i to 467 horsepower and 186 mph. Not bad for normal working folk that cannot realistically afford eg £205,000 for a second hand 2018 Ferrari 458.
Maybe the problem is that Ferrari are not delivering the cars fast enough. We are always happy to see new developments.
Part of the big price hit is because of the excess, high cost options of the car such as bi-color + triple layer red, IMO. More than 20k is spent just for the paint.
Those options are extra
TheCarGuys.TV I know; I have a italia which I bought and ordered as knew. Your ex-488 is a highly optioned car and people, most of the time, don’t pay high cost paint options, exterior & engine carbon options etc. For a short term car, you put too much options on the car. This is what I meant. If I were you, I would choose no cost metalic paint, standart wheels, some interior carbon options + carbon seats, some low cost options and be done with it. But that’s just my opinion.
Another brilliant video.
For Euro 100 000 you can get a low km perfect 599 GTB - same as the loss on the 488
Not quite...70K Sterling is only worth around 76K Euros these days.
Some years ago Ferrari announced that they would introduce at least one "new" car per year. Why would they do that? Well, to please the shareholders of course. Because once a new Ferrari has been sold, the company couldn't give a damn about its resale value.
This will remove some luster from that prancing horse.
My personal opinion is a lot of Ferrari owners buy these and portofinos just to stay in good favour,lots of owners do it....Ferrari have amazing brand loyalty so they can call the shots
V true
TheCarGuys.TV if most owners are honest(you are) that’s the reason they buy the “lesser” cars as to open the hallowed red gates and access to get the special cars or the limited edition cars.shame really....also you forgot to mention the new suv that’s coming in Geneva next year as that’s a huge growing market
You bought your car too late. I bought mine in 2016 and it's a keeper 😍
A few more older cars perhaps from select marques to balance out your interest in the the latest models. Mind you, that's pretty much what you're already doing to a degree. And it's not all about money is it? I've no doubt you'll come out ahead overall. Great upload, thank you. 👍
I like these two, great car channel
Don't worry Damo you will make it back on the Mister 2✌
LOL
Another great candid video Guys, thank you. Agree with your sentiments regarding the development and release of new Ferrari models. Ferrari should at least fulfill their order books or offer a cash back deal that is equal to the depreciation values their marketing strategy is creating. The 488 Pista, SF90 & F8 Tributo scenario is a very good example Damian. I also wonder if the impact of the Chinese markets demand for something new and different every year (plus their 2 million+ millionaires) is creating a more serious supply and demand problem with an increasing gap between new and used pricing too. Suppose we’ll have to wait and see if it has longer term impacts. Can’t wait to see your Pista. Really hope Ferrari get their A into WG so you have it soon. 👍
Just bought one, absolute insane value.
Di Montazemelo said Ferrari would never build more than 3500 cars per year...they're now up to 7,000. When rumours of the SUV surfaced it was denied, now it's going into production. If they're not careful they're going to become just expensive Alfas. A year old 488 should be near enough money back! Over supply.
Hi guys !! Thanks again for your great videos, 3 months ago I told you what you mentioned .,with one car platform since the 308 Ferrari use to have 2 models in a span of 10 years aprox.even that I can afford a Ferrari I’m upset I can imagine you guys , have a great day and good luck
Yess was waiting for you to upload. Sucks that you lost so much money on the 488 but let's face it it's not a car that ages well, unlike the 458
Fair play for the FIRST WORLD PROBLEMS ALERT. Buy old ones. Original Testarossa looks better than its successors.
Love your content. The pista is a classic so no worries
Enjoy the commentary. Keep up the good work. And sorry about the 70k hit. But life is short. Move on and enjoy!
👍👍
70K That's the Insanity of Cash & Why some Poacher takes a Rhino Horn or Elephant Tusk ying & Yang 🌏
Be thankful you have one mate
Have what?
Cheer lads great video as usual
Not sad to see that one go...
Ciao Bella!
Wow, that’s a big drop in under a year, stay safe guys.
Very informative video. I love your honesty. It's great to get a proper Ferrari insider's look at the supercar marketplace. I was considering chopping my 458 spider for a Portofino but for now l think I will keep it and see what happens to the market values.
DEFINITELY KEEP IT. A Portofino swap would be a terrible move