Why I sold my Ferrari 488 GTB
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- čas přidán 29. 08. 2019
- Why I sold my Ferrari 488 GTB
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#Ferrari488 #Depreciation #Ferrari
It’s time to say goodbye to the Ferrari 488GTB that Damian bought last year, and was planning to keep until the Pista Spider arrived in 2020.
It's fair to say this Rosso Fuoco beauty impressed more than was expected. But with more cars coming to the garage, it was time for it to head back to Meridien Modena.
What’s it like to buy and own a brand new Ferrari? What’s the 488 like to drive? Is Ferrari launching far too new models too quickly? Who has bought this 488 GTB? All these questions and more are answered in this week’s episode. Enjoy!
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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?
Only 205K? Where's my checkbook? Oh, here it is, sitting on top of all my unpaid bills and late notices.
Wow 😂
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
Totally agree with you on the subject of the McLaren analogy... I’d be really pissed off.
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.
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.
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.
Another factor is the slump in super car turnover in the UK at the moment. Not helping with current re-sale valuations.
Great change to hear a honest person,well done.
I love how honest your channel is
Thank, Michael
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.
Great honest and insightful video.
Buying brand new cars -except of limited series- implies always huge depreciation. 70/250. = 28%. It is VAT more or less
A nice honest video. Well done chaps.
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!
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.
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.
Love the video. Good straight talk that everyone can understand. Ferrari definitely has product lifecycle issues that are financially hurting owners.
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".
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 absolutely knew you would be driving to Meridien. I’ve driven that route a couple of times
Great video as usual guys
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
What other options did you have to get on the pista Spider list?
And with hindsight, which route would you have taken.
Does the "free 7-year service" covers the regular service(parts+labour) alone, or it also includes wear and tear parts like Mounts/Belts/Bearings?
Great looking 16M in the background. 👍😉
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 👍
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
Don’t know but it achieved its desired objective 😊 Love you channel
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.
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
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. 👍
I like these two, great car channel
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...
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!
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...
McLaren releases new cars way too fast. Ferrari: Hold my beer!
More like: hold my wine. 🇮🇹
Another brilliant video.
Saw it at Meridian, still a beautiful car. Love the sound it makes, best ever!
Now sold - it went v quickly
First time see your video,i love it!!
Glad you liked it!!
Cheer lads great video as usual
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
Love your content. The pista is a classic so no worries
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...
👍👍
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!?
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.
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
Unless it’s something rare I really don’t understand why anyone buys ultra expensive cars new. Like you mentioned, maybe the only reason people buy them is to be able to buy the next one.
Crikey...New to the channel and just watched you pick the bloody thing up 😮
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 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.
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 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!
Damian would love you to sink some of your cash into a 288 GTO! Sound long-term investment too
Still one of the most honest and best CZcams channels.
Thank you, Quaid. We try
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.
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
Does the GTB have a lithium battery like the Pista?
“There’s some space in the garage there...”
Meanwhile most of us: loving my golf parked in some free street space...when available.
How has the depreciation been on the TDF, Speciale Aperta & F40 before you sold it?
F40 way up, Speciale Aperta way up. TDF way down (but I bought high)
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.
Call it as it is Damian, you are the one taking the hit and should be telling Ferrari the truth, good on you
Be thankful you have one mate
Have what?
Totally agree, same deal in Australia, market swamped with 488's. I bought a Pista and dropped A$170K after 3000KLM's on the 488. Bit pissed off at F8 so soon but love the Pista you will too.
spot on review . I concur
Thank you, George
As a tifoso always sorry to see a Ferrari go but I can see why you did. Can't wait for the Pista now.
Wow, he talks about buying Ferrari’s like most people talk about buying iPhones. Haha I’m happy for him.
Nice car but I totally agree about the 458....lovely looking thing
Due to the spec ... I feel in love with my 2015 458 spider inTDF / burgundy full leather and carbon interior. Most expensive at the time at 269k usd .... current trade 185k bid offer 225k I think the new Ferrari to get is the 812 spider... the other issue is cars are too fast to use... I think driver engagement will continue to be future. Falling in love costs money in all aspects of life. Is there a special 812 super fast spider coming?
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 )
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
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?
Hands down one of the best car channels 👍
Thanks
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 👍
Too many CZcams 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.
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
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 ;-)
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????
This is a very interesting video. I have been thinking about what you have talked about. I believe if Ferrari is going to release cars at what seems to be the rate recently Ferrari owners are going to have to think seriously about what you want. You are correct. Typically Ferrari released a new car in coupe form and we got to enjoy that for a year to eighteen months and then the spider version would be unveiled and we would get a few years before the limited/special model would be unveiled. This of course kept prices some what stable. Moving forward it seems to me one is going to have to think seriously as to which car you buy and plan on owning for longer and driving and truly enjoying it as much as you can.
What do guys think about the engines of the pista getting in the F8 and the same thing with the Performante engine getting in to the evo. I think these kind of things devalue the special cars
They do a bit. In fact it’s worse for the F8 because it’s actually an improved Pista engine
Are you keeping your 458? Its the last Pininfarina, last NA ...
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
Tough times - I hope you make it through
😂😂😂👍🏻
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.
Totally agree. Ferraris speed of development is maddening.. There s a new ferrari every 6months these days.
I like that U give the $numbers$.. The list of the Ferrari’s could have bin given slower..
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
Agree 100% on your 458 comments!
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 CZcams for mine. Peace and continued success.
Thank you very much, Targa 👍
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!
Not sad to see that one go...
Ciao Bella!
it is not the same with porsche damian? the 488 came out in 2015 and the f8 will be delivered in 2020
Love the colour.
Don't worry Damo you will make it back on the Mister 2✌
LOL
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
How did you know which career to follow?
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.
Very honest 👍🏻
Thank you