I got ripped? I bought the exact ferrari that I wanted for under market and sacrificed my trade for 5k under what I could sell it on ebay w/o having to deal with jackasses wasting my time.

heh, nice try plebe.

 

OH wait, I forgot:

Sorry about that

 

The deal doesn't suprise me - mid to high 60's is where its at, and the same porsche dealer that sells you those upgrades - pccb, etc, will turn it around and say it hurts the value of the car! Unfortunately, like this car, options aren't worth squat to the dealer.

How do I know - I was going to get into a car spec'd just like this but with less miles. The dealer offered $68k

If you think 997's are dropping, watch 996TT's... There are some great deals.

 

fore!, no you were mistaken, you were being ripped off.

Seriously, the bottom line is the supply demand curve. The factory pumps out cars like crazy compared to the 'ol aircooled days. (Note: I'm not claiming the old cars are better, just produced in lower quantities)

If I were a new Porsche buyer, I'd lease. And I've never leased in my life (cash buyer). But with depreciation, it makes sense depending on the residual and money factor you can get.

 

Fryd,

I agree, I don't understand leasing but it sounds like the way to go nowadays.

 

I actually was considering leasing the Ferrari, but unfortunately you cannot buy these cars with the biggest benefit you get with leasing a Porsche: A closed end lease. With a Porsche, you hand the keys over with capped costs at the end of the lease term, whether or not you had an off track excursion, rear ended by a centenarian, or your car was a lemon. On a high risk 100k car, this is a huge benefit; shifting risk to the noteholder.

I found with Ferrari, you can't do this. All leases are open ended. So, the smart decision was to buy the car, which I did.

But then again, some accuse me of not being particularly smart.

 

Thanks.... I WAS having a good day

 

Yeah, I only know a couple Ferrari owners who are idiots and mommy and daddy made them Ferrari owners. I don't think you're an idiot at all - you found a car you wanted, took a hit on trade in and that's that.

Buying cars is an emotional business. You just have to decide how much your emotions are worth.

I've been looking for a 997S for a while now, and I agree - the depreciation on these cars is STAGGERING. I'm literally shocked to see a $100k car with less than 10k on the odo worth only $70k 24 mos later.

But as you say, this is simple economics of supply and demand. But my question is this....When will it end ? At what point will the depreciation curve level out ? The curve is not linear, otherwise we'd soon see these cars worth $10k if current trends/factors remain in place.

So, at what point will the depreciation slow and what will the prices be, $60k's, $50k's ??

Your analogy to the air cooled 993's and their subsequent low production numbers is a good one. I have a '96 993 C2. If I sold it now I would actually MAKE money. That's unheard of in my opinion...

I love my 993, everything about it. But I want more luxury, hence my search for a 997S - BUT, I don't particularly like loosing $30k - luxury is not worth that much to me...and with the $70-$80k that I have right now to buy a car....I'm almost considering picking up a really clean, low mileage 993TT. God knows those have been holding their value well.

 

In my circumstances, losing 5k by dumping 5k under market was a no brainer. Every day I spent obsessing about a new Ferrari and being unproductive at work literally cost me a quite a bit of money. With cars, when I get to a point where the numbers are 'close enough' I pull the trigger.

Anyway, my circumstances aside, I think the real problem with modern porsches is the optioned up pricing. It's gravy for PAG and you get raped on resale. A strpped S is a far better value than a loaded non S, for example. .

I don't know enough about used car values and production numbers to answer your question on future values. I'm simply an avid car consumer.

 

Fall on the right lease deal, and you can laugh for hours thinking about how much the cash buyers lost by actually buying the car.
I'm paying 800$ CDN/month on a lease for my 06 cayenne v6 w/ 6k miles. It's really ridiculous to buy it.

But this really depends of the value of the car at the end of the lease. With the cayenne, I got a great residual. Then I looked at a jag that was worth 10k more then my cayenne and the residual was 10k less then my cayenne. The would have ended up in a terrible lease deal.
I really don't know how it works with ferrari's.
But you look like a smart enough buyer that has some ***** to lose a bit of $ when the right time comes.

 

Hi Jeff,

Congrats on your Ferrari 360 purchase.

I once drove my friend's 360 briefly on city roads. I found the car to be quite wide and in time not as agile as a 911 in city driving. Maybe I'm not used to its F1 shifting, but I feel that my 997S is faster. Can you compare the two cars for us? Thanks.

 

Hey Tim, here's some stream of conciousness:

The Fcar turns-in way better, with far more agression than the any Pcar. The width of the Fcar makes it cumbersome in tight quarters. Strangely enough, I actually think the Pcar has better steering accuracy, but the Fcar's steering is way, way more feelsome and more direct, as in you can feel every pebble.

Far less lean under hard charging in the Fcar, and, seemingly in contradiction, it also rides noticably better. The mid engine Fcar loves to carve. The mid range tq in the Pcar is superior, but the pull up top (not unlike my GT3) in the Fcar is pretty awesome no doubt augmented by the soundtrack.

Much of your driving experience of any car is shaped by what you see from behind the wheel, and from a drivers perspective, the rich leather, simple steering wheel, gated shifter with steel ball, and sports-bike like visceral throttle response puts the Ferrari over the top.

While the Fcar is worth every penny for those who are willing to deal with its ownership baggage (which is NOT trivial), the Porsche delivers amazing exotic level performance and Lexus build quality.

 

Jeff,

Thanks for your insight. You make me want to buy a Ferrari one day. Happy Motoring!

 

Update: I found out today from my sales guy (having Quattroporte thoughts, so I called him) that the car was in huge demand from two used car dealers up in Vancouver. Deal closed today, for 68k. Since a dealer bought it for that for resale, my best guess is that the car is worth 73-75k.

FWIW.

 

I called them the morning after I saw your post on Rennlist...they said it was already sold.
I then searched the entire country to see if any other launch cars were available.
From what I found, there are three. All at dealerships with similar mileage and they asking much more. I got one dealer down to $76k with no CPO, $77,5 with CPO.

http://downtown-la.porschedealer.com/preowned_cars/info.php?inventoryid=256985

http://fremont.porschedealer.com/preowned_cars/info.php?inventoryid=215972

http://suncoast.porschedealer.com/preowned_cars/info.php?inventoryid=253294


Those guys at Ferrari Houston are morons, guess sub six figure cars are beneath them