I’ll start with holding my hands up and saying I got it wrong – last month I wrote that I couldn’t see any chance of a Brexit. Being wrong is a rare occurrence for me so savour the moment…
Lets deal with the headline numbers before addressing the elephant in the room. Average 360 asking prices have increased an incredible 5.29% over the last month. The index stands at 172.21.
This increase in prices has been solely driven by the, frankly ludicrously priced, spider with 82 miles. Either the price is a typo or the vendor is living in cloud cuckoo land, I just can’t see anyone paying this sort of money for a 360. I should add that I said the same about the Hexagon cars and look what happened to them…
The information that I’ve been receiving has been pointing towards the market peaking and this was well before the referendum. Specialist dealers are becoming wary of holding stock so their bid-offer spread has widened (to take into account of any price falls that may occur whilst the car is on the forecourt). Non-specialist dealers are paying strong money for less than perfect cars (both 360 and F430). For me these two things could signal the peak is near – those that know the market are pulling back whilst those who don’t are jumping in with both feet.
A note on Brexit: My opinion is that this will apply pressure to values in the near term. One of the factors that has driven the upwards rise in the market has been the interest in cars as an alternative investment. In times of uncertainty most cash takes a flight to quality and certainty. This alone will dampen demand. If the UK does start to slow down then those people who have “invested” in a Ferrari may wish/need to exit their purchase and could need to discount their asking price to do so. You only need to look at Porsche 991 GT3 RS prices to see what one or two “cheap” cars can do to the overall market.
Here’s the big table:
Price vs mileage:
F1 vs Manual. The chart is a little messy due to the £275k outlier…
Here’s the table showing which cars are in/out of the data population.
That’s it for this month – please do get in touch if you think I can assist with anything.
- Ferrari 360 & F430 UK Production Numbers
- Ferrari 360 & F430 UK Export Numbers
- Ferrari 360 & F430 Buying Guide
- Ferrari 360 Buying Advice
- Ferrari 360: A Dealers Perspective
Other posts in this category: Buying and Selling
Pistonheads price threads:
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