Supercar Market Update – Q4 2019

Supercar Market Update – Q4 2019

Supercar Market Update – Q4 2019

Following up on the Q3 car market article (Car Market Q3 2019), I’ve continued to track the Ferrari F355, Ferrari 365 GTB/4 Daytona, and the Porsche Carrera GT, as I believe these are good bellwethers for the market in general.  On occasion, I also take a glance at Koenigseggs, the McLaren P1, and the Special Series Ferraris out of personal interest.  It’s wasn’t too long ago the F355 Spiders were regularly selling in the $90-100k range and market experts were predicting Daytona would be $1 mil cars.  The one car that has held steady in value is the Carrera GT.  CGTs have been rock solid in the $700k range for the past year.  

A few Q4 results of interest are:

NA Mile 1973 Ferrari 365 GTB/4 Daytona, Sold $484k

6k Mile 1970 Ferrari 365 GTB/4 Daytona, Not Sold at High Bid $700k

NA Mile 1972 Ferrari 365 GTB/4 Daytona, Not Sold at High Bid $500k

2k  Mile  2004 Porsche Carrera GT, Not Sold at High Bid of $735k

36k Mile 1995 Ferrari F355 GTS 6-Speed, Sold $48k 

33k Mile 1996 Ferrari F355 Spider 6-Speed, Sold $76k

26k Mile 1996 Ferrari F355 Spider 6-Speed, Not Sold at a High Bid $45k

600 Mile 2014 McLaren P1, Sold $1.27 mil

1,200 Mile 2015 McLaren P1, Sold $1.12 mil

175 Mile 2015 Porsche 918, Not Sold at a High Bid $1.05 mil

700 Mile 2015 Porsche 918, Not Sold at a High Bid $875k 

550 Mile 2015 Ferrari LaFerrari Sold $2.2 mil

1,200 Mile 2014 Ferrari LaFerrari, Sold $2.3 mil

2,700 Mile 2014 Koenigsegg Agera R Sold $1.35 mil

Which are very consistent with the trajectories seen in Q3.

If the speculators weren’t gone before, they have certainly left the building now. The last generation of limited edition hypercars (No Longer the New New Thing) are yesterday’s news.  In fact, both the McLaren P1 and Porsche 918 are now changing hands below their original list prices.  The people buying supercars today are collectors and enthusiasts.  The collectors only want the best low mileage examples and the enthusiasts want cars they can actually use, enjoy, and afford to keep on the road.  For this second group maintenance and running costs do matter.  A $120K+ battery replacement on a McLaren P1 or a $8k cambelt change on a Ferrari F355 are significant expenses that impact values.  Demographic shifts are also playing a role as the younger generation entering the market has been raised on cars with plenty of driver’s aids and only two pedals to navigate.  It’s pretty easy to put in an impressive lap time in a Ferrari 488 Pista after just a couple of hours out on a track.  Try pushing an F40 to the limits after just a few laps behind the wheel and it is likely to end in (expensive) tears.   

When looking at the each of these cars, different factors are impacting values.  Of all the cars listed above, the Ferrari 365 GTB/4 Daytona wins the award for most demanding to drive, by a considerable margin.  If many of the 50’s classics can be described as “tractors to drive”, by the late 60’s they had evolved to slightly more driver friendly “trucks”.  If trying to navigate a Daytona around town is a full upper body work out, getting a Daytona to slow down sufficiently when entering that town can be an underwear soiling experience ( Driving a Daytona ).  Not too long ago a lot of speculators scooped up Daytona’s expecting them to be the next $ 1million Ferrari.  When that didn’t happen, a lot of these cars started reappearing on the market with the odometer having barely, if at all, moved.  Sellers outnumbered buyers and prices started dropping.  The number of Daytona “no sales” at auctions over the last several years is exceptional high and that trend has continued in the last several quarters.  For today’s coming of age enthusiast, the Daytona is ancient history and not the car they lusted after in their youth.  About two years ago I expected Daytona’s to retreat back from $700k to $500k.  Recent results are already under the $500k level and I would not be surprised if Daytona’s drop to $400k in 2020.  

Much to my chagrin, as the Carrera GT has been high on my bucket list for several years now (Garage Goals), Carrera GT values are holding steady.  Many of the same factors that have been driving Daytona prices south, have been supporting Carrera GT values so far.  CGTs are the cars that the new generation of buyers lusted after in their youth.  New tire technology has made CGTs significantly more drivable and a track outing is far less likely now to end in a life insurance payout.  Where I do see a bit of a disconnect with the CGT though is between its reputation as being one of the greatest driver’s cars and the fact that of the 11 CGTs currently listed for sale in the US, 4 have under 1,000 miles on the odometer and only one has more than 5k miles.  Even the highest mileage car listed, at 7,134 miles works out to an average of under 500 miles per year.  If I look at Ferrari Enzos, which are a similar age, 3 out of the 5 sold at auction this year are well over 5k miles. Whereas many Ferrari owners are very sensitive about putting miles on their cars, Porsche owners tend to be the opposite.  The question therefore is why, if CGTs are such great driver’s cars, are so many not getting driven?  My guess is these ultra-low mileage CGTs were purchased as investments and now that it’s clear that prices have stabilized, those owners want out.  Question is are these owner’s patient enough to ensure that demand and supply stay balanced or do a flood of low mile CGTs now hit the market driving price back to 2014 levels?

I believe the Ferrari F355 is today’s “starter” Ferrari (Our 1st Ferrari).  With prices continuing to slowly recede into the $40-50k range, the F355 is just a bit over half the price of a new Porsche 718 Boxster.  The F355 is modern enough so the learning curve is short, and it’s got enough drivers aids to provide a decent level of comfort for the less experienced supercar driver.  The F355 is usable car by supercar standards with enough luggage room for a multiday trip which certainly aids in its appeal.  It doesn’t hurt that the F355 is one of the prettiest Ferraris to ever emerge from Pininfarina’s pen.  Given Ferrari built over 10,000 F355s there are always plenty for sale and a strong community of owners who can be called upon for support.  F355 prices will also be held down by very high maintenance costs.  Cambelt changes every four years and a long list of known issues will always make this an expensive Ferrari to own. My guess is F355s are now well priced and will hold around current prices.

Koenigseggs have operated in a very different value universe for multiple years now.  In less than a decade Koenigseggs have gone from little known to quite famous.  Prices on their new cars have risen astronomically and they have developed quite a following.  In the recent past, Koenigesgg has gone to considerable lengths to make sure it’s cars sold at or above estimates (Car Market Q3 2019) when one has shown up at auction.  I’ve also seen a number of used Koenigseggs move from dealer to dealer with ever inflating prices so what they are really worth to a buyer who actually is interested in owning and driving one, is hard to tell.  However, recently a 2,700 mile 2014 Koenigsegg Agera R was sold at auction for $1.35 mil. (vs. an estimate of $2-2.5 mil).  The original list price on an Agera R was $2.1 mil. Assuming this car was still owned by the first owner and with a few options thrown in he paid around $2.2 – $2.4 mil, each of the 2,700 miles driven came at a cost of $315.  In terms of depreciation percentage, not only has my McLaren 650S Spider done better but when compared to other similar age hypercars (P1, 918, LaFerrari), this Agera R is by far the worst performer in terms of holding value.  The question is does this result finally pop the bubble and put Koenigsegg’s whole inflationary pricing strategy at risk.  

In summary, the Porsche Carrera GT is at a potentially interesting inflection point. Prices may continue to hold, or a modest drop may be in the not too distant future if many of the “investment” acquisitions of the 2012-2016 era are dropped back into the market. Both the Ferrari 365 GTB/4 “Daytona” and the F355 rode the market up in 2013-2016 and while the F355 has more or less settled, the Daytona will likely still fall further. Koenigseggs prices might have just had their Titanic moment, with a large hole now ripped in the side of their pricing strategy. 2020 will certainly be an interesting year.

Thoughts and comments? Please see the comments section below.

Also please share, buttons are below.

 

Follow us on

December 2019

Share Now

Share on facebook
Share on twitter
Share on linkedin

Recent Posts

Hypercar & Supercar Market Saturation

Too Much of a Good Thing

Hypercar & Supercar Market Saturation

Never before have so many different manufacturers announced cars in the $1 million plus category. If competition is supposed to raise everyone’s game, then the cars we should be seeing on the road (or more likely mostly stashed in private collections) in the next few years should be extraordinary. However, I’m concerned that this isn’t quite how things work in the hypercar market. The delicate balance between supply and demand that has been established and carefully nurtured by the major supercar manufacturers over the past few decades appears to about to get tipped in the wrong direction. Throw in rapidly increasing price points, a slowing global economy, Brexit, and the on-going trade wars and it looks like history might just repeat itself, and not in a good way.

The 90s

The funny thing is, in many ways we have been here before. The supercar/hypercar market in the early to mid 90s had a lot of similar characteristics. A number of new players entered the market either via reviving a dead brand (Bugatti Automobili S.p.A) or as completely new entrants (Cizeta, Vector, Venturi, McLaren), and existing car manufacturers deciding to enter the hypercar segment (Jaguar). To make things even more interesting, you had Ferrari dropping about 1000 more F40s than originally announced into a huge market bubble that then went bang. The resulting carnage of oversupply, a market headed into a recession, and over hyped speculation was impressive. The first reincarnation of Bugatti went bankrupt after producing only 139 EB110s. Jaguar ended up well short of the 350 planned production run on the XJ220s and still had unsold units sitting in showrooms 3 years after production ceased. While the McLaren F1 is considered by many to be the greatest modern supercar today, back in the 90’s, McLaren struggled to sell F1s. Of the original planned production run of 300 units, only 106 units left the production line (despite asking politely and offering to pay full list price, McLaren has refused several times to allow me to place an order for one of the remaining 194 F1 chassis numbers). Cizeta, Vector, and Venturi have all long since disappeared into the dust of history.

2020+

Today we sit in a not to dissimilar situation. We have a global economy that is slowing with a huge amount of uncertainty being generated by both Brexit and the Trump trade wars with predictions that a recession is around the corner increasing by the day. There are a large number of brands that have recently reemerged from the grave and announced new limited-edition supercars including De Tomaso, Apollo, Pininfarina, and ATS. After being out of the hypercar game for nearly a decade following the lukewarm reception of the One-77, Aston Martin is back with a vengeance with two cars coming in the next three years. Both Mercedes & Lotus have $2 million plus projects well underway and SCG has announced that they will build 25 road legal versions of their Le Mans LMP1 Hypercar. You also have the track only Brabham BT62 and yet to be named just announced Lamborghini. Then just to make things a bit more interesting, Gordon Murray has jumped back into the game and announced that he will be building a spiritual successor to the McLaren F1, the T.50, of which 100 examples will be built with a price tag of $3 million each.

While all of the above are new entrants to the limited-edition/hypercar segment, the two biggest established manufacturers have also vastly accelerated their normal model launch cadence and broadened the number of different market segments they are developing models against. Ferrari has launched the new limited edition Icona line starting with the Monza SP1 & SP2, both built off the 812 platform. Ferrari has also added the SF90 Stradale to its regular production portfolio with the SF90 sitting in-between the supercar and hypercar categories. McLaren, which waited 20 years between the F1 and P1, closed the gap to 4 years between the P1 and Senna and now has two more hypercars, the Speedtail and Speedster, in the pipeline for delivery in the next two years. All of this is on top of Bugatti, Koenigsegg, and Pagani’s plans and doesn’t even take into account the P1, LaFerrari, and 918 successors which will probably arrive in the next 5-6 years.

Buyers

While all of the above is not a comprehensive list, it still represents a huge increase in the supply of cars over the next several years in the limited edition/hypercar market segment. While the volume of cars certainly is increasing exponentially, I’m really not sure the number of potential customers is expanding as rapidly. In fact, if anything I can see an emerging wave of concern among many who have been buying these sorts of cars for a long time. In general, I believe there are 3 groups of hypercar/limited edition buyers:

  • The immensely wealth for whom retained value is inconsequential and having the new new thing is what matters most. Their behavior is likely to remain unchanged.
  • Speculators will vanish overnight at the first signs of a change in the historic model of rapidly increasing values for the “new new thing”
  • The very well-off enthusiasts who is both buying a car to enjoy and an asset that he/she expects to retain value.  This group is going to become increasingly selective, and in some cases, if the downside risk looks to great, will depart the limited edition/hypercar market all together.

Added to the uneasiness on the demand side you also have the continued threat of US tariffs on European cars which could add 25% to the invoice price and crack downs on displays of wealth in China.

Winners & Losers

My guess is there will be a few clear winners and losers. The winners will be cars that have a purity of vision and age well. Technology showcases that are outdated quickly will struggle over the long term. While the Pininfaria Battista is a beautiful work of art, I just can’t imagine an electric car, even a $2.5 million one, aging well and ever achieving classic status. Same holds for the Lotus Evija, given Lotus’ challenges in getting its base portfolio updated, the Evija seems like a massive unneeded distraction. The ATS GT looks like a rebodied McLaren 12C and my guess is ATS will quickly revert to its former comatose state. Apollo & De Tomaso share an owner and from what I understand the De Tomaso P72 is based off the Apollo Intensa Emozione. While the P72 has certainly gather lots of interest on Instagram, I doubt that interest will turn into the number of deposits needed to give this latest iteration of De Tomaso long term viability. The Gordon Murray T.50 sits right at the high end of this group at $3 million each. Gordon’s name gives the car instant credibility and the fact that Murray is only building 100 T.50s certainly tics the exclusivity box which bodes well for the T.50 having the potential to be a long-term winner in this group. For this to happen though, the T.50 can’t just be a one-off unicorn and a long-term service support network needs to be established. It’s too bad that the T.50 isn’t being developed as a joint project with McLaren. If it was, I believe it would be the one “must have” car out of this whole group.

Of the large established manufacturers, the Aston Martin-Red Bull Valkyrie looks like a sure winner, but the Valhalla is a tougher call. The partnership with Adrian Newey and Red Bull adds a huge amount of credibility to the cars but Aston Martin’s recent financial performance is very concerning. If money gets very tight, it could impact development for the Valhalla which is still in early stages. Aston will also need to resist the urge to spin multiple variants off the Vahalla if it is going to hold value long term.

The Ferrari Icona line seems like the antithesis of everything Ferrari has ever stood for. Ferrari has always been a forward leaning organization where the next car was a leap forward on the last. While the SF90 tics all the right boxes, the Monza SP1 & SP2 seem like a shameless tactical exploitation of their back catalog. While I am sure Ferrari will sell every unit they produce, I do wonder how many would actually be spoken for if you didn’t have to raise your hand to avoid losing your place in line for the next Enzo/LaFerrari.

McLaren has probably been the most aggressive of the established manufacturers in the Hypercar segment with multiple models all launching in a very short time frame. While each is clearly positioned against a different market segment it is still a large number of $1 million plus cars chasing the same pool of buyers. Long term I can see the Senna doing well as similar to the F40, is has a purity of focus and is not encumbered by an overly complex hybrid system (full disclosure, I do have a Senna). The Speedtails will always be collectable given the low build numbers and uniqueness of the center driver’s seat concept. The recently announced McLaren Speedster is a tougher call as details on the car are still very high level.

Last but not least, the Mercedes-AMG One seems to be well behind schedule. How the “One” stacks up against the Valkyrie on both road and track will determine if it is a success or an overly complex misfire.

Summary

While almost all of the above hypercars are highly desirable in their own right, the laws of supply and demand don’t change. Almost all of these cars are chasing the same group of buyers. Even if you take affordability out of the equation, how many of these buyers will want to be adding multiple $1-3 million cars to their collections every year? The answer to that question along with how many buyers are still comfortable buying a $1 million plus a car that might not hold value, will determine just how this market plays out. If history is a guide, it could get ugly.

Thoughts and comments? Please see the comments section below.

Also please share, buttons are below.

 

Follow us on

November 2019

Share Now

Share on facebook
Share on twitter
Share on linkedin

Recent Posts

Supercar Market Update – Q3 2019

viewonthecarmarket

Supercar Market Update – Q3 2019

Following up on the article on the car market in Q2 (Car Market Q2), I’ve continued to follow the Ferrari F355, Ferrari 365GTB/4 Daytona, and the Porsche Carrera GT, as I believe they are good bellwethers for the market in general.  I also tend to take a look on occasion at Koenigseggs and the Special Series Ferraris out of personal curiosity.  It’s wasn’t too long ago the F355 Spiders were regularly selling in the $90-100k range and market experts were predicting Daytona would be $1 mil cars shortly.  The one car that hasn’t retreated in value is the Carrera GT.  CGTs have been rock solid at $700k for the past year.  A car is only worth what someone is willing to pay for it and certainly if you look at the results of the multiple auctions in Monterey, all but the rarest and best are retreating back to reality.

A few recent results of interest are:

82k- Mile 1972 Ferrari 365 GTB/4 Daytona, Not Sold at High Bid $461k

53k- Mile 1972 Ferrari 365 GTB/4 Daytona, Not Sold at High Bid $530k

NA- Mile 1970 Ferrari 365 GTB/4 Daytona, Sold $533k

78k- Mile 1971 Ferrari 365 GTB/4 Daytona, Not Sold at High Bid $430k

5k- Mile  2005 Porsche Carrera GT, Sold $720k

4k- Mile  2005 Porsche Carrera GT, Sold $758k

18k-Mile 1996 Ferrari          F355 Spider 6-Speed, Sold $63k 

42k-Mile 1997 Ferrari F355 Spider 6-Speed, Sold $56,000

1k – KM  2015 Koenigsegg One:1, Sold $4,641k

1k – KM 2015 Ferrari LaFerrari Sold $2,204k

500 Mile 2014 Ferrari LaFerrari, Not Sold at a High Bid $2,400k

I believe the market is in a place where the speculators are now all long gone, and a generational shift is starting to really impact values.  The bloom is now definitely now off the last generation of limited edition hypercars (No Longer the New New Thing) .  The days of the $ 4 million LaFerrari and $2 McLaren P1 are long gone.  The people buying the cars today are collectors and enthusiasts.  The collectors only want the best examples and the enthusiasts want cars they can actually use, enjoy, and afford to keep on the road.  For this second group maintenance and running costs do matter.  A $8-10k cambelt change on a Ferrari Testorossa is a significant expense and has a real impact on values.  Time is also playing a role as many of the buyers today are younger.  Anyone can drive a Ferrari Enzo but the number who can drive a F40 without putting it backwards through a hedge, is significantly less.  These are the forces which are driving the market now.

When looking at the each of these cars, I do believe different factors are driving the values in each case.  Not too long ago a lot of speculators scooped up Daytona’s expecting them to be the next $ 1million Ferrari.  When that didn’t happen, a lot of these cars started reappearing on the market.  Sellers outnumbered buyers and prices started dropping.  The number of Daytona “no sales” at auctions over the last several years is exceptional high.  For today’s coming of age enthusiast, the Daytona was your grandfather’s Ferrari and hence has little appeal.  Throw in the fact that they are not easy cars to drive ( Driving a Daytona ), expensive to maintain, were produced in relatively high numbers and the future looks even dimmer than the present in-terms of values.  About two years ago I expected Daytonas to retreat back from $700k cars to $500k, now it looks like a $400k or less Daytona is not too far off in the future.  In the case of the Daytona, if you do yearn for one, it has, and will still, pay to wait.

Much to my chagrin as the Carrera GT has been high on my bucket list for several years now (Garage Goals), Carrera GT values are holding steady.  Many of the same factors that have been driving Daytona prices south, have been supporting Carrera GT values.  CGTs are the cars that the new generation of buyers grew up with on their wall.  In addition, new tire technology has made CGTs significantly more drivable.  CGTs are still quick by today’s standards and with new Michelin Pilot Super Sport tires, a track outing is now far less likely to be a terminal experience.  Owners do use there CGTs and they are a common sight at any major car show.  In many ways if the Daytona was the cool icon of the 60’s in the 80’s & 90’s the CGT fills that same role today. 

I believe the Ferrari F355 is today’s “starter” Ferrari (SSO’s Ferrari History ). With prices now holding very steady in the $50-60k range, the F355 is affordable (by Ferrari standards) and its modern enough so the learning curve is short.  For the generation that grew up not knowing what that strange third pedal next to the brake is, this was also the first regular production Ferrari to come with a paddle shift gear box as an option.  The F355 is an infinitely usable car with enough luggage room for a multiday trip which certainly aids in its appeal.  It doesn’t hurt that the F355 is one of the prettiest Ferraris to ever emerge from Pininfarina’s pen.  Ferrari build three different versions of the F355, a coupe (GTB), targa, (GTS), and Spider.  I personally think the Spider is the best looking of the three, but the roof mechanism is fairly demonic.  Given Ferrari built over 10,000 F355s there are always plenty for sale and a strong support community of owners.  F355 prices will always be held down by very high maintenance costs.  The every four year cambelt change is an engine out exercise, and the F355 has a host of known issues that are not inexpensive to address.  My guess is F355s are now well priced and will hold at current values.

Koenigseggs have operated in a very different value universe for multiple years now.  In less than a decade Koenigseggs have gone from little known to quite famous.  Prices on their new cars have risen astronomically and they have developed quite a following.  I’ve seen a number of used Koenigseggs move from dealer to dealer with ever inflating prices so what they are really worth to a buyer who actually is interested in owning and driving one, is hard to tell.  Two Koenigseggs have come up for auction this year, a CCX was a no sale at $875k, and a One:1 just sold for $4.6 million at a Bonhams auction in Switzerland.  What’s really interesting on the Koenigsegg One:1 was the fuss around the original estimate of $1.8-2.4 million.  When Koenigsegg found out about the estimate they had a small conniption (Koenigsegg Blog Post on Bonhams Estimates).  Auction houses get paid on a percentage of the hammer price so grossly undervaluing a car is just not in their interest.  What was clearly of keen interest though was for Koenigesgg to make sure the car sold for a significantly higher number, otherwise its whole pricing strategy would be at risk.  Not surprising, this is exactly what happened.  It would be very interesting to see where this car turns up in about 6 months.  

In summary, the Porsche Carrera GT has held very steady over the last 3 years and will likely continue to do so.  Both the Ferrari 365 GTB/4 “Daytona” and the F355 rode the market up in 2013-2016 and while the F355 has settled, the Daytona will likely still fall further.  Koenigseggs prices remain as opaque as ever and that’s not likely to change soon.

Thoughts and comments? Please see the comments section below.

Also please share, buttons are below. 

Follow us on

September 2019

Share Now

Share on facebook
Share on twitter
Share on linkedin

Recent Posts

Supercar Market Update– Q2 2019

View on the Car Market – Q2 2019

Supercar Market Update– Q2 2019

Following up on the article on the car market in Q1 ( View on the Car Market Q1), I recently received the following auction result alerts: 

31k- Mile 1972 Ferrari 365 GTB/4 Daytona, Sold $550,000

4k- Mile  2004 Porsche Carrera GT, Sold $687,000

1k- Mile  2004 Porsche Carrera GT, Sold $775,000

15k-Mile 1996 FerrariF355 Spider 6-Speed, Sold $52,800 

23k-Mile 1997 Ferrari F355 Spider 6-Speed, Sold $57,000

1k – Mile  2008 Koenigsegg CCX, Not Sold at High Bid $875,000

which I believe are quite indicative of where the market is today and where it is headed.  I’ve chosen these four as I believe they are a good representation across the market. It’s wasn’t too long ago the F355 Spiders were regularly selling in the $90-100k range and market experts were predicting Daytona would be $1 mil cars shortly.  Koenigseggs prices seem to have finally succumbed to the grip of gravity and started returning to earth.  The one car that hasn’t retreated in value (which is a bit personally frustrating, see Garage Goals) is the Carrera GT.  CGTs have been rock solid at $700k for the past year.  A car is only worth what someone is wiling to pay for it and the buyer today has changed from who it was several years ago.

I believe the market is currently in a place where the speculators who drove prices skywards in the 2012-2016 period are now all long gone.  The people buying the cars today are collectors and enthusiasts.  They intend to use the cars they buy and maintenance costs do matter.  Time is also playing a role as many of the buyers today are younger.  The cars these buyers remember from their teenage years and early 20s are from the Ferrari F50, Enzo and Carrera GT era.  These are the forces which are driving the market now. 

When looking at the each of these four cars, I do believe different factors are driving the values in each case. Starting with the 365 GTB/4 Daytona, I don’t believe the majority of buyers who came of age in the mid to late 90s have much affinity for the car.  The Daytona was your father or grandfather’s Ferrari.  To top it off, they are not easy cars to drive ( Driving a Daytona). At low speed, Daytona’s are an upper body workout. The gearbox and clutch require skill and experience to operate properly, skills that are much less common with a generation that has grown up on automatics and paddle shifts.  The brakes are a whole new experience for those who are used to a car actually stopping soon after you push the middle pedal.  All of the above doesn’t do much to broaden the Daytona’s appeal and therefore demand, along with prices that have been steadily falling.  

Many of the same factors that have been driving Daytona prices south, have been supporting Carrera GT values.  CGTs are the cars that the new generation of buyers grew up with.  They are still quick by today’s standards and no longer that tricky to drive.  New tire technology from Michelin has improved handling on the CGT significantly to the point that it is no longer a smart gift to give to a spouse you want to dispose of surreptitiously.  Owners do use there CGTs and they are a common sight at both car shows and major auctions.  In many ways the CGT is as much an icon of the early 00s as the Enzo and therefore desirability along with prices remains steady.

In many ways the Ferrari F355 has replaced the 328 as the new “starter” Ferrari (SSO’s Ferrari History).  With prices now around $50k, the F355 is affordable (by Ferrari standards) and its modern enough so the learning curve is short.  The F355 is an infinitely usable car with enough luggage room for a multiday trip which certainly aids in its appeal.  It doesn’t hurt that the F355 is one of the prettiest Ferraris to ever emerge from Pininfarina’s pen.  Plant your right foot and the F355 will scare a passenger silly and.  A few years ago, prices did jump up to the $90-100k range but fell back as that put the F355 at or above a 360, not too far off a 430, and out of the affordable starter range. Given Ferrari built over 10,000 F355s, there are always plenty for sale so rarity will never drive values.  F355 prices will always be impacted by very high maintenance costs, the every four year cambelt change is an engine out exercise, and the F355 has a host of known issues that are not inexpensive to address. The F355 is also now in that awkward age where technology and performance have long since passed it by, but it isn’t old enough to be considered a classic yet.  My guess is F355s are now properly priced and should hold at current values.

Koenigseggs have operated in a very different value universe for multiple years now.  In less than a decade Koenigseggs have gone from little known to quite famous.  Prices on their new cars have risen astronomically.  This huge jump in new car prices has impacted the small used market for Koenigseggs dramatically.  Our ex Koenigsegg CCR is a good example of this, we were the 3rdowner and paid around £160k for it in 2010.  After a couple of years, we traded it in at a £180k valuation.  To the best of my knowledge our ex-CCR has yet to find another private owner in the past 7 years.  The CCR has been moved through a few different dealerships and now has a current asking price of around £1mil.  My guess is these asking prices are not sustainable as witnessed by the recent no sale on the CCX at auction.  While the newest Koenigseggs may be able to demand multi-million dollar prices tags as engineering and automotive art, the older used K’eggs are tricky cars to drive ( Driving the CCR) with limited usability.  

In summary, the Porsche Carrera GT has held very steady over the last 3 years and will likely continue to do so.  Both the Ferrari 365 GTB/4 “Daytona” and the F355 rode the market up in 2013-2016 and now are settling back down more towards pre 2012 price points.  Koenigseggs weren’t the poster cars of any of today’s buyer’s youth, usability is a real challenge and while prices have risen dramatically, they now seemed poised for a drop as the demand is just not there.

Thoughts and comments? Please see the comments section below.

Also please share, buttons are below.

 

Follow us on

March 2020

Share Now

Share on facebook
Share on twitter
Share on linkedin

Recent Posts