The used car market is a classic case of ‘supply and demand.’ When global production of new cars was significantly slowed down or stopped in 2020 to 2022 – we saw this in full effect with a number of used vehicles reaching or surpassing their price when new. The Used Ferrari market is no exception and due to the value and craftsmanship of each and every used Ferrari – prices often go up or down.
This blog post explains the used Ferrari market, what considerations to make when looking for a used Ferrari (tips you can use for any used car) as well as explain why the market operates like it does. Written by We Love Supercars, the leading independent place to ‘Sell My Ferrari’
How Does the Used Ferrari Market Work?
Ferraris are culturally one of the leading supercar brands. This means that their cars come at the appropriate price tag and they are expensive to produce. This means that compared to other manufacturers – the number of Ferraris in the world is much smaller as they take more time and money to manufacture. This makes the market prone to big increases or decreases in value for Ferraris and the price of used is tied to the number of new Ferraris that are made per year. Every year – the number of total Ferraris increases – which naturally reduces the price of used models.
Tips When Looking for a Used Car
There are a number of leasing and financing options that have made driving your own Ferrari more achievable than ever. That said – we understand that Ferraris come with huge price tags and if you aren’t looking for a dated model, will be outside of many people’s budgets. So here are some tips that apply when looking for a used Ferrari which you can also use for the hunt for your next or first used car.
- Keep in mind supply and demand as mentioned previously. There will be moments when used cars are cheaper than their true value or more expensive. A number of things can also affect this so try to assess when you can get a good deal.
- Private vs Dealership. Some people opt to buy a car privately whilst others swear by the dealer. Privately you may get a better price but be prepared for not being provided a warranty and remember you need to carry out your own checks as to whether the seller is genuine.
- Be ready to compromise. Everyone wants their dream car but you will be restricted by the total amount of used cars available at one time. Choose features that you like in general as well as the fuel type, design, and functionalities and then refine your search by looking at cars that fit these.
- If the car feels right – go for it! Many people think that they need to take a look at a couple of cars before deciding on another one. Someone else may also be looking at the car that you want and then purchases it before you if you haven’t reserved it. If you find the perfect car that suits all of your needs – don’t be afraid to go ahead and buy it.
- Test the car before you buy it. Make sure that you check the history of the car and then go for a drive. Check how the car feels and drives on the road and your overall comfort when you are in the driver’s seat.
Used Ferraris can be a fantastic investment. Some models can increase in value despite depreciation and as we saw with the Pandemic this also affected the global used market.