We LOST MONEY on the Ferrari California
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- เผยแพร่เมื่อ 23 ต.ค. 2024
- Our 2010 381 Mile Ferrari California sold on Cars and Bids for $132,500. (carsandbids.co...) We paid $134,000 for the car from the estate of a gentleman who passed away. So let's talk about why we took the loss even though we probably could have at least broke even on the car.
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#ferrari #ferraricalifornia #forsale
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Life is like a football game, you get tackled down, you get back up shake it off get back in the huddle, go for the next play and keep on heading towards the goal line. You guys are awesome keep up the good work 👍🏻
Agreed
Your video "The Ferrari California is a STEAL UNDER $100K" actually showed how great these cars are. It's great coupe that the top comes down. And people must love them because of how many of them they made.
Yes indeed
California is hard to sell as a collector car as its one of the least desirable Ferraris in last few decades. Basically modern version of the Mondail.
Agreed
I love the Mondail too..
I agree, but I don't understand why, the car is absolutely beautiful IMO. It shows cues back to the 60's Ferrari with the front grill, front engine, but you can drive it every day. I would love to have one, but it is out of my price range.
Have you driven one.
Not at all. The last model with the naturally aspirated V8 (much better sound than the following turbos), one of the last entirely designed by Pininfarina, with unique features that distinguish it from other models, it can be used as comfortable daily driver, it has a lower cost of maintenance, and the option to bring little kids in the back.
Good stuff guys, transparency is key to a good business!
Thanks
Love the videos ! Welcome to the car business ! Losing money is part of the gig
Yup
Sad to lose but maybe avoid the discount house called " cars and bids" and hold on to it until you get what you want. I only go to auctions when I want something cheaper. You don't sell to the one person that really WANTS that car by putting a time frame on the sale. Just my opinion and good luck on future sales and hope you get to the point where turn over is not a factor.
That's true
Here in Scottsdale the F8 and 812 Superfast is the car of choice for most. The California seems to be the modern day 400i,412, 456, 612, or Mondial just not highly valued.. 🤔
Perhaps because they are all 2+2s?..
Not sure why but the car just did not catch on !
Even the Portofino seems to gets the same treatment...
Yeah 2+2 aren't really loved much in the Ferrari world
It's cool how you share how much you paid for the car. You should do a video on the current "wholesale" prices of the exotics market
Well I don't want to give away the farm. Lol
It's actually difficult to get a handle on wholesale price of an exotic car because sometimes they aren't sold very often and the market changes so fast. It's kind of a crapshoot sometimes to figure the value. The normal car market is different, sales are out there every day of the year.
Did you pay sales tax on the initial purchase? Where I live it is 7.75% and on 132,000 it would cost about $142,000 with tax. In addition to shipping cost, title etc. I would have lost more than the $2500 you mentioned
We're a dealership, we don't have to pay sales tax
While there is nothing really wrong with the California it doesn’t have the prestige of many other cars. They also made a lot of them. And while the car was worth more at one time it’s a depreciating asset once again now that the bubble is reducing. To think that before the bubble you could find good examples of 2010 Californias under 100k, not with under 400 miles, but good reliable (for Ferrari) cars.
That's true
Not surprising in this market. Inventory is back to bring a depreciating asset.
Probably
Everything is shifting from cars to xxxxx.....I bought a 1200 pound safe and hope for the best....The American muscle car is going to take a big hit also .....baby boomers are passing away and have been the "driving" force for the super car/American classic car market.
I think the musclecars are going to really decline over the next 10 years
That is why I don't place my cars on auction. Set the price and wait for someone to buy it.
Yeah it was an experiment.
Like the changing camera angles!! 😎
Thanks! Upping our game a little
'How to make a small fortune dealing in used Ferraris'. First, you must start off with a LARGE fortune.
Lol that's a racecar team
There is an old adage in the car sales world that says 'If you don't lose money from time to time, you are not selling enough cars' and those are very wise words.
I think it's valid
I am puzzled over those who say that the California is not desirable on the market and doesn't sell. It's the whole market that is shifting, and it is not a collectible car to start with. It can be a comfortable daily driver, it has a lower cost of maintenance, and the option to bring little kids in the back. It has a wider range of prospects, people who want and can drive it daily, so (outside the Ferrari absolutist) is actually more desirable because more useable. We are talking about the last model with the naturally aspirated V8, with a much better sound than the following turbos, entirely designed by Pininfarina as opposed to the successors, with several first time features that distinguish it from other models and make it more attractive now than before. By monitoring the market carefully in the last year, it could be seen that models with low to moderate mileage in great conditions, full service record and the right configuration (Rosso Corsa, full carbon fiber package, Magneride suspension, etc ...) are still sold out in no time.
Well I can tell you from our experience it's not as desired as many other Ferrari models and is harder to sell
The new version of this car is so much better and so much better looking and run so much better I really do like the t. I wouldn't want to buy a car with 300 mi on it it was that old. Car sat too long that's not good. I'm surprised you guys even got involved in that car.
Ok
Off topic, but Three camera switching, wow what a difference that makes! Nice Dan!😬
Thanks!
I would call this a successful failure.Made money but just didn't hit your mark. But you knew and acknowledged the business aspect.
Well done.
Excelsior.
Thanks
They took there medicine. Realizing that to hang on to it stalls other investment opportunities. It sitting there doesn't provide either value or increased potential.
They did the right thing.
Ok....I get it. Good point....margins were thin....but their effort to move it was necessary.
I see the cars and bids Demuro connection here. Interesting given the history of that OLD dealership that Demuro used to do car reviews for. Hmmm... you guys gonna have him out to look at stuff too?
THis channel will blow up. Smart game guys.
Thanks! We'd love to have Doug look at any of our cars anytime
I'd feel more comfortable buying a car from Dan then any dealership. Im just hoping they dont get too big and the cars stop getting the attention they are now. Because I feel anyone who's gonna buy a car from these guys know will get an honest deal
I promise you we won't get too big and lose how we run the company.
All these guys are real down to earth, Sure its about growing a business but also take care of their clients and give back to the community 🙌. I'll meet Dan one day and get his autograph on a Ferrari hat, Some day 😎
@@edwinmedina4338 well thank you, I appreciate that
I had the exact same thing happen to me on bring a trailer. I sold an e30 that was a time capsule. I didn’t agree with BaT on the reserve but went along w the auction. I got less then my reserve. I learned a lot of lessons on that one. In a better note, I made really good money when my 2010 Cali got totaled out. Better than any auction.
Yeah when our Cali got totaled we almost got as much as this one. Frustrating.
@@normalguysupercar I hate to say this, but Hoovie have more than 30 cars in his garage. You can really buy some of his less used cars, because he wants to buy more cars and he is running out of liquid cash. At least you can trust his words and the deal will not be as hectic as with other sellers.
Selling exotic cars is unlike any other market because the entire premise is based on let the good times roll. The stakes of selling something that cost more than some houses and is associated with EXTREME wealth is more than cumbersome. I believe your transparency will separate your business from the HORROR stories of the business you are in.
Hopefully. We're trying to provide a better experience
Does the buyer realize that the 2010s have a very high rate of DCT failure due to a fault in the wiring harness? Ferrari did not fix the issue until 2013. This is partly why that is a difficult car to sell, "Ferrari guys" know this. A repair is possible if the parts are around, but Ferrari will not do this. Ferrari will only replace the DCT as a cost of $30, 000.00. And a 2010 is now outside of the Ferrari extended warranty program.
It's not as common as you make it sound
It happens,I guess just be thankfull it was only $2500.
Yup
Great video and great story 😁👍
Thanks
I think your reasons are sound. Cash flow is king. $2500 ain't gonna kill ya.
Nope
It was the Ferrari you buy for your mistress 😂. Ferrari was forcing people to buy these to get the special car
Lol yup
Then why are other California’s with more miles selling on eBay and other car websites for way more than what you were asking ?
We didn't ask, it was an auction
you guys compliment each other with your different business acumen. also great sense of humor did Adam get a hair cut or was his hair slicked?
Lol thanks. Not sure if Adam got a hair cut... Probably?
Ferrari california, the widow maker.☹️
Apparently!
In reality the buyer paid more than what it costed you except the profit went to Doug with the $4000 fee the site charged the buyer. So it’s really not “free” to list because when a buyer bit on the car they more than likely take into account the Car N Bid fee on top of the final price vs buying this directly from you would have netted you more
Correct
Does this mean you guys won't be posting to cars and bids anymore?
Eh not sure
The market just told you what the car is worth.
Yup
do u think things would have been different if it's on bring a trailer? cars and bids have some really low sales recently
Possibly so
Is the gt4 behind you available ?
Nope
At least you got way more than the one that sold today for $109K. More miles of course
Yup
Great attitude!
Thanks
How would Barrett’s or Mecum have treated this car?
Good question
End of the day (or financial year) if your books are in the green...job done! lol
Agreed.
So Doug came out okay on that one then. He make $4,500 on a deal like that over $100,000 sale. He's got a good gig going there.
No kidding
On a Thursday live Josh talked about how he’s never lost money on a car….
Well... Mostly never lol
You guys made the right move.
If you weren’t going to allow anyone else to complete a sentence, why bring them on? Weird dynamic
Uh ok
You should have stuck to your guns on the purchase price. The facts are the facts: Ferrari built lots of California's and they aren't all that desirable in today's market. Sometimes the deals you don't make are the best deals.
We wanted to just move on. It was the right decision I believe
Adam: "Still, f*** that guy." Actually laughed out loud.
Lol
Doesn’t Doug‘s TH-cam channel now have to rave about every car he talks about and reviews since said cars may eventually show up on his auction site?
Eh not really
What happened to the indie shop owner you used to work with- wasn't he a "Josh-" the irritable guy who twisted a wrench in cargo shorts and flip flops?
He's around working at his shop
Win some , lose some. Just business ✌️
Exactly. Just need to win more than lose. Lol
The economy is going down..
Eh maybe, probably...
Beautiful car
Thank you
Sometimes you have to loose money to do money!
Yup
$1500 loss? That's not even a set of brake pads for this car. My heart bleeds for you. Well no, it doesn't, not really.
Thanks? Lol
Was it an Austin buyer?
Nope
Sales are the lifeblood of an organization, even at a slight loss !!!! Gotta keep moving product !!!
Yup
Wouldn’t BAT perform better?
Potentially
It's not a California t
Nope
The car is cursed. Just kidding.
I mean you're not wrong.
Almost 1st!
Yup
carsandbids seems to give under value for A LOT of cars, If not most.
Good for buyers, not so good for sellers.