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Old 12-02-2013, 04:02 PM   #27
Josephvman
I'm the Decider
 
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Joined: Nov 2002
Location: Houston, TX
Oddometer: 3,423
Most of our buyers (around 65%) pay cash, which is good, because I hate doing paperwork! Other strong Ferrari markets, namely FLA and CA do a lot of leasing however, mainly because in those states sales tax is paid only on the monthly payment, whereas in TX you pay sales tax in full, up front, on leases. On a $300k car that's nearly $19k up front. We do a fair amount of financing on pre-owned Ferrari's in the $100-200k range, which is basically now what we consider entry-level. Over the past couple of years we do see a bit more financing on new Ferrari's, but it's mostly the usual cash buyer who figures if he can put down half and finance the balance for less than 2% that he'd rather keep his cash invested where he has a higher return, or liquid so he can jump quickly on a good business or real estate deal.

We have a waiting list for all new Ferrari models, and it ranges from 8-24 months, sometimes longer. There is no price negotiation on new Ferrari's, though trade-ins and pre-owned cars are still negotiated to some extent. Most clients keep their new Ferrari around two years, and the art is really having the relationship that allows me to help them move from model to model at the right time in the cycle, while resale is still at or near new-car levels and the changeover cost to the client is minimal.



Quote:
Originally Posted by fullmonte View Post
Well, since you're a Ferrari salesman, I'm gonna go out on a limb and guess that your clients aren't usually worried about the monthly payments. Just out of curiosity, what percentage of your buyers pay in cash? Also, how much dickering goes on when it comes to negotiating prices for 6 figure cars?

BTW, good advice on the Carmax trade value. It worked for me last spring at a Mazda dealer that lowballed my trade... before revising it and getting my cash.
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