Executive SummaryIn mid-2023, the Ferrari 296 GTB was widely viewed as a scarcity-driven, hybrid-era Ferrari poised to preserve value. That thesis has not survived contact with the market. By December 2025, secondary pricing shows the 296 has become a depreciation outlier within Ferrari’s modern lineup. Higher-than-expected production volumes, persistent hybrid skepticism among collectors, and the failure of the Le Mans halo to support road-car values have reset expectations. The Ferrari 296 ...