In 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 remains a superb driving machine. As an investment, however, it now behaves like a conventional hybrid supercar rather than a scarcity-driven collectible.

Revisiting the June 2023 Narrative

In June 2023, optimism surrounding the Ferrari 296 GTB was understandable. Ferrari’s 499P had just delivered a historic Le Mans victory, ending a 50-year absence from the top step. At the same time, the secondary market for the 296 was barely formed, and base pricing sat near €320,000.

The prevailing investment thesis rested on three assumptions:

• Controlled production allocation would preserve scarcity

• Hybrid innovation prestige would command a sustainability premium

• Racing provenance would elevate brand-wide valuations

Eighteen months later, the market tells a different story.

Market Reality Check: Scarcity That Never Materialized

By late 2024, market participants increasingly described the 296 as “oversupplied.” Rather than evolving into a tightly constrained asset, the model became widely available across European secondary markets.

Ferrari permanently closed the 296 GTB order book in mid-2024, while continuing GTS production through 2026 (Reddit r/Ferrari, 2024). This rapid closure strongly suggests internal volume targets were met faster than anticipated. In retrospect, early allocation constraints appear to have been a marketing construct, not a structural production limitation.

Scarcity underpins value. Once perceived scarcity disappeared, pricing support weakened accordingly.

The Hybrid Adoption Paradox

Ferrari’s hybrid strategy expanded rapidly. By 2023, hybrid models represented 51% of Ferrari shipments, up from 15% just two years earlier (Ferrari, 2024). The expectation was that forward-looking collectors would reward this shift.

The secondary market disagreed.

MIT Sloan research shows that while the SF90 Stradale briefly appreciated during COVID-era supply shocks, it later traded at 20–25% discounts, reinforcing buyer skepticism toward hybrid complexity and long-term ownership risk (MIT Sloan, 2025). The 296 followed a similar trajectory, despite being positioned as a lighter, more “emotional” hybrid.

Qualitative dealer and collector feedback indicates that a meaningful segment of high-net-worth buyers continues to prefer internal combustion engines, viewing hybrids as transitional technology rather than long-term collectibles.

The Le Mans Halo: Brand Lift, Not Model Lift

Ferrari’s 2023 Le Mans victory elevated brand prestige, but that prestige did not transfer meaningfully to the 296’s resale values (24h-Le Mans, 2023). Instead, buyers expecting rarity encountered abundant inventory. The result was brand admiration without price insulation.

296 GTB Market Analysis (Coupe)

Current Pricing Reality (Europe)

• Germany: €280,000–€330,000 average asking

• Italy: €285,000–€330,000 average asking
  (Source: Mobile.de, TheParking, Dec 2025)

Relative to the €320,000 base MSRP, this implies 4–11% depreciation over 18 months, masking wide dispersion by mileage and specification.

Mileage sensitivity is linear up to ~10,000 km, with depreciation averaging €2,000–€4,000 per 1,000 km. Higher-mileage cars exhibit greater dispersion, driven by option packages.

Year-on-Year Positioning

• 2022 models: €250,000–€317,000

• 2023 models: €260,000–€335,000

• 2024–2025 models: €289,000–€335,000

Independent data from iSeeCars shows 3-year depreciation of 9.6%, aligning with observed market pricing (iSeeCars, 2025).

296 GTS: The Spider Premium Holds

The GTS tells a more resilient story.

• Germany: €340,000–€390,000

• Italy: €340,000–€379,000

The €50,000–€60,000 premium (18–20%) over GTB pricing has been consistently preserved. Depreciation for 2023 GTS examples sits closer to 6–9%, modestly outperforming the coupe.

This resilience likely reflects experiential value rather than investment demand — buyers prioritizing enjoyment over capital preservation.

Specification Effects & Limited Variants

• Assetto Fiorano: +€30,000–€50,000

• Cavalcade Edition: +€200,000+

• Heavily optioned cars: Lower percentage depreciation, but larger absolute losses

A €450,000 GTB now trading near €310,000 illustrates how option inflation amplifies headline depreciation.

Comparative Context: A Depreciation Outlier

Estimated 5-year depreciation:

• Ferrari 488 GTB: 8–12%

• Ferrari F8 Tributo: 12–15%

• Ferrari 296 GTB: ~23.7%

• Hybrid exotic category average: ~29%
  (Sources: iSeeCars; The Classic Valuer; market analysts)

The 296 depreciates faster than Ferrari ICE predecessors and only marginally better than the hybrid segment it competes in.

Five Forces Driving Current Pricing

1. Production exceeded the scarcity narrative

2. Hybrid skepticism persists among collectors

3. Post-COVID supercar market normalization

4. Caution toward new-model reliability

5. Option-driven price inflation

Looking Ahead: 2026–2028 Outlook

GTB Outlook

Likely stabilization around €290,000–€310,000 through 2026, followed by modest appreciation post-production. Investment returns are unlikely before a 5–7 year holding period.

GTS Outlook

Stronger structural support, with stabilization near €340,000–€360,000. Modest appreciation possible as production winds down.

Specification Arbitrage

Well-optioned 2023–2024 cars at 30–35% discounts versus new equivalents offer compelling value for ownership-focused buyers.

The 296 Speciale: A Market Inflection Point

The announcement of the Ferrari 296 Speciale introduces a classic halo dynamic. Early expectations include:

• 20–40% premiums for early Speciale examples

• Short-term pricing pressure on standard GTB/GTS variants

• Potential long-term rehabilitation of the 296 platform’s collector status

Deliveries expected in late 2026/early 2027 suggest a 12–18 month buyer’s window for standard models.

Conclusion: The Investment Thesis Reset

The Ferrari 296 has transitioned from speculative scarcity play to fairly priced hybrid supercar. It remains an exceptional machine, but its investment case has weakened materially.

Expect 20–25% depreciation over five years, not appreciation. Buy the 296 for its performance, usability, and experience — not for capital gains.

The market has spoken. The price now reflects reality.

Current Market Snapshot (Dec 2025)

References:

Ferrari. (2024). 2024 full year and fourth quarter financial results. https://www.ferrari.com/en-EN/corporate/articles/2024-full-year-and-fourth-quarter-financial-results

iSeeCars. (2025). Ferrari 296 GTB resale value and depreciation. https://www.iseecars.com/car/ferrari-296-gtb/resale-value

MIT Sloan School of Management. (2025). Ferrari in 2025: Tradition & innovation for growth.

24 Hours of Le Mans. (2023). A historic tenth win for Ferrari. https://www.24h-lemans.com

The Classic Valuer. (2025). Price guide: Ferrari 296 GTB. https://www.theclassicvaluer.com

Mobile.de; TheParking; Ferrari Pre-Owned listings (Dec 2025).

The Ferrari 296 GTB is the epitome of power and sustainability, combining a cutting-edge hybrid drive system with unmistakable Ferrari performance. Although it is still relatively new, we anticipate that used 296 GTBs will start appearing for sale soon. With its undeniable appeal among car enthusiasts, the demand for this exceptional vehicle is expected to be high.

When it comes to pricing, it's important to note that the Ferrari 296 GTB is not an affordable car by any means. The base price for a brand-new 296 GTB sits at around 320,000 EUR, excluding any customization or optional extras. Considering this, it's reasonable to assume that used models will still come with a substantial price tag.

The long-term demand for the 296 GTB in the used car market remains uncertain. However, the combination of a hybrid supercar with the iconic Ferrari badge is sure to generate immense interest among both car collectors and enthusiasts alike. The allure of owning a Ferrari, even in its pre-owned form, is undeniable.

Another significant factor that will influence the used market status of the Ferrari 296 GTB is its limited production numbers. Ferrari has decided to produce only a limited quantity of 296 GTBs, making them rare and exclusive. This limited availability will naturally result in a restricted number of units being available in the used car market.

The Ferrari 296 models are engineered to deliver exceptional driving dynamics. The use of lightweight materials, precise aerodynamics, and advanced suspension systems results in an agile and responsive ride. Ferrari's renowned expertise in handling and balance ensures that the driver remains in complete control, allowing for an unparalleled driving experience both on the track and the open road.

Ferrari's win at the 24 Hours of Le Mans after a 50-year absence could potentially affect sales in a few ways. Firstly, it could increase the desirability of Ferrari cars, as the brand's reputation was built on its success in endurance racing. The victory serves as a testament to Ferrari's engineering prowess and performance capabilities, further adding to the allure of their vehicles.

In conclusion, while the Ferrari 296 GTB is still a newcomer to the Ferrari lineup and has yet to establish a significant presence in the used car market, we have strong reasons to believe that it will maintain its value and allure. The combination of its extraordinary performance, sustainability, and limited production numbers positions it as a highly sought-after vehicle.

Stay tuned for more updates on the world of luxury sports cars in our upcoming newsletters. If you have any questions or would like to explore further, feel free to reach out to us.

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