Financially Challenged Ferrari SF90 Owner Seeking Trade For C8 Corvette

The Chevy Corvette – especially the mid-engine C8 – has long been compared to more expensive and exotic sports cars from brands like Ferrari and Lamborghini. The Vette has an obvious value advantage over its European rivals by delivering outstanding performance for the money. Unfortunately, one Ferrari owner in Texas realized the Corvette’s value proposition a little too late.

In a TikTok post found by Jalopnik, a salesman named Alex at Earth Motor Cars in Carrollton, Texas speaks with a client named Jason about trading in his Ferrari SF90 Stradale for a C8 Corvette Stingray. Jason is in a bit of a jam with his Ferrari. He bought it in 2021 for about $770,000 and still owes “a little under $700,000” on it. Poor Jason’s car has depreciated to a value in the neighborhood of $500,000, putting him underwater on the car to the tune of $200,000.

Jason is optimistically hoping a dealer can give him the equivalent of what he still owes on the car: about $700k. However, Alex’s best offer is a number that “starts with a four,” somewhere in the $400k range. Jason’s hopeful plan is to pay off his loan with the money he gets from his trade-in, drive home this 2021 Chevy Corvette Stingray 2LT Z51 Coupe valued at $68,562, and enjoy a much lower monthly payment.

So, how did Jason get into this pickle? He explains to Alex that he recently had a significant drop in his income. At the time he bought his Ferrari, he was making $30-40 thousand per month. Now, his income has dropped to a more modest $10-15 thousand per month. Even with an annual income over $400k, buying a $770k Ferrari was a questionable financial decision. Either way, Jason’s Ferrari income dropped to a Corvette income, and he’s trying to swap cars accordingly.

The best advice Alex can give is to get a voluntary repo on the Ferrari. It sounds nearly impossible for the aspiring C8 owner to keep up with the payments on the SF90. Since a date with the repo man is probably inevitable, there are advantages to arranging it voluntarily. Compared to an involuntary repo, a voluntary repo would give Jason a little more control over the process, he could avoid some fees, and it would potentially be better for his credit.

Let this no-win situation be a cautionary tale in buying more car than you can afford. The repo man can take Jason’s Ferrari, but he can’t take away his excellent taste in premium sports cars.