Paying Asking Price For A 360/430?

Yes on my second 360 6spd and without hesitation.

 

Yep, I would too because your 360 6 spd is immaculate and really nice combo.

 

I paid asking price b/c I really wanted the car and the dealer wouldn't budge on the price. Smart guy. Must have sensed that I really want the car.

 

I have from time to time. It is obviously very dependent on where I am in my buying/education process and the market conditions for the car. Normally I will negotiate with the expectation the seller has padded the price a bit for that purpose.

In the Ferrari/exotics market I want to be sure to maintain a cordial relationship with my dealership...that relationship is more important to me than a few grand here or there.

 

....pay asking price on anything that can be replicated in the market place elsewhere.

360's and 430's are not exactly 250LM's.

however---it did take me a few months to find the car and color combo I wanted, ultimately it as in Indiana.

Perhaps paying what someone is asking is worth your time to "stop looking & start enjoying the car".

Ur call on dat one.

 

I agree that it depends on how many other cars are out there which would fit your requirements. Personally, if I ever pay "asking price" on just about anything, I feel like I'm getting screwed.

However, there are exceptions. For instance, in December I bought a Stainless Steel Rolex Daytona, with a white dial. That has been the only watch missing from my collection. I've bought well over $100k of watches from the same Authorized dealer selling my Daytona. Did I pay asking price? Yes. Was it worth it? Yes, and I would also submit that it's pretty rare to pay less than asking price for this particular watch. But I digress...

Anyway, back to the Ferrari discussion, if the car is immaculate and really gets you going (i.e. it "checks all your boxes" and maybe then some more), then it's probably worth it to you to pay asking price and secure the product.

If you feel like you're settling on a car with some minor drawbacks, then you should negotiate because your spec is worth something to you, and you're compromising. A Ferrari isn't like buying a Mercedes-Benz - a lot of times, if the seller can't get asking price from you, they'll get it from the next guy if they know the car demands it, and is priced reasonably. Anyway, this is what I've learned. As long as I stay within my set budget, I'll pay the asking price to get the car I really want. The key is that the asking price has to be REASONABLE. Otherwise, I'm probably not even gonna contact the seller. Example: If you have a decent 2002 Red/Tan 360 Spider F1 with 15,000 miles on the clock, don't ask $105,000 when the selling price should be closer to $80k!!!

Otherwise, I'm gonna negotiate between 3 and 5 percent below asking price. I think 1974gt4 makes a good point - if you're willing to wait, you'll probably be able to get something which comes along that meets your spec and can be negotiated a little. Chances are, there are probably a dozen or so cars which go for sale each year that will meet or exceed your spec, depending on your personal list.

 

I just bought a gated 430 and paid asking. The car was a two owner, in excellent condition and probably one of the last gated 430's produced. Not too many gated coupes out there and I wanted one. I have no regrets

 

Sorry, that's unavoidable, it's going to happen anyway. After all, this IS the internet, right???

Good luck man!

 

... and you pay more if you are picky

I paid close to Tuan's asking price for his first 360.

I pretty much knew what I wanted and I wasn't finding many cars that fit the criteria.

After looking at so many ugly ducklings, Tuan's car seemed to be cinderella. It was the car I wanted and I wasn't going to wait until another such car popped up.

It certainly helped - price wise - that buying from a private party saved me from paying ANY state taxes in Nevada on the purchase. It would have cost me colse to $10K in taxes to buy from a dealer - and what I was finding was that the really nice cars were mostly being offered by dealers.

No regrets.

 

Oh, you guys just over that artificial line in the sand between Cali and Nevada...We get 0, zip, nada credit for our sales tax even if we keep the car a month and then trade it in on another used car. 9.75% goes to the King's Exchequer in order to receive the King's blessings to use the King's pothole-ridden roads.

 

You know despite there were 16,000 360's and about the same 430's made, it's still can be a hard car to get exactly how you want it. When you find just what you want.. sometimes you gots ta pay. Wiggle room definitely gives you more options and choice...

Daytonas are sweet, though I'm an explorer 2 kinda guy (its the spelunker in me).

 

Agreed. Never hurts to ask the seller to cut you a break.

 

I've paid over asking price I wanted some cars so bad. At the end of the day, "a car is worth what somebody is willing to pay for it." It feels better when you get a few bucks off the price, it's part of the game. But it feels terrible when you don't get the car you wanted.

 

I think you need to take a shot at the asking price, but be respectful, especially if it is a private sale. Ferraris not only have an emotional component to the purchase, they have an emotional component to the sale (for most - unless it was someone's nightmare car that you don't want). I've never sold a Ferrari (three sales) that I didn't love...like getting rid of a loved-one. They were sold to friends (2) and traded to a trusted dealership (1). If along the line I felt either the car or I had been disrespected, that could have jeopardized the deal. Personally, I pass-by the over-priced listings and never bother. After a certain amount of research time, you know what the market is for a certain car. I zone in on the listings for the cars I seek which reflect a realistic price.

Not grinding on the price may not be good business, but this whole Ferrari thing is "not good business" for the most part. The Ferrari experience for me is more emotional than cerebral. My cars are like my kids...don't mess with them! I want the ownership experience to be pleasant and rewarding right from the start.

 

+1 I couldn't agree more!

 

Make every attempt to assess the motivations of the seller, and examine your own. The guy who is in the biggest hurry to make the deal usually leaves the money on the table.

 

All of the above is great advice. I would add that you should know your budget and stick to it. It is easy to get caught on the escalator to an amount of money that is uncomfortable for you. Ultimately, it's Ferrari you're driving and there's no shame in driving one that is slightly older, more miles, etc BUT that you can comfortably afford.

It's a journey, not a sprint and the first one is the most expensive as far as the feeling. For example, once you own a 360, the leap to a 430 is not a ton of money relative to the values.

So the main point is to get in the game as you can always escalate as you save more money. Unfortunately for those of us who own them, the one common denominator is that they are depreciating which makes the next level up more accessible the more time you wait. In the meantime, enjoy the Ferrari you have which for most of us is a dream come true!

 

I think there are different variables that play into this though. As educated buyers and sellers, you ~should~ know what prices are considered reasonable and fair market value. If the seller is asking for what I feel is a reasonable asking price, then I don't mind paying what the asking price is. For example, if someone were asking $75K for a clean 360 that had good miles, reasonable wear and a clean PPI, paying asking price isn't out of the question. However, if said seller was asking $150K for that same car, then paying asking price would be out of the question.

This is a bit different though...I believe Authorized Rolex dealers are not allowed to sell for more than the specified MSRP or less so you would never encounter an price higher than the MSRP. They can hold them back and sell them only to ~special~ customers. In either case, I'm glad I picked mine up when the economy went down in 08...my dealer has offered me more for mine than I paid back then!

 

I don't know if in my case a narcissitic need for self ego inflation classifies as a good motive.

 

Curt, that was very honest. You simply have to love such an honest admission. I'll bet you have long since stopped telling people you read "Playboy" because of the well written articles.