Need advice

Interesting first post/thread. I don't want to say I doubt your story, however, you can't buy a 328/355/360 for $35k that runs and looks good, period. Your "friend" got one heck of a great buy if thats true, although I would love to see what the car looked like.
Being patient is the #1 key to the buying process. Don't let a "great" deal keep you from doing your diligence and research on the car.
I would also think using money from a retirement account is not a great idea, but I am sure you understand your finances and the issues that spending that money may or may not cause.

In the end, welcome, read through the "sticky" thread at the top of the forum on buying a 360/430.

 

$35k.. was the car in an accident prior? He got the deal of the century if true.. I highly doubt you'd find that on the open market. Story is suspect to me. That's sub-salvage pricing. He bought from a friend who gave him very very under market pricing.

The big question is how much can you afford? Can you do competent work on the car? If you've got $50k for the car AND the maintenance.. I'd think twice about it.

 

Sub-salvage pricing, that's a new term to me. Is that like sub-punk music?

 

I wanted to write "I'm telling people that I bought this for $35k but my friend was going through a divorce but needed to liquidate so I got it in partial trade for this price"... pricing.

But that was easier to write.

 

Ferrari for 35k hummmmmm I don't buy it!!!!

 

The cheapest 360 I have seen was a silver coupe with flood/salvage history with 35K miles, that was 40K.

 

Only a desperate fool would want that car.

 

Pick a price you want to afford, budget for $2k a year maintenance and have $10k in reserve just in case. If your reserve reduces your affordability limit then so be it. Aim for a decent quality car not bottom of the pile. I'd say if you're at $70k then 360, $50k 348 etc. Prices are rising for the manual cars across all models so you may see 348's getting closer to F1 360's. Possibly

 

I'm not buying the $35K for a decent, running, non-storied, not salvage title 360.

With that in mind the only thing that needs to be said is the following, "There is no such thing as a cheap Ferrari".

I went through this when I was selling one of my Ferraris. It was an immaculate, well documented, no story car and was priced accordingly. I had the parade of folks saying, "I can buy this other one for 1/2 the price of yours". I said, you found your car, go buy it. One local guy did just that, and by the time he corrected everything, he spent $10K more than if he would have just stepped up and bought mine.

Don't be like my dad who always ordered from the right side of the menu, irregardless of what showed up.... as long as it was cheap. He never got what he wanted and just complained allot. Your Ferrari experience should be one that always puts a smile on your face. Buy the best car you can afford and enjoy driving!

 

35k? Was it a kit car? Lol

 

$35K for a 2001 360 with 22K miles? Hummm, I dont know about that.

Also, just want to mention the correct spelling of the maker of the car. its Ferrari.

 

....just be careful who you buy from...

 

Not trying to be funny but I don't buy any of this. Who hankers after a car so much and so wants one but can't spell the name of it?

 

Well there it is. Maybe his friend bought a farrari for 35K which was a replica and not a Ferrari?!

Either that or it had been submarined?

 

I gave up on correcting spelling and grammar on this site a while back. There are guys driving F40's, 50's, 70's who can't spell for toffee so I wouldn't read anything into it. They clearly made so much money they have other people who spell for them now

 

I know exactly what you mean but to spell the actual brand name wrong is, well , weird!

 

Maybe it was a Farrari for 35K! That would explain it Lucy.
So, Firedad, I did basically the same thing waited most of my life and finally bought a 360 Spider Red/Tan. I looked for a few years until I found one in my price range. I couldn't find anything in the $60's. Then a beautiful one came up for $80K and I bought it in '13. had everything I wanted in it. But it still cost me around $12k in service after that. So, $35k - if it runs that would be great.

 

I would post your OP in the Business sub-forum and ask advice on raiding a 401k.

 

We all THINK that.. but held off on writing it.. FYI I plan on raiding my 401 and going on a vacation. You know.. so I can reminisce of the good times when I eat canned tuna and raman.

Though what comes to mind is this little gem:

Bought it off a friend for a few grand and its been rock Solid reliable! Didn't even need new belts!
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I just checked on Autotrader and it looks like the price of Red 360 spiders are going for $80k on up.