1999 Ferrari 360 Modena Red/Tan - Rare Manual 3-Pedal, located in So-Cal

Sounds nice! Lots of 6 speeds Modenas posted here this week!

GLWS

 

Sounds like a winner!

 

Wow..just needs CS wheels.

 

Agreed, which fortunately can be added rather easily. Great spec.

 

Man, I love seeing "high mileage cars." It good to see that I'm not the only one who drives them

 

So true.... it's killing me right now as I've been working the wife over for permission to off my GT-R and replace it with a 360.... so far no go. :-(

 

Do as I do. Buy her a very nice car, or something else, and try again. Life's too short to not own and drive a 360.

 

Beautiful car!!

 

Easier to ask for forgiveness than permission.

 

15-year old car averaged ~2,000 miles per year.

By no means, a "high mileage" car (IMHO). I'd rather buy a regularly driven car that's sorted out, rather than a garage queen.

Also, the very desirable 1999 no pre-cat, 3-pedal model at what appears to me to be a very fair market price. Maybe below market.

Someone is going to be very happy with that car.

 

I'm new to the market and looking for a 360. Is this really market price?

 

Yes

 

Great price for that color combo.

 

Not really - the price reflected is above retail for 1999 given miles, which would be the price you will see at any dealer as asking price for a similar cars 99-01. 99s are in the $50-60k range unless it is ultra low mileage car and in Ferrari land anything over 10k mi is viewed as high mileage unless it's a >20 year old car. Good luck on your buy.

 

That's interesting you say that. I had a long talk with c&c in Ontario, California. They specialize in used Ferrari's and have about 50 in stock. I actually asked him what would be the wholesale value on a car like this. He said without seeing it 45k. If he saw it and liked it 50k would be all the money. So if these cars are retailing for 75k that's a huge markup.

 

$75 is asking price which you don't pay.
IMO, it will be hard though (but not impossible) to find a no-issue 360 for 50-60k, even a '99. Looks like there is a premium nowadays for a manual tranny.

 

And what would the likelihood of the seller here dropping his price $15-20K to move the car? I don't think that your reasoning is incorrect, but I don't see this seller dropping his price to be in line with what you think the market might be.

$25K is a huge markup if C&C is buying 360's for $50,000 though. Where do I get my dealer license at????

 

That seems reasonable to me.

 

I didn't mean a price drop of $15-20k. If I were to buy the car, I'd offer between $5-8k (or even 10k) lower than his asking which is more realistic. As I said, it will be hard to find a good 360 for 50-60k. Even at 65k, there may still be significant issues.

 

Gotcha.

 

Actually it is not and they do not always get full asking. You are assuming there is no risk and that you as a seller will sell at full asking to gross the full mark-up. If you are in the business and you take in a car you will need to service, detail, fix (tires, mech issues, etc) if you want to sell the car and have a reputation and then additionally you have your overhead and potential that while trying to sell it that it doesn't develop any issues (gear box, leaks, major failures) at the end of the day you're taking a measured gamble that you will come out ahead and this may take you months of dealing with egos (guys buying even used Ferrari's think they are a big deal), dreamers and tire kickers, time wasters...you name it

the margins are higher, but so are the risks. Bottom line is - what ROI do you need when you gamble your $50k and have to put in time, money and effort to sell? You can't expect a used car outfit in upper brackets to make $1k a car like the local new car Chevy dealer who has little to no risk on pushing volume new cars.

For the most part I think most seasoned buyers of ultra luxury cars know there is a $15-$20k mark-up from wholesale to retail and if this is a new discovery - youre either new or unknowing of the process (not trying to sound like a jerk).

 

I'm in sales so I follow margins with interest, just didn't think there was that much in a used 360. But it's true if you all of a sudden find yourself doing a bunch of preventive maint on the car that it'll eat into that profit you wanted to realize quite quickly.

 

I think that is a huge markup. I used to broker new luxury cars and we would sell some cars under invoice. If I made 500.00 for my pocket I was doing good.

 

Not a good comparison - brokering has no risk (it's just pass through) and moving new units has the hold back (factory incentive) of just moving units so money is being made even below invoice. selling new and used in not directly comparable with these factors in play.

Risk is everything and if you know Aston, Bentley, Ferrari, repair and parts costs you can understand the dice roll in play when you're moving a $50k 10yo Ferrari vs $50k 2 yo Corvette with smaller margin...we know which seller stands the bigger chance of rolling "snake eyes" so there is proportional risk and reward.