First time Ferrari buyer experience -- What a ride!

As a very recent first time Ferrari buyer (December '06), I thought an account of my journey might be useful to others contemplating a similar adventure. I’ve recorded my choices and experiences in more detail than necessary so please feel free to skip the dreary minutia or ignore me entirely. Comments and questions are encouraged along with any advice regarding the wisdom or foolishness of my words and actions.

HOW TO PAY FOR IT?

It doesn't take much arithmetic to realize that financing an expensive toy is an extraordinarily bad idea. Despite what we tell our wives and ourselves, they always depreciate dramatically. Coupled with inflation, that means financing such a toy will almost certainly get you upside down (owing more than it can be sold for) very quickly. Besides, after waiting this long for a dream car, I intend to drive and enjoy the crap out of it so my investment capital will be consumed anyway.

Therefore, the only rational (i.e., least costly by far) way to go for me is with purely discretionary and disposable funds -- cash on the barrel head. Upon receipt of a small but quite unexpected inheritance, I realized I had enough to think seriously about a dream car without threatening any retirement or future emergency financial needs.

My conclusion: If there's a problem with total loss of my toy tomorrow, I can't afford it today.

WHICH CAR TO BUY?

There are many great looking and great driving cars, both old and new. After some introspection and consideration of my station in life, I realized I would be happiest with something sporty but roomy, comfortable and easy to drive, all-the-way refined and elegant but with the highest standards of performance, and of course unusually sleek and beautiful to look at -- a thoroughbred in every way. As much as I love many classic cars (Ferrari and otherwise), I also want something thoroughly modern with great air conditioning, sound system, security system, smooth quiet ride and completely safe. And finally, I want a car backed with a tradition of performance and rooted in a history which I can enjoy and feel a part of.

I looked at many of the classy modern sport/luxury cars with some history (Lamborghini, Maserati, Jaguar, Austin-Martin, Lotus, Porsche, Mercedes, BMW, NSX, Ford GT, Viper, Corvette, etc.) and found much to like in all of them. However, one of the many wonderful things about a Ferrari is that every one -- in its day -- fits all the above criteria. It just seems natural that if you want the best, Ferrari is it. Many other cars offer a lot (even most) of these things, but none seem to offer the total package like a Ferrari.

So of the recent Ferraris, which do I want? The recent 12 cylinder cars would seem to fit the bill perfectly except for two things. First, they’re generally closer to full size luxury cars than sports cars, and secondly they are very beautiful but not particularly unusual looking (to me at least). From across the highway there are several classy front engine GT cars which look essentially the same. I really want a mid-engine car since there's never any mistaking that "look". The 365s, Boxers and Testarossas are certainly great looking but not as modern as I want. That leads me to the 355/360/430 cars. They are modern in every way, not too large, not too small, unmistakable mid-engine styling, completely comfortable and terrific performance.

Using FerrariChat and a variety of other resources, I developed an extensive file on all 3 of those cars. As the current model, 430s command a very large premium above MSRP to purchase. I decided all that extra money is out of proportion to the additional capabilities it buys above the other two cars. Perhaps all that extra money is better spent on maintenance. The 355 is apparently a great car but with a few issues such as valve guides, exhaust headers and interior trim. Most 355 issues seem well understood and easily dealt with (albeit a bit pricey), but I realized I don't want to deal with them. I want straightforward and easy. The 360 has a solid reputation as a great driver with very few issues as long as maintenance is kept current. Lots of 360s available to choose among right now, so what's not to like? Additionally, 360 styling is a bit subdued as Ferraris go -- distinctive and very lovely but without the splashy flamboyance of some other Ferraris. Just right for my taste and station.

My conclusion: If you're gonna get a fine car you like, get the VERY finest possible and get one you REALLY like.

THE BUYING EXPERIENCE

Shopping for a 360 is relatively easy with so many currently available. The red and yellow 360s are splashier than I want so they're out. Besides, I think we’ve all seen enough red Ferraris. The black and other dark colors are a cleaning hassle, plus dark colors tend to dampen the already subdued styling of a 360, so they're out too. Therefore, the various grigio and other lighter colors are what I'm looking for.

For extras it’s got to have the traditional “SF” badges. How can we tell it’s a Ferrari without badges? The Challenge grills are also very nice, especially the rear since it vents the engine compartment better and gives a great contrasting look to the back of the car. And after waiting so long and blowing so much money, I certainly want the full interior leather package, hopefully in a nice contrasting color to give a little personality to my new toy. After much consideration and study, I also decided on the F1 transmission. I’ve driven many manual transmissions over many years so it’s certainly not a problem, but I realized I wanted the full modern Ferrari experience. If it’s good enough for their Formula 1 cars, it’s probably good enough for me. Besides, what a great gadget!

I spent nearly a year watching a large variety of sale listings – FerrariChat, Dupont, AutoTrader, Hemmings, CraigsList, FML, eBay, several other listing services and a large number of dealers scattered around the country. The range of asking prices became pretty clear along with the colors and option packages generally available. I also took several test drives at my local dealer as potential 360s arrived, but none were quite right for me.

I finally spotted what appeared to be just what I wanted – a gorgeous Azzuro California (metallic sky blue) ’02 F1 with those beautiful badges, front & back grilles, red calipers, CD changer, electric Daytona seats with contrasting dark blue piping (same as dark blue dash) with matching leather headliner, rear shelf and door sills, all in stunning Burgundy. Even better, it had around 12K miles so it’s been driven enough know everything works right. A clean CarFax appeared to show a single former owner with regular service until the last year or so when it sat with a couple dealers waiting for me to come along.

The car was at a dealer in San Diego (Sports Car Company, Jim Lyons, http://www.sportscarcompany.com/). I checked him out and found he is well known and liked in the local area and a nationally prominent exotic car wholesaler and retailer. I also dug around and found a very well known and respected independent shop in the area (Bobileff Motorcar Company, Gary Bobileff, http://www.bobileff.com/) for the PPI.

After speaking with both gentlemen several times, a full PPI was arranged. Bobileff uses an extensive PPI form (six pages with no wasted space) and does a very thorough job. With everything still looking great after the PPI, I made a tentative deal with Jim Lyons and flew out to San Diego for a personal inspection and test drive. The car turned out as good as described and better looking than its pictures. After negotiating a few last details, making sure of clear title and everything actually included (or not included) with the car, I signed the papers and made final arrangements for shipping the car to Texas.

I must comment here that both Jim Lyons and Gary Bobileff are consummate professionals. Lyons omitted a few small details of the car which I had to ask about, but after all he IS a used car salesman. However, every question was accurately answered and every promise was promptly and completely kept. He was also very helpful and did everything reasonably possible to facilitate the transaction (e.g., run the car over to Bobileff for the PPI). I would not hesitate to buy another car from him any time. Gary Bobileff is also completely competent, knowledgeable, and meticulous and I would gladly have his shop examine or repair or restore even the most rare and exotic Ferrari or Lamborghini.

The only bad news about either of these guys is the same as the good news – they’re both pros. I got the impression they are happy to do whatever it takes to deal squarely with legitimate and serious customers. However, I also suspect they can spot idiots and tire kickers a mile away so trying to waste their time would only waste yours. These are great guys to help find your next Ferrari or Lamborghini or other exotic car, so getting on their “people to avoid” list is just plain dumb. Additionally, their services are not inexpensive but those services are first class and exactly as represented.

Upon delivery of the car to my local Ferrari dealer (Barrett Motor Cars / Ferrari of San Antonio, http://www.ferrariofsanantonio.com/), I left it with them to do the state inspection stickers, license plate and correct a small matter turned up in the PPI. I also had them make a few small additions (protective film, battery tender) to get me ready for the road. That got me to know the service manager and main mechanic who deals with 360s, plus letting them know I intend to have them take regular care of my car without skimping. I’m guessing it’s always better to be on great terms with your local Ferrari dealership. I believe I treated them with respect and they’ve been completely helpful and professional in return.

My Conclusion: If you want the right car, it really helps to deal fairly and respectfully with the right people. The right people are not cheap, but I suspect they’re a lot cheaper than the wrong people.

THE DRIVING EXPERIENCE

Those of you who own (or have driven) a 360 already know about this part. It is everything it’s cracked up to be and more. If I had to sum up the driving experience of this car in a single word, I couldn’t. The best I can do is two words: “effortless” and “exhilarating”.

Effortless in the sense of no effort or special care required to drive the car under any normal circumstance. Effortless steering, breaking, shifting, visibility, the works. Lightly touch the wheel and the gas to be instantly transported to exactly where I’m looking. No hint of oversteer, understeer, imbalance or distress of any kind in the car, no matter how fast (or slow) I’m going. Clear and effortless visibility of all traffic around me in the perfectly placed mirrors. Elegantly smooth, sophisticated and quiet ride at all times, especially in “normal” mode. Lightly touch the brakes and instantly slow or stop exactly where I want. Comfortable and easy driving to work several times a week and running errands on the weekend. Basically no hint of exaggerated performance – except under exaggerated circumstances.

That’s where the exhilarating part comes in. On a long straight stretch of 4-lane highway in west Texas I switch to “sport” mode, stomp the gas and downshift to 4th to pass a truck. Suddenly it seems I’ve been fired from a cannon. In a second or two I’ve shot from 55 to 90 and still accelerating hard. Figuring a shift will smooth things out and get my head off the headrest, I pop the paddle to 5th only to be slammed into the seat again. I glance down to see the speedometer race past 120 and still accelerating hard. The truck is a speck on my mirror and I realize I better get off the gas before I start leaving a vapor trail. The howl is like nothing I’ve ever heard from a car before.

As I decelerate, I hope to crap there are no cops around because I’ve definitely been a bad boy. I make a mental note to get off the gas much sooner next time. That’s when I realize the whole episode lasted only a few seconds – but WOW, what a few seconds! Clearly this car is a monster if you drive it that way. It was a little scary but it was also the same slick effortlessness as going slow and smooth. No distress in the car whatsoever, rock solid secure and complete control at all times.

My Conclusion: This is a formidable car. I know there are other nice fast cars, but I can’t see how any car could be nicer or faster enough to matter. I chose wisely.

MY ADVICE TO OTHER BUYERS

I believe taking the time for extensive homework, waiting for the right car and dealing with the right people were the main factors in the great experience I am having with my Ferrari. Stated another way, I think knowledge is power, rushing is vulnerability and skimping can be expensive. Consider carefully which car you would most enjoy and the particular features you want. A great deal on a car that’s not what you really want is not a great deal.

Use careful research and common sense to spot the flake and scam sellers. Every deal I found which seemed too good to be true was exactly that. Prices may seem higher from reputable (emphasis on “reputable”) dealers and mechanics, but a smooth and worry free transaction with no surprises and no regrets is worth something. Again, I think patience and homework are the keys to separating the good guys from the bogus ones. I cannot speak from experience with private sellers but I would expect that taking your time along with lots of common sense (and getting everything in writing) would be central to a successful transaction.

Was it worth the time and effort? Abso-freakin-lootly! Every drive in the car is an adventure filled with major satisfied smiles. Highly recommended.

 

Great post! and Welcome!

Luckily for you the San Antone/Austin group is real active with drives and meets.

See you around!

Ferrari is the featured marque this year, at Keels and Wheels if ya feel like a road trip! FCA will have a corral there, IIRC.

 

Well done Jim, it was a great read! Always good to have another Ferrari in Texas. Just had a good friend buy a 430 Spider from Barrett, and he said they were great to work with.

 

awesome post!

thanks for your insight!

 

awesome post, thanks. one nitpick. the sf badges aren't traditional. the race cars have stickers iirc. also, we need pics.

 

+1

Great post! Would love to see some pics of your 360 (interior and exterior).

I also noticed that you like to shoot international clays. Lots of fun there, but can be VERY frustrating sometimes. At least it was for me when I shot competitively in college. American clays are so much easier (spoiled me).

 

This post should be mandatory reading for new fchat members who ask "What should I look for...?". Great post, thanks for taking the time.

 

And as I have many times said, Jim Lyons is Top Dawg!

And, you could not have found a better color.

Only 12 Azzuro spiders in the US. You have one!

Only 7 Azzuro coupes in the US, and I have one!

 

> No hint of oversteer, understeer, imbalance or distress of any kind in the car, no matter how fast (or slow) I’m going.

Sorry, if you didn't experience any of those, you weren't driving very hard. lol ANY car will do one or more of those when pressed hard enough.

But wow, what a post! Great job!

 

Nice post and congrats. Probably well-bought, as the '02s have already taken the big depreciation freefall, but they're still relatively new cars.

Jim and Gary are good guys - Gary services my 328. And it's good to see someone post about the wisdom of buying what you can afford.

Now, about this:

"That leads me to the 355/360/430 cars. They are modern in every way, not too large, not too small, unmistakable mid-engine styling, completely comfortable and terrific performance."

I'd say the 360 is a bit larger and more comfortable - I was in an '03 spider this weekend and really could stretch out - while the 355 is smaller and tighter. I'd draw a huge black line between the 348/355 generation and the 360/430. (The huge black line prior to that comes after the 246/308/328... old school body-on-frame, extremely snug cockpit, zero computers --definitely of another era.)

Someone posted this pic elsewhere on FChat - I thought the side-by-side comparison was pretty remarkable:
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I enjoyed going through your rationalization process to buy just the right car,
although, as it has been said several times, the purchase of a Ferrari is an action that cannot be rationalized: it is just an act of passion !!
Welcome and let your passion loose.

 

The Azzuro California is a striking color and perfect for that car. It sounds like you got a good one. Enjoy the ride!

 

Very thorough evaluation, thanks.

I agree that dealing with honest and quality people always pays in the long run tho it may cost a little more on the front end.

Also, it never ceases to amaze me how the 360 Spider throws me back in the seat when upshifting with the gas peddle mashed. Just amazing. Enjoy the ride.

Hope you can find a place to drive where the traffic Nazis are absent.

 

Good post to read, cheers Sounds like you've done everything the right way, the first time which is excellent to hear!

 

As my father inlaw once told me..research ..research and then if run into a problem see me.Just come and in and say i need help..do your do diligence first..your article was great.Best i have read in a long time.too many people are to quick just to ask for help..!!!

 

Jim:

Congratualations on your purchase!

Enjoyed the excellent reading...I could write my own similar story.

I was certain that I wanted a Vintage 12 model and of my financial capabilies/limitations, but it took me a full year...after I had made the decision to buy and my wife had more-or-less agreed...of doing constant homework and sifting through the available cars as they came up, to actually send the cashier's check off the the seller.

Counting the time between when the Ferrari bug had first bit and the decision to seriously go for it, it was around 16 months total.

Almost 52 when the bug bit, just turned 53 when I made the purchase, 57 now.

Make sure you go to the age-demographic thread in General Ferrari Discussion and check the appropriate number.

 

awesome post! congrats on the car, gives a great insight to what it's really like. i vote that we should make that post a sticky for people looking to purchase, who's with me?

 

Many thanks for the kind words from everyone. Just drove the car into work this morning so I look a little like Smilin’ Bob and his pocket full of Zenite.

To Wetpet: I omitted pictures purposely since my post was already so long. I was also trying to maintain focus on the process rather than bragging about how great my particular car is. Whoever owns a Ferrari thinks his/hers is the best and everyone knows what a 360 looks like, so I figured I’d spare everyone the “my 360 rocks” routine. Perhaps I was wrong and I can try to put up some pix at a later time.

To 8 snake: A fantastic new shooting range in Kerrville (about 45 miles northwest of San Antonio) is up and running now. It’s the only clay target facility in the country officially sanctioned by the USOC and designated as an Official Olympic Training Site. Let me know next time you’re in Texas and we’ll smoke some clays.

To GCalo and Open Roads: I must agree about that gorgeous Azzuro California color. To date every single person (men, women & children, no exceptions) who has spoken to me about the car has commented how much they like the color. The burgundy interior is a little flashy but it’s not noticeable from outside through the tinted windows. All in all I find it a wonderful combination – stylish, sophisticated and a bit subdued on the outside but no hint of the deep burgundy passion lurking within.

Sorry for the cornball.

P.S. to GCalo: Actually mine is a coupe. If that’s what you’re driving, all I can say is LUCKY YOU!!

To Adrift: I’m sure you’re quite right. I’m pretty CS (that’s *not* for Challenge Stradalle) about driving so I may never push it hard enough to experience significant distress from my 360. The performance limits of this car seem so robust that I may not want to find them. They simply make this the safest car I’ve ever driven.

To Bullfighter: I quite agree that a 355 is a bit smaller and snugger than my 360. The very roomy and comfortable interior is one of the many great things about this car I also agree about a fairly clear generational jump from the 355 to the 360 although I believe the 355 is a great Ferrari and I would have been happy if I had gone that route.

To Oss117: Thank you although I see the buying process as more rational with driving being the passionate part.

 

Very enjoyable and I love your driving conclusion: "...a very formidable car..."
LOL--great understatement!

 

You definitely have to post some pics. Congrats!!!!!

 

Nice write up and ditto on pics, that sounds like a very unique color combo in the interior so make sure to take plenty of pics. Thanks and congrats.

 

If I can make it work, here are a few pix. The interior colors appear somewhat lighter in these pictures than they really are (e.g., the dash is actually very dark blue as in most 360s).
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stunning colour. i dont ever recall seeing it before

 

Hey Jim,

The Car looks great, glad your enjoying it. You were a great guy to work with! If you need anything or have ANY questions please feel free to call us anytime. Awesome write up on your buying experience, a true ferrari chat must read. You truley are a first class buyer and wonderful person.

Enjoy,
Have a great drive.

-Carlo R
Bobileff Motorcar

 

Jim,
Thanks for the responses and of course the lovely pics. How do you feel about Grigio Alloy?
Stan