As mentioned by a private dealer-360 spiders well under $100k in 2-3 years

As mentioned on another thread, I posted that I was looking for a 360 in the next 2-3 years as maybe that would be a good time the 360's would sorta stabilize pricewise. Someone responded that with over 20000 430's gonna be built overall, the 360's would be taking a steep hit in that time.
I got curious and spoke to a private dealer in Southern Ontario. He mentioned especially with the influx of 360's coming into Canada from the US, as well as the overwhelming 430's being built, that we should see for sure some 360 spiders well below $100k in 2-3 years as the used car market for Ferrari 360/430 will be in abundant supply. Good for me as a potential buyer...but for those that have 360's maybe not!
Any thoughts on this?

 

Find another car to buy for right now. Even in 2 or 3 years, you will still take a huge hit on any newer Ferrari model. Save your money.

 

if you have to hope and pray that a car depreciates to a certain level so you can finally afford one its not the right car for you. especially an exotic which has expensive service/repair bills. like the above poster said find a different car.

 

+1

if its about cost and affordablilty, look for another vechile.

 

For me its all about timing the market. I'm not in the market for one now or next year. I said 3 years. So by that time I will very well be able to afford and MAINTAIN a sub $100k 360 spider. .. I would just lease it for couple years and see where it goes from there

 

I have a similar experience...

I have developed a reasonable contact in the used exotic importing market and he informed me last week that there are approx 20+ 360's being prepped for delivery to the Toronto/SW ONT area in the next 2 + months from the US with various independent dealers taking delivery (just in time for spring).

He mentioned for me to HOLD OFF buying anything until then as the prices for Canadian cars will take a serious hit. He indicated that Canadian F-Car owner's aren't ready to accept that their cars could be seriously de-valued by as much as 20-30% by Spring 2008.

WOW!

 

i don't think lamborghini or f430 owners have to worry. the f430s bring in enough money in the states that its almost not worth going there to get one. lamborghini's can not be brought in. i think the majority of owners that should be disappointed with prices should be 360 owners.

 

There are just too many out on the market right now. Just look at e-bay. 7 pages of Ferrari's and the majority are 360's. Just think how many are being imported to Canada. I know of 5-7 sitting in one dealership alone + 3 F430's!! Never mind FoO, Lenny's and the various other used car dealers that have a couple sitting around waiting to be sold.

Trouble is most of these dealership have too much money tied up into the cars to let them go for fair market. That 04 360 spider that used to command 245k is now hard pressed to get 180k..the dealer more then likely has 200k tied up into the car..how would you like that on your plate??

 

You are 3 yrs away, then you need not start a thread about it

The reality is, the bottom is too early to tell right now, i would suspect that the 360 spider may very well be in the 100K mark but there are too many factors...........primarily the job market. If a 360 hits 100k in 3 yrs, god only knows what the Z06 will be, and the Vipers, and other cars.

The positive in this is, there will be alot of choice in the next 3 yrs, for you and me

 

Good point Tom, the big dealers are still living in the past for pricing of what is mostly consignment cars. They still have a huge advantage of providing new cars for a handsome profit.
Lots of industries have taken a big hit with the rising Canadian dollar. Why should the car business be immune? They are just taking a double hit because the price structure was so disparate between Canada and the US. Some owners of earlier cars have said 'if I can't get my price then I will keep it'. Potentially this could slow new car sales but in reality there is always a queue for the quota!

One point that has never been mentioned; who will service all these USA Ferrari models coming to Canada? The official dealer can only handle so many at a time. If you have purchased an official Canadian market Ferrari and have to wait two months for service from your dealer; will that make you happy?

CH

 

Their are 2 very able bodies on this board that can easily handle this business. Im sure they are looking forward to it.

One of them already has added his comments in this thread

 

Yes, and there are about another 5 private shops in Woodbridge/Concord too, and I'm sure if they see an influx of used Ferrari's coming into be repaired, they will grow to handle the new business.

 

Yes, hopefully they will. However, I imagine it would be costly to upgrade. Buy hey, no one said it'd be easy.

 

Business could be good...it doesn't hurt to have a dozen new clients banging at your door when FoO will turn them away.

As mentioned in some previous posts, I already know 3 guys who bought 360 Spyders (from the US) since the summer. They all live in Woodbridge and have no intention of bringing their cars to FoO... New clients on the market? Definitely.

 

+1. service wont be any cheaper 2-3years from now. my personal opinion is you should either save your money, or look into leasing a newer car. ive held off on three different cars now and im glad i did.

 

My car cost me over 35k a year in service.. The easy part is buying the killer is service..lol.. Good luck but if your looking and talking about money why are you wanting a Ferrari? they are not cheep no matter the price..

 

What the heck are your driving?? Mclearn F1?? and who is doing your service work? There is no way any Ferrari would cost 35k per year to service and keep on the road. If that was the case nobody would buy one.

 

i think you meant to say 3K-5K a year to maintain a ferrari ?

 

I seriously doubt that the 360 spider will ever sell WELL below $100K, let alone 2 - 3 years from now. Just use the 355 spider (95) as an example, there are 2 that sold this summer in Montreal at $125K. Therefore if you were to use this as a comparison it would be safe to say $125K and even at that, as long as the 430 and it's replacement continue to command the big bucks, I would bump that up to $140-150 range. Prices in Canada will always be more than the US. Right now, everyone is going crazy with the crossborder purchases but eventually the USD will stabilize and everything will go back to the way it was a few months ago. I hope LOL.

 

Michael's explained some of his maintenance bills and he's rather unique in that he actually drives his cars a lot (even by my standards it's impressive), including shipping to europe for rallies/etc. He's also not scared to upgrade exhausts/etc through our dealer. So yeah, I believe it.

Not typical, but a great example.

Maybe you're not charging enough

 

I don't buy that argument. Cars are tradable commodities and their prices can be readily predicted if one analyzes the depreciation curves as well as the various supply and demand factors (as the OP seems to be doing). Smart buyers, regardless of how much $$$ they have, can easily pick up great deals on reasonably reliable used cars (e.g., the 360) just as they hit the inflection point on their depreciation curve (where depreciation goes from 12-15% annual declines to 5-8% area). With an overvalued CAD and fungibility between US and Canadian F-cars, any 360 is a screaming buy....... that supply will sink 360 prices in the future..... but if you've plotted your depreciation curves for all your f-cars, it won't be a big hit....you'll see a price "floor" develop at around 120-140k, even 8-10 years after the model year in question.

My view: (Assuming you've done your DD), a 360 imported from the US today is a great buy. It will be a slightly better buy in a 8-12 months but not worth the wait if you can drive it now. The impact of additional 360 supply will be absorbed by 355s and 348 owners in addition to current 360 owners, as many of them will move up to 360s as their pricing moves down.... effectively creating a good base of support for 360s at the 120-140k in 2-3 years (ie near where the best 355s trade today). And who knows, if we see a downturn in commodity prices and a return of CAD to 0.70, you might be able to sell your 360 back into the US in 3 years for exactly what you paid for it.

360s are a pretty damn compelling buy...... my only concerns would be: 1) cost of servicing if there's in fact a shortage of service places); and 2) the fact you'll probably see every poseur kid and their dog driving one. Poseurs with a decent job can basically lease anything worth up to 150k so familiarity may breed contempt.

 

Oh..I see. I had know idea to rallies his car and ships is across the pond. The would indeed send costs onwards and upwords.

And your right, I don't charge enough, but I just can't bring myself to charge anymore then what the job is truly worth, my bad I guess...

 

great marketing line!

 

speaking of ferrari values;is anyone aware of current 348 values? Im talking Canada obviously.They seem incredibly low when looking at U.S. adds.It would be interesting to know how much my 92 tb has depreciated in the last 6 years of ownership.

 

I have a 93 348SS with 37K miles listed in the autotrader @$61K. Not a single call on the car.