F360 Spyder for $108,000 Why Not?

Hello All,
It's been awhile. I just wanted to know why would most of you turn away a Euro model at this price.

http://cgi.ebay.com/ebaymotors/2000-Ferrari-360-Spider-F1-Euro-w-29k-miles_W0QQitemZ280200327628QQcmdZViewItem?hash=item280200327628


For the first time F-Car buyer I would jump on this in a second.

Please comment.

Ron

 

this one has been on there a while right? i think there was even a thread on it a few weeks ago. personally, it looks good to me, high miles, but for $100K... why not

 

There's a yellow on black one for sale in the Tampa area for the same price. Euro, 6-speed, 30k done, etc... probably beaten on, but for that price, you should have a few bucks left over to get it back in shape.

On a side note, I find it funny that they have it listed as a "Spyder"... It clearly says right on the dashboard "360 Spider"... dur!

-R

 

I wouldn't buy it because of all that tacky ****. I'd pay the extra 40 grand not like look like an idiot with that wing, body kit and diffuser.

 

the wing is definitely a deal killer, much less the side rocker panels

 

According to the seller, the car is due for a major service; they have no service records for the car; and they have no details on the conversion to US specs.

 

If someone buys an Euro model, do you have to convert it to US specs.

 

Yes, unless the Environmental Protection Agency and Department Of Transportation (EPA/DOT) compliances have already been completed. This can be confirmed with proper documentation or contacting the EPA/DOT with the VIN.

 

Euro cars should all be converted. If they have a legitimate State title then they've gone through a certification process by a registered importer. At least that is the legal process.

 

I am pretty sure that was Wyclef Jean's car. I could be wrong. I know it was an 01 Euro Car Red/Black 2X,XXX miles, Hamann kit, wing, red painted interior panels. I believe those are the wheels he had on his. Unqiue Motorworks did the mods. He was not very particular about who he let drive his cars. I would imagine that it has been beaten pretty hard. The price is probably right but if you take it to a dealer for a ppi expect a $15-20k estimate.
Ed

 

29k high miles eh?

you guys are hilarious

 

The engine needs to grow four more cylinders...

 

A Euro model, with no records, and tons of modifications is NOT the car for a first time Ferrari buyer by a long shot. First time buyers a much better off buying from a reputable dealer, unless they have spent a good deal of time studying the cars, the market and such.

 

No collision damage?

Then if you're into the pimp my ride look, What's the harm?


Do it on a lark.

 

You obviously do not have any Ferrari ownership knowledge then. Miles are dollars, simple as that....and the average 360 probably has 15 to 20k miles. Me? I drive the snot out of each Ferrari I have owned, putting anywhere from 8 to 10k miles per year on them...my 355 spider has almost 47k miles on it. I would bet I would take a hefty hit if I were to sell it.

But if miles don't mean anything to you, wanna buy a nice 355 spider?

 

I just sold my 1998 355 Spider with 32k miles. I was told repeatedly that these cars should be in the single digits to get top dollar.

 

+1

The car is too modified for my tastes

 

hmmmm...... i know what i hate, and i honestly don't hate this. different for sure, but not terrible.
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Not a tough fix.......

 

I'm assuming you are amazed at the price. If so there are about 5 for under $100k in the auto-trader and as low as $95k with an average of 15k miles to 29k miles seems to me the prices are dropping quickly for the 360. There are still some for sale for $180k for just a couple of years newer with similar miles, I would not be able to justify loosing $80k for a 2 year difference.

 

I understand what you're saying, but I find that a very generic statement. All things being equal, a car with 5K miles will fetch more than a car with 30K miles. The real question is whether the difference in price between those two mileage points was worth the value reduction.

If you go by KBB for most cars, their mileage tables give relatively low % difference of car value due to high or low miles; the age of the car is the strongest determinant. With a range of +/- a few hundred dollars for a difference of +/- 10K miles, most people just drive the heck out of the typical car. With Ferraris it seems (probably due to the large number of low miles cars available which puts a steeper depreciation curve on higher mile cars) that it's +/- $10K for a difference of +/- 10K miles (pick your ratio, but probably somewhere around there). At a cost of $1/mile in depreciation (plus $1/mile operating/maintenance costs, which is probably where the rule of thumb of $2/mile comes from) a lot of owners tend to think twice about driving it too much, this probably helps create the low miles phenomena.

Then you have the phenomena of the people who can afford to buy these cars new and have no problem with the depreciation or operating/maintenance costs. In that case, they often have several cars in the garage and are quite willing to drive the cars, but they have too many to drive and only put a little on each year. So you get low miles young cars.

Then you have the phenomena where as the car gets lower in price, you reach a broader market of buyers who can just afford the car. Even though the depreciation curve starts to flatten, the operating/maintenance cost curve hasn't changed, so it still costs $1.00-$1.50/mile. Now the buyer is afraid to drive it because of the maintenance cost and now you have low miles old cars.

The ideal situation to be in is to have just enough money where $10-20K per year on 2nd or 3rd car expenses is not a problem, but you're not working so hard that you don't have time to drive the cars or making so much money that you're tempted to buy many new ones. That owner figures $1-2/mile is a cheap price for entertainment and they just drive the heck out of the cars like they're supposed to be.

 

Just checked. The lowest priced 360 Spider on Autotrader is about $130k... Not sure what you're looking at, but if you can point me to numerous 360 Spiders for under $100k, let me know!

-R

 

Dude check again there are now 11 under $98k and one as low as $89k do a nation wide search.

 

Just checked again. Nothing there... if you can link me to a 360 SPIDER for 89k, I'll buy it tomorrow

-R

 

He must be talking about the Modena Coupes...