360 Price Difference

3 years
+ newer car

 

Appears more options on the '03 which can make a big difference. Plus there's no worry about whether all factory campaigns and upgrades are present on MY'02 and later cars so they're always higher.

 

The two cars you speak of are in texas yes? The interior on the fiorano is butt ugly. (imo) Even though the color is gorgeous. The tdf with tan is a great combo, and 3 years newer. Happy hunting, Scott

 

It is a great time to buy and the colors you are looking at are beautiful. I was trying to decide between Rosso Fiorano and TDF and finally went with RF. Good luck with your decision and post pics when you can.

 

Prices are falling like rocks. I have been following the 360 cars. With the expected arrival of the replacement for the 430 due at the Frankfurt Auto Show this fall, you can anticpate a further slide in 360 prices.

One Ferrari resource and I had a long talk about the huge variation in pricing in the used market. His advice was really spot on for these cars. He said that the lowest listed price in advertisements is the true price of these cars.

Don't over pay. BTW, the used dealers in California are absolutely out of touch with the market. I would shop outside this state and not use the dealerships for price comparisons. Our local guy in Socal is at least 25% over everyone else for asking price. His cars just sit there and he will eventually sell them to another dealer. He won't sell them retail unless someone is an idiot.

Mousemaster

 

imo you get what you pay for. the mint cars with all options and service records from a dealer or a qualified ferrari mechanic will always bring in more money. before i bought i looked and did my homework. the ads say one thing,looking at it in person tells the difference. a couple of little things that need to be taken care of on a cheaper priced 360 will cost more in the long run than a higher priced well maintained car. if it sounds to good to be true it probably is.

 

I agree with your post. Asking and getting are two different worlds. Dealers who aren't getting with reality firmly believe that this is just a typical recession. It is very far from it and what appears to be a bottom, actually is a top with more downwards movement of the economy.

Some view what I say as doom and gloom. Far from it. It is years of studying charts, economics, investing, investing psychology, etc. Prices on many things got too overheated and they need to come back down again which creates great opportunity.

This is a global economy now. Things aren't just going to keep going up. That is nonsense. For those who have the cash and understand the timing will have more money than they can spend. Those who don't or won't will get flushed with the other turds.

 

I've been watching the 360 pricing as well and noticed that they seem to be falling rapidly. I also agree that you usually get what you pay for so a dealer car with full work history, low mileage, etc. should bring in more. I paid well over $100k early this year for my 2003 (from the dealer, all records, very low Km's in mint condition). Things have certainly changed with asking prices. I plan to keep the car for quite a few years so maybe it won't be so bad down the road. At the end of the day, the majority of Ferrari owners don't plan to ever break even, or make money on the vehicle(s). For most of us it's a purchase, never an investment.

 

It seems that the post-'02 years may be more desirable with technological upgrades.

 

can u expand on that? what technological upgrades were there?

 

I never understood this logic. When looking at a couple of cars it took me all of 2 minutes to call my local Ferrari dealer who was able to give me the campaigns that were on the car, and on what date they were completed based on the VIN. This is a non-issue- even if there is anything outstanding ferrari will still cover it.

That said, I would pay a little more for a later car, but the big question is how much more. I went with a 2000 that was almost $20,000 less than a 2003 I was looking at. 03 had a few more options, but my 2000 has a tubi, so about even there. The 03 had 8K miles vs 14.5K on the car I bought- again, not worth $20K....that $20K is like free maintenance on my 2000 vs if I bought the 2003.

 

Besides what was covered under campaigns (and still is if not completed) on the earlier cars, I beleive the only difference is (1) perhaps better logic for the F1 (non-issue if you're looking at stick shift cars), and (2) a little symbol on the passenger side dash bragging about forumla wins for Ferrari. If anyone knows other differences, let us know...there can't be anything significant.

 

The big issue is the F1 software upgrades. I am certainly no expert, but I have driven (not owned) '99 and '00. I eventually bought an '04 spider. The F1 was rather lurchy on the earlier cars and seems much smoother on the '04.

 

Hello all...

If any one can add specifics (not including F1) it would be greatly appreciated!!!

Thank you!!!

 

I don't mean to hog this thread, but seeing that you are all discussing price differences,
and tumbling prices etc,etc,etc...I have a dilema brewing in the back of my mind. Back in '07, just as I turned 40 , I picked up a 2004 360 F1 coupe. The car is Rosso corsa,
with shields, tubi's, red calipers and a tan interior. The car's history is complete, all maintenance up to date and she drives like a dream. I love the car. The only thing I would change, given the choice, is a manual vs F1. Now at the time I leased the car simply because my cash was invested and I was building a house and simply did not want to tie up funds (even though I had it) for the moment. My salesman at the time assured me that a "blue chip" car like that won't be hard to get out of and at most I'll lose 10-15K. So I figured I had nothing to lose with leasing and at the same time if I did not like the car,
I could simply flip it.
Fast forward to today, there's a minimum 40$k spread between the buyout and actual market value here in Montreal. I know it's worst in the US ,but these cars, especially mine can still fetch $140K if you're patient. My dilema is do I buy out the car at $40k over or do I dump it and get a cheaper car like an 02 or 03 and still swallow the hit ?

Sorry , i did not mean to hijack the thread, I figured since we're on the topic of values
I would run this by all of you. Your feedback would be appreciated...

psorella

 

I don't understand your question- if you're leasing what hit are you taking- (a) turn it in and let them take the hit if they factored in a lease-end buyout that is above market or (b) if you want the car negotiate the buyout- if they don't move to about $100, see (a).

Are you talking US dollars by the way? There is no way that is going to be worth $140K US dollars in the current market

 

Bro, I'm from Montreal, so it's in CAD. I'm responsible for the buyout. It's not a closed end lease. No leasing company here will take responsibility for the end value. All I have is a clause that protects my exposure to 20% of the difference in the buyout and current value.
As it stands now, if I buy back the car when the lease comes due , I will have to fork out
$180K including taxes ( $20K right there). The car will be worth much less...

psorella

 

That's much different than leases here in the US- lease payment is calculated based on cost of car, interest rate for financing (the "money factor"), and the residual value (value at end of lease). The person typically has the option to buy at the end which I presume is calculated based on the assumed residual value- the risk of the car being worth less is on the finance company (US auto industry had major issues with explorers/jeep cherokees that came back and were worth less than the forecasted value used in the leases)

Anyway, only you can answer the question you posted- if you buy it out you may get lucky and sell it in a day (as you say at a loss) or in 3 months...and then try to find what you are looking for in a 6-speed. It's going to cost you money either way...guess it depends on how badly you want a stick. (I know I'm not helping, but again you have to lay out the numbers on a piece of paper and factor in the hassel of selling then buying a car which is not a $ cost).

 

Thanks for the input. I figured that only I would be able to make the call. I just wanted some insight... Whatever I decide is gonna cost me 40 large,so I need to decide whether
I stick with a car I know inside out and swallow the "pill" or swallow the "pill" and look for something else... :l

 

This is true only on a closed-end-lease - which are basically walk-away leases. Make the payments, turn the car in at the end of the lease with mileage and condition as specified and you have no more obiligations. The leasing company takes the financial risk implied in the residual value.

Many of the leases written on exotics, especially used exotics, are open-end leases. To the lessee this looks like a loan that has monthly payments and a balloon payment at the end. In this case the lessee takes the financial hit if the car is worth less than the balloon at the end of the lease term. Putnam does a bunch of these types of leases.

 

Sounds like you paid way too much for it in the first place or else negotiated the cheapest possible monthly rate with the largest possible final buy-out? Either way it seems you're going to have to bite the bullet and effectively shell out the excess now. So there doesn't seem to be any decision to be made at all?

 

I did not overpay by much although it was an emotional purchase. The market here in Montreal and the rest of Canada has always been different than the American market. There are less cars available , new or used and prices are much higher because of it and also because of what the currency exchange was back then. Besides, back in '07 , 360's in the US were selling btw 160 and 180k depending on year, options etc... A car like that landed here would end up costing around the same money Ipaid but you would risk being ignored by the dealer for service. So, no I did not overpay, the US dollar lost value and the CAD gained and I along with everyone else in this community is taking a hit...