Time to step it up.

The key is finding a good trouble free car from the start. Having it inspected thoroughly etc. If you want it just do it. Good luck.

 

360's are pretty solid (by Ferrari standards) but they are not Toyotas. They are complicated machines, and breathtakingly expensive to repair. So you have to be prepared for an unexpected, LARGE repair bill. It happens.

 

996, I don't think you're financially ready for a Ferrari.
to own a Ferrari, IMO, one doesn't blink at a $10-20K repair bill.
sounds like you're ready to buy a Ferrari but not ready to own one. you may get lucky and get a reliable example but if you're not lucky, then the headache will make the dream turn into a nightmare.
I think you should stay on this board for a few months then decide.

 

I didn't know challenge grills were 10k

 

I guess my only comment is that most of us here strongly disagree with street racing. And the 360 will drain your wallet so fast if you tried that in one that you'll wonder where the thief went.

Yes there is a way a 360 will remain trouble free for two years.

1). Remove the battery

2). Put it up on a chassis lift

3). Drain the fuel tank

4) Pray real hard when you put back together two years later. Oh, and then replace the timing belts....


No guarantees of course.......

If I were you, I'd look for a six speed manual over an f1 if you're trying to cut risk and expenses. The one you're looking at is an f1 and one with some miles. For sure spend the money to get it independently checked out before you buy it. You may trust these guys but that does not mean they are experts in these Ferrari's. Even the simplest repair can cost thousands right out of the box.

My last piece of advice. Buy a Ferrari because you want it, not what other people think. Otherwise you'll never get the satisfaction out of the money spent on it.

If you really have the Ferrari dream, nothing will stop you. If you're doing it just for ego, you'll be frustrated at every little problem.

 

roll the dice and get the ferrari. as your third car you're ready to own it. but buy the car for you and not because you want to rub it in your families faces. i don't know what's behind all that but you need something else that motivates you.

 

Sorry SCEye but I don't agree with that statement, I own a Ferrari and I'd blink pretty bloody hard if I had to stump up 20k for a repair bill. I'm prepared for the running costs, servicing, clutch etc, I also have an approved Ferrari warranty which will get extended but to think all Ferrari owners don't think twice about a 20k repair bill is a bit dillusional.

John.

 

Hard to if you're ready... but you do need to understand that, by Ferrari standards, the 360 is a reliable, daily-driveable car. But that's by Ferrari standards. It's still an exotic which will have exotic repair bills when things break.

The worst thing that could happen is you buy a car like this before you're ready... it breaks and you can't afford to fix it and you end up selling it for a lot less than you paid for it and your entire experience is ruined.

Some of the other posters here had good advice.

Personally, I didn't buy my first Ferrari until I was able to pay cash for the car. That meant I had enough money in my life to maintain the beastie when/if she broke down... but that's just me.

Lastly... the 360 is not a street racer. You will make a mistake and the 360 will make you pay for it.

Good luck with your decision.

Frank

 

My opinion is that it would be more prudent to wait at least 6 months for the following reasons;
1. If your Porsche just got paid off, then you should bank what you would have paid to the bank for 6 months and build up an emergency fund for any unexpected repairs when you do buy a 360.
2. In 6 months the average cost of a 360 will almost certainly be less than it is today. How much less? Its hard to say but since many people on this forum state that the avg cost goes up in the spring / summer and decrease in the fall-winter it stands to reason that costs will fall next winter.
3. If you need to get a sizable loan in order to buy a 360, then perhaps while you "could" buy a 360, it would be fiscally more reasonable to wait and not have to take a loan. I've always believed that these cars make much more sense when you can pay for them in cash and not have to financially stretch yourself in order to buy one.
4. And this may be the most important, If the car you noted you are interested in represents the price range you are able to afford, you should recognize that it is the lower end of the price spectrum and the cars in that price range are there for a reason. Usually, they are the ones with "stories", problems, spotty service history, and are thus the most likely ones to end up causing you a large service bill which you are already saying that you are not prepared for. Not to mention the regular maintenance which can and will add up to thousands over a 2-3 year term (which would include a belt service).
Sorry to burst your bubble, but you asked for input and I do feel that you are being wise to consider the financial ramifications of such a purchase despite the emotional desire to buy a Ferrari. Just my 2 cents.

Best Regards,
Doug

 

Another Internet baller I suppose... what rational person would not blink at 20K repair bill? This seems a little boisterous to me....

 

hey 996 spyder i've never owned a porsche but i just got a 360 spyder. From what i hear the porsche is pretty much a maintenance free vehicle. As everyone is saying on here e ferrari 360 is reliable but maintenance is not cheap and unexpected. Even though I did a PPI and things checked out before i got my car, I am putting in another 6k already in my first month of ownership...and mine wasnt a low priced story car.....its just the regular maintenance that needs to be done. This is not including the major service either. The major which cost another 4-5k i would prob do in another 6-9 months. I did expect these expenses but just not so soon. On the other hand they are repairs that need to be done to run safely on the road, so you have no choice. I would recommend that you are comfortable with not just the downpayment money but plenty of extra cash flow and or savings before you get into ownership. Even though you can get a used 360 for under 70K, it still is going to require the maintenance of a 150-200k car. You should be ready for that. ...by the way you should be ready to get alot more attention then a porsche as well. With that being said The 360 is still worth every penny for me....I guess you have to make that decision. Lastly since you mentioned my Bimmer 650 seems so reliable after i got this one. As everyone says this is one complicated car and one thing that goes wrong can set off a chain reaction if not tended to and i am finding that out as the days go by....It def needs to be well maintained to be driven safely with no worries.

 

Just my 2 cents, you do not buy a Ferrari as your only car, should be your 2nd or 3rd car.

 

I blink at a 20K repair bill.

I think I'm blinking just thinking about it.

 

1. I agree with most of what is said above (including trying to find a manual if you can)
2. Read a lot of the threads on this site
3. I'm not sure where you are located, but find a great independant mechanic (I found one that is AWESOME!)
4. You may have to search for a car outside your immediate driving area- it's worth it to get the right car
5. Get a good PPI
6. With all that diligence, I can say if it has been a dream of yours DO IT, DO IT, DO IT.

I've had porsche 911's for 20 years (aircooled) and while I still love them, the 360 is in a different league. I bought my 2000 coupe in October, and still can't beleive it- repaired a couple of minor things (mass airflow sensor, alarm battery), and it was reasonable because I have a great mechanic, but it's not as cheap as my 911 was of course.

Research, budget and be reasonable in estimates of the costs and then the rest is a no-brainer. The 360 is a wonderful car and Ferrari!

 

+1

And consider holding out for an F430.


Mike

 

Have you considered trading into, say, a 2007/2008 997TT? Ferrari is my first love but I wouldn't stretch it to own one considering the performance available with the 997TT, which is silly phenomenal. I used to own one, still wish I had it.

 

g4titan you get my vote for best avatar!

 

I have owned alot of cars, and listen to what has been said here, you are not ready, and if your buying a Ferrari because you think it gets you attention, well it might do that, but that in my opinion is probably the worst reason I can think of to buy a car. A 360 is not a steel body car, a ding can be costly to fix, and if speed is your thing, with a couple mods the 996 will be alot faster then a 360. Though these cars have come down in price., they are not for everyone, and since most people know how to use a computer it wont be hard for people to realize that your used car costs less than a new BMW 650.

 

"Street race" a 360 40 times and you will rip through clutches like they were made of butter. Probably better off with something else if running costs are an issue. Or drop the street racing, buy well, treat it well and you will be fine. Allow $10k a year to run and maintain it as a second car. You can always drink the change.

 

Why not wait a year and put the hypothetical payments into a "repair fund" Assuming the payment is anywhere between 800 and 1500 a month, it's quite possible to accumulate anywhere from 9600 to 18000 by next year. You will be ready for a 360 by next summer, have enough repair money, probably save a few thousand on further depreciation and really search for your dream car.

Although I don't believe in having payments for toys, I wish you luck.

Regards,
Joe

 

I have been thinking about pursuing my childhood dream also. Like any rational buyer in the Internet age, I sign up to read about the ins/outs of buying one.
A Ferrari is essentially a toy, a nice but expensive toy.
yes, I can afford a Ferrari but I don't think I'm ready for the headache if (when?) something goes wrong.
I own my own business. So $20K is a nice piece of equipment for revenue generating or it can fix a car. Since the opportunity cost is so high, I am reluctant to spend it so (IMO) frivolously.
I guess growing up poor put me in this mentality.

 

The toys are part of what makes life fun, why should you only have payments for mundane parts of life. What is the point of life if we don't do what makes us happy. Saving and making payments produces the same end result only if you make payments you get it much sooner

John.

 

So what's your reward for all your hard work? for me it was buying a Ferrari after wanting to own one since I was about 8 years old(almost 30 years), I pursued the dream You only live once....

John.

 

Hi everyone. I have been "lurking" as well for the past year or so on the board and this post resonates with me.

I too am very close to paying off my Boxster, my other 928 is paid for (I know not to own a sports car as a daily driver without some backup), and I'm thinking of snatching up a "cheap" 360. I had my 928 through grad school and med school and residency (without AC I might add).. and I found that if you repair it as best as possible yourself and don't "street race" your baby, she will last a very long time. When I have my 360, I have already discussed this with my mechanic (Karl at European Road and Racing), I anticipate doing the diagnostic and repair work myself.. because I enjoy this. If I took my porsches to the stealership every time something went.. my wallet would be empty.

Granted, I don't worry about being out of work, my emergency fund is filled with no other debt beyond school and modest home and even with payments to the 360 I'll still be saving considerably for retirement. (I only worry about whether anything will ever be enough with bad fiscal policy by this administration).

I've had the bug now for over a year.. I've done my research and I think I'm almost ready. Too many of my patients waited and saved and waited until they "safely" had money to pay for all toys, only to not be able to enjoy them due to health problems. I'm not arguing fiscal irresponsibility by any means.. there will always be reasons to postpone the purchase of a toy but we never look back and regret the good times and the enjoyment we've had.

All the best,

-Curt