2002 360 $70k ???

I was just offered a 2002 black 360 coupe with tan interior for $70k from a licensed Ferrari dealer (will tell you which dealer if I pass and someone else is interested). Car has 24.5k miles on it and needs new breaks and clutch and belts and tires and fluids, but they are doing all that and its included in the $70k offer. The car has a tubi exhaust. I started it up and it didn't quite sound healthy on startup, but that may be becuase of the cold weather and I don't have a trained ear yet for what a cold start Ferrari sounds like. Otherwise, the car looked dirty inside and out, but in perfectly fine condition and I'm sure they'd fix it up nice.

I have not asked about service records yet. The salesman said that its bank owned and repo'd and only at Ferrari right now for the services, but that if Ferrari found a buyer, they would buy it from the bank. They salesman told me $70k and I could probably have it; I assume they'd take a serious look at a $68k offer. I wish I could have just figured out which bank owned it, as if Ferrari would sell it to me for $70k the bank would probably let it go for low 60's (or maybe Ferrari woudl discount the maintance to find a quick buyer).

So, what do you think? To be honest, I'm about 80% sure I want a F430 and will wait until at least spring for it. That said, all the recent service on an 02 360 for $68-$70k is about $50-$60k (ie 40%) cheaper than any 2005 F430 I'm going to find, so I want to give it at least some thought. The other problem for me is that I'm in the middle of winter, and wouldn't have much use for the car for a couple months anyway. I'm inclinded to say that even if there is much of a discount here, its probably not substantial enough to make me move this fast. I enjoy the hunt, and as this will be my first ferrari, really should make it exactly what I want...

 

A thorough -- very, very thorough, PPI AFTER all of the service has been completed will be critical.

Given this was a repo car -- one must wonder how much, if any, care was taken with this vehicle. Even if service records show annual maintenance -- it may have ~30K hard miles on her.

On the other hand, it could be a great find.

I'd say do strong diligence on this one just in case it's a diamond in the ruff but spend a little more on something that has a clean history.

 

This is not an advert for my car, but I'd sell my 2000 360 with 24K miles on it for about that. And I have all my service records since day 1, been carefully maintained since day one by dealers (mostly Algar) and I'd toss in the belt service that isn't quite due yet.

I don't see a 2002 with about the same miles as being a better car, especially as a repo with some missing history.

Now my car isn't black/tan, it's titanio Grigio/black but does have some nice factory upgrades and a Tubi exhaust.

Sooo... this doesn't sound like a steal to me.

DM

 

I paid $68k for my 25k '99 360 Modena with a service for new belt and oil change included. Single owner, all records provided. It needs breaks (pads and rotors) but the clutch is ok.

That price is reasonable and a good deal currently as long as the PPI is clean. It's certainly not a steal, but I'd go for it.

I LOVE my 360!!!

-Matt

 

The "STEALER" is hard at work again, insert laughing out loud!! Yea, my guess they won't be paying over $50k for the car and are looking at a huge profit!
Without a selling price of $65k or lower, I would walk. Tooooooo many nice cars out there to be had.

My .02

 

You want a 430. Get a 430. Patience, my friend.

 

"You get what you pay for."

 

Ya, it is not like you buy your first Ferrari everyday, so no reason to rush and not get exactly what you want, especially in the middle of ohio winter. In my case perfect is a rossa corsa 430 with black interior, red stitching on dayton a seats with a yellow tach (although the red tach is fine too!). I am in no rush (other than the general anxiousness to get your first Ferrari).

By the way, the car is at cauley Ferrari in michigan if anyone else wants to peruse it.

 

$70k is overpriced. I was offered a similar car ( actually less miles) for $58k this week and had recent belt service ( last month), literally 3 miles from the F-Chat Headquarters. Nice driver-7 out of 10 . Called salesman last two days but no return phone call. Might have sold.
http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=286974206&dealer_id=27532870&car_year=2000&doors=&systime=&model=360&search_lang=en&start_year=1981&keywordsrep=&keywordsfyc=&highlightFirstMakeModel=&search_type=both&distance=25&min_price=&drive=&rdm=1293169024804&marketZipError=false&advanced=&fuel=&keywords_display=&lastBeginningStartYear=1981&end_year=2012&showZipError=y&make2=&certified=&engine=&page_location=findacar%3A%3Aispsearchform&body_code=0&transmission=&default_sort=newsortbyprice_DESC&max_mileage=&address=76034&color=&sort_type=priceDESC&max_price=&awsp=false&make=FER&seller_type=b&num_records=25&cardist=5&standard=false

 

You're going to pay about 40 to 50 grand more for a F430 coupe. Of course, it will have less miles and probably not need any maintenance done to it.

But, if you can afford the F430 and don't mind spending that much on a car, my suggestion is to get one.

 

With all due respect, I wouldn't use a 360 sitting on a Nissan Used Car lot as the standard for 360 prices in the current market. As someone has already said -- you get what you pay for. Let's keep apples and oranges separated.

 

i would have taken that 360 for $58k, THAT is a steal!

 

That one for $58k scares the crap out of me. Like everyone just said, you get what you pay for. There's GOT to be a reason it's that low!!! Anything way over or UNDER current market value should set off alarms.

I didn't look for a steal. I looked for a clean car, good records, single owner and clean PPI. That's worth $$$ to me, as long as I ended up paying fair market value for it.

Most people who think they found steals end up getting robbed themselves. Hidden problems and expensive repairs are usually built into every steal.

Don't be penny wise, and pound foolish. Buy a solid car, whether it's a 360 now or a 430 later.

I got in with the 360; I didn't even drive the 430 cuz I knew I would like it better and want it. Once I'm satisfied with the 360 in a few years (and waiting for prices to come down on pre-owned 458's) I'm gonna jump to a 512 TR. Than to a 458 or 599.

I can't afford to keep them all, which I'd love to do. And there are so many wonderful fruits in the Ferrari grocery store.

Enjoy whatever you buy, they are all delicious. Just don't buy one with a worm!!

-Matt

 

Hate to burst the bubble but the car just got back from the major service ( belts) two weeks ago at Boardwalk Ferrari in Dallas ( authorized dealer).

 

The repairs and service needed (if done by a professional) are going to add up to at least $10-12K, maybe as high as $15K ---- making it an $80-85K realized purchase price.

That's overpaying by a quite a bit, IMO for that particular car.

If it's an (undesirable to me) F1, I might offer them $70-75K with ALL the needed repairs and parts included.....IF I was really smitten with the color, coupe, etc......

 

I know of another red/tan 360 coupe in the area with a new service (NOT the same car) that just sold for far less than that.


It's a good time to be a buyer.

 

+10000. For a driver thats "7/10" on a nissan lot, $58K plus probably $10K in deferred maint plus whatever damage from deferred maint- "you get what you pay for" applies. With these threads there is always some car posted that's below market price, and once you start researching the cars on the market (be it 360 or any other car) find there is a reason for the abnormally low price- markets are still pretty efficient.


Question to original poster- is the car F1? Price may be market correct for the actual purchase price if F1, going into winter, non-red, etc... Tough to say difference in price between F1 and stick- personally I think there is as high as a $10K delta though (w/stick higher of the two)- i.e. with a mint, low mileage well documented car no questions asked, I'd pay $85K for a stick 360 vs. $75K for an F1 as an example (the numbers might be higher for a truely mint car but you get the idea).

 

Any car that has been repossessed was not well cared for. If someone is not paying a bank loan they are not paying for proper service. Just like a foreclosed house they are not maintained and worn out. I would keep looking. There are too many well cared for cars out there (sometimes it doesn't feel that way). Saving a few bucks will cost you more in the end.

 

No doubt.

I think if I were in the market for a 360, I'd just post an ad on Craigslist saying, "Cash Buyer Wants a 360" ---- and, let them beat my door (email inbox ) down - lol

Even in the 80's and early 90's there were no near as many 308's for sale flooding the used car market like the 360 is today. The 360 may well be destined to go down in Ferrari history as "The model the fewest owners wanted (or perhaps, could afford?) to hold on to"....

 

When it gets to the same price I paid for my 308, I'll consider buying one.

 

No, price is $70k AFTER all those repairs done by the Ferrari Dealership. That is why I thought I'd share this post. Granted the car may not have history (although it may, as I said, I didn't ask), and is dirty inside and out and absolutely looks not cared for. I'm more concerned by the dirty carpets than exterior. But, if it is getting all that fresh work and has no body damage, then what else really is likely to be problematic with it? Keep in mind, I'm already passing on this car.

Again, I like it a lot, black/tan looks nice. It has the shiny chrome 360 wheels which I'm not a fan of though, and would probaby change (perhaps to 430 wheels, costing a few k for sure). Its not my perfect car, and I know I'd not feel satisified buying it knowing the F430 is really what I want and quite reasonably in reach as well. I felt the same way about the Jag XKR compared to the Aston Vantage when I was looking for my first exotic last winter (and ended up with a 911 turbo instead, which I'm absolutely thrilled with and will keep forever). Buying a 360 now and F430 in a year would be a really stuipd way to go, considering 6.75% sales tax and sale difficulty as well. I like to buy my cars with the thought of keeping them forever.

All that said, for a 360 buyer, this car for $70k with all the fresh maintance could be a great deal. Then again, this http://www.ferrarichat.com/forum/showthread.php?t=308231 would have been a much better deal, especially considering a glass of scotch with a fellow Fchatter .

 

Yes, F1.

 

My bad --- I didn't read that carefully enough

Then 70K doesn't seem so out of line, after all ---- if everything else checks out, and you really like the car.

 

Taking inflation out the equation for the true value of a dollar then vs. now vs. the future.....you might just get your chance!

I still believe the 360 is the "new 308" in many respects.

 

I have a secret stash started for a 360 spider when they hit 60K. I don't care when it is.