360 depreciation help

I have been looking into 360's the last few months. I saw an '03 car with 19.5k miles on it that's a 6 spd and has the ext/int combo that would be my first choice. I understand on a 7-8 year old car, 19.5k miles would be just about right since the car seems to have been driven a little bit each year. I have heard cars that strictly sit in the garage tend to have more issues. I was hoping some of the experienced 360 owners could chime in with some depreciation opinions. I'm looking to not fully daily drive this car but almost always when weather permits. I would be ideally putting about 10k miles a year on the car. I was trying to get an idea of what kind of hit I'd be taking at the end of 3-4 years of ownership. This seems to be more miles than the average owner clocks. So, in your opinion, with where the ownership market seems to be heading, and assuming the car is clean and services are routinely done....Where would the car's value be? I know there's so many variables but I'm really just looking for an educated guess....50k miles mid 2014 / 60k miles mid 2015? Do cars with this many miles even sell? I'm sure I'd still love this car after 3 or 4 years but I'm also sure I'd be looking to upgrade and it would be nice if I wasn't starting from $0. Thanks in advance for any help.

 

I would expect $3-$5k per year in depreciation plus another $0.50 to $0.75 per mile ($5k to $7.5k/ annum based on your expected mileage). If the 355 is any indicator then 360s would reach a "floor" for average models in the $50k - $60k range. You're going to have 1 or 2 major belt services ($3-$7k) plus annual fluids, etc or you will be dinged on the resale value. Bear in mind this is all a guess, albeit an educated one...

 

I agree with the above analysis with one caveat. Very high mileage cars have no floor on pricing. Most people will shy away from 50k+ mile cars unless they are priced very low relative to their lower mileage counterparts.

 

+1 . he is right...

 

All above sounds correct IMHO

 

Personally, I would (artificially) set the value at that point and miles to $0, and take anything above that as a bonus. If you are still comfortable with the purchase you aren't in for any unpleasant surprises
Jes

 

this a question that is asked almost weekly in one section or another. Now, do you worry about depreciation when you go to buy a daily driver? Which after 2 or 3 year has depreciated about 50%.

With the economy the way it is now, it is hard to predict the market . Last couple of years they have nose dived and they seem to be settling and inching up very slightly. Plus the 360 market may be unique due to the number of cars built vs other models.

I'm a guy who bought a "high mile" cars (48k) less than a year ago and now have 57k. So in a couple a year I could be in the 80k range. And mi feeling is whatever its worth is whatever its worth, I will take that price and move on to the next car but realistically I could be in the unsellable mileage range. Oh well! I will keep it and still move on to the next car.

I feel the driving enjoyment to drive a dream is priceless .. I feel like I have the super model who has been used guess what, she has plenty left for me and will have plenty left for the next guy.

 

+1.......Amen to that brother ......Steve

 

+1 Right on and well said.

 

360s have already seen most of their depreciation. Certainly depreciation will be less than any new car you could buy, especially in that price range. The good thing about high mileage cars is that there is a pretty high floor because of parts prices. I do not know what the value of an undamaged 360 spider parts care would be, but I imagine it is at least 30K and probably more like 40K.

I don't know where you live, but even in the best circumstances, it's pretty hard to put 10K per year on a Ferrari.

Dave

 

I agree with Dave. The rock bottom floor for a very high mile car will be limited because of its value in parts. A 360 in reasonable condition no matter the miles will never be worth zero or near zero. Any reasonable driving 308 is worth about $25,000, no matter what the miles. Figure $35,000 for a similar 360 5 yerars from now.

 

Why worry and who cares. Drive the car. Make money some other way. I have lost more money on other things than Ferrari and made some too. Unless you are a car dealer(guess what!!) cars depreciate.

 

This is the real question.

The answer, unfortunately, is no one is going to buy a 50k mile 360 unless its a screaming deal as there will still be 20-30k mile cars out there.

So assume at least 25-30% devaluation on top of what a typical 360 will be worth.

So Im thinking in 2014 w 50k miles you are looking at a $25k-30k car.

Having said that, if you want the can just buy it and drive it. Cars arent investments and you will still come out better than if you bought an AMG Benz.

 

Hi Winston,

Have you thought about buying an already high mileage car? Strikes me that you're going to pay a high premium for a car which has very low mileage and then rack it up pretty heavily over a three or four year period.

I reckon these cars are pretty solid and will take the mileage but may are shy. If I were you I think I'd be looking for a high mileage (heavily discounted) but well maintained model now and then I wouldn't have to worry about accelerating the depreciation by following the previous owner's lead.

Just a thought?

 

Winston- Look at it this way. It is going to be worth more than any new car you picked up for $80K or so. A new $80K Mercedes, Cadillac, or BMW will depreciate way faster and will be nowhere near as much fun. Plus most people have trouble telling an $80K Mercedes or BMW from a $40K car of the same brand. Not a problem with a 360. Most people do not know it is an 7-12 year old car.

So if you paid $80K and drove it 4 years and it was worth $40-50K, you would still be way ahead. And maintenance costs are not that bad on a 360.

Taz
Terry Phillips

 

I saw an 80k ferrari 355 sell for 30k a while back, so i doubt we will ever see a 360 for under 30k given that the services are a lot less expensive. 50k miles still isn't a lot I think we'll see a floor around 50k but that's nothing more than a guess. 75k + mile cars maybe 40k?

 

I doubt a used 50k mile 360 will be worth less than $50 - 60k dollars... Esp when a new KIA is $30k to 40k dollars! I anticipate considerable inflation as the effects of QE become known.. ;-)

 

I doubt it. Source?

 

I haven't considered that so much. I feel better about buying a 'fresher' car.


Thanks for the replies guys. Hopefully I'll make a move sooner than later.

 

I agree 100%!

 

the car originally listed on here. THis was about 1 year ago. Believe me when it was listed on here for 35k I was tempted.

 

Dave,
In 18 months, I've put 40k miles on my current m3. I know they are very different cars but I feel like I'm not going to have a hard time with 10k a year on the 360. I could be wrong though...this would be my first ferrari.

 

Ti/Scuro? I am 99.9% sure I drove this car and made an offer on it when it was for sale at Miller Motorcars last August. PM me if you want details. I can fwd you the correspondence I had with the dealer.

Assuming I'm right:

It was not perfect (they never really are) but very nice and it had a good set of records. Left front fender was repainted - the dealer disclosed it and the quality of the work was so good I simply could not tell. The shields are not original. I didn't care for the aftermarket stereo although it sounded much better than stock. Miller sold it originally.

At the time, the dealer and I were 9k apart. (my 80 offer to their 89 - from a 99 ask!). I ended up paying a little more for (IMHO) a better car with the black interior I prefer.

 

You should enjoy it then and it should depreciate significantly less than your M3. Just do it.

Dave

 

at 75k miles+ there will be very few people willing to take the leap. If so, it will take a long time to sell. Even at 60k miles. Its hard to sell.

Its just the nature of Ferrari