Wondering about 360/430

Search is your friend.

BTW,

Huh?

 

Google is your friend, but I can tell you this:

Insurance costs a fortune. If you can't yet afford a Ferrari, you don't need to worry about insurance just yet.

Oil changes cost a fortune.

Cost per mile are through the roof. Most people don't actually drive their cars, especially if you live in California. They just park them while they depreciate, so cost per mile is very high. If you can't afford a Ferrari, you can't afford to buy one and just let it sit either.

Ferrari parts fail regularly even if you don't drive your car. Regular care is very expensive. You should buy a house close to a dealer since you'll be spending a lot of time there. If you can't afford a Ferrari, you can't afford to maintain one either.

Yes, you can drive a 360 hard. Just be prepared to pay even more for upkeep. If you can't afford a Ferrari, you don't need to worry how to drive it, at least not yet.

Seriously, it's way too early for you to worry about these details if you're not even close to having enough money to buy a Ferrari. Truth be told, my smart-a$$ answers are pretty close to reality except for the part about buying a house near your dealer. These cars really are expensive to buy and keep. Oil changes and insurance are expensive too, but way down on the list of things to worry about. It's not quite like a big yacht where "if you have to ask the price, you can't afford it". Very few of us bought our cars without asking the price, but this is no time for you to worry about the cost of 12 liters of oil.

First you need to find a big wad of money you don't need for anything else, and by big wad I mean roughly a hundred grand for an entry level Ferrari suitable for a first-time, non-mechanically-oriented, owner. You need to get comfortable with that concept, or some variation of it, first. Then spend about three quarters of that on a car, spend a little money to fix it up (nearly everyone does), and then save back enough money to pay for a serious problem in the future.

 

^ LOL. Nicely done

There's a reason all Ferrari cars come with an elaborate tool kit in the boot, right?

 

Excuse me while I go jump off of the roof of my office building.

 

Get in line...I go first!

 

I'm not going to lie to you and tell you "Oh yeah. It's like owning a Toyota Camry.. I just add gas and turn the key." Like any car of its age there are parts that fail. Those parts are more expensive than BMW parts hands down... When you're ready to start shopping start aksing real owners, doing parts costs, find a local mechanic who can do work for you and get them involved in your search with an introduction, etc. Prices are going to change. Parts costs have increased since I bought mine 3 years ago. 430's have been dropping in cost. You might even consider one when the time comes.

For now, I commend your wanting to learn more about these cars in advance. What I did:
1) read the sticky on the top of the 360 section. Start from page 1 and try to make it the entire way through. You'll get alot of good info there.
2) Go to Ferraridatabase.com and download the owners manual for the 360 and actually read it cover to cover. That will educate you about the car and what it needs.
3) Download the workshop manual (2 parts). If you work on your cars it will help, if you don't work on your car, it will tell you how to fix it so you know what a repair will entail if you pay for it.

Start there and you will be ahead of most buyers.

 

As far as insurance is concerned, I guess it depends on your age and where you live. I'm retired (so guess how old I am) and live in NC and I pay around $500 a year. It's only about $30 more than my wife's 2012 Lexus IS250 and that is because mine is a higher value.
The last annual service I had done which included oil and filter change, brake fluid flush and replacing 4 tires cost me $730 at my local indie mechanic. Annual at the dealer would be $950 with tire change additional cost.
Alan

 

01 360 spider

Insurance 1200
Annual service 900
NC property tax 300
Repair per year 0 to ...
Belt Change 3year int. 4000
F1 clutch 7000




06 430 coupe

Insurance 2300
Annual service 900
NC property tax 900
Repair per year 0 to ...
Belt Change 3year int. 0
F1 clutch 7000

Fun and enjoyment priceless!!!!!

The money I have spent over my ownership of three Ferraris is sickening but luckily I have the means to be able to enjoy my passion.
Good luck make sure you buy the best car you can find. there is no such thing as a cheap Ferrari because what you don't pay on the front end will always be paid during your ownership. Buy smart

 

I don't own a 360 or 430 yet but am on the hunt for a 360. A 430 is just a touch over my budget.

When I first started my search for an F car I went to two different Ferrari dealers and asked them to give me the breakdown on maintenance and costs of ownership for cars from the 308 up to the 430. Without even skipping a beat, most greatly suggest the 430, followed by the 360 then skipping down to the 328/308.

From what I've been able to research in the past 6 months or so, 430 is the way to fly. If I could swing it, it would easily be my choice hands down.....so more performance and also a better maintenance cost. I'm coming out of the Porsche Twin Turbo world, so I know I won't have that sort of speed from a 360 but the totatlity of the driving experience with a Ferrari outweights the performance issue. The 360 is nice but can't compare to a 997TT with launch control. Even a 430 would be challenged.

My planned budget for maintenance is going to be 3K/year for a 360.

And the old addage will hold true, by the newest and best example you can afford.

 

You are pretty much on track with this.

 

I got my bill for insurance on my 2005 430 coupe yesterday: 350.59 for 6 months.

maintenance over 8 years has averaged around $800. a year.

There have been a few minor repairs.

I used to track it quite a bit and spent about 5K on brakes. This would be zero without tracking.

Extra set of wheels and a few sets of tires added up to perhaps 8K mostly due to tracking.

Colorado has a pretty hefty prop tax on vehicles that declines over time. It started out at nearly 4K but was 266. at last renewal.

I estimate gas cost me around 5000.

By far the biggest cost is depreciation. I bought my car new. It's currently worth about 75K less including sales tax. Most of that occurred in 2008. The value has been flat since then.

If I sold it today, my overall cost is estimated at about 110K for 24K miles or 4.58 per mile. Without depreciation, it's about 1.50 per mile. I expect depreciation will be far less over the next 8 years as will registration costs but maintenance and repairs should be higher by some unknown amount.

I should mention my car is a 3 pedal coupe. It requires less maintenance and repairs than paddle cars or spiders.

Dave

 

You guys with the cheap insurance...here in Michigan, we get clobbered...our rates are pretty high by comparison. Not fair at all since most of us here in the Great Lakes state barely get in 6 months of driving/year due to the weather.
Cheers!

 

Sorry about that. I report my mileage annually and I pay about $650 per year for 250/500.

 

Who is your insurance company? I use Hagerty since 2007 I actually pay 2600 now with the 430 and feel that is high being a customer for a while and zero claims. QUOTE=Skidkid;142845150]Sorry about that. I report my mileage annually and I pay about $650 per year for 250/500.[/QUOTE]

 

You aren't joking

 

It pays to shop around for insurance. One thing to look for is a company that rates cars by actual loss history instead of just the driver's age, record, location and vehicle value. Losses on Ferraris tend to be quite small since most are not driven much and owned by older, more financially well heeled clientele. At least, this is what a company told me. I had a Subaru STI for a while and it cost more to insure than the 430. I'm guessing I was paying for all the kids driving off mountain roads. I use State Farm.

Dave

 

I've kept pretty detailed records of my costs over 6 years of owning a 348. For a 360/430, your scheduled maintenance will be less, but this data will give you an idea of what total ownership costs are like.

- Eric

http://www.ferrarichat.com/forum/348-355/421224-1993-ferrari-348ts-six-year-ownership-report.html

 

I too dont own a Ferrari yet but I plan on buying a 360 Spider before the end of this year.

So I have started doing all kinds of reading on this board trying to learn as much as I can about these fine machines educating myself before buying one. Lots of very informative threads here. Thanks to all of you for sharing great info.

I currently own a 2009 BMW M6 Cabrio. I am aslo a moderator for the M5board.

Interesting how cheap some of your insurance and property tax are.

I live in Seattle. My 2009 BMW M6 auto insurance costs me $2,100.00 a year.
Per my insurance company, if I buy a 2003 Ferrari 360 my insurance will go up by another $900.00 and I am not a young guy. I am 55 years old.

Property tax for my M6 is about $400.00 a year. For the F360 I am estimating it will jump another $200.00 a year at least.

The M6 V10 engine is always thirsty so I pay dearly for fuel. I drive my car very hard and last time I checked my average mpg is 8.2 mpg. I figure the same fuel consumption for the 360 when I finally buy one.

I have extended warranty on my M6 but I still set aside $300.00 a month and I call that my BMW maintenance fund for any unexpected repairs not covered by extended warranty. I figured I will have to double that amount once I own a 360.

So far my M6 has been reliable so my maintenance fund remains untouched the last 3 years. That fund will transfer to my future F360.

Yes, high performance cars arent cheap to own and maintain so I plan for it.

Dan

 

Patrick
That $300 property tax on the 01 Spider was cheap as is the $900 on the 06 430. I just paid mine and it was $639 on a valuation of $66,100. Of course it depends on where you live. I'm in Forsyth county and you may be in SC which probably has lower tax rates.
Alan

 

Try Condon Skelly. I used to have Hagerty as well. C.S. has better rates. Might be a winter layup period for you like they have here in NY. Dec-March. It's OK though since I'm not driving her now with all the sand/salt on the roads.

Oh yeah? I guarantee I have you guys beat here in NY!

 

You will laugh but many of use use State Farm. Good service and reasonable prices.

 

Guys, I think you scared him away lol

But seriously, what many of you didn't mention is that he is not just looking for a 360/430, but the CS/Scuderia (someone should maybe tell him about the 16M) so all those estimated costs will be dramatically higher. Not to mention upfront purchase price lol

 

Hi Dan, nice to see another local on here.

I didn't realize Seattle was so expensive; maybe you should consider moving to the other side of the lake. I'm in Kirkland and the insurance on my 360 spider runs less than $1,000 per year as a second car on my Geico policy (forty-one and single, 250/500 coverage, with no tickets or accidents) while the license tabs set me back about $120 per year. Of course, I guess then you could use all those savings to pay for the tolls on 520 and additional fuel consumption, so maybe six of one and half a dozen the other.