This 360 was just listed for $139k.... And just sold!

2004 Used Ferrari 360 2dr Coupe Modena at CNC Motors Inc. Serving Ontario, CA, IID 13913536

One owner, ~8500 miles, 3-pedal Modena. They had it listed without a price for the past week... I called them for price---$139k.

Didn't expect to see it sell so fast!

 

That's great to hear! 360's are finally coming up again in price!

 

Wow. Low miles, but not well optioned...

 

I'd say the buyer got a good deal on the 2004, the 2003 asking is 146K. Non factory shields.

2003 Used Ferrari 360 6 Speed Manual at CNC Motors Inc. Serving Ontario, CA, IID 14223943

 

This car has been for sell from CNC off and on for over 9 months along with a 6-speed blacked out 360 coupe, funny how the car couldn't sell at 99k and now it sells for 139k.....believe what you want.

 

I thought the same. That's almost 599 price territory. I'd love to see the values go up, however I don't see it's going to happen with the 360's

 

I am not sure what you're trying to say. I bought the black 360 coupe from them in June. You can look in the owner's section to see what it looks like now. It is the best driving 360 I have ever driven (I've driven about 30) and it's one of my favorite cars to drive. I absolutely love it and it fits in perfectly next to my other three Ferraris.

 

Yea, perhaps they sold it to another dealer.... But gotta admit it would be great if it sold near its asking price.

If there are going to be any 360s that do appreciate significantly, it's going to be the 3-pedals. There were only 2630 Modenas and 2119 spiders made with the manual gear box. In the next 5-10 years, I'm betting that they will climb the way the 3x8s and 550s have been climbing lately.

But even if I lose this bet, I still have a 360 to drive

 

I think the point of all of this is that when prices decide to go up, they go up fast.

My friend had a not so nice/desirable 1979 Porsche Turbo (mainly because of a salvage title - not warranted) that she could not give away a couple of years ago. Suddenly the market changed and she had a line of people wanting to buy it for twice what she would have taken in 2013. This was maybe 9 months ago - Now it is worth 50% more than it was then.

Some guy here in Vegas had the nicest Boxer I had ever seen. About 4 years ago he was trying to sell it for $120K. We all thought he was crazy to ask so much. Today that's a $500K Boxer. It happens fast.

Really nice 360 coupes have been bouncing along at about $90k for a long time. Suddenly, everyone wants a manual trans car (any model) - I understand this because I wanted a manual trans car when I bought 6 years ago (manuals were less than F1 cars back then). Anyway, a couple of manual trans cars (599, 430) sold for big bucks and everyone said that this would be a good time to buy a manual 360. So prices jumped from $90K to $120K in a short time.

That's the way it works.

 

Wait. You just bought your car a week ago and your car and you're already concerned about what you would sell it for? Did you just buy a Ferrari because you've always wanted a Ferrari or because you think that you will make money with it?

If my Ferraris went down to half tomorrow, I wouldn't care one bit. I bought them each at a price that I could live with because I wanted each of those cars. I didn't buy them to sell one day at a profit. They're not investments, they're my cars.

 

I'm not *already* concerned about what they would sell for, that was one of the many variables I took into consideration during my research and due diligence, as I mentioned. Ive already been offered significant money over what I paid for it, which I respectfully declined.

My Ferrari *is* an investment, both monetarily and emotionally. Perhaps yours are only of the emotional sort. But for me, If/when it's value exceeds that which I am unwilling to risk on a happy Sunday drive, it will likely go to market to an owner that will value it as much as I do, but in a different way.

Sorry if you find offense in my thoughts on the projected values of the 360.... I suspect you are misinterpreting the intent of my post.

 

Here is where I'm coming from:

Like other long time members on here, we owned Ferraris long before they were considered "investments," in a monetary sense. Maybe you might capture some appreciation based on supply and demand if you ever decided to sell but it was so flukey that it didn't even factor into the decision. We bought our cars purely because we love them and any thought of appreciation was a distant one at best.

Over the last 5 years, we have seen an unprecedented run up in prices with more modern cars seeing a real gain the last 18 months. I bought a 550 Maranello in February 2014 for about 1/3 of what it would sell for today. Not once did I think that it would be worth so much in such a short period of time, nor do I care. Same with my 348 Challenge. (I will admit that I didn't feel like that with my F40 but my thought process was that I should spend the money before prices got out of control and I would never be able to afford it.)

Nonetheless, we have seen an influx of first time Ferrari owners, not unlike yourself, who jump into this market and think that this is the norm. They get excited about their purchase and start counting the money of "what will it be worth" excitedly. They also ask similarly stolid questions like, "how rare is my 360: it's rosso barchetta with x,y, and z options, blah blah blah." The only thing missing would be an addendum like, "made on a Tuesday in June."

Here is my point: This is, in fact, not the norm. These could go back to being just used cars and all of your Scrooge McDuck-esque counting of future money can go away. Now, the downside is not so bad - you have an amazing manual transmission 360 that you can love and enjoy - but any hopes of even breaking even monetarily will go away.

Never before have we had new Ferrari owners buying a car and within days, coming on here and excitedly conjecturing about new price points for their recent purchases. This is all fairly new and the old curmudgeons like myself have headaches because we are constantly rolling our eyes.

Just remember, this is not the norm. You bought a used car. It's brilliant and amazing. Enjoy it as such. If one day you don't love it anymore and you want to sell it, consider yourself lucky to break even. In the mean time you should drive it, maintain it, love it, treasure it, etc.

EDIT:
Do you want to know what the threads started by new owners used to be like before people who just bought cars were concerned about what they would be worth when they sold them? The threads used to sound like this:

How do I turn on the a/c?
How do I put gas in?
What oil should I use? (big fights with this)
Is the stereo supposed to be this bad? (more big fights)
How often should I change the belts? (Apocalypse sized fights)
How do I properly warm the car up?
Should I use a battery tender?

You get the idea.

 

Oh man, as neat as it is to not take a big depreciation on toys, it can be a real mixed blessing when cars appreciate a lot. A gated 360 has been the perfect first Ferrari for me, being attracted to the mix of traditional roots and modern aesthetics. I hope that real users of the cars are the ones buying. Maybe those guys who were shopping for a gated 430 to enjoy but could not find one. The best part about a "driver" finding his/her way into a gated Modena is that they are going to be richly rewarded by the driving experience. I don't see anything out there on the horizon that moves me the way my car does, that I can afford, and that is where the paradox is. Once you start to see the car as an investment then you don't treat it the same way and enjoyment is lost. At least that has been my experience.

Someone wake me when I can trade straight into a low miles Singer Porsche! ;-)

 

Sherpa23,

I sincerely appreciate the detailed reply and the passion you have for your cars and this community.

I've actually read many of these threads already, and appreciate the time you all spent in those debates. Saved me the trouble of asking those questions.... And I suspect if I had, I would have been dismissed and referred to those threads, as is common on message boards with many years of invested community. I used to own and run one.... I understand the etiquette.

As you said, used cars are a depreciating asset, but some less than others as is evident with the recent collectibles and exotics market in some models, and if you're lucky & do some research, you might just be able to drive your car for free. Not a safe bet, and as I said above:

You want to "roll your eyes" at those of us who take that into consideration when buying a Ferrari, so be it.... But it's an incorrect assumption to lump me into the "investor" category and think that my considering the depreciation / appreciation potential somehow makes me less passionate about my Ferrari.

You think I'm on shpilkes because of appreciation potential.....but really, I'm just glad that I got mine before I couldn't afford it.

So, this is where I am coming from... Perhaps I didn't make it clear in previous posts:

I consider these machines a work of art that gives me far more joy than anything on my walls, and I feel blessed to finally have the honor of being its caretaker and driver of one. But if the value of it appreciates to the point where it makes more sense financially to stare at it in my garage instead of driving the hell out, I'm going to sell it to someone more financially able to enjoy it than I am... and then find a different Ferrari that I can feel comfortable driving the hell out of.

And I am going to keep my finger on the pulse of the market so that I know if/when that day comes, and I am going to discuss it here on Fchat, as I don't really have anywhere else to discuss it. I won't apologize for that.

But if you want to see me as some annoying anomaly or perversion of a "normal" Ferrari buyer/owner, that's your call. Im not going to waste time fighting your strawman.

BTW, how do you like my choice for custom plate? (Um, that's a joke BTW)
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Don't worry. That day will never come. The only money you have to worry about is what you've paid for the car. If you're okay with the purchase price, you're okay with driving the car. You paid for it; you're all set. Any potential paper appreciation is meaningless.

Enjoy it in good health. I know that you have some great driving roads up there. Send it down to Colorado when you need it serviced. We have some very capable techs here.


And by the way, I didn't lump you into the group of posters that ask about which a car's appreciation before they even buy a car. You bought a great car. You will be happy.

 

I agree with you. It's nice to hear that values may be rising but it's irrelevant. I buy my cars to enjoy them. Love my 360 gate shifter. Great Ferrari that may one day be appreciated (no pun intended) to a level of other greats.

 

I agree with everything Bastuna said, even though I am one of those people who bought my car this year. I have wanted a Ferrari since Magnum PI. When I saw the 360, I knew that was the one, and even though I could have afforded a 458, I bought the 360. Not even MT. I just wanted red, convertible, tan interior and Capristo exhaust. I know newer models are faster, _____, but to me, they are not as beautiful. I feel like I'm driving art.

If the price goes up it doesn't matter because until I am as passionate about something else, I won't sell for any price.

 

This passion for and knowledge of Ferrari is what I love about coming to this community! Ive learned so much about Ferrari, and there is much more to learn here.

But I do firmly believe that part of knowing about your car is also knowing what the current market value is.

If you don't give a crap, that's cool. I do. I'd feel like a fool for NOT knowing.

Perhaps that is just me trying to justify the purchase of something very expensive and totally unnecessary, and I will care less and less the more I drive it.....

And if that happens, that would be AWESOME, but until then I hope you all will forgive me when I discuss market trends here as many others have been doing since long before I arrived

 

Dude. A Ferrari is not "totally unnecessary." The fifth Ferrari can maybe be considered somewhat unnecessary. Not the first one (or the second, or the third, or the fourth).

 

Touché!

 

Damn, there goes my investment..........Oh wait, now I remember, I bought mine because I have an addiction to beautiful cars...whew.

 

If nobody cared about values, FChat wouldn't exist. Don't listen to these guys.

 

I'm a former CFO. I know what my car is worth on the market, but more important is what it's worth to me. That's all we're saying.

And there is NO such thing as an unnecessary Ferrari. Now THAT is blasphemy.

 

Thanks Jason.

It's really self-evident. Look at the top 5 threads sorted by number of replies just in this sub forum; three of the five are discussions on the market for the CS, Scud, and manual 360.

Doesn't change the fact that we all love these cars.... Just some (maybe a lot) of us love knowing what the market value is also.
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I don't post very often but do go through this forum on a daily basis, I must say I'm a bit tired of reading either how great a gated car and it's value...

It used to be very informative and technical ...somehow all thread turned to the two debate: gated and then value.