Possible to get a decent 360 for <= $60k?

Out of line, no but you may have to make concessions and play the waiting game. Little luck helps to.

Mine was not the "proper" color--interior or exterior and it was an F1, and it had "high" miles (22,290). It is also a 99. Those issues, contributed to the lower than "normal" price as well as the timing in the market. Took 5 years of window shopping, 2 years of serious looking, and a little bit of luck.


So, yes, it can be done. However, several factors some in your control and most of your control will come into play.

 

At the moment, a gated 360 would be hard to find in the 60k range unless it has very high miles and some stories. Most likely, you will be spending another $10k+ to get it sorted out if your only getting it for $60k.

Now an F1 would be much easier to find in the $50-$60k range with less miles and less stories. Expect to pay at least $15-$30k more for a gated vs F1 in the current market. I know I did as of last winter when I bought mine.

Ghostdiver gives good advice regarding the buying process.

 

You aren't going to get a manual for that money unless it is a salvage title. It is possible for an F1. You will likely have to make the concessions noted plus, you will need cash in hand and be willing to move without a long drawn out inspection nitpicking process. Any decent car in that price range will move quickly and if I were selling my car in that range, I would be willing to do any gymnastics or take any difficulty in selling the car. The buy would have to be ready and willing to move.

 

If you are willing to take your time, I believe you can buy a good quality F1 car for $60K. A 6 speed manual car is going to cost you $20-$30K more. Just be patient, do your homework, ask lots of questions and watch for good value. There are several F1 cars on ebay right now that are close to the number you mention and appear to be decent examples.
I also wouldn't overlook the F1 transmission. Plenty of people have them and love them. I searched for 1 year, looking for a gated 6 speed. Drove a few F1 cars, and came mighty close to buying one that was sorted out and ran as it should. It eventually sold for $62K.
Remember the old saying " if you can't afford a good Ferrari you can't afford a cheap Ferrari". Good luck in your search.

 

You might get lucky for a manual car at $60k. If you know somebody who is willing to cut you a deal, sure.. they're out there.

On the public market though it's going to be ALOT harder. In general with Ferrari mileage 30k miles and under I'll bet a manual car is going to be a salvage.

OTOH if I were to sell mine today being red/black/sport seats/euro with 61k miles I might not get 60 for mine.. I suspect that higher miles car is what you'll end up with if you want a stick for a reasonable price.

Expect there will be something wrong with any car you buy at lower prices. There really are no deals. If you get an F1 know that you're making that compromise.. if it is indeed a compromise.

 

Zanny is right, let me explain you why maintenance for these cars are not for the faint of heart
Several reasons, Ferraris were not build with easier ways to service them so labor becomes extensive.
Talking about labor rate even for very easy things you would need a computer SD2/SD3 (or Leonardo) which are not exactly cheap so the shop will charge top dollar per hour for labor in other to compensate the computer or software investment.
These are not Japanese or German cars, things do fail.
Even though these cars have depreciated heavily (a 360 was 160k years ago which is basically the same as a brand new Ferrari in present money value terms) but the parts cost hasn't depreciated as much.
So basically EVERY Ferrari would need expensive maintenance (vs other brands), some models more than others of course but all of them would.
And Ferrari owners are not stupid, they know all these variables, if the car is below market value is for a reason, nobody wants to give away money, I am sure there are unicorns out there below market price and bulletproof but most of them are not.
Try to get a car that you know some history about, maintenance records are key for your peace of mind or you would be the one creating those records in no time.
Enjoy your hunt


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I think it can be done with some patience but you wont be the only one looking. Feel free to post up cars that you are interested in here and the collective can start giving you things to consider. After a while you will be ready to make up your own mind. You should also try to test one. All the ownership downers and obstacles can be worth it. The car is an incredible machine.

 

I was chatting with some people in the car biz some years ago. They told me that cars cost about 2% of new in annual maintenance. They were clear that this is pretty universal in the industry, you get some variability but not a lot. Even that 30K Toyota averages $600 per year in maintenance.

 

Possible. I searched for 3 months.

Got mine for waaaaay below $60k but as other stated these will come into play
1. F1 not gated
2. Not red (mine's pearl white and it's my fave color)
3. Willing to purchase cash in a heartbeat with not much nitpicking (why? others are also waiting for the same deal and ready to pull the trigger fast).
4. Higher miles and MY99 (this one not my case, got mine with only 15k miles and it's a 2001).
5. Not all original (mine the wheels are custom but came with original wheels as spare).

I've been lucky with mine, it had new clutch when I got it and no major issues. Up to now, it's still a performer.

Attached is the photo when it pulled in to my driveway the very first time several years back. That day was surreal for me.
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Pearl White! Was it factory? That must be amazing in the sunlight!

 

I believe that car was originally Grigio Titanio Metallizato

 

It was repainted to suit the previous owners preference. I would've done the same if I have same cash on my disposal.

It's like grayish in color. I saw the picture prior to the paint job.

Any yup, looks pretty under the sun. It's a three stage paint.

 

Yeah this sounds right.

 

I called several places about cars advertised and the typical response was - "we'll see when you get here" when I enquired about driving it. I was not going to drive even an hour with no chance of being able to drive it. I flew down to Pompano Beach and I didn't eve ask about driving it! I just said I want to drive it now... I guess they thought I was serious because I flew down. There is NO way I was buying a car without driving it!!!

 

No one was suggesting buying without a test drive. We are suggesting that you will likely have to move with little or no PPI, other than what you do. I would take an OBD reader and see what it shows, are all of the monitors set or did they turn off the power to reset some CEL? If the price is really that low you may also have to take it or leave it with whatever the PPI shows. In other words, you won't likely get a pristine car but you can get a solid driver.

I would add that miles cost in the resale so a high mileage car could be the ticket.

 

All other factors you mentioned aside, you can't compare the market from several years back to today. We're past the bottom of the market for 360s and prices are on the rise.

OP, it really depends on your definition of 'decent'.

 

Is that a CS front bumper?

 

Most of these cars aren't going for 50-60K. Most are going above that. Basically everyone is saying you will be lucky to find a well sorted 360 F1 for less than 60K. In my opinion it will be a owner who has to jump out. I would imagine if you find a good example for less than 60k you will own it in less than a week or someone else will. They won't wait around for you. You may also be looking at a 1 time in a year or 2 scenario. If you truly want one, I would raise my price expectations.

 

A few more comments......First, drive more than one, drive an F1 and a manual. The F1 system is nothing like an automatic. I've got the CS TCU in mine and I can tell you the shifting at full throttle is reminiscent of speed shifting my Yamaha R1....nothing like an "automatic slushbox."

I didn't look to see where you are at, but go to meet and greets, cars & coffee events and talk to people that have what you are looking for and get their thoughts and opinions.

Third, if you find what you are looking for and you have to fly/drive to see it, tell that to the salesman/manager. Tell them that you are not just kicking the tires, you are a serious buyer and you are willing to see the car and drive it. When I bought mine, there was one more in the country that met my "wants" and that was in San Francisco. I told the salesman that if the local deal falls through, I'll fly up to see the car and drive it home if everything works out. Didn't have to go that route but I made sure he understood I wasn't just window shopping.

 

Yes. Im looking for side skirts to complete the body kit. Its all I'll do to the body.

 

Great to hear that I got my 360 on a perfect time. I bought it not knowing if it l's already bottomed out. I just know it was the best deal at the time with clean title. Others with the same price are all salvage title.

 

99's are no more problematic than any of the other models. There were some "updates" done to the model by 2002 such as variators, starter ring, engine mount stiffening, etc. Most should be done by now. Anytime I see painted vents it makes me nervous as well as painted wheels that aren't stock. The "modded" lower priced cars suggest an owner that bought it "cuz its a Rarri' ".. and it's going to have issues. A PPI on a car like this with clutch read should give you an idea what it needs and if it's a good price.

Re: repairing it yourself.. many owners do. Many don't. They're easy cars to work on but they're very expensive to buy parts for. The adage I use is if you can't afford to have someone else fix it and you're banking on fixing it yourself to afford owning the car... don't buy it. Again, parts are very expensive and the diagnostic computer that is NEEDED for clutch changes and diagnostics (SD2 or leonardo) is like $20,000. A shop that doesn't have one cannot do a prior F1 clutch change or diagnostic.

If you're thinking waiting to the next recession to buy it with a drop in price for the Manual cars.. don't bet on it. Only way they'll drop in price is if Ferrari decides to offer a manual transmission on their cars again. And they said they will not.