Has the F1 360 Become a sub 60K car?

This is not meant as a whiny inflammatory post but a will probably come off that way. Mine has been consigned for going on nine months. Been sold twice at 70K and 72K only to have financing fall through. Asking price 78K I think but has ranged from 90K to 75K. There are countless F1 360's out there asking 80ish, 90ish and still 100+ (and no I'm talking about the gated ones). There are also ones asking 70 and high 60. I also can't help but notice a lot of them are the same cars over and over. My car does have "issues" as in needs belts and not a full set of fobs but also has half the mileage of a lot of 360s out there. Overall nothing "wrong" with it. But I guess in the 360 F1 world 6K worth of service equates to 15k or more in sale price. I'm starting to think 355s are worth more. I never thought I'd own a worthless Ferrari or take a 25k to 30k loss over 2.5 years (okay that one is a little inflammatory). Whiny "why won't my car sell rant over" but seriously thoughts, comments ??

 

Whenever I buy a car, including when I bought the 360, the thought on my mind wasn't how much money it would appreciate, but how much I'd loose. My 360 is a euro with now 62k miles on it so it's pretty much sale-proof. I *might* get back what I bought it for...

That being said, it's wintertime so sports car sales are slow. And if its been a year then ask might be a bit high. Color and the F1 transmission might factor into things as well. I think alot of the political turbulence and post holiday spending pain don't help.

The 355 might appear to be worth more, but again what are they asking versus what are people paying. With 355's, they have to factor the $5-7000 major. So that might reflect high ask. There's always a six figure car regardless of the model and miles. Whether it sells is another issue.

 

you should at least post a link to the ad to get some traffic

I'd be curious where your consignor is advertising the car. I assume the standard AutoTrader, Cars.com, ebay?

clean carfax?

You're probably selling to a 1st time Ferrari audience, so the thought of needing a major done is probably turning them off.

there's no way your car is sub $60k. Maybe you meant sub-$70k?

 

The 360 is a good (best even?) choice for many first-time Ferrari buyers... and 80% of them want a red car. They've also probably read up on the (scary?) maintenance costs which are probably higher than the car they own now. It doesn't help that there have been many uninformed posts bashing the F1and its astronomical repair costs. So, if they compare your car to another, more-expensive but maintenance up to date car, which one are they more likely to buy? However, an educated Ferrari buyer will recognize that your car is a great opportunity to pick up a fantastic car at a great buy. I'd either do the belt service or hope to find that educated buyer who knows it's not going to cost $10K to have it done.

 

Ha! Just saw that Turbotuner was typing a similar response as mine. So it must be fact!

 

I tried selling a pristine F355 spider that needed the belt service and soon found out it was unsalable, period. I gave up and traded the car to a Mercedes dealer for a new car and got $50k in trade. This seemed reasonable to me and they paid the $8k for the service and then spent almost another year to sell it for low 60's. The car was a 95, 6 speed triple black, 15k miles. This was 3.5 years ago.

 

For my 360 I went way out of my way to insure I had leather pouched manuals, leather pouched complete tool kit, two ignition keys and three working fobs. All that demonstrates someone "cared" for the car over and above the usual paperwork indicating the car has been maintained properly and in a timely fashion. I think that, with all that, if the belts are done along with the periodic maintenance at the time of intended sale, you (I) will get a reasonable price for the car quickly. Most cars that don't sell have something missing.

 

Good thoughts. I didn't post a link to my car because I didn't want to come off like I was trying to advertise my car with this thread and genuinely want to generate discussion as to the value of a F1 360 and how long they take to sell. The dealer has their own site OC Autosource-Costa Mesa - Serving Costa Mesa, CA and when you do an autotrader search it comes up there also along with other searches. Yes of course the obvious answer is to have the car serviced but it seems like lighting a match to that money. I think I'm living mike 747's situation. I talked to CNC over the summer and they said it'd sell for low 70s with me getting 60ish but they'd buy it for 55. Now that 9 months has gone by thats why I wonder if it has indeed become a sub 60K car. Or I could put it this way. It could be I'm just crappy at buying cars but if I walk into a dealer selling a 360F1 asking say 85K there is no way I'll get it for 70K. There's no guarantee of any car holding value but when I bought the 360 I was told...and I think some would even say now....that is was at the potential bottom of its depreciation cycle. There's no way that is true. I'll be down at least 12 to 15K a year. Anyway again thanks for that thoughts.

 

60k seems to be a magic number for some reason...

http://www.ferrarichat.com/forum/360-430-sponsored-yellow-compass-group/527016-possible-get-decent-360-%3D-%2460k.html

 

My car is very complete (except for the fobs) including full maintenance records and even a copy of the original invoice.

 

Service is everything on these cars. IMO. No one wants to inherit someones lack of maintenance. Do the belts, and maybe the annual...
I got my under 20k mile F430 for under 100k because it 'needed' a few things.

 

I agree your need for belt service scares away buyers. I am always wary of any seller saying it needs just a "insert" service. your "$6k" service might come out to a "$16k" service after stealer say "while you are at it"......

 

Has the consignor provided any real value to this deal?

Unless they have an established client base to sell into, they're basically just fielding phone calls/emails about the car for you and potentially storing it for you under their insurance to save you carrying costs and space.

If not buying new I prefer to buy my cars from an individual owner vs. a dealer/consignor

In fact, when I see an ad for a used exotic through some kind of independent dealer, I assume it's been put through an auction to get there or there's some story to it/missing history, etc.

I honestly think you'd sell it more easily and with a higher net if you did the service and sold it as a private sale.

Many states allow a trade in credit for tax purposes, but odds are the consignor won't be helpful in that space either.

I inquired about a white 458 being sold here and was told I couldn't trade my car towards it, but I could list my current car with them to sell, then purchase the other car and they'd write it up like a trade in... way too many moving parts, so I passed.

 

As this seems to be the norm with Italian cars, or the rumored norm anyway, you're probably right on.

 

I think if it were a red/tan manual you'd have a much easier time selling it.

 

If it were manual it gets a $30k market adjustment. I'd buy 10 360 manual coupes for $70k/ea

 

Unless something changed recently, Hagerty's guidance is "gated" draws a $50k premium over the F1.

 

Make my order 15 then haha

 

Very interested to see what happens to the manual vs F1 prices when "car buyin'" season rolls back around. I think a $50k, or even a $30k premium is a bit optimistic, but I would be very pleased to see a 10-20k premium.

 

I had LOT of issues with my F1 355 and swore I would never own an F1 again and even I think a $50k premium is nuts. I would pay maybe $20k more for a manual.

If I was in the market for a 360 and found a red/tan with Daytona seats and low miles at $60k I'd buy it even it was an F1. I seriously wouldn't go much higher than that though because I could get a nice manual 355 for just a little more.

 

Just a data point from last week. Far more than a $50k premium on this one. I don't think a F1 Spider could crack $100k under the most ideal conditions.

2004 Ferrari 360 Modena Spider | Gooding & Company

So, um, you were saying?

 

Live auction prices always carry some kind of ego/alcohol driven markup.
You can find cars sold/offered here recently at a more decent price.
http://www.ferrarichat.com/forum/ferraris/538408-2000-360-modena-gated-manual-stick.html

http://www.ferrarichat.com/forum/ferraris/535817-2000-ferrari-360-modena-gated-manual-28k-mi-red-black-s-fla.html

http://www.ferrarichat.com/forum/ferraris/541401-2001-360-modena-six-speed-manual-coupe.html

http://www.ferrarichat.com/forum/ferraris/541497-2000-ferrari-360-6-speed-manual-coupe-sunroof-red-tan.html

I think the premium is getting "out of control", some dealers are selling the idea that the 360 manual will be the next classic Ferrari and worth 3/4 times what they are right now, honestly nobody really knows that, testarossas and 308s were selling for peanuts years ago,and now look at them.

 

I'm saying that I've seen that and it was an extraordinary case. As a gated owner, I would love to see them all go that high but through my search I haven't seen it. Mine is a Modena with more miles, but I paid less than half of that, and had a similar deal fall through on another. There are gated cars under $100k that go unsold all the time.

 

And I'll be honest, with the amount of 360's produced and the amount of well sorted examples on the market at any given time, paying over $150k for one is nonsense.

 

All valid points but dealers are able to finance. They USUALLY have more in depth advertising. I would also say its nice having someone else take the heat if there are issues with the car after the sale. I tried to keep this about F1 cars as again I know the gated ones are almost their own class. I've never heard of the tax credit thing though.