Has the F1 360 Become a sub 60K car?

I've looked at the 1999 in person. I personally think the color is the achilles heel on that one, an the fact that it is surrounded by newer Lambos and McLarens. It is very underwhelming.

 

I had been considering a buying a F1 360 Modena. Looked at a couple exotic dealer owned cars priced in the mid $70k range and when I said I wasn't interested in the cars the response was, "Make an offer". I have the feeling F1 car prices will be coming down more. I decided to hold off for now. 3 360s sold at Mecum. An 01 spider at $55k, an 00 Modena at $60k and an 02 Modena at $66k. All were F1 cars. There was also an 01 spider F1 which was a NO sale at $70k.

 

I dunno...


I certainly wouldnt wait for something i would enjoy just to save $10k

 

My two cents' of advice on the OP's car is that the aftermarket/non-stock tail lights, black wheels, cheap tires, and overdue(?) service are deal killers at any kind of reasonable price. The car otherwise seems to be in very nice condition. I think if these items were addressed, the car would sell.

 

I definitely agree with this, not a huge market for a murdered out Ferrari from what I have seen. 💯

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I currently have 2 F cars to enjoy. I was thinking of selling one and buying the 360. So it would just be a change. And good things are worth waiting for. Took me 3 years to find the right 355. I won't settle for a car that is close to what I want.

 

I think the 360 is at a point in its evolution that certain cars will begin to separate from the pack and ranges in price will begin to expand over the next five years or so. What I mean is that very well cared for and maintained examples will begin to fetch larger prices from enthusiasts and unscrupulous buyers will be left to sort through the scraps of undocumented/molested cars for much lower prices. This seemed to have happened amongst prior mass produced 8 cylinder models.


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Were you at this auction??? Did you actually see 2 drunk egomaniacs trying to outbid each other? Nope? Didn't think so. Let's presume it went like most auctions do...2 or more individuals wanted the car and bid up to what they thought was reasonable.

BTW, the 2001 Modena you reference? 41k miles plus accident damage!!!! Jeez, do a little research.

A big part of the problem here is that Gated 360s are a very thinly traded "market". A data point here or there doesn't establish a trend or the truth.

I'm not saying all gated 360 spiders are automatically worth $154k but by the same token nobody here should be shouting them down or questioning that an outsized premium does exist for the 3 pedal Modena or Spider.

 

Take a chill-pill, were you at the auction and you are sure they were not drinking or in an ego fight??
I just said I have seen that happening in live auctions, and usually what happens the car goes for way above market.



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GIVE ME SPARE PARTS FOR ALL ETERNITY!!!!

 

I sold my 360 for a business deal a while ago and now want another one. It was a good fit for me and never left me stranded. I have noticed the same cars for sale week in, week out. It's a buyer's market to say the least and with the numbers they were produced, I'm really not thinking there is any hope of a uptick in prices. I want one to drive hard and truly enjoy.

I like almost any color over red and will pay a premium for no shields. A sorted medium mile car won't be over $60K regardless of asking. A low mile garage queen might have a buyer for more but there are so many for sale, like I said, it's a buyer's market.

 

What car is he talking about? It sounds interesting, if nothing else.

 

Those who have studied the market are a far better source of opinion than me, but I do look at 360s from time to time. What I find is that while there are a lot of them out there, most have F1 transmissions, and many have less than desirable color combinations or have many mods. That's just the surface. Dig deeper, like I did when I was shopping for my 360, and you find maintenance gaps or out of date service, or no records. That's just from the phone call. Take a look at the actual car, and you will find from the condition of the paint and bits underneath the car that many have led a hard life by Ferrari standards. So I agree with one of the posters above who said there is a growing gap between lower value cars and higher value ones, and that gap is increasing as more cars start to fall into the low value category.

 

Here in the UK you are going to pay more for an F355 than the equivalent condition 360 even compared with a three pedal 360.

Used Cars for Sale - Auto Trader UK

Lowest first..

Mondial
348
GT4
360

Not cast in stone because it obviously goes of condition, mileage and service history but generally speaking.
I'm referring only to RHD cars as we have a glut of LHD Ferraris that a few dealers imported hoping to cash in on the rising Ferrari prices. LHD cars don't sell nearly as well as RHD despite the price difference.

 

How much are belt services over there?

 

I have a 2003 coupe F1 red/tan with about 18.4k miles. I am currently shopping for a 599 and dealers are offering me low 70's for trade in. Multiple dealers over the last week.
Lots of service done and brand new clutch but needs a belt service.

 

These trade-ins are deceptive some way. They sweeten the trade in value and get their money back when you purchase. Instead of more leverage to negotiate there's none left to negotiate for the new car because they won't let you.

They will get their money back one way or another to give an enticing trade-in value.

It shouldn't be the basis of where the value is IMHO. Straight up sale numbers should be.

 

I think this helps answer the question for the OP and the answer is... no. A dealer would only get involved to make a bit of money so it looks like the low end of the wholesale market is in the 70's somewhere and then retail would be what? At least 10-15K more than that. To me this is the bottom.

I like the guy who said there is a divide in the market. That is a good way to look at it. It's not one market that contains all the cars. It's a layered market. There are the collector/museum cars with almost no miles on them. Think that alligator skin interior 430 or the CS with delivery miles. These cars do not represent the market for the gen pop.

At the other end are the salvage cars and big-crash damage repaired vehicles that have moved through the bulk auction wholesale rodeo.

Just up from that there are the green or slate blue/grey leather interior cars with worn out interiors, poor repairs, double digit previous owners, no service records types of cars. Been registered in every state or nearly. The abuse is evident.

Next, the cars that have a stuff missing or really tasteless modifications. Perhaps they contain a couple of items from the above. Racing school or fleet rental cars might go here too.

Close by there are the super high miles cars that are other wise OK. Owned by a true enthusiast. (F-Chat is a great way to suss out a car like this since a car that has been around a lot may be known in the F-Chat community.)

Then comes the mid-mile, periodically cared for, decently maintained cars with reasonable wear but maybe not optioned well or some other aspect is holding the car down. Could contain an item from above.

Then comes the low mile cars with variations of the above.

Then the low mile garage queens.

This would be fun to graph out and turn into a chart! Whether you agree with these definitions or not there is some evidence to support multiple markets for these awesome cars. The trouble is that everyone has a different understanding of the market pricing and risk is a moving variable that moves up and down throughout this layered structure.

Good luck buyers! I hope your efforts are rewarded. If you can afford the cars that are the most expensive you should have little to fear. If you only look at the bottom of the barrel pricing as your planned entry to the world of Ferrari you may get stung.

The car and platform are truly awesome and have a lot to teach about the pleasure of "driving". It's an engineering and aesthetic master peace. I would go as far to say that any harsh criticism of any aspect of the car is more revealing of the character flaws in the observer than the car itself but then I already drank the kool-aide! ;-)

 

I agree with all this
Most of the cars here in Fchat will be between the high miles, mid miles and garage queens.
Now what is exactly the mileage when it is considered high mileage?? 40k+, 50k+??


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Not even sub $60k car, back during the recession I saw several 360 F1 examples at mid 40,000. Two years ago I saw several examples for $50k so at $60k sub shouldn't be a concern but more to smirk on. It's a sign that the economy is picking up again.

I think the situation here is some owners when they bought a driver 360 F1 (not garage queen) feel that the car should make them money or not depreciate anymore.

The key is enjoy the car while you own it, sell it to whatever the market is demanding and move-on, have fun with another car. This is pertaining to folks who bought a 360 F1 that's been driven, over 12k miles.

I don't hear this concern in the MB or Porsche crowd; I didn't complain myself when I sold my 2002 MB S600 V12 years ago for peanuts, like $8,000 when I paid $130k for it. When I sold my 2001 Porsche 911 for $15,000 when I bought it for $80,000. I even have a newer MB S600 V12 Biturbo that I bought preowned for $80k a while back and the market only demands around $12k for it now. I only hear this resale concern with Ferrari. While it is a valid concern for gated garage queens, for the F1 samples that are driven it shouldn't. Sadly, it is what it is.

Cars depreciate and nobody has the crystal ball unless it's a sub 6,000 mile car, stick shift and red. If your car is not this, just enjoy your Ferrari and don't think about resale or else it will make you go bologna.

In any case, wishing the OP all the best for the sale and hopefully he gets what he wanted for his 360.

 

A helluva lot less than over there

 

Somewhat cheaper (by a large margin) to the US, but you knew that .