Help with 360 coupe

Thanks in advance...anyone know this car or dealer?
I miss my old 360, ready to add another.

https://www.usadirectauto.com/vehicle-details/used-2002-ferrari-360-modena-berlinetta-houston-tx-id-53267173/

 

9 owners. Yikes.

 

My first thought also. Pay top dollar for a detailed PPI.

 

Also, remember that the prettiest girl at the bar can get awful ugly real fast

 

To my eye, it is a solid driver quality car. Of course the mechanicals would have to check out, but the stickies appear to be done, it has challenge wheels, and is otherwise decent looking. Mileage is high but not disqualifying. I think the price is high, but I always think that

 

Thank you for all the responses… I feel like they’ve had it a while and it’s priced right. I just didn’t know if that place threw up in red flags for you guys

I agree that is quite a bit of owners… I’m really looking for something that’s mechanically sound but a good driver

The F8 stays in the garage day after day and I’m not sure whether to put the exhaust on it or get something. I’m not scared to get a rock chip

 

Leather on the seats looks awful, new leather for sure will be needed.

 

I asked them about this car about 2 weeks ago being somewhat local, and they finally reached out to me days later and said they no longer have it. Seems like a bait and switch scenario or something after reading the dealer reviews.

 

Just get a VERY comprehensive PPI.

 

Thanks guys, search continues

 

I went and looked at this car. The passenger door had orange peel that didn’t match the rest of the car and the front fenders were pretty bent up from tire contact. Other than that, it seemed ok other than the interior being a little rough. They are “firm on the price” even though there is no history of a recent major. I think it’s still 10k too high based on its needs, miles and condition.

 

Walk away at that price.

1. The car has seen sun. The dash and airbag cover show the age. Also the fading on the intake manifold is apparent.
2. The headlights are dusty on the inside of the lens. Common issue. Not a big deal - it can be corrected with microfiber-covered magnets.
3. The engine bay is filthy. It's only dirt, but it indicates the current owner/dealer's attention to detail (or lack of)

This car would need a complete documented history, an inspection and be perfect cosmetically to get that price.

 

It's been on the market for a while, I had it saved it when I was looking. Yea its had 9 owners, but it seems like that's becoming more common as they age. I feel like a lot of these got passed around early in their life with very few miles in between. And it seems relatively unmolested which is a bonus. The upgrades are tasteful. If you want a driver that wont break your heart if it ends up with a rock chip and wont cause severe anxiety leaving in a parking lot, might not be a bad starting point.. for the right price anyways. I agree it would take some money to get it where it needs to be, but If you do your own work, that could be mitigated somewhat, but probably not worth the labor fees otherwise though, even if you get a steep discount on that price. But I also don't foresee values going down anytime soon.

Just my 2 cents as a new owner... Who's also currently got it torn apart fixing undisclosed F1 issues amongst other things

 

This coupe should sell for sub-$55K. The pandemic is over. Google will tell you the asking prices, but not the selling prices. This dealer is living in the recent past, as many dealers are. Let me quote some prices from the Dupont Registry for some fully-serviced, showroom new examples in April, 2014 when these cars were NEWER!

1995 F355 Berlinetta VIN 100868 $54,900
1998 F355 Spider VIN 112162 $79,900
1999 F355 Spider VIN 116245 $59,900
2004 360 Challenge Stradale VIN 135215 $139,900
2003 575M VIN 133413 $99,900

I paid far less for my spider in mint condition two years ago than that coupe. The market is correcting itself and the government is no longer handing out money. Real estate, watches, cars - all assets are returning to normal values. Remember that when going into any purchase.

 

I wasn't directing that response at you @Rjvb3, I was just making a general statement.

 

".... 6-Speed Manual with Automatic Shifting..."

OMG!

 

No worries! It's actually kind of interesting how the values seem to be all over the place... Before I got mine, I was actually spending months on Copart and IAA bidding on salvage cars for a project. Since February, I can count at least 3 coupes in the last 6 months, that were bid up to over $50k, needing (at a minimum) somewhat extensive bodywork and a full paintjob and probably some slight frame work, all with a salvage title. A couple didn't even run. I couldn't bring myself to keep bidding up that high on a project with that many variables, but there were others who did. With that said, I think if the OP's car in question was offered at $55K it would be gone tomorrow, which would be indicative of being undervalued at the moment.

In the end I figured It was best to bite the bullet and get something for a bit more that requires a lot less.

But I think one thing we can all agree on is that value is really whatever a person is willing to spend their money on. And that varies HUGELY from person to person. Especially with a car like this where emotions are a lot more likely get involved.

 

Not sure if you follow Flying Wheels on Youtube, but I commented heavily on his negative opinion of Barrett Jackson over the sale of his 360 spider at $50K. He was expecting $80K.

Any level rebuilt title car should pull $45K at the very most. A clean, low mileage example coupe or spider should list for no more than $70K and a typical sale will fall around $60K. That's for a low owner, low mileage, dealer serviced car. I suspect values will fall further as it's based on supply vs. demand. I know of a beautiful rebuilt 360 spider, fully sorted, for $42K right now. I'd think the OP car may sell for $55K, but $50K sounds more like the magic number.

The reality is, just find the car you want and offer cash. They'll reject you at first, but if they want to sell, then they'll call you back.

 

Are you only referencing rebuilt titles? There are tons of recent sales between 80-105K of 360s in the past couple of months. Maybe I'm misinterpreting this all so apologies in advance for any ignorance, but stripping a 360 for good parts alone makes the car worth more than 50K IMO.

 

I did watch that video (as much as I could take of the complaining) and would say his car was definitely not in what looked to be very good condition or well maintained.

The market does appear to be on potentially a downward trend, but I still believe a well maintained, heavily OEM, and good spec’s 360 is worth more than 70K. Still undervalued and should continue to rise IMO.

 

So there was some confusion the dealer cleared up for me. The car is there! But the service records are not. He meant to say the service records aren’t there, not the car haha

 

Great info as always thanks guys.

I'm not interested in a car without good service history.
Miles with good history will be fine for what I want.

So I was thinking this "driver" with good service would be between 70 and 90...I think

 

I completely agree with you. I have also found that if you call the shop that has done the work historically on the car then they are an excellent resource and will give you a brutally honest opinion of the car and quality of the car. Best of luck on the search. Don’t settle for something you don’t feel comfortable with! One will come around for sure.

 

No, clean title cars. I watch the market closely and anyone who buys any 360 coupe or spider with over 5Kmiles for $100K is overpaying. Again, these are pandemic prices and everything is correcting as we speak.

I get the same arguments in real estate. Agents are constantly telling my firm on conference calls how the market is rebounding. The buyers are gone, plain and simple. They will return, but only when the restart button is pressed, which will occur in the next 12-24 months.

Not the most comfortable thing to hear or say, but I'm a turnaround manager by trade so I believe statistics over optimism.

 

BTW, there is a one-owner 360 spider, red on tan for sale in CA with 13K miles, all records, zero accidents, only dealer serviced, just had clutch (7%), cam belts, heat exchanger, all preventative maintenance done at the dealer. He is asking $77K. I think he will take $65K if someone really offered him cash. It's a euro spec car but all things considered, that sounds like a great driver. An argument can be made that the US models get more money, but it's simply not true. All of them are sitting at Manheim right now Euro or US - everyone is afraid to bid as the margins are so tight and the floor plan rates are going up. I know this because I watch the auctions like a hawk.

Last December, my friend just picked up a dealer-serviced, original owner 2015 California T with 26K miles, white on black. This was traded in at the Ferrari dealership in NJ. Check the values online right now. At the time they were all over $100K, typically $115K. We went in there and offered $83K. They said no. Then they called back. We got it for $86K all inclusive. Wire sent.