Purchasing a 360 spider

How's your crystal ball? Up here in Canada used 360 spider's have dropped roughly $50k in asking price ($300 to $250 from what I've seen) in one year - who knows what next year will bring. Want to bet they'll follow the 355 spider's down in price? What's a 355 spider worth in the US today - $80-$100k USD?

Used Ferrari prices have as much to do with verified milage, quality of mechanics working on the car, and condition as age. Every fun experience with the car costs deprecation, imo. But who cares - if you can afford it, buy it and have fun.

300 miles is hardly a used car, but your experience and views will vary. I'd go with a six speed and stripped - you may want an F1 and a stero.

 

Some questions for you:

-- Do you care about a warranty?
-- Do you plan to keep the car for a long time?
-- When it comes time to sell, do you care about being able to do so quickly?
-- Do you plan to drive the car a lot?

Your best bet will depend heavily on those answers.

You can get an '01 Euro 6-speed with some miles on it for at or below $150k, and if you find a car that's been taken care of, you can pocket the $75k difference between than and an '04 U.S. car and basically have the same thing. But a Euro has some downsides: no warranty (base or extended) and it will be more difficult to sell since lots of people don't want one.

An '01 U.S. car will cost you about $20k more, and the benefits you'll get are an easier time selling the car and availability of Ferrari's "Power Warranty" for the powertrain (not bumper-to-bumper, but better than nothing).

Next step would be an '03, which still has some warranty left over but will run you $190k+. But that warranty runs out in ~1 year, so if you plan on keeping the car for ages it might not be worth the extra $20k.

--Noah

 

I'm sorry, but I see some bad advice. you really want to make the right purchase here.

First, Do not buy a 6spd unless you absolutely must have a 6spd. The F1 is much more popular for a reason (10x more popular)

Never buy a Euro car or any non-US for the states. Never. You will not be able to resell the car easily. You will pay $20k less when you buy it but you will lose the $20k or more when you sell it. You will have a headache trying to sell it; nobody wants it. It might be as good as a U.S. model, but don't even consider it.

If you want a 360 and are not at all interested in a 430, then consider an "as new" 2004-05. You can probably find a 2005 for a tad more than the price you quoted. If you want a 430, lease an older 360 for 2 years or less and trade up to a 430.

Unless you are lucky enough to buy a Ferrari for sticker, the depreciation will be about the same no matter when you buy. I think $10k/yr is dead wrong. No, I dont think. I know for a fact. I wish it was $10k/yr!! When I bought my first one, i fooled myself into thinking "well, they dont depreciate too quickly" yeah, right. you will find out how fast they depreciate and you will drive it every day once you realize how much time value you are losing.

In California i would pay $225k + tax/doc, etc so about $245k out the door.

In 2 years, i suspect that car will be worth about $150k. $95k deprecation in two years ($42.5k/yr). In 4 years it will be worth about $100k ($36k/yr). So in 4 years you put a decent 20,000 miles on it ($7/mile).

required options for me: modular rims, challenge grill, scuderia shields. dont remember if the CD changer and car cover are standard or options, but most have these. there is premium sound (subwoofer) which is not common and navigation that sucks. some things like battery charger you should only buy if you need since they are not cheap ($600?) and have no value unless you need it.

if the depreciation sounds like too much, go for a 98-99 355 F1 Spider. that one will depreciate $10k/yr for a few years and then pretty much hold steady.

 

Seymour, I must respectfully disagree with a lot of what you said.

Are you kidding? F1 vs. 6-speed is an intensely personal decision. The guy said he wants a 6-speed -- why would you steer him otherwise? While the F1 system is certainly a lot of fun (I have it on both of my 360s), the 6-speed on a 360 is a great and fun choice, and is ultimately a lot less expensive if the car's driven a lot -- I'm about to install my 3rd F1 pump ($3k each) and my 4th clutch ($5k) on one of my 360s....that's $21k I've spent that would still be in my pocket if I had a 6-speed.

Never say never. Euro cars are great values for what they are, and as I said, if you're planning on keeping your 360 for a while, there's no reason to spend the extra $$ on a U.S. model unless you need the warranty or are planning to sell soon.

Didn't the guy just say "no sense in buying a top dollar 360 of a discontinued model, theres probably better deals on a bit older cars with a little more miles on it." and you're suggesting he buy a $225k+ car (i.e. a top dollar 360)? Why on earth would you suggest he spend that much for a last-model-year discontinued car when there are virtually identical models out there for up to $75k less? In some parts of the world, $75k is actually a lot of money.

 

Do you need that new of model year? When I bought my Modena the first thing I did was look at the differences from year to year. The next thing I did was a ton of research on what i wanted to do with the car(race it ,store it, daily driver, etc.) and the one thing i found very interesting is that when the weather warms up, so do the prices! I waited for the right deal because I was itching to get into my first Ferrari.

I also was able to purchase my car "Cubed" certified through San Diego MF with the help of a dealerfiend of mine so I would NOT be hit with the taxes.

Stay away from the Euro models because if something goes wrong, IT WILL HURT!!!!

As for depreciation, all cars depreciate...unless there is a limited supply like the Enzo.

Buy smart....These are a few things I picked up before I bought my car but if you have any other questions, I'll check what the wholesale market is on the car you want.

 

10K per year depreciation sounds about right, imo.

And you don't have to be an F1 lemming like everyone else. Declare your independence from the manicured masses and enjoy the 6-speed manual!

 

LeftHook, when reading through this post, I noticed a very clear correlation between the number of posts the user had and the quality of their advice.
When you are talking about an older model of limited production, the differences between euro and us cars may have much greater significance but in a world model, made in the numbers the 360 was, the idea that if something goes wrong on a euro car you will not be able to fix it is totally absurd. Noah gave you some very good advice and even listened to your stated needs!!

 

jons360:

Can you (or anyone) elaborate on this?

Thanks!

 

It refers to the Power Cube warranty.

http://ferrarichat.com/forum/showthread.php?t=38761&page=1&pp=20

PS - Noah has some good advice.

 

i dont sugarcoat things, so i will say it staright forward.
Seymour's advice is probably as ridiculous as it gets.

you can not possible believe what you are saying yourself, do you?? a 225k new 360 spider and drop to 150k in 2 yrs??

 

I own an 04 360 Spider six speed with 550 miles on it. Last week a dealer offered me $207K for the car because, according to him, there are so few 6 speed late model cars available right now. The dealer had the car sold for subtantially more, it is safe to assume. The word, "on the street", is that six speed cars have developed momentum in the marketplace as of late.

Also, don't be surprised if you see a spike in 360 spider prices before they fall, similar to what occurred with 355 Spider prices in 2000 and 2001. Take a look at the FMV archives and you'll see some crazy pricing due to the shortage of 360 spiders at the time. History is often a good indicator of the future.

 

First, Do not buy a 6spd unless you absolutely must have a 6spd. The F1 is much more popular for a reason (10x more popular)

That's funny... I turned down countless 360's, 355's and 575's because they were F-1 transmissions. If they are so popular, then why is the market flooded with F-1 cars for sale and 6 speeds rare? Is it because thats what the consumer wants or what Ferrari wants to jam down their necks?







.

 

There are many cool things about a 360, but one of the coolest is the 'ting' sound when you slam the shifter from 2nd to 3rd.

My advice: buy the one that's right for you - not what may or may not be right for the next guy. Good luck.

 

there are currently two beautiful 360 spyders @ Naples Motorsports. I have dealt with these guys alot (I've bought 6 cars from them in the past) and their vehicles are always exactly as they're described. They have an '02 & '03 w/ 3k miles & 2k miles on them and they're both right around $200k. They're great guys to talk to and I'm sure they would answer any questions you might have about the cars. If you call them ask for Rob, he's the general manager. Check out the current inventory link at www.naplesmotorsports.com

-Jamie

 

Have not had direct experience with them, but have heard numerous times that Naples is a class act. Nice to hear another positive experience.

 

You think a 2004 360 F1 spider will be worth MORE than $150k in two years? How many late model Ferraris have you actually bought for $200k+ and then later sold?

What do you think this car will be worth in two years? $205k?

It sounds like you WANT to sugarcoat the truth. The truth is the depreciation is quick and painful if you buy these cars. Unless you buy one that is already old and depreciated.

 

I still don't get how a Cubed Certified car eliminates taxes. (Pardon my ignorance with this, please!). I searched using the terms cubed and taxes as well as cubed and tax. Can't find anything.

If anyone could shed some light or point me in a direction to research it, I'd appreciate it!

Oh, and not to hijack this thread (as 360 costs is the topic), how are the belt replacement costs for the 360?

 

I couldn't say enough about them and Baystate Motorsports (Fomerly their sister store in Boston, where I live). They've always treated me well even with trade ins. I've never once felt like I paid too much or got screwed on my trade in. They're very up front and honest about what they have. I bought both a Lotus Esprit and a Viper GTS sight unseen from them and they were nicer than described.

They're definitely one of the good ones out there.