Do your research. Find who owned the car before. Was he old and rich or young and reckless. Zillow his house (haha) and research the past buyer. I bought a 360 from a 82 yo owner of a telcom. It is flawless and oh, he lives in a 9.5 mil house with 5 other cars....
Yes the PPI was done yesterday. I spoke to my B.I.L. this am. Car passed PPI with flying colors Comp was 175 to 174 across the board. Only negs were a CV boot needed replacing as well as a round dent from a baseball and a small a/c leak. Same owner for 5 years, the seller is apparently very well off and owns Falcon Aviation if I remember correctly. Receipts show approx 18k in maintenance/major and tubi exhaust add. My B.I.L is not a first time ferrari buyer (he has had plenty). Currently has a Dino 74GTS that is in close to concours condition. Looks like we are adding a Spider to the mix. Chas
Sounds like he got an excellent deal, and again probably the best deal I've seen on a 360 Spider to date-
Exactly as I was predicting. http://www.ferrarichat.com/forum/showthread.php?t=179221&page=2 We'll be there sooner than I thought. Breaking the $100k mark as we speak.
The sale of single car does not a market make! There is a saying "the sun shines on a dogs ass some days" or something to that effect. Great buy on a car that simply needs a little TLC. Congrats to the buyer.
True, BUT........unfortunately, this could be the new trend since there are very strong indicators of an economic slowdown. With 18,000 cars, not everyone has them paid cash
Even those that do have them paid CASH, if they need that cash to shore up some other investment or aspect, they may be willing to let them go cheaper, and have the infinite power to do so, since there is no bank looking for a minimum payoff.
Ferrari's are the type of car that's best paid for cash. If you're making payments on a depreciating asset, well, OUCH !, that's got to be hard to swallow.
Um, it's a car, not a 'depreciating asset'. Well, technically you're correct, it is, but what's the difference between financing a late model Ferrari and say a BMW or Porsche? I'm sure the vast majority of folks finance their new car purchases. I do, and I make good money. I just don't feel like plopping a huge load of cash down on a car when I get a new one every 2-3 years. The newer they are when you buy them, the more depreciation you're going to eat. Personally I've never even concerned myself with the money lost in depreciation in a car. Once you get past a standard basic mode of transportation, you're just paying for extra features. If worrying thoughts of depreciation on an automobile concern you, you shouldn't be driving that level of car in the first place.
Looking at a 99 360 coupe euro version in sarasota this morning supposedly purchased at auction last year.....questions about mileage/kilometers and if any service had ever been done....were told the car is a florida car with 9300 miles.....car fax shows 12,000 last year..........does anybody know anything about this car ???
I guess we are screwed with with more than just making payment on cars, as I am making payments on two houses that are depreciating....
So am I one of the few then that buys a car with borrowed money? I really dont think most of the exotics out there were paid for with cash...?
I paid cash. I personally wouldnt feel comfortable driving an exotic with a monthly payment......... Just my opinion though.
I agree that many people might "finance" an exotic, but they don't go the typical car loan way. First, to obtain a car loan on an exotic the qualifications are much more strict, and the loan terms are not favorable (in my experience) I purchased my 360 partially cash, partially on a home equity loan. My equity loan was substancially lower of a rate then an exotic car loan. The monthly payment is more flexible since I don't have a 5 or 6 yr amorization pay schedule, and its tax deductible! Regardless, in most cases I agree that the car is going to depreciate faster then your monthly payment, so if money is tight don't jump into an exotic because you will be upside down on it before you know it-
I am not sure that is 100% correct, the seller has sold 3 items and all over 5 years ago, 2003. One of the feed backs is very negative.. that the seller lied about the description of what he listed. Sold no cars in any feedbacks. The other 297 feedbacks are from people he bought from and mostly small items. In seeing these feedbacks I would have been very leery of dealing with Lightguy. I hope the deal went well for the buyer and it sounds like a steal for this Ferrari.
Don't forget there can be tax benifits if the car is leased. You can right off the portion of the vehicle used for business...in my case substantial. If purchased cash then I can only recoupe the depretiation but with the lease I can right off any monies I spend as long as the car is used for business. A hypothetical situation: So lets say I paid $100k, put down 20k and paid 1.4k per monthand use the car 100% for business and sell it in 2 years. I am able to write off the 20k over 2 years then 1.8k a month x 2years for a total write off of 53k over 2 years. Now if I purchased the car for 100k and sold it in 2 years for 80k...the max right off is 20k...the total depretiation. I am no accountant but mine has recommended this to me and this how I wrote off my Porsche and the plan for the F. He assures me that he has never had a audit for car write off and he haas been doing this for 40+ years Again I am no accountant and I don't write off 100% of my vehicle b/c it is not 100% for business but use the above as a guide line Jason Leasing can sometimes be the way to go.
What a smoking deal!!! I would have gobbled that baby right up. Congrats to the buyer!!! Enjoy it in god health. C'mon guys times are tough for many individuals right now and there will be better deals on exotics and luxury items very soon. When times get tough the toys are to first to go. Not that this was the case here, but i see these cars depreciating like crazy. Maybe a f430 coupe will be in the near future for me
Here's a Euro 2001 with 12k miles for $118k Looks like a Steal! Offered by CatsExotics http://cgi.ebay.com/ebaymotors/2001-Ferrari-360-F-1-Spider-FIRST-BID-MEETS-RESERVE_W0QQitemZ170190213837QQcmdZViewItem?hash=item170190213837 Image Unavailable, Please Login Image Unavailable, Please Login
I am the one that bought it, came in this morning. Very nice 360, nicer than expected, drives very tight, interior is immaculate, paint shines (one dent but not too bad) needs nothing...it looks nice next to my Dino..
