What to look for buying a wrecked 360 Coupe

Certainly don't mean to discourage you but these two F-car guys words "wrecked" and "flood" when translated means "money pit".

Probably better to look for a very high mileage needing some tlc.
Just saying to beware.

 

I would stay away from the flood one. Too many unknowns, and some places like Canada, will never allow a flooded car to be registered so it could limit your resale market even more.

In terms of the wrecked one, I'd look out for frame damage since you're dealing with a lot of aluminum. Body work is nothing. So many owners already swap bumpers, respray etc that I think a lot of owners are somewhat hypocritical about it.whats one more control arm, more or less once you're already in there? Lol

Just make sure you're educated on these cars, mechanically inclined, have a good Indy around, and have shopped the used market to see if it's even worth the hassle when all is said and done.
Or consider buying a rebuilt car where someone else has already been through this already and you can get it inspected and buy at lower value with fewer surprises (there's always surprises with a Ferrari! ).

What's your plan for the car? Street? Dedicated race car? Might be different answers depending.
I'd personally rather have a car that was "lightly wrecked" lol and fixed properly than one with a ton of mileage on it ie over 65k miles. Parts can always be swapped. ymmv, pun intended. It I'm probably in the small minority. I know everyone here takes care of their "well sorted" high milers, but when I was car shopping, every one of the high milers looked beat to hell from front to back and sometimes getting it "untired" again is a never ending venture that results in being in the shop every 2 months. Been there with an old corvette lol. Esp sucks if you have an already short driving season,

 

Avoid the flooded car like the plague. A lot of exotics tend to get totalled out for minor damage. Keep an eye out for one, they pop up on ebay from time to time.there are also some good rebuilt cars out there. I saw a low mileage red/tan gated 360 go for 55k on ebay, and the prior damage was nothing. I would have scooped it up myself but I was financing a portion also, and the bank wouldn't touch it.

 

First year maintenance and repairs on even a "clean" 360 can be quite shocking to a first-time Ferrari owner. I call the first year of ownership a "shaking out" period: identify and fix squawks as they come up. On a flooded or wrecked car? Sky's the limit on cost. If you're looking for a true project car, that's a different story.

 

Not much input here except for your 6500 figure. I've been tinkering and doing a bit of small stuff here and there on my car due to winter and stupid OCD, and I can tell you on a perfectly working and mint condition car, you can easily exceed 6500 even as a DIY project.

 

Also, from what you've posted, I dont think you've got the liquid capital to embark on a project like this. It's the sort of thing where if an extra $5k bill come see up, you should be able to handle it. You're cutting it close as it is, and a lot of it is through credit.
I think it will be very difficult to obtain financing for a wrecked car. Not many ppl rebuild cars before they rebuild their credit, as you put it. It's a hobby that requires quick access to cash.
Heck never mind the rebuild, just tires and a belt service can put you pretty close to $5k.

 

What to look for buying a wrecked 360 Coupe? A car that is not wrecked.

If your financial situation is so that a down payment and the following rates can only just work and your credit is stressed to the limit, I would not buy a Ferrari. You may find a super cheap example that needs a bit of tlc, or even find a salvageable wreck, but these cars can surprise you in terms of "unexpected" costs. If you even need to save up 15k just for a down payment, I'll be honest and say it straight as I see it. You can't afford it. You could end up with a repair bill that equals that down payment on a clean 360 if you're unlucky.

Something else to add. A car with that kind of damage won't be worth much on the used market - even after you fix it up. I think it's a money pit and a headache.

Be patient and work hard. Then when you're in a stronger financial position, buy a car that won't cause you sleepless nights and grief.

 

+1 See my thread on do the repairs ever taper off.

I bought a clean 360 but simply because the previous owner did not drive it enough, I'm up to about 30k in repair/maintenance in less than two years.

The cost to own the car is completely different than the price of the car. I think that's what everyone needs to understand before they purchase an exotic.

 

Going to second this. I'm trending to spend that much this year on a car that had a pretty decent PPI and about 18 grand's worth of work this year already, clear title...minor suspension work, coolant leak, a few odd and ends...and I am already budgeting a few thousand. If you wanted to spend 6500 to turn a car from salvage to rebuilt, plan to spend AT LEAST another $5k on regular maintenance items that would have probably needed attention if the car was "100%".

 

You are 100% correct. Buying an exotic is similar to buying an old wood hulled power boat.
this initial cost is nothing - you can buy a 30' boat for peanuts, but the repair/maintenance costs will literally drown you. Exotics are similar, but the initial costs are also high.

 

Sums it up very well.

 

Bingo.

The 360 is a great car. I dont think Ferrari has made a better looking car since. Buying one with low miles is dangerous. Buy one with medium miles that someone loved and maintained and drove correctly.. Motor mounts, clutches, belts, exhaust, etc.... mine was Porsche reliable but I never got on it when it was cold. I am still in touch with the guy I sold it to and it has almost 60,000 miles now.

The electrical is quirky, sometimes I needed to turn it on and off to get it to think straight. DO NOT BUY A FLOOD CAR. Rent the movie "Gremlins" and see what happens when Gizmo gets wet. The front end damage is a better option but weigh that against a salvaged title and the prospect of never selling it again. Salvaged cars can make fun hotrods. But still find out through a PPI what you're dealing with on the rest of the car.its hard to know if the transmission shifts correctly on a wrecked car and a trans rebuild will ruin your life.

 

I buy wreck too, only manual 360s or CS
I use them as parts car, or on the occassion of CS, rebuild.
please let me know.

 

What are your goals in life and where do you want to be? Is your sole goal to have a Ferrari and drive it? I suspect that you won't listen to anything I write here.. because so few really think about what they REALLY want in life or where they want to be and how to get there.

There are MANY people who think that they can buy a wrecked 360 and "own a Ferrari on the cheap". If you can't afford a new 360.. you really can't "afford" a used one. The wrecked route is not going to be cheap and if non-wrecked F1 360's are depreciating still a salvage car will guarantee that you will loose money. You WILL have a sub $5000 expense on these cis used or not in the first 3 years of ownership. They're going on 17 years old. Parts are just as expensive as when they were new. The comment about the credit on your OP, suggests that you probably won't listen to what we write here... and do what you want. It's your life.If the wrecked route was a good one.. why doesn't everyone do it?

Keep the Ferrari goal. But I can tell you it feels a lot better to be an owner and if the belt breaks and pistons meet the valve.. you don't have to worry about it. When you don't have to think about buying a broken car to own a 360.. you're going to be in a better place. I wouldn't do it. I'd pay off ALL the debt, build 6 months worth of expenses saved into an emergency account and THEN think about buying a used 360. But you probably won't listen to this...

 

There is that thread in here of the guy who fixed the wrecked scud that was a refreshing look at how it can be done. I still think you need more money than skills and that guy has an awesome set of skills!!! Still a good thread to look through.

Flood Car? Never, don't do it!

There are those guys who sell wrecked cars that take all the damaged parts off to make it look so easy like all you need is a front clip! Look, It will just bolt right on! Yeah, then why didnt they do it? I understand that there are parts that Ferrari will not sell an individual too like body panels and sub structure parts. This might not be an issue since we are blessed with a lot of wrecked 360's around! But you are going to be sourcing used parts from people who "could" do what you are attempting but there is a reason they arent!

If I was going to try (that's a really big IF) I would want a gated manual coupe with no aftermarket electronics to keep the car as simple as possible. I would also want the entire car-cass! not some cleaned up version wreck with missing parts so I could understand the full nature of the wreck.

 

Make sure you have a good place to store the car before you buy it. It will likely be years (if ever) before it leaves that place. A "fixer-upper" Ferrari is not a good way to start out. If you are financing it, you will have difficulty ever getting out from under it.

Save your money, buy the best car (already running and driving) that you can find. You'll be money ahead and happier.

 

this one just sold for $32.1k! I bet there is at least $10-15k of DIY repairs. doesn't seem like such a great deal. Car should not be able to get a clean title and will suffer in future sales.

2001 Ferrari 360 Modena Spyder Parts Car Salvaged | eBay

You can get used running cars for less than $60k.

 

I'll add to the chorus of maintenance costs. I bought a Ferrari in good condition and have already spent 32K in repairs/replacements. Part of that was because I saw no reason to replace parts of the suspension without going all in. I also did a lot of preventative maintenance on items that were nearing end of life, but it was a shocking bill to mentally process. That said, if you are a mechanic, you might be able to get away with more sweat equity. While I won't touch mechanicals, I am perfectly willing to re-dye and re-surface leather. I only do this because my other hobby is painting, and I am very adept with a brush. In that case, I would not trust someone else doing the work. If you feel the same about your mechanical skills, then I sincerely wish you the best of luck. These are lovely cars, and inspiring to drive, but they are a bit like owning a vastly expensive pet.

That said, I would eagerly follow along any blog postings you made about your restoration progress.

 

I think I owe you an apology. You asked what to look for in a salvaged Ferrari, and I went directly into costs down the road. Sorry about that. Honestly, I have no idea what to look for! Anyone else have good suggestions on point?

 

Buying a wrecked 360 has "bad idea" written all over it unless you have the time, tools, electronics, and initial capital. That is, unless it's an exclusive model (Enzo, LaFerrari, etc), you may as well remove the prancing horses and replace them with albatrosses.

 

Just looking at the photos of that car makes me weep. Who could do that?

 

same here, Looks like it was left out in the weather for awhile too

 

Looks like the consensus is "Don't look for a wrecked 360 coupe" that needs restoration.

I would agree with this as well but if you insist. My advise is only consider a wrecked 360 F1 with less than 15k miles if,
1. Not salvage title (don't ask me how but I've seen this) even though it's wrecked and still need to be restored. $20k or less price.
2. Rebuilt (not salvage) title but already restored professionally to be road worthy. $40k or less price.
3. Previously wrecked with clean title (don't ask me how but I've seen this) and already professionally restored. $50k or less price.

I hope this helps.