What to look for buying a wrecked 360 Coupe

That's putting a lot of faith into the financial system People are hurt there due to poor judgement all the time.

 

You beat me to it. That was going to be my next post, seeing that the OP went silent.

I've seen this soooo many times on forums. People "seek advise" but what they really want is just confirmation. 50 people with ownership experience say "For the sake of everything holy - DON'T!!!" and then it's basically a "Nah it'll be okay". I mean WTF?

That actually brings up an all new thing to consider. If the above is the case, the OP is not mature and responsible enough to get into exotic car ownership - even if he had the means. And I'm not talking about driving a fast car.

OP. Prove us wrong. If you want "street cred", act smart and collected by staying on top of the situation.

 

I don't know of any bank or credit union that will touch a salvaged or rebuilt car. Even a lot of the banks that lend for specialty cars require an inspection.

 

The OP doesn't need to prove anything to anyone here, he's just trying to make a mistake that a lot of people are telling him not to. Hopefully he takes some of the advice here, but no matter what, he doesn't owe us anything. I'd rather see someone buy a Ferrari and strain themselves financially than to have a kid and affect their lives also.

That being said, I think a lot of people (myself included) get all excited when they see these videos and articles that show that the 360 is the most reliable, easy to maintain,etc. and that's great until you realize that the cars they are comparing it to cost up to $10k for belt changes, require engine removals, etc...A leaky coolant hose will still cost several hundred dollars when it is 20 bucks on a "normal" car. The only real saving grace is the possibility of appreciation, or at least minimal depreciation. A salvaged car will most likely not enjoy that privilege because anyone buying a salvage or rebuilt car will be looking to buy a bare minimum...and even at that, it will scare the hell out of anyone that has researched before buying.

 

I was talking about borrowing money for a clean used car.

 

I never said he had to prove anything or owed us anything. How did you get all that from what I wrote?
I'm basically just saying that he will be viewed in a better way if he steps up and act like a collected and sensible young man, rather than blowing off all the good advise he got here like an immature kid.

 

They won't listen. When you read or sense in the post "I have to get my credit sorted out" there's (usually) not enough thought being put into things they do which is why they're not writing "I've saved up half and want to put a deposit down". I suspect that the OP will one day have a Ferrari 360. But not as soon as they think. Life has a way of getting in the way of our plans. And from my experience, when I had less money... that happened much more often. And interestingly enough I suspect that when they finally get it, the opinions of other won't matter as much.

 

I do hope the OP gets the 360 and continue to post so I can follow in the journey, good or bad Would make an interesting read while I sit on the throne each morning

 

This thread shouldn't be called "seeking advice." It should be called "answer shopping." The OP is just going to keep shopping until he finds someone who will (foolishly) give him the answer he is looking for.

This thread is full of great advice.

By the way, if you think a Ferrari impresses people, you should probably find new people. Things are just things. Character, heart, and perseverance are much more impressive.

 

I think a lot of us have been in OP's shoes prior to jumping headfirst into Ferrari ownership. "How bad can it really be?"

I think it is easy for OP to dismiss some of these comments as being condescending or unrealistically pessimistic. The allure of owning a Ferrari can easily blind the reality of what ownership really looks and feels like. OP asked a good question. He is lucky that actual owners are giving meaningful advice based upon their own personal experiences, not just conjecture.

I've had my 430 two years now and I'm easily $25k deep in maintenance and repairs. (If my wife is reading this thread, I actually meant to say $5,000.) My 430 isn't salvaged, flood damaged, or a formal rental. The stark reality is that these cars, even good ones, are expensive to keep running in good order. Could I have skimped or deferred maintenance? Sure, but that's not my style. My independent mechanic has blank-check authority to keep my car running perfectly. As a result, my 430 is running better than the day it left the factory despite it being 12 years old now. For a car like this, isn't that what you want?

The best corollary is airplane ownership. Find someone that owns their own single engine aircraft and their stories will sound eerily familiar to that which you are hearing in this thread. It is very easy to get overwhelmed with first year maintenance on a high performance machine.

I'll leave OP to read this for additional context:

This Ferrari F355 Cost $38,000 To Maintain Over Just 1,000 Miles

 

If you're looking to impress people consider this:
2 weeks ago I bought a F430 Spider from a reputable dealer. 5 days later the passenger side mirror fell off (seriously...). Now tell me, who do you plan to impress with a Ferrari with a mirror dangling by a cord?

Luckily for me I'm in a place where I didn't buy the car to impress, and I'm not stretching myself financially. I'll just slum it in the Mas while I wait on a new mirror housing to make it to the dealer. Point is, if you can't afford to replace it, you can't really afford to own it.

 

Ferrari's come from returns on investments not bank loans. If you are needing to clear finance on a civic so you can finance a damaged Ferrari you are in for a world of hurt. JMHO

 

Maybe for the OP, keeping it on tiptop shape doesn't matter. Maybe this motto, "As long as it looks fly, who cares how it runs. Nobody would know".

If this is the approach the OP is planning then all our maintenance and repair warning for sure he is ignoring because of desperation to be in a Ferrari.

He can do this approach but he will end up running the 360 to the ground in probably 6 months tops. Then it will just be a nice garage display.

Friends will see the garage and say, "Wow, how can you afford a Ferrari? Can I ride?". The answer or excuse would be, "you can look but can't touch". But in reality the 360 due to inability to afford the cost of ownership is already dead-on-water.

I really hope the OP listens. Just get a used 911 for now, like 996 and 997. Almost the same wow factor, fun to ride and way lower cost to own.

 

https://newyork.craigslist.org/lgi/cto/5969792659.html

Here you go

$50K enjoy

 

Ouch, maybe your exhaust is too loud. Before these mirrors fall, they make a slight squeaking sound for a while. Then it can be adjusted from the back of the mirrors to prevent it from completely falling-off.

I don't blame you though, keeping the engine sing feels better than trying to listen to every possible squeaking the car makes.

But yeah, the OP needs to listen or else his Ferrari ownership will become one of the worse decision he'll make if he's not really financially able.

 

You sound like my dad saying, "Eff it, here you go. Don't blame me afterwards. Now go away and play outside".

 

Exactly. Same type of owner. Buys it to impress friends/neighbors. "wanna ride in my Ferrari?.. Did you know I have a Ferrari?" Look at the MB G-wagon next to it. Dollars to pesos he bought that on CL or eBay for $30k and it has 110k miles on it. All for show. Leveraged to the hilt and less than 30 days to bankruptcy.
First folks to fold when the economy goes south.

 

It's also Salvaged title. Most likely the G-class next to it is salvaged as well. You can get them for $30k or less with high miles and salvaged. But nobody would know, so it looks like a $150,000 car for the untrained eye. Same with the salvaged ferrari.

In bar / club terms for the younger crowd, "He Stuntin'"

Meaning showing off as a big fish but really hood rich.

I mean, nothing wrong with that. It just targets a different demographics, not ours.

 

Nice.

Dude I have been trying to find a REAL $30,000 millionaire for ages! Now I know where I can find one. I don't know if I'd prefer women who fall for that kind of guy (I like that kinda hot bod in the bandage dress) or the astute women that will actually look for the balance sheet... hmmm

 

These types are damaged goods but they fine looking pieces sometimes. I would take both home for a night then dump them. LOL!

Obviously, not the right girl / lady. The right one will ride with you even if your driving a Pinto with spare tires.

 

So it's the Capristo's fault!
Seriously though 2 of the 3 screw holes in the housing were cracked and the third is pretty stripped. Just replacing the whole thing

 

Yeah, give them to me.

Sometimes drive below 6k RPM to hear other things, like the wind blowing or turns clicking.

 

Be a contrarian... but those companies that everyone hates at the moment... in 2008, it was financials like JPM, GS, WFC, and BAC and oil & oil services companies (HAL, CVX, XOM, RIG, DO).

Currently, WFC is being divested by large, left leaning institutions like the University of California school system, State of Washington, and CA Employee Retirement System.

Bonds are a safety net.... you want revenue growth. Growth is like crack.. gotta have it.

 

Great points guys. One step I think got skipped is the other earlier cars. I became a Ferrari owner ONLY by shopping and comparing in a bracket I could afford to buy outright. My late wife took great care of me and I bought my 348 "Baby Testarossa" as a tribute to her memory. I spent more than 10K on the major and added new brake pads, added wheels and destickied the interior on my own. The car appreciated 14K over the 3 years I owned it and I put about 60% down on my 360 replacement. 40% is in stocks now and I will sell them off slowly to manage my tax burden along the way. The OP needs to look at 308s, Mondials and 348s. It's a much better entry point and after a few years of maintenance and learning the cars, proving passion, then maybe he can upgrade.