GTA Newbie with questions about 360 ownership in Ont

Hello,

New to Ferrarichat and to the Ferrari game. Like you folks I’ve always had Ferrari ownership bug as thing yet up until recently, for one reason or another it was off the table.

Times come where it is not anymore, but realizing I’m only at the primacy of this journey.
I come here to ask some questions from you guys who are already established. The fact that there’s a Canadian forum is great as I am in the GTA and would require relevant info.

I fully understand that owning a Ferrari is not like owning a daily driving production car. I have experience owning aircraft, and from what I gather so far, Ferrari’s are more like that, but depreciate a little faster.

What I “ think “ I’m after is a later model 360 coupe. I have never driven one but love the design. I hear the mtc costs are reasonable vs a 355 and a 458 is not in the budget. 430s seem a little high too at the moment. Basically, a nice car to enjoy leisurely as a hobby on nice days. ATM, F1 tranny is ok and a H is also fine.

Here goes...

1. Online and on YouTube you see all these great vids on how 360s are avail for 50-80k USD and are plentiful.. On Autotrade.ca I see very few under 115K cdn, that’s more than just exchange. Is that “ normal “ for my location or are there other places I should be looking...?

2. Used dealers. Never set foot in one before, any recommends? Will dealers in this field take a little time to show you some cars and let you sit in them to checkout options and such? Not looking for a joyride here but some tactile knowledge on what options are on what car, etc..

3. Do most CDN guys buying 15 year old Ferrari’s Finance or just buy hem outright?

4. Insurance, your reg company or a company that deals in exotics? Also, would the costs be outrageous or reasonable?

5. Do you have to get Ferrari to service older vehicles ( or risk resale costs to plunge) or are there very well trusted specialized ferrari mechanics that people deal with?

6. Any local meetups or owner groups in the GTA? Again with aircraft, it’s sorta how you get a good start in the hobby, trying that approach here.

7. Do people seem to keep the same model for years, or flip as time goes by?

Thx.

 

Welcome Rob.
I live in Stoney Creek and checked out 6 to 10 cars in the GTA before I bought my 360 last year. The first thing I learned is that the majority of the cars look good in the Auto Trader or Kijiji but will disappoint you in person. That is the difference in the price range you will see. Ferraris are not normal used cars and the price difference will not be all about how many kms on them, but a lot to do with condition, history of the vehicle and how it was maintained and serviced.
I wanted a gated 360 and ended up flying to Montreal to purchase from Ferrari of Quebec after checking out Ferrari of Ontario who did not have what I was looking for, explaining to the salesman my disappointmrnt on what I had found at used car dealers in the GTA, the salesman told me I would not be disappointed with what I would find from Ferrari of Quebec.
I used to have a classic car which I had insured with Lant (now Hagarty) for an agreed value.
I was able to call up Zehr which would insure my 360 for an agreed value. They specialize in classic and specialty cars.
Your buying used so the more you know about cars the better you will be at finding a nice one, and filtering out the b#llsh!t. Make sure to get a PPI before purchasing.

 

Read this thread as well.
https://www.ferrarichat.com/forum/threads/faq-shopping-for-a-used-360.191837/

 

Thank you for the response. I’m going to start popping into dealers and looking at details. Not in a rush, just want to learn.

 

This is the part of the process to enjoy. Take your time to learn what you are willing to accept. The cheapest Ferrari for the most part becomes the most expensive.
Shop around , and read up on the model - and remember, only believe half of what you read ! See for yourself and touch and feel as many cars of the same model you can to make an informed decision.
Seeing is believing !

 

Thanks. One thing for me is that I want to know this thing inside and out. I love working on anything mechanical and using the preferred practices and standards, so learning these as well is a fun step for me. Defiantly not in a rush. I started this now giving myself a full year before I could buy. If prices go up, so be it..

Where does one find a service or mtc manual for these things?

 

Prices on 360s seem to have jumped 10-15k since this time last year. Last year plenty of nice examples close to 100k. Not many now. You may be able to save a bit waiting until near the end of season.

 

I agree. It’s gone out of my range for now. I guess youtube is responsible for driving costs up with everyone doing these “ I got a 50k Ferrari “ videos...

 

According to Hagerty, a base 360 has actually been steady since Jan/18.

 

That’s US data I believe? We aren’t seeing quite the same here I don’t think.

 

Yes. US Data. Your mileage may vary.

 

Well not in any rush... There are a few 355s out there. Again, slow n steady. I actually have the insane notion that I’d like to work on this thing myself. Challenges are fun.

 

Engine out belt service on a 355 is a whole lot more of challenges ( you'll need the appropriate tools, like a lift for example) than with a 360.

I searched for 2 years before I found a manual I liked. As said earlier 'the search ' is part of the thrill of ownership too.

 

1. When it comes to vehicles, everything in Canada is more expensive.
2. IMO used dealers don’t know anything about these cars. I’d rather buy privately and get an inspection.
3. cash or some sort of other loan
4. Added it to my reg insurance. Not that expensive. I pay about $150/mo for my Audi. Adding a Ferrari doubled it for the 6months I keep it on the road.
5. Independent shop...I use Gran Turismo near Barrie.
6. Universal cruisers, Woodbridge cruisers and other have shows where you’re welcome. We also joined the Scuderia Club of Toronto.
7 flipping is not a good idea IMO. They aren’t an easy sell. I bought with intent to hold for minimum 5years. Will prob be longer.

 

Hey Hotshot, I am new here too and pretty much in the same boat as you. Just starting to explore and put the feelers out. I see it has been some time since your initial post, how have you found 'the hunt' so far? Have you bought anything yet? Any lessons learned so far?

Thanks!

 

Do not be afraid of a well maintained 355. They are easy to work on depending on your skill and tools available. Budget/put in the bank 1000/year to cover maintenance. Also value will increase faster than 360 . Nothing beats an analog driving feel ! Check Daytona he usually has good sorted ones.


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Thanks for your input, I know you weren't relying to me specifically but appreciated. I will take a look at Daytona.

 

I would be interested in knowing your thoughts after you go there.
When I went there to see a couple of cars I was interested in buying, last summer.
I was disappointed in what they had. I didn't expect to see paint drips on a rear fender that was visible from 10 feet away.
They also said no test drive until you buy. I said that's not a test drive then.
The salesman's reply was well you have nothing to worry about the car is certified.
I said do you really sell cars that way and find people who are stupid enough to believe that is all that is necesssry for a car to be acceptable and still have that much cash on hand? We are not talking about buying a $1,000 winter beater here.
I said look, I'm not some 18 year old kid wearing baggy pants dreaming of a car and thinking of getting a free joy ride. I'm 55 and have cash and have been working on cars probably since before you were born. I even offered to show the salesman my bank account to prove I was serious.
He said sorry that's our policy. I said well I'm sorry too for wasting your time and mine as well. I will be buying elsewhere.
A week or so later I flew to Montreal, test drove my car and bought it.
Maybe it was because I drove in with my pickup truck instead of something wrapped in vinyl, even though my truck was worth more than some of the vehicles in their showroom.

 

Hey Mimmo Blue, thank you for that information. I will certainly let you know how it goes when I go take a look there. I don't understand that policy either. Seems crazy to expect someone to buy a car like this based on it being fine because it is 'saftied' terrible policy if so.

What did you end up buying? It seems like the pricing is better in Quebec from the little research I have done up to this point, is there a specific reason for this?

Thanks again!

 

I looked at several cars over a 4-5 month period and was disappointed with every one I saw. Either obvious flaws leading to suspicion of more to be uncovered, or incomplete service histories or other issues that just were not satisfactory. One day while I was in the area I stopped in at Ferrari of Ontario. I Spoke with a salesman there, I told him I was in the market for a 360, and asked if they had any or knew of any for sale. They didn't have any. I told him some of the details of what I was going through locally to find one and that all the ones I had seen or talked to the owner about where unsatisfactory to me. Basically they all looked great in web pictures but when viewing I was disappointed. I then told him I saw that FOQ had a few for sale in Montreal and I was thinking of going to check them out. The salesman said that it would most likely be a worthwhile trip and I would probably not be disappointed. He was right. I equated it to looking for a good quality used F150. You are more likely to find a nice one at the Ford dealership that also sells used cars compared to "Uncle Bucks Auto World" located in an industrial areas with a bunch of other dealers trying to sell the same stuff.
Now this is not to say in any way that you wont find something nice locally, this was just my experience at that moment in time when I was looking in the spring and summer of last year.

 

Hi, did you land up buying? I can see some high mileage 360s as low as under $75k CAD, so prices are definitely on the downtrend. In fact, I can’t find any 355s in, what I would consider, a reasonable price. There was a very high mileage 430 for as low as 98k, but that’s sold now.

When you search autotrader, make sure you do a nationwide search to increase your options.


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My client who is now stuck in quarantine in Italy has trusted me to help sell her car. It's an 02 360 spider, red/tan, F1.

The milage is high at 89k km. Not sure what number is fair for the car. Any thoughts?

 

Hi Tom, I sent you a message, I might be interested in the car. Where are you located?

 

Not nearly enough information. Condition,? Service history? Options? Recent service or service required? Without more info you are looking at a $20k to $30k variance. When I was in Italy and started looking in 2017 I found the prices in Italy when converted to Canadian were higher than here for 360s, so I ended up buying in Canada in 2018. I returned last September 2019 and prices were still higher in Italy. Our Canadian dollar has also dropped since then.
What this car is worth here in Canada will most likely not get that car bought in Italy.