Buying a Ferrari 360 on a budget: my experiences, the myths and the pitfalls

See warning given to the OP.

 

I think the OP needs to move on into the clouds and not look back.

You tried it and it wasn’t for you. Go for a German car and enjoy.

The rest of us are doing just fine.

Robb

 

This thread still has legs


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I found my shopping experience to be very similar to yours. I shopped for about 6 months, during which I found the same cars listed over and over and over and f***ing OVER on various sites... and they weren't moving. Granted, they were not what I was looking for (I absolutely HAD to have a manual).. but it was funny to see these cars sit, seemingly forever, without a sale. But then again, I see the same thing with commercial real estate.. apparently some people can afford to sit on "investments" forever, and just hope for that sucker buyer to show up eventually.

I'm not a wealthy man, but I bought a 360, because reasons. I'll disagree with you that the 360 is "endlessly complex".. there's absolutely nothing I'm afraid of about these cars.. then again, I'm a mechanic for a living. Any car made in the last 5 years is orders of magnitude more complex than a 360. But that's part of the reason I bought a 360.. it's (by my standards) a relatively simple machine.

What I DO agree with you about, though, is the "mystique" about Ferraris, and the associated Bend-Me-Over costs on parts and service. Honestly, it took me a day to do the timing belts on mine, and I was drinking beer and bullshi**ing with my buddies for a good part of that. An engine is an engine. Do your homework, know the specs, be accurate in your work... that's it. No magic involved.

FWIW, I bought the car I bought because it had the right options, and the price was fair. I could possibly have waited and gotten a better deal, but I'm impatient that way. In 8 months of ownership the AC clutch coil has failed (sub-$100 fix) and there's a very intermittent electrical problem which I still haven't diagnosed, but I believe is immobilizer-related. I've put 4000 miles on it since I bought it. Maintenance nightmare? No. Try owning a Land Rover. I bought one for my ex wife and it was an absolute nightmare compared to the 360.

 

I am also a (hopeful) buyer on a budget.

I am comfortable with cosmetic imperfections (some of the things that I have heard about which the higher end Ferrari owner find completeltly unacceptable is a little funny to me -- I do however aspire to grow into that same kind of a Ferrari snob some day [laughs]). But my constant worry is always geared more to what might go mechanically wrong (and its associated cost).

I do get (and at some levels agree with) the feeling that it is "a Ferrari Stupid",.... and this is the playground I've decided to try and play in. But because the pinch of a dollar is a reality for me, I also know that I either need to get on a quick learning curve of what are issues I can live with and what are ones I need to stay on top of, or find a side chick with a stash of cash (my current wife is not completely sold on the car yet and having a side chick to boot has for some reason soured her even more on the idea [smile]).

The great thing about getting a car with a few extra miles on it (or a couple of swirls in the paint, etc...), is that I can personally live with those issues and I believe they are easier to factor into the price at purchase time. On the flip side, a Ferrari, regardless of the number of blemishes has a floor in regards to its value. The point being that is I can buy a car closer to the floor, my risk on the car decrease greatly. I also know that there is a market for "entry level" models which brings me comfort in knowing I should be able to unwind my purchase at some point down the road.

I currently have spotted a car that I hope to make mine. If it is still available during the winter months (when I think it will bottom out in regards to the selling price, then I think I am going to take a deep breath and plop down some cash ([ok,.... I am going to take out a pen and sign for a loan, but you get the point]).

It will be our third vehicle, in a family with 2 drivers, so I am not worried about her being out of service from time-to-time. As long as I can get her out on the road a couple of times each year (to keep her sea legs steady) then I am all good with it.

Who knows, once I scratch that itch I may find that a Ferrari just does not fit my lifestyle. But as sure as I am that the sun will rise again tomorrow, I am confident that there will be another budget sensitive buyer, ready to take her off my hand and put a few spit miles of their own on it.

 

Whew,... I can start breathing again. I keep hearing that the 360 is the right model to start off in, but the more layers of the onion that I peel back the more I hesitate to pull the trigger. I know that there will be cost of ownership related to the purchase, and they will be far higher than anything else that I have owned, but beyond needing to put my big boy pants on, I would like to think they are within a manageable range.

In the meantime I will just keep reading and learning (I am much more confident with what questions need to be asked and which items are deal breakers, but the fear of grabbing the one lemon out of the bag of apples still has me a little concerned (smile).

 

All you have to remember when buying the cheapest Ferrari you can find is that nothing can go wrong.

 

Buying any 20 year old car and expecting perfection is the problem..

 

You get what you pay for

 

I just bought a 360 Spider MT on a budget and guess what? It's an extremely nice car. Reason why? My budget was big enough to buy a really, really nice example.

 

Laughs,.... I know you are just saying it in jest, but I actually believe you have to approach it from the exact opposite perspective.

No matter which Ferrari you purchase, something will go wrong (its just the nature of the beast). I really am not trying to own the highest mileage, most abused Ferrari on the planet, just so I can save a buck. I am trying to be a little more calculating with my approach than that.

Example: Let's say there are two Ferrari's available. Same model, year and options (just to keep the example simple). One has 13,000 miles and the other 23,000. Now lets assume that a major service needs to be down every 20,000 miles (pick the service, belts, tires transmission). On the 13,000 mile car I am going to have to pay a premium for the low miles, with the major service coming up in another two or three years (assuming you put 2,00 to 3,000 miles on the car per year). The major service is far enough out that the seller is not going to want to discount the car very much because of it.

On the 23,000 mile car I would expect a discount on the price because of the miles, plus, if the service has not been performed and additional discount because I will need to get it done soon. If the service has already been done, and I only own the car for three or 4 years, then (in theory) I will probably not end up assuming that additional cost, and I may not have to discount the car very much (because it will still be several years away from the next needed service interval when I am ready to exit the transaction).

The same would be true for something like a fender roll (from my understanding it is a common problem as the miles start to accumulate). If the one I purchased has this problem, I could discount the car based on it at purchased time. I would have the cosmetic damage repaired, but even if I rolled it again in the future, when I sale the car and the next buyer wants to discount the price because of it, that discount was already factored in at purchase time and therefore (in theory) does not hurt my resale margin as much.

Again,.... not trying to acquire the absolute cheapest Ferrari on the planet, but one that may not be acceptable to the higher end Ferrari owner.

If there was a door ding and the paint retouched I am fine with it because again, I get to discount it when I purchase the vehicle and when the next buyer gets it from me, he will take the same level of discount, but since it was already factored into my purchase margin I should not get to hurt by it.

If I get a perfect example and something like the fender roll or retouched paint occurs the margin from my purchase and resell price may become extreme and it is the extreme difference in purchase and sell price that hurts.

With all of that said, any Ferrari purchase is kind of like going to Vegas, but the thought is to go into knowing that the house almost always wins, which means you are going to loose money while playing. The goal then is to play the odds and minimize the losses. I believe if you approach it from a "it is just a form of entertainment" instead of as an investment you will enjoy the experience far more and probably do a better job of of avoiding life altering mistakes. I am not trying to purchase a Ferrari as a "flip". I do not need to make money when I exit the deal, but I would really like to not have loss too much either.

That's the plan anyway. If I thought it was fool proof I would have pulled the trigger last year. I have learned a lot about the market over the past 2 years, but I am still very far away from having earned my degree. The problem is that some of the higher level courses require that you actually own and experience the car in order for you to get any type of a final grade. I purchased a rental unit a decade ago and made a lot of bad discussions with it, because I simply did not know enough, but some of those lessons came via the actual ownership. I am sure it will be the same with the Ferrari. I believe some lessons, even when they are hard are worth the risk (wink).

 

I think as others here have suggested that you move on. There are many other new cars with a full warranty that are very reliable, fun, and fast! Have you considered the new Corvette?

The choices are legion.

I wish you the best.

Excellent post.

 

Owning a Ferrari is a very unique experience. But the new Corvette is a lot of bang for the money. Great warranty and access to an extensive repair network. How 'bout slapping these badges on and call it a Chevari?

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Not so sure owning a Ferrari or owning a new C8 scratch the same itch? Both are likely good experiences for different reasons. The maintenance on the Ferrari will likely be way more expensive but the depreciation on the C8 will also be considerable. It really just depends on which will be the most fun and satisfying experience for the owner. No right or wrong answer - just depends on what you want IMO.

 

Calvin is not the OP...

That being said, he should read as much as possible on what to look for and what to expect, make friends here and buy the best car for his dollar that he can.

Welcome aboard Calvin

Robb

 

I should have quoted the OP, was trying to reply to two folks at the same time.

Cheers

 

Totally agree, however, it sounds like in the case of the OP, the itch has turned into a rash. Twice.

 

well, more than I can afford!

 

Was looking for approximately 12 months until I settled on mine, at the moment there are only 18 F360’s for sale in Australia, 12 of them are UK vehicles (which is what I ended up with), 3 are Aus delivered, 1 is a challenge race car and the other 2 are Stradales.

Then you start to filter through F1/MT and colour and the pickings are slim. I am stoked that I ended up with a Giallo Modena spider, UK vehicle, been in Aus for 10 years. The recent service history is comprehensive, some missing service stamps from its time in the UK but had a full PPI done.

Got it for a very fair price which included a major service, belts, tensioners, tie rods etc. had it for almost 3 months and have had to change the exhaust, wiper blades and replace a coolant expansion tank cap. All up that has cost me $1100 AUD in maintenance but the car wasn’t driven much the last few years so have a little safety net for things that might arise.

I think if you can budget for the medium asking price, negotiate and get some coin off then stick that in the piggy bank for when things pop up.


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Exactly.
Save 20K going in and have a high mileage car, missing docs, uncertain maintenance, and an long list of uncaring owners will undoubtedly cost you in the long run and probably more like the short run. Need a clutch. $5000. Need belts, fluids, exhaust work. 4 to 5K. Soon you are likely to have to ask ; do I really want to put this kind of money into a high mileage 360 with cosmetic issues that eventually adds up to almost a negligible difference in compared to what I could have bought a well care for, lower mileage, well maintained 360?

High cost of repairs and parts a "Ferrari thing" (?) I don't think so. You are buying an exotic. Not one high end car out of warranty is going to be reasonable to repair these days-- let alone an exotic.

Penny wise pound foolish could apply.

 

I do like Giallo mid engine V8 Ferraris.
I guess a big part of the $1100 AUD was exhaust?

 

Yep $1000 of it! Includes fitment though.

 

This is an interesting read, I always enjoy a thread where someone is not happy with the way things are and disagrees with those that try to point it out.

The OP wants a 360 to cost less and never go wrong, not really going to happen. Those of us that are really Ferrari enthusiasts will forgive the problems and enjoy the cars for what they are (for better and for worse).

 

Owning a Ferrari that is out of warranty will not be a life of bliss. It will need things and those things are going to cost you-- sometimes a lot.
If you own your own home you know this
If you own your own business you know this.

If you are not willing to prepare yourself financially after the purchase, maybe owning your own home, business, or older Ferrari, is not for you.

Buying cheap is rolling the dice. Sometimes it works out-- for a little while. But eventually it's going to need things. And all things are not getting less expensive as time rolls on. I wonder if many have considerd the cost simply to insure such a car if you intend to drive it regularly. I know it was on my pre-purchase list of things to know.

Most folks can probably afford the purchase. But then again I see a lot of folks that simply want too much and have spread themselves perilously too thin financially. Buying and keeping are entirely two separate issues.

 

Spoken like a fellow who has been around the block more than a time or two. Pretty much owning any asset brings accompanying costs some of which are predictable – tax, license, insurance and some of which are much less predictable maintenance and repair. A wise owner knows they must be prepared for most all eventualities even those which are unforeseen and unpredictable.

My only disagreement would be that one needs to be prepared BEFORE the purchase not after the purchase. That way one can determine if they can really afford the purchase – house, business or Ferrari etc.