360 Pricing

Can't speak about Oz prices but here in the US they are beyond soft. I'd almost say plummeting but thats still a little extreme. I said in another thread I wonder if the 360 is becoming the Porsche 996 of the Ferrari world. As far as reasons for continued low prices for a supposedly good car. My opinion, the 360 was supposed to so much cheaper to maintain than a 355 (no engine out service). It's not. Out on a limb here but it doesn't perform THAT much better than a 355 and a F430 is considerably better for not that much more at this point anyhow. I haven't spent much time in the 355 boards but the 360 has a laundry list of small and medium problems that most owners say "thats just normal 360 stuff" but possibly 355s and 430s have less issues which might put additional downward pressure on 360 prices. It does have that rawness people speak of and is often thought of as an undervalued car but if thats the case how come nobody seems to want one. This time next year a 360 F1 will be a 50Kish car. The MT will fare better but I'm not sure it can even stay above 100K.

 

I have had my 2003 Modena 360 F1 since almost new and must tell you it has been a rock solid car & looks and drives as good as new. This car is special to me as was a gift to myself after surviving a life/death accident. This month it will be going in for it's Major which will not be too expensive. Be careful of some assessments as to why evaluations have drifted a bit southward,read and take advantage of buying opportunities. As with all Ferrari cars there are annoyances,but it was truly the first daily driver of the breed. Have had 5 Ferrari cars and everyone had it's so called value challenges. A few memorial ones are: so called "Fiat Ferrari" (246GTB 1972-Now 400,000 plus ),the 512 BBi which for many yrs rock bottom-now look at them, the Testa- which fell like a rock and stayed there for some time with it's wheel and suspension problems etc.now look at them. Was so angry about the Testa I swore off the the Marque for 11yrs. The 360 in looks has the eloquent lines in many ways of my long missed 246GTB, with none of it's annoyances . Took it to have some bonnet film replaced a week ago, multi exotics where there at the time, guess what brought the most attention?

 

The Mondial will always be the Ferrari 996. The 360 is gorgeous from all angles but it has a few silly issues..... that said, selling one seems virtually impossible right now. There are a few nice MT versions for sale for mid 70's and I doubt they will sell. The guys asking 100k+ are dreaming. I'm guessing that prices will drop for a while yet.

On a side note, all values being equal, you need to go back as far as a 275 to find a better looking Ferrari. The 360 is simply gorgeous.

 

I think your views may be shared by a lot of folks but made me think a bit. The 360, to me, is in a place where a few things converge.

1 - It is new enough to attract people into the world of exotic sportscars who may not be that handy in the garage. They are not the get dirty type, and that is fine. These are the people who will rely on the dealer to service the car's every need, as they would a brand new car and yet the car is old enough to be much more needy than a different choice. Short term ownership is the result and so things that make the car run well can get kicked down the road. I think this muddy's the resale market a lot.

2 - The car is new enough that the anyone in the dealer network will still service the car but it is old enough that the expertise is drying up. It is not like the mothership is going to keep updating service bulletins and develop replacement parts or tools to aid the cause.

3 - Technology is such that, a guy like me, can use a computer, camera, recording device and a place like F-Chat to solve many problems and I use public forums to feed my body of knowledge, add to my skill set, and enjoy the ownership experience as a hands on person but when I do so I populate the internet with issues. I do this because the car is much more serviceable than the previous models.

4 - The "brand" is a still a status symbol so it maintains a certain threshold of desire. This can be a problem if the "wanting to be a Ferrari owner" outweighs the reality of owning an older classic. These cars have so much feel and are technological masterpieces but the scale should be set looking back to older models not forward to the newer models that built off of the platform.

 

550s have already started to go way up and gated 360s will eventually. They just built a lot of 360s so there is plenty of supply right now to meet the demand. They aren't building more modern Ferraris in manual and eventually there will be more people who want them than there are cars.

Also murphy's law says the market of course gets soft after I buy my car. I don't care though I love it and I'm keeping it.

 

It's funny that the used sports market goes down and again people are calling for the drastic reductions in price. Ferrari owners tend to live in la-la land.
Exactly how much do you guys expect the car to be worth? I saw a 335i price NEW at $48xxx! How much you think it's worth in 5 years? Or going on 18 years like the 360? They're worthless. Literally worthless. The tendency here is to take ask prices as selling prices. That simply isn't equal.
If you want more realistic biased info on a models reliability, ask a mechanic. I have NEVER met ANYONE who has owned a 355 or worked on it say it's "as reliable as a 360". It's funny how many buy a 360 after they sell their 355 and don't post anymore regarding repairs.
Wait until the market crashes and we have our next recession. That will be the test of out of warranty Porsche and Ferrari ownership. It always is. Look back to 2007. Lots of folks buying exotics and expensive cars. The ones that don't "have to sell them" are the ones that can really own them. I personally think the 360 is starting to get to that price point where folks can buy them, drive them a bit and then HAVE to sell them because they really can't afford to own them. They've been priced out so far, but as we drop into the 50's and 40's they'll creep in...
IMHO if a person buys the 360 with any concern about price or value depreciation, they probably shouldn't be buying it. If that factors into your decision to own... you probably shouldn't.

 

Import 360s in Australia are cheap but ones delivered locally by the dealer network are not.

 

I hope this is all wrong... the thought of 360's selling for under $60k, even F1, is unnerving.

 

I think a good well serviced, low miles, well optioned manual spider in the 120-130k range represents good value in the Ferrari market. As said before the market is soft short term, but the cars have been increasing steadily in value over the past 3 years along with everything else in the extinct gated market, and will most likely continue to do so.

 

The exotic car market overall has softened.

When interest rates were close to 0, folks did not see any issue have a lot of $ tied up in a car.

Now, a 100K car will cost lost investment dollars (say $4,000 conservatively in lost interest) + maintenance + repairs.

The guy that doesn't use the car much and has other financial concerns will leave the market.

The guys with lots of $ who might own it as another token thing to own and those that love these cars will always be buyers.

 

The 360's seem to have hit bottom 2014-2015 and seemed to have been raising steadily until recently, hopefully we are just seeing a seasonal pattern.

https://www.hagerty.com/apps/valuationtools/2000-Ferrari-360

 

Until you sight the car, you can't be certain on condition. I have viewed many 360s that popped up for sale claiming to be and looked great in photos, but in person very different. That particular car is an import and the speedo states kms but the odometer will be miles.

I have no issues with imports, I bought one. You will always get people carrying on about Aus delivered etc buy the best car you find IMO

 

All good info and insight. I searched for months for my '03 360. I bought it in August of this year.

Curiously while searching nationwide in the US for my car, prices didn't seem to drop much. Same cars were listed for months (some still listed as I sometimes still look) for the same price. It seems folks and dealers are simply willing to "wait it out" at their price point. Some movement, a couple of thousand bucks shaved off the price, but in the big picture most seem to find a price and stick with it. I'd expect to see more movement down in prices in the next few years, but in the big picture, not by much.

The US economy is not good. My brother in law works for Bombardier and medium to large boat sales have been in the toilet for years now. Sinking 360 prices are IMO a product of not enough buyers-- not to be confused with the value of the car in the long run.

If you buy a 360 now and want to resell in a few years, probably not going to be easy to do. If you plan on keeping the car, than that's the play IMO. I'm only buying cars (of all marques) I plan on keeping for a long time.

If you buy a well documented car, kept nice, with all the books and stuff, then it will always be a good buy for the next owner. The average cars, higher mileage, and no paperwork or amenities are going to be a tough sell and always will have to be heavily discounted. As pointed out there were a lot of 360s made-- cream rises to the top.

It all comes down to when. Do you want to start enjoying a 360 now? Or do you want to wait to see if prices will come down even further? I don't think prices will get much lower for these cars with their classic lines and relative reliability. But of course it's anyone's guess

 

This is how things work with aging Ferraris:

Ferrari XYZs go from being the cool new (almost new) model to just a used car
A lot of XYZs get ignored or used and abused. So there are fewer nice ones.
Prices go down and moe cars fall from being nice to just being kinda OK
A few years go bye and people start paying attention to model XYZs again. Wow, those are kinda cool cars ad they seem cheap - lots available for not much
Some potential buyers decide to buy an XYZ
When they go to see cars for sale for low prices, they realize they are not nice cars.
They look for nicer cars but they are hard to find and prices are higher.
Having a NICE XYZ become cool again and prices for good ones start going up.

10 years ago it was difficult to sell ANY 250GTE. They were only worth something as a potential donor for a more desirable model. Now NICE 250GTEs are $400K