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360 Spider depreciation

Discussion in '360/430' started by solly, Feb 29, 2004.

  1. solly

    solly Formula 3

    Jun 2, 2001
    1,148
    Westchester NY
    Full Name:
    Dr. Steven S.
    I was astounded to find out the other day that a 2001 360 spider (loaded, 6 spd) is worth only $170k to a dealer. That's 80k (32%) lost in depreciation since purchase in April of '02 (brand new, delivery miles).

    Just another demonstration of how your heart can severely overrule your head when it comes to Ferraris. Good thing real estate has been going up.

    I saw my first Lotus Elise this morning, looked absolutely gorgeous in yellow/black with a beautiful rear wing. Maybe this is the direction i need to go.

    Anyone want an absolutely perfect 360 spider with warranty until 11/04? I'm ready to make someone a great deal.
     
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  3. Mako99

    Mako99 Formula Junior
    BANNED

    Dec 29, 2003
    454
    No offense, but where have you been? A 2003 spider got sold by an F-chatter last month for $140k and the threads here were massive about it.

    The 360 is nearing the end of its product run, and competitors are nipping at its heels from every direction with superior products. By this time next year spiders will be descending through $125k, while the coupes will on thier way through $95k.

    I personally hope that the Stradale matches that level of depreciation as well, be nice to pick one up on the cheap in a year or two to add to the stable.
     
  4. nberry

    nberry Formula Junior

    Nov 1, 2003
    714
    I am not sure what your issue is. That car new was close to $170,000 if that. The car is three years old and the DEALER is offer you MSRP. Not bad at all! Consign it to the dealer and see what he can get.
     
  5. Carnut

    Carnut F1 Rookie
    Rossa Subscribed

    Nov 3, 2003
    3,711
    Gladwyne PA
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    Morrie
    I would not have an issue with those number, think about those 01 996tt they were selling at close to 120 when they came out now they are worth 70's to a dealer. I'd say for a three year old car you are doing pretty good. Can anyone name anoth car that would do better.
     
  6. Senna1994

    Senna1994 F1 World Champ
    Silver Subscribed

    Nov 11, 2003
    13,012
    Orange County
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    Anthony T
    Was that a crashed Euro car that sold for that amount? Where are you finding these 360 Spiders for such cheap prices, please let me kow where I can find a 2003 for $200k.
     
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  8. allanlambo

    allanlambo F1 Rookie

    Jun 9, 2002
    4,363
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    The car sold was a PRISTINE U.S. red/tan 2002 car with 600 miles for 140K. Taek bought the car for slightly MORE than what dealers were giving for it.
     
  9. solly

    solly Formula 3

    Jun 2, 2001
    1,148
    Westchester NY
    Full Name:
    Dr. Steven S.
    Whoever sold that 2003 spider for 140k with 600 miles got ripped off. The 2 dealers I know quoted 180-185 for the car. He should have wholesaled it to a dealer and made another 40k. There is more to this story than meets the eye.

    FYI- SCM Magazine tracks actual selling prices (vs. asking) prices for a multitude of models and they are showing 360 spiders from '01 on at $215,000-$235,000. Their prices reflect actual sales prices for a very large number of both public and private recent transactions. I'd think the 2003 would be closer to the top end of that range, and the '01 closer to the bottom. The questions is where all all these buyers?
     
  10. absent

    absent F1 Veteran
    Lifetime Rossa

    Nov 2, 2003
    8,613
    illinois
    Full Name:
    mark k.
    Getting from a Dealer close to original MSRP for a 3 year old car is hardly a depreciation.If someone paid for the car way over sticker initially,that is his(her) problem.
    Let's be fair,please base your "depreciation" on MSRP ,not on "Sucker's" purchase price.
    Car (360) is at the end of it's cycle and should start to depreciate significantly,that it does not is amazing.
     
  11. titanium360

    titanium360 F1 Rookie
    BANNED

    Nov 10, 2003
    3,371
    i think that solly paid over msrp for his car! solly don't feel bad. you are lucky you did not buy a murcie! can you imagine the depreciation on that baby.
     
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  13. allanlambo

    allanlambo F1 Rookie

    Jun 9, 2002
    4,363
    Maui
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    Allan
    Or a 575M!
     
  14. allanlambo

    allanlambo F1 Rookie

    Jun 9, 2002
    4,363
    Maui
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    Allan
    It was a 2002, not 2003, and he paid slightly over what dealers were offering. There is no story to the car.
     
  15. JeffB

    JeffB Formula 3

    Jan 16, 2004
    1,121
    Northville, Michigan
    Full Name:
    Jeff B
    This time next year Spiders will be going for $125k and coupes for $95k?
    You're crazy if you honestly believe that. And what will Murcies be going for? $225k+ right? Spiders are indeed currently depreciating, but it's a slow process and fair market value is still well over $200k. But for a car that came out 3 years ago to still be worth over MSRP, that's very rare. It's also something you'll never see happen with a Lambo.
     
  16. allanlambo

    allanlambo F1 Rookie

    Jun 9, 2002
    4,363
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    Allan

    I dont htink we need to re-visit this arguement again. The only reason this happens to the the 360 is because Ferrari and the dealers do it to you. Its you that suffers. In the end, they will depreciate worse than a Lambo.

    and by the way, 99 Coupes for 95K, is just over the horizon.
     
  17. W00dEar

    W00dEar F1 Rookie
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    Feb 24, 2004
    3,515
    LI, NY
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    Chris
    Damn, look like quite few people on more uninformed than me on this board, lol, and I do not even own a Ferrari.

    You see, the list price fo the F360 spider is a very reasonable 160's. If you are a loyal Ferrari customer, you will be able to buy the car at list price. If you are nobody(like me) 1st time buyer, then of course you will pay ~$250k for it, the dealer won't even put you on the waiting list for msrp purchase no matter how long you can wait.

    That's how the game is played. To me, it is unfair, but there is nothing we can do. Newbie has to start somewhere, if you want the badly, you have to buy from private seller or dealer(who register a practically new car and sell as used so they can ask premium price) at $250, then if you trade or sell, of course you instantly lose that mark-up you paid.
     
  18. Willis360

    Willis360 F1 Rookie

    Aug 4, 2001
    3,928
    Redmond, WA
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    Willis H

    Not sure where you get the idea that a dealer won't put you on a waiting list.
     
  19. mbarr

    mbarr Karting

    Jan 11, 2004
    220
    This is noy really true. If you came late to the party, the list is too long to even bother putting someone on one. If you want your car now, be prepared to pay for the privelage. If you want to sell said car be prepared to take an a##fing! I also learned this the wrong way. (with an M5). It could be worse if the dealers were allowed to mark-up, ala ford chevy and DC.
     
  20. sherpa23

    sherpa23 F1 Veteran
    Rossa Subscribed Owner

    May 28, 2003
    9,624
    Colorado
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    Bastuna

    This is not as far fetched as some people think. There will need to be certain conditions in the market present for these prices to occur at this exact time next year but it is a very real possibility.
     
  21. scycle2020

    scycle2020 F1 Rookie

    Jan 26, 2004
    3,458
    potomac
    the current list price for a 6speed spider is around180k, the f1is 190k..that is with no options..the typically well optioned car often has10k or more options...this puts typical spiders being delivered at 190-200k..I just looked at the current list prices at my recent vist to my local f dealer...spiders do not list for 160k!!!!!!!
     
  22. bumboola

    bumboola Formula Junior

    Mar 7, 2003
    625
    355 prices did not peak until late summer 2000, about a year and a half after the 360 was introduced into the US. Those who think the prices on 360s will come crashing down imminently are non-owners who can't stand the fact that these cars have held their value incredibly well. I recently traded in my 2001 360 Spider for full MSRP + luxury tax + sales tax, and the dealer promptly sold it for a tidy profit. In other words, I drove it 2 1/2 years for free.

    The Lambo-lovers spreads more bull**** around this board than a Texas rodeo.
     
  23. W00dEar

    W00dEar F1 Rookie
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    Feb 24, 2004
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    Speaking out of my personal experience.
    Of course I did not contact every dealer in the country, but the 3 dealers in Tri-state area, none of them would put me on waiting list, I told them I would write them a check for $25k as deposit, and be on the list for a F360, doesn't even matter when my allocation comes up and how long the wait is. None of them would do it, although they were more than glad to "locate" a slightly used(under 500 miles) one for $250-$280k.

    If you know any dealer around tri-state that would put on 1st time buyer on waiting list, let me know, I will be thankful to you forever.
     
  24. W00dEar

    W00dEar F1 Rookie
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    Feb 24, 2004
    3,515
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    Chris
    Spider 6sp MSRP $165986.
     
  25. StoryBook

    StoryBook F1 Rookie
    Lifetime Rossa Owner

    Mar 1, 2003
    4,299
    PNW
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    MPL
    250-280K?..........are you serious?
     
  26. W00dEar

    W00dEar F1 Rookie
    BANNED

    Feb 24, 2004
    3,515
    LI, NY
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    Chris
    I don't want it now. I can not afford to pay $250k. I can afford $180k. I do not mind being #75 on the list and take delivery in 2007, but no dealer will do that.
    In another words, the only way for a 1st time F-car buyer to get a new F-car, is to pay the mark-up.
     
  27. mbarr

    mbarr Karting

    Jan 11, 2004
    220
    Its actually 169...You also need to include delivery and gas guzzler(about 5000k more).
     
  28. mbarr

    mbarr Karting

    Jan 11, 2004
    220
    A 6 speed 360 spider with a few options out the door is about $195k. Youll have to pay a 20 k premium to get one from a "flipper". I know, I am a recent first time buyer that did not pay mark-up.
     

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